Global Petroleum Share Discussion Threads

[jimarilo] 05/4/2018 22:52

neo haven't you got anything better to do

Must be passed your bedtime

[neo26] 05/4/2018 22:32

emptyends

this is puzzling investors for 4 years they have got nowhere.

Even if they manage to get a freecarry and the manage to retain 8% they are still years away from drilling.

The cash is fast disappearing,

[emptyend] 05/4/2018 17:20

Two points:1. No BoD has any control over the share price2. The Peters' 40% has had its value impaired by the share price fall just as much as other shareholders - BUT they still considered that the best bet was to seek to farm out this prospect.Of course they might turn out to be wrong - but I have no doubt at all that they are seeking to maximise the value of their shares - and, by extension, the value of ours.Remember that some years ago they cashed out the stake in FOGL which puzzled most investors at the time - before FOGL shares plummeted along with everything else. Had they not done so, the company would have run out of cash years ago.

[neo26] 05/4/2018 14:58

52 week low, well done BOD.

[neo26] 05/4/2018 14:40

HugepantsI agree, the statement last year that the chance of major find significantly increased, what was the cos before 5%?They have been taking a wage for nothing..

[hugepants] 05/4/2018 13:35

They've been seeking a partner to do the 3D seismic on Namibia for 6 years. Has anything of significance changed since then? They've done "infill" 2D seismic on the part of the licence they have retained. That's about it as far as I can see.
They couldn't attract any interest when oil was at $100 and Namibia was supposedly the next big thing, so if anything it looks a good deal less attractive now.

[neo26] 05/4/2018 12:22

jimarilo

anyone looking at this co need to look at the company objectively, gbp have been saying for years they have strong balance sheet and looking to do deals.

They have done nowt on that front, now they are in arbitration for a italian license and have gemsbok block which no one is interested in.

for over 4 years they have done nowt they could have returned cash back to investors, instead of having very little left.

[jimarilo] 05/4/2018 12:08

No idea to that question, however 10% of a multi-billion barrel field for a micro cap explorer, free carried would be a substantial result in anyone's book

New ISA allowance kicks in tomorrow, which may give us a little boost
in the short term

[neo26] 05/4/2018 11:54

Char placing was a massive discount i agree, i purchased around 13.7p and sold around 13.2p.Very dissapointed with what has happened there but that has potential to move they have funding to drill unlike gdp.Gemsbok has a cos of 11% who will be interested in that? Gbp wants partner to do 3d also, tell me what % of the license will they have if they manage to get farm in, 10%?

[gaddy88] 05/4/2018 11:54

Solid post. I'm digging in.

[emptyend] 05/4/2018 10:57

Can't agree that point at all. Sure I'd rather a deal had been done but they have shot and processed fresh seismic to make Gemsbok drill-ready and farmoutable. The company ISN'T a "lifestyle" company, because the Peters (holders of 40%) draw no significant salary from the company.....and so when the shares fall they see virtually the same drop in net worth as any other shareholders. And the flipside is also true.They clearly feel that there is a farmout to be done and there is a process under way. Whether anything will happen before the Tullow well is drilled in the basin is a moot point - but a bn+ bbl prospect is not going to be ignored if Tullow's well shows hydrocarbon potential.I'd rather faster progress was being made, but I understand why it hasn't been. I also understand that the situation can turn on a sixpence.

[jimarilo] 04/4/2018 23:34

neo are you still licking your wounds from the char placing ? that was quite a discount

Char could be a good fit here

Looking from a different prospective at a couple of notes from the conference call after the placing rns

"Previous discussions have been with potential operators to carry the drilling, this fundraise broadens the search for companies.

Other points of interest: "Discussing a new venture in the Atlantic Margin."

I am probably way out on this, but funnier things have happened at sea

The above two points could easily tie in with a collaboration with GBP

Given the potential of Gemsbok and with the near by Tullow well Cormorant due to spud, ahead of char's Prospect S, a deal for Gemsbok would be better done before the Tullow drill

CHAR are fully funded and get a piece of Gemsbok, GBP get funded via placing for Gemsbok on the back of the Prospect S spud

Time will tell ;-)

[neo26] 04/4/2018 20:54

Really disappointing by the board, they have literally spent money in wages last 4 years.2 directors own half the company and no one can challenge them.Eating away with all cash, lifestyle run company.Really sad shame that aim allow companies like this to list on mkt.

[jimarilo] 30/3/2018 07:50

Good write up from Africa Energy/Lundin Petroleum whom are in the same ball park as GBP

Jan Maier, Africa Energy's VP Exploration, commented, "We welcome the renewal of PEL 37 offshore Namibia so that we can commence operations. Operator Tullow recently executed a contract with Ocean Rig to drill the Cormorant Prospect and plans to spud on September 1, 2018. ExxonMobil's recent entry into a block adjoining PEL 37 confirms our positive view of the geology in this region."

PEL 37 covers an area of 17,295 square kilometers in the northern Namibian offshore region. The Cormorant Prospect is located in the Walvis Basin in a water depth of approximately 550 meters.

The prospect is one in a series of extensive base-of-slope turbidite fan prospects with significant combined resource potential. The fans are in close vertical proximity to a mature oil-prone source rock of Aptian age that was recently proven by the nearby Murombe-1 and Wingat-1 wells, the latter of which recovered light oil.



You have to expect volume to increase across the board once we are into the new ISA allowance and Tax year, some will have been claiming tax losses as well before the year end

[jimarilo] 26/3/2018 09:25

Nice discount, Statoil paid $170/d on the previous contract for the Poseidon, which was already discounted. Which makes drilling in Namibia dirt cheap and with oil at $70

"On February 23, 2018, the Ocean Rig Poseidon has signed a new drilling contract with Tullow Namibia Ltd., for a one-well drilling program plus options for drilling offshore
West Africa. The contract is expected to commence in the third quarter of 2018"

"Dayrate: US$138,889/d" (p.34)

[jimarilo] 21/3/2018 09:47

This was from an RNS in 2015 regarding the read across from Welwitschia-1A well drilled by Repsol whom are back to back with GBP

"Exploration drilling results in Namibia have been mixed to date. Of the wells drilled in the Walvis basin, Global regards the HRT operated Wingat-1 well as being the most significant in that liquid hydrocarbons were recovered from the Aptian interval, thus establishing for the first time the presence of a source rock actively generating oil in the Walvis Basin.

The Welwitschia-1A well was previously plugged and abandoned. It had been drilled to a depth of 2,454m in Block 2011A, adjacent to Global's Block 2010A.

The geological setting of Global's blocks is distinct from that targeted by the Welwitschia-1A well. Notwithstanding the relative proximity of the two, the great majority of the prospectivity in Global's acreage is mapped in older sediments. The deeper structures were not reached by the Welwitschia-1A well. Therefore, the significant potential of these deeper traps and reservoirs remains untested.

In addition, the Company's technical team believes that shallower reservoir potential still remains in its blocks, as Global's interpretation is that the high quality Maastrichtian and Campanian reservoirs in its blocks were deposited in a sandstone reservoir fairway which skirted and bypassed the old highs such as the one drilled by Welwitschia-1A.

Regarding source, it is thought that the main charge for Global's prospects is also in the older sediments: this means that the deeper structures would be charged first, the shallower Maastrichtian and Campanian traps second, and only thirdly the reservoir fairway between the highs on one of which Welwitschia-1A was drilled. This premise is supported by the most recent work undertaken by the gravity and magnetics modelling specialists and the Company's structural geologist. The work indicates that rifting and the development of older (Late Jurassic to Early Cretaceous) half grabens is likely across the Global acreage. These grabens are the most likely areas for the development of 'early rift' source rock deposition.

The significance of this is that the prospect risks across the Namibian offshore are primarily a function of source and charge uncertainties. Our recent work reduces this risk.

The Company therefore remains optimistic about the potential of its Namibian blocks given the technical differentiation between the prospectivity on its blocks and the target drilled at Welwitschia-1A, and the intention is to seek a partner with a view to funding the future work programme on the Licence, commencing with 3D seismic. However, the Company is mindful of the wider context which has undoubtedly had a bearing on its previous farm-out efforts in Namibia : industry and market sentiment, has been greatly affected both by disappointing drilling results both in Namibia and in Atlantic margin frontier plays generally, and also by current low oil price"

[jimarilo] 20/3/2018 07:46

Good read, regarding the attractiveness of the Walvis basin

Having Repsol back to back, XON and Tullow close to GBP, also validates the prospects

“Eco’s and the industry’s interpretation of the farm-out news is extremely positive as it validates the attractiveness of the Walvis Basin’s oil potential, confirms Tullow and partners’ drilling program is scheduled for the first quarter of 2018 (1st September 2018), and it refocuses interest on a number of potential high impact wells in the basin in the next calendar year,” Eco Atlantic said.

[hugepants] 14/3/2018 10:39

Interim statement out. It looks they have given up on any acquisition despite banging on for years how confident they were about doing a deal and the strength of their financial position. Not surprising really since they have hardly any money left anyway! They are focussing on Namibia and progressing the Italian licences which are at such an early stage they are trying to get environmental consent confirmed.

[jimarilo] 13/3/2018 07:33

Going by the previous years the half year report must be due anytime now

May include an update on the farm out process

"Outlook

The Company remains committed to pursuing its Italian applications through to award, along with the Namibian project where the farm-out process has recently commenced with a view to seeking a partner to fund future operations on the Block, commencing with a 3D seismic survey.

We look forward to updating shareholders on progress with these endeavours in due course."

Sounding positive imo

[jimarilo] 08/3/2018 13:18

Permission has been granted and drilling preparations are well underway, Pancontinental said.

[jimarilo] 05/3/2018 00:32

There has been much activity in Namibia with regard to Farm out deals

Source is the main element of risk and the same for any prospector in Namibia, but still they pay good prices to get on-board

If there had been more drilling around our prospects that had proved source, the risking would have been nearer to 25%.

12% cos is still 1 in 8, that's just from 2D seismic

Majors are well aware of this and have been willing to take on this risk, as the rewards out way them

Hence, Tullow calling their drilling campaign on Cormorant in September, "high impact-exploration"

If Tullow find source in September, farm out deals will become more expensive and derisk our assets

Some may want a deal done before Cormorant is spud imo

I am more than happy with the risk/reward here, a deal could see us well into double figures

[neo26] 04/3/2018 21:39

Jimarilo

The numbers looked good in the cpr then we saw the COS, 11%.. :-(

This is the reason why this is trading under cash, mkt doesn't believe in the asset.

However if they got the italian license who knows how the mkt would react.

[jimarilo] 03/3/2018 17:59

Shell acquired 90% interest in two blocks from Signet Petroleum and 42% stakeholder Polo Resources pocketed $22.8mln.(Gross $55mln?)



Dependant on percentage selling the asset or farming out, somewhere between $25-$50mln must be on the cards

[jimarilo] 03/3/2018 11:26

As mentioned before the Africa oil deal was $7.7m for a 10% one well carry



Exxon recently farmed into Galp's PEL 28 with a 40% interest, therefore assuming a cost of around $30m

I wonder what sort of percentage Global would like to farm out if there is a deal to be done and maybe farm out in two parcels

The current m/cap of below cash, would a buy out be a cheaper proposition ?

Particularly when BP paid Serica $50m for 3D surveys and back costs etc and walked away

Chicken feed springs to mind when thinking of GBP being bought out in comparison