Global Petroleum Share Discussion Threads

[jimarilo] 24/7/2018 07:23

Indeed, Tullow have assigned 15% cos to Coromrant

The cloak and dagger letter of intent for the Poseidon could be to secure the current reduced day rate of $139k ahead of any increase and even a buy /farm out deal ?

[emptyend] 24/7/2018 07:05

...from the Chariot AGM statement today: In Namibia, Chariot has secured the Ocean Rig Poseidon to drill Prospect S in Q4 2018, independently estimated with a gross mean prospective resource of 459mmbbls and a probability of geologic success of 29%. This is one of five new structural prospects (S, T, U, V and W), ranging from 283 - 459mmbbls in gross mean prospective resources, and the well has the potential to de-risk a portfolio in excess of 2 billion barrels of gross mean prospective resources........interesting to see the CoS so high - I wonder how they risked the source component.....

[jimarilo] 24/7/2018 03:56

New contract for the Poseidon

Ocean Rig Poseidon got a one-well contract from Chariot Oil & Gas (OTCPK:OIGLF) offshore Namibia. Currently, the rig is scheduled to work for Tullow in Namibia in the third quarter of 2018. The new job comes in direct continuation of Tullow work.
Ocean Rig received a letter of intent from a European major for a firm two-well program and two optional wells offshore West Africa. The contract will be performed by Ocean Rig Poseidon after it finishes the work for Chariot Oil & Gas.



Obviously Ocean keen to highlight their progress in a suppressed market

Equally the European Major doesn't want to be named nor the destination revealed and is only a letter of intent currently

I would be very surprised if Ocean were to take the Poseidon away from Namibia as ECO and Azinam were probably next in line

Looks like someone has jumped the queue. With Tullow and CHAR, having an additional well options there would be plenty of time to shoot 3D seismic over Gemsbok

[jimarilo] 22/7/2018 11:49

Great interview, Pancontinental Oil & Gas NL (ASX:PCL)(30% owned by Africa Energy)

Talks of the potential scale of PEL37 and up coming Cormorant 1 well, hmmmm and Cormorant 2 ?

[jimarilo] 22/7/2018 00:18

This from ECO at the end of last month

"other majors still pushing to enter Namibia""We are confident in further exploration and Corporate activity in the region"

“The planned drilling of the exploration wells on PEL37 and PEL71 this coming September and October has considerably driven up interest in Namibia. The recent entrance of Exxon into the center of our four blocks and with the entrance of ONGC and other majors still pushing to enter Namibia, we are confident in further exploration and corporate activity in the region that will continue building value to our shareholders and partners.”



If all is to be believed and all eyes are on Tullow and Chariot,s wells spudding this summer. Majors pushing to enter Namibia at a discount ahead of the summer campaign, Gemsbok must be front and centre of industry attention imo

[jimarilo] 20/7/2018 07:49

Quarterlies due next week, would be nice to combine with an update on proceedings

[jimarilo] 19/7/2018 14:09

Indeed, GBP's PEL29 equally has massive potential and is located further North where all the interest currently is

You would get more bang for your buck taking GBP out for sure

[yasrub] 19/7/2018 12:03

Interesting link oilretire. So it looks like SQZ are looking to offer a significant % of their 85% stake to cover drilling cost of $30m. Considering GBP's current low valuation it does appear those interested in the area could get a cracking deal.

[oilretire] 19/7/2018 11:46

Trying the link again..... http://envoi.co.uk/projects/active-projects/africa/namibia/

[oilretire] 19/7/2018 11:43

Not sure if this has been posted here, but credit to steelwatch over on the SQZ threadHttp://envoi.co.uk/projects/active-projects/africa/namibia/

[jimarilo] 19/7/2018 10:09

Africa Energy have a back door interest in the up coming Cormorant well through their acquisition of one-third of the shares in a subsidiary of Pancontinental Oil & Gas who hold 30% interest in PEL37

They paid $8m for just 10% effective interest in PEL37, GBP have 85% interest in PEL29 to play with



AE is part of the Lundin Group of Companies, as is Africa Oil Corp their backers, who have $400m free cash available and own 20% of ECO Atlantic

Already sold on Namibia they are still looking to expand further, which speaks volumes, regarding the potential

AE are not the only oiler out there looking to take an interest in this frontier play, there is competition

Out of CHAR ECO and GBP, from current M/caps, GBP has a far greater short term potential returns, just from one deal, as there is zero currently priced in for the PEL29 asset

[jimarilo] 16/7/2018 13:07

Indeed Alex, the clock is ticking and Cormorant is getting closer

I very recently had an email reply from an African focused oiler, that are looking to increase their foot print in Namibia and are currently looking at several new opportunities

They agreed that Cormorant would derisk some of these opportunities and increase the price.

Of course I don't know what opportunities they a reviewing, but you have to think Gemsbok will be one of them

It confirms what's been said here many times, that a potential farmee or buyer will prefer a cheaper deal ahead of the Cormorant spud

The commercial terms in Namibia are also an attraction

I can't see they are the only oiler on the hunt for high impact assets in Namibia

[jimarilo] 16/7/2018 12:55

I have posted regarding the presentation

Since my reply from GBP's PR company

"The author of the presentation is currently on holiday. On his return next week, I will ask him for a copy of the deck so we can upload to the web site. It is quite technical but I hope you enjoy reading it. I’ll let you know when it’s live."

I have chased this up since with no success, I guess GBP didn't want it up loaded for some reason

[alexios1201] 16/7/2018 09:54

Good Morning Jimarilo,When are they going to post the Presentation?Would be nice to have some sort of update on where we are regarding the FarmoutTwo transformational drills happening in Namibia from SeptemberThis should get GBP back on the radars

[jimarilo] 16/7/2018 09:35

Quarterlies due out next week, would be nice to have a mention of where we are

Unless of course we have news before then

Certainly steering a tight ship currently

[jimarilo] 13/7/2018 16:11

Added again this afternoon, get the feeling something is on its way

[jimarilo] 11/7/2018 08:04

Up over 15% on the ASX with 500K bought, again in two trades back to back

[jimarilo] 10/7/2018 12:22

Someone is keen, looks like the same buyer, with back to back trades

Yesterday looked the same buyer as well, with back to back trades

[joestalin] 10/7/2018 10:09

That sounds a lot like "jam tomorrow".

Maybe something will happen, maybe it won't. Either way, it is nice work if you can get it.

[jimarilo] 10/7/2018 08:24

ECO, CEO said there will be corporate activity in the coming months in Namibia from Majors and indies. ie.farm out and buy out deals

Will happen before the Tullow spud imo

Plenty of hot money from BPC to be thrown at these Namibia players when the action starts

[jimarilo] 09/7/2018 10:02

BPC on another run, M/Cap £70m, making GBP look ridiculously discounted

Hopefully our day will come

[jimarilo] 08/7/2018 09:39

The window of opportunity could not be greater for GBP to off load and with all this excitement, it would be fair to say there could even be a fair amount of competition for Gemsbok.

During the interviews posted earlier, Kosmos gets quite a few mentions, but may be related to Africa in general. However they are a frontier and deepwater specialist and could be in the mix. Equally wouldn't be surprised if Soco were not running the slide rule over Gemsbok.

Certainly the small free float and the Peters holding 40%, has blocked an opportunistic buyer to take GBP on the cheap, which will have been key in negotiations

[jimarilo] 08/7/2018 09:11

New policies African Exploration

'Meanwhile, Namibia is pushing reforms under its open licensing system, allowing losses to be carried forward, slashing royalties to 5% and promoting its deep-water area as the conjugate passive margin of the proven and prolific plays of Brazil’s 50 billion-barrel salt basin.

Petroleum Commissioner Maggy Shino has been on tour promoting unexplored deep-water shale plays, Lower Cretaceous channel systems and Albian carbonate plays, and promising that newly interpreted data packages will soon be ready, in order to incentivise a return to the interior Etosha and Nama basins.'



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[emptyend] 07/7/2018 22:20

245mn bbls is hardly Gemsbok-scale.....

[yasrub] 07/7/2018 21:42

Encouraging article on focus of the area increasing. GBP not mentioned but not a surprise. Funnily enough I quite like this, I am hoping to wake up one morning with deal done.