Global Petroleum Share Discussion Threads

[penfold6] 30/7/2018 07:55

jimarilo,

'it wouldn't surprise me if ECO are in the running for Gemsbok'

wont be eco, its not their business strategy. they get the blocks first and then farm down to others, not the other way around.

[emptyend] 30/7/2018 07:40

I don't think the spud date is a particular focus......but I'd agree on expecting a deal before the well TDs...........though TLW also have form (Hardman) in moving swiftly after the event.

[jimarilo] 30/7/2018 07:35

From ECO's results, it wouldn't surprise me if ECO are in the running for Gemsbok, their Cooper block PEL30 is just a block away. Their 30% shareholder Africa Energy has already confirmed to me that they are looking at several opportunities to increase their foot print in Namibia and would like a deal completed before Cormorant results. AE in turn are backed by Africa Oil Corp (lundin)with £400m free cash to spend

"As we advance all of our existing licenses, we are also assessing new opportunities in frontier regions to potentially build on our already strong portfolio of assets and which fit Eco's strategy of developing underexplored prospective areas of interest."

"In line with the Company's strategy, Eco is actively identifying, evaluating and negotiating additional project opportunities."

[jimarilo] 30/7/2018 01:14

Quarterlies out looks like a cut and paste job again, with this little add on

"The farmout process is still underway following renewed interest created by presentations conducted by the Company during May 2018, with data room participation continuing into July."

Sounds like additional interest since the Paul Howlett presentation at the Africa Summit in London

I still expect a formal offer before the Cormorant spud

[jimarilo] 29/7/2018 21:24

Nice one Oil ;-)

[oilretire] 28/7/2018 20:37

Ok, I'm now convinced we are both correct.The journo has definitely crossed his wires. Nothing has been announced as far as I can tell.However I'm sure they will eventually, and it won't involve the Poseidon.......your link in 6220 contains that answer on p. xxiv

[oilretire] 28/7/2018 15:38

Good find Jim, maybe 'recently announced' Namibia wells means weeks/months ago. I just assumed it might have been confused with the recent Mauritania news, which probably got lots of coverage as it's a new country entry.See if I can find any other details later...

[jimarilo] 28/7/2018 15:32

Got this from the ECO BB on LSE. Tullow realise that Cormorant isn't huge, but its the low costs that are making a smaller field commercial. Gemsbok looking better by the day


"TLW management explained why they chose to drill the Cormorant block first in Namibia in their conference call.

Here's the video clip of it, but the best bit is at the end when they say

'But the really big prospects are coming up in 2019 in Guyana'

Look at all their faces!"

[gaddy88] 28/7/2018 14:28

Namibia is hotting up! Must be nearing the appeals in Italy to be heard soon too.

[jimarilo] 28/7/2018 08:08

There you go oilretire confirmation Shell are going to be drilling in Namibia (1.59)

PCL's CEO John Begg

[jimarilo] 27/7/2018 22:35

Now that would stir things up some what ;-)

But a Major is what we are looking for and the economics are obviously very favourable currently, from the Namibian tax take, OP, deepwater rig rates and GBP's market price

I added more ECO this morning as I think they are good value currently

[oilretire] 27/7/2018 17:24

Don't get me wrong, I'd love the reaction that would accompany Shell farming into GBP :-)

[oilretire] 27/7/2018 17:06

Yes, I read that. It could well be, but can't understand why 2 PSC signings carried a lot of coverage (inc. internally) yet there is near radio silence about supposedly committing to a new 2 well campaign in Namibia. Very strange.....

[jimarilo] 27/7/2018 16:55

This what the piece said...

"A recent announcement by Shell Namibia that it plans to drill two exploration wells in 2019 has fuelled expectations that the drilling activities of Ocean Rig might continue throughout next year."

Certainly they have ticked all the boxes leading up to a drilling campaign

SLR Ref. 734.19109.00001
Report No.4
EIA for proposed Deep Water Exploration Well Drilling in Petroleum
Exploration Licence 39 off the coast of southern Namibia
Final EIA Report & EMP
December 2017

[oilretire] 27/7/2018 15:30

Shell?? Not that I've seen..... and I almost certainly would.Are you sure the journo is not getting mixed up with Mauritania where they signed up 2 PSC's a few days ago??

[jimarilo] 27/7/2018 09:36

They have extensive acreage in PEL39 I imagine they will be drilling there, but could have a 1well +1 option elsewhere

No sign of the quarterlies this week, must be Monday

I am hoping for a bit more than a cut and paste from the previous quarters

Fingers crossed

[alexios1201] 26/7/2018 14:43

Will ask around which block are they drilling

[alexios1201] 26/7/2018 14:42

That would be fun?

[jimarilo] 26/7/2018 13:33

Good find Alex,

Turns out our European Major is Shell Namibia and the Poseidon rig is staying in Namibia

No mention what block they will drill...PEL29 ? ;-)

If not PEL29, certainly is putting the temperature up for sure

[alexios1201] 26/7/2018 10:16

https://www.newera.com.na/2018/07/26/rush-to-strike-oil-begins-again/amp/?__twitter_impression=true

[jimarilo] 24/7/2018 12:27

Quarterlies were posted on the 24th last year

[jimarilo] 24/7/2018 08:17

The contract is expected to commence in direct continuation of the program with Chariot Oil & Gas Limited in the fourth quarter of 2018 and will be performed by the Ocean Rig Poseidon, and is subject to the negotiation and execution of definitive documentation and other approvals.

[jimarilo] 24/7/2018 07:56

Whilst Cormorant and "S" will derisk Gemsbok if there is a discovery

Gemsbok main targets are older and deeper, even Repsol's well stopped short of our target depth

A 2+2 well option would do the trick

[emptyend] 24/7/2018 07:30

....the point should be made again that the stacked targets at Gemsbok have a best estimate of about 1.6bn bbl in prospective resources - which is nearly 4x the size of Prospect S.Yes the risking is more severe but, even on a risked basis, Gemsbok is bigger. Source is the main risk......but that is mostly because of the big step-out from other wells with proven source. The only way to test the risking on any prospect is to drill.