Global Petroleum Share Discussion Threads

[jimarilo] 30/10/2018 17:49

The link didn't work as planned so here it is again

And from the GBP website, click on the link below and then Geology

The third diagram down the page shows our prospects in yellow

However the new block which showed the Delta prospect in the TRP CPR, looks very different in the GBP picture below and has the Welwitschia-1 well missing the prospect, which may not even be Delta

The company looks to have put in some work here already and may be painting a whole new picture

As has been said before these prospects will not be ignored

[jimarilo] 30/10/2018 11:24

I disagree,

Here is TRP's CPR

Page 17 shows the Delta prospect firmly in our PEL94/2011A and attribute 9Bln barrels mid case to the area

Also page 17 shows Gamma sliding into our PEL29 which already contains the Gemsbok prospect 3.66Bln barrels

[squibno1] 30/10/2018 09:58

the company is not in control of its own destiny and its track record suggests it will just disappear when the money runs out, unfortunately.

[emptyend] 29/10/2018 11:50

It isn't that "they don't like to release" the quarterly cashflow in the UK. It is simply that there is no requirement to do so. Whereas in Australia there is.

[jimarilo] 29/10/2018 10:38

Time will tell, but you would not expect to be able to sell 1m shares online, particularly with a micro cap that has such a small free float

Eco last week said they are already in talks with potential partners in PEL30 to the east of our PEL94, which has they same play types as PEL29

If AOC/AEC take part in a placing this is a different deal to a farm out deal, hence dropping Stellar

This approach seems the preferred method of AOC/AEC, looking at other deals they have completed. AEC confirmed before the C1 result that they were actively reviewing opportunities in Namibia

The company would be in a much better position farming down the asset with deep pocket backers on board

Just my opinion, but like I say, time will tell

(TRP's CPR had the Delta prospect highlighted in PEL94 with a mid case of 5bln barrels)

[thaaarg] 29/10/2018 10:12

Jim, nobody is interested in farming in.

GBP have told us that - it is a fact, as stated in the quarterly report.

And let's be honest, no-one was interested in 2011A when it was relinquished either. Why do you think comatose minnow GBP got it?

Whilst I admire your glass always full approach to gbp, I see what is there in front of me and go from there.

A big find by another co on a similar play type and a ride on their coattails is GBP's best hope.

GBP are not going to farm out what they have until that happens. Let's hope it does.

[jimarilo] 29/10/2018 09:50

A placing that brings in a Major backer, which would be a different game to a regular institutional placing

Eco were I think around 17p when they placed 20% with AOC last November, hasn't done them any harm

Also it may not have just been the drill results they were waiting for, but the completion of the new licence PEL94(2011A)

[thaaarg] 29/10/2018 09:37

Placing? that'll be enough to keep the lights on for a few weeks!

[jimarilo] 29/10/2018 09:30

They also show in the agm notice, resolution 4 to be voted on is for the "Approval of 10% Placement Capacity"

"To consider and, if thought fit, to pass the following resolution as a special resolution"

Quite a complicated explanation included, which looks like the potential placing could be carried out over the next 12 months and could include previous years 10% placing's that were not used

When you think of the recent methods AOC & AEC have taken interests in Namibia it has been the equity method, via the company rather that the asset

The Company said potential interested parties will wait till after the results

AOC have an interest in PEL37 & PEL30, they will know very well what is around them and may share same confidence that C1 brought to the Peters

[thaaarg] 29/10/2018 09:08

GBP's Quarterly cash flow report hidden away on ASX if you're interested. They don't like to RNS it in UK...

Cash at end of 30/09 us$ 4,121,000. (1.54p per share - 202,652,927 shares in issue @ 1.283 US$/£ exchange rate.)

$801,000 burnt in Q to 30/09. Forecast burn this quarter $684,000.

"Payments to directors of the entity and their associates" $175,000.

If the co remains comatose, money should be gone by 31/03/20. If it actually does something, even sooner.

[jimarilo] 29/10/2018 08:53

Well what ever anyone thinks of the news, you can still sell 1M online

What ever that means ?

[emptyend] 29/10/2018 07:52

Today's report really just highlights what we all know - exploration might be "on the up" but there is still limited appetite for pure explo.Fundamentally I still think the GBP blocks are attractive but, as the market has been telling us, it is back to waiting for a while yet.

[sawney] 29/10/2018 07:51

...and all those years "looking for acquisitions"....

[thaaarg] 29/10/2018 07:45

GBP is what it is.

A lifestyle company.

Look back over the last 10 years. It's all there in black and white.

The meal ticket expires in 15 months. Tops. Only hope is that a massive find on another similar play type block might persuade a partner to fund 3D and all the rest. 3D is something GBP should have done years ago....but they couldn't even find a partner at $100+ oil.

[oilretire] 29/10/2018 02:37

Well that's the answer as to why it disappeared off the Stellar website - nothing at all to do with an imminent deal (as is now obvious).

I dunno Jim, it's just not looking too hopeful at the moment. To highlight this as a quarterly 'highlight' is just clutching at straws IMHO -

During the reporting period the Company terminated the arrangement with Stellar Energy Advisors who had been conducting a structured farm-out process for PEL 0029. Although no farminee has been identified to date, the Company will continue to seek potential farm-in partners


I'm a holder & want to feel more positive about it, but I'm afraid I can't/don't at this moment in time.

[jimarilo] 29/10/2018 01:02

AEC going to take a percentage may happen yet imo

[jimarilo] 29/10/2018 00:27

Stellar have been dropped, does the company think they can do a better job ?

Or is it clearing the decks for a buy out ?

If Eco are already in talks for partners in PEL 30, since Tullow walked. Surely we must be up to something

[jimarilo] 26/10/2018 07:54

If ECO are already in talks, GBP must certainly be in talks and have 85% to play with, in 2.9m acres including block 2011A

Confirms there is still an appetite for Namibia in particular north Walvis Basin

Of course GBP have deeper targets with structural highs, which may have a renewed interest since the C1 result

New licence application news due soon regarding the 3 blocks adjacent to GBP, should be interesting

[hugepants] 26/10/2018 07:42

"As a result, Eco has had the 1,100 km2 3D survey, full processing and interpretation and past costs all paid for by Tullow and it will now receive back Tullow's Working interest. "

That's the kind of deal GBP should be aiming for!

Not exactly positive news.

[jimarilo] 26/10/2018 07:24

Eco update on Namibia & Guyana

ONGC Videsh pull out of agreement with Tullow on PEL30. Tullow have a mountain of debt to pay down so focus on their Guyana prospect

However...

"We are discussing the Cooper Block with other potential industry partners, as there are many parties currently seeking additional opportunities in the Walvis Basin as Exxon, Total, and the other majors are now moving into the area as exploration matures. Indeed, although unfortunate for Tullow, the company's recent Cormorant dry hole further proved the existence of a working source rock. Our increased interest in the Cooper Block, which is defined as having P50 Prospective oil of over 800 million barrels

Eco's other partner on the Cooper Block, Azinam Ltd ("Azinam"), has previously announced that it would like to proceed with further exploration of the block, including the drilling of a well.

[jimarilo] 25/10/2018 17:46

Probably not ;-)

[yesyesno] 25/10/2018 16:53

You don't understand it thats all.

[jimarilo] 25/10/2018 16:10

The spread on the monitor isn't what it seems

I was quoted 1.65p for 800k

1.5488p for 1M

1,65p/1.82p = 10% spread

[yesyesno] 25/10/2018 16:04

The spread is over 20% so to suggest MMs are looking for stock is ludicrous.