Global Petroleum Share Discussion Threads

[jimarilo] 11/4/2020 09:46

The CEO PCL said that Venus will spud late April and various reports say June. The various reports I don't think are including the two well options in their average calculations

There are ads for Namibians to crew a rig very soon and there are no other rigs currently contracted for Namibia apart from the Voyager

Here is a licence map for Angola and shows blocks 32 & 48 adjacent to each other. It is possible both Angola wells are drilled from the same location



Example of extended drilling



By the month end the Voyager will have been drilling for around 84 days of a 3 well 240 day contract approximately, which includes a two well option᥿9;. After Venus the rig is to return to Angola for the two option wells.

240 days is an average of 48 days per well, including the two option wells

From Maersk  " The contracts include two additional one-well options."5279;

The block 48 well is said to be a record breaking water depth, but maybe drilled from shallower water ;-) Venus spud late April is my guess

[jimarilo] 10/4/2020 08:31

Hard to believe the Sanco Swift & Thor Alpha are still acquiring 3D seismic in the Walvis & Namibe Basins, currently they are now back into block 1910A, which is TRP held and directy above 2010A (PEL29) GBP held.....



Edit: after travelling into 1910A the vessels reached just over half way and about turned to the top of the block and now look to have finally completed their acquisition this morning (11/04/20), they have dispersed and out of survey mode and now berthed in Walvis bay

EMGS are still due to return to the Walvis Basin in May with a new 3D contract

[jimarilo] 09/4/2020 21:11

Here is a link from a contact on LinkedIn in Namibia, replying to a couple of my posts

HTTP://www.linkedin.com/feed/update/urn%3Ali%3Aactivity%
3A6654067369461194752/?commentUrn=urn%3Ali%3Acomment%3A%28activity%3A6654067369461194752%2C6654088415677681664%29&replyUrn=urn%3Ali%3Acomment%3A%28
activity%3A6654067369461194752%2C6654096907792719872%29

[jimarilo] 09/4/2020 15:27

Nikham Offshore posted this ad 1hr ago

Looking for rig crew Namibians only



Location: West Africa
Start: Once Lockdown has been lifted
Nationalities: Namibians only
Only Shortlisted Candidates will be contacted.

"Start : Once lock down has been lifted ??" Strange Namcor & Azinam are due back to work next week

[jimarilo] 09/4/2020 09:14

Here is a response from PCL to CV19

In the short term, I note with considerable enthusiasm that drilling is apparently still planned in the coming months on-trend to at least one of Pancontinental’s offshore Namibian projects.



To date GBP have not mentioned any concerns regarding cash or reducing salaries, which again does suggest they have this covered, by way of a deal. As George Clooney would say ......"what else ?"

Namcor due back to their offices on Monday, after 14 days working from home. Azinam due back to their offices on the 17th

[jimarilo] 09/4/2020 00:08

I didn't know until this afternoon that GBP have a local representative in Windhoek and have done since August/September 2018

[emptyend] 08/4/2020 18:23

Correct.As we saw two days ago, there is no prior warning of material news.

[jimarilo] 08/4/2020 17:35

The mid price may be down, but the ask is on the up

With such a small free float, a deal announcement will see us well beyond the current level.......BoD holding around 45%

The main priority is to be holding a ticket when news comes through

[iamgreat1] 08/4/2020 16:08

Pumped. Ow dumped

[jimarilo] 08/4/2020 14:31

I think it was September 2018 they were awarded PEL94, so have completed the initial commtment ahead of time. There is still a further commitment in the second period for additional 3D of to the East of the block


"Initial Exploration Period, sub-period 1 (2 years): Undertake geological, geochemical and geophysical studies, licence and re-process available seismic data. The minimum expenditure should be at least US$1.3 million

Initial Exploration Period, sub-period 2 (2 years): Acquire and process a minimum of 2,000 square kilometres of 3D seismic data in the Eastern Area of the Block. The minimum expenditure should be at least US$4 million"

[swanvesta] 08/4/2020 13:28

So they already have the data, or are simply very familiar with it? That makes one of the commitments of the initial explo phase (to acquire and process this 3D data) seem a bit redundant.

Also, if prospective farmees have already seen this data then, other than ticking a box in the IEP, is there something else going on? Are you saying it's about being able to bare all to potential non-industry participants?

[jimarilo] 08/4/2020 12:50

Technical Data
NAMCOR is the custodian of all the Namibian Exploration and Production data; therefore it is NAMCOR’s responsibility to provide this data to potential investors



Potential suitors will have already seen the historic data and the data is not new to GBP, of course the Peters were directors of TRP (Arcadia)when the 3D acquisition was acquired back in 2010. (Peter Taylor is still a director of both TRP & GBP)

The issue is the same as when Paul Howlett (GBP) made various presentations at oil & gas conferences, they were for industry eyes only and I chased this on several occasions and was told the presentation material belonged to Namcor and not available to the general public

[swanvesta] 08/4/2020 10:14

Thanks Jimarilo, will study some more!

[jimarilo] 08/4/2020 09:44

I picked up another 100K this morning, it's obvious something significant going on here

[jimarilo] 08/4/2020 09:25

The next news will be the quarterly report at the month end. which has mentioned in the previous three quarters, the continuation of talks with counterparties regarding a farm out of licences PEL29&94

There could of course be news regarding a farm out or buy out before then. Namcor are currently working from home and are due back to work on Monday

The company are currently in an application process for 4 significant blocks offshore Italy. More details here in the previous quarterly report

[swanvesta] 08/4/2020 00:43

So I guess next news will be results of seismic processing. And then hopefully a farm-in if all looks good? Or of course it could all be pre-empted by a take-over :-)

And there's the italian dispute - not sure what's going on there. Seems they picked up 4 blocks that noone else was interested in and the italians are trying to get them out on a technicality. Is that material?

[swanvesta] 08/4/2020 00:16

Did I miss something out of my first paragraph? I felt the reason Namcor might make that choice didn't need stating.

[jimarilo] 07/4/2020 23:50

Don't think you get it at all ;-)