Global Petroleum Share Discussion Threads

[ertugrul] 11/9/2013 09:21

WSX up 5% we have not ticked up

[ertugrul] 11/9/2013 07:07

Nice. We are increasing holding

[stockologist] 10/9/2013 22:39

GBP reacted really well to HRT's duster.

Sign of a bull market, stocks reacting well to bad news.

[ifthecapfits] 10/9/2013 22:12

Need cash to drill first.

[ertugrul] 10/9/2013 07:30

Hopefully GBP will hit the jackpot

[illuminati1] 10/9/2013 07:25

Results of the Moosehead-1 well offshore NamibiaRIO DE JANEIRO, Sept. 9, 2013 /CNW/ - HRT Participa??es em Petr?leo S.A. (the "Company" or "HRT") (BM&FBOVESPA: HRTP3, TSX-V: HRP) announces that the Moosehead-1 well (2713/16-1) ("Moosehead-1"), the third offshore well in our exploratory drilling campaign, is a dry hole. This well targeted the Moosehead Prospect, located in Petroleum Exploration License 24 ("PEL-24"), in the Orange Basin, offshore the Republic of Namibia.The main objective of the Moosehead-1 well was to test the resource potential of Barremian-aged carbonate reservoirs, expected to be equivalent to the Brazil and Angola "pre-salt" reservoirs, within a 546 km2 4-way dip closure, mapped on 3D seismic. Extensive formation evaluation was performed to confirm the nature and quality of the carbonate reservoir and source rock intervals, including wireline logs and sidewall core samples.The Moosehead-1 well encountered approximately 100m of carbonates at the primary target. The nature of the reservoir, though further analysis of data collected will be necessary, appears similar to the "pre-salt" reservoirs as predicted. However, porosity was less developed than expected in this location, and is being considered a dry-hole. Wet gas shows were encountered in the section that increased in wetness with depth. At least two potential source rocks were penetrated, including the well-developed Aptian-age source rock. Indications of source rocks in the deeper rift section were also apparent, though not penetrated. Further analysis of the well sampling will greatly help with continuing exploration on the HRT blocks in Namibia.The Moosehead-1 well was located in 1,716m of water depth and was drilled to 4,170m of measured total depth. The well was drilled, wireline logged and P&A, in a total of 47 days, by the Transocean Marianas (NYSE:RIG) semi-submersible rig. Operational and safety performance was excellent. This completes HRT's Namibian drilling campaign and the Transocean Marianas is available for sublease.HRT is the operator of 10 blocks offshore Namibia, which are contained in 4 Petroleum Licenses. GALP Energia (NYSE Euronext Lisbon: GALP), with 14% participating interest, is HRT's partner to drill the first 3 wells of the current exploration campaign."The Moosehead well concludes HRT's first drilling campaign in Namibia with very important geological information even though no pay zones were found in this well. The time has come for a thorough analysis of our three well results and assets in Namibia to develop new plans for 2014 and 2015. We conclude this campaign with the understanding that both the Orange and Walvis basins, tested with drilling, are oil and gas prone basins, new exploration efforts will bring commercial hydrocarbon discoveries and that HRT will be part of the future of Namibian exploration", highlighted Milton Franke, the CEO of HRT.

[bam bam rubble] 09/9/2013 15:55

Any M&A activity on the cards here? Certainly well placed with its A$22m cash pile and CEO;

Prior to joining Global Petroleum as CEO, Peter Hill was head of Mergers & Acquisitions at StatOil and a key teammember for the $30 billion merger with Norsk Hydro Oil & Gas in 2007. Prior to that he led the 2005 acquisition of EnCana's Gulf of Mexico assets for $2 billion.

Good at large deals, should translate to ability to do a deal at the tens of millions level. Acquisitions are said to be planned here so hopefully Mr Hill will rustle something up soon.

[ertugrul] 08/9/2013 10:36

Superb post by jimmy on iii boardHRT and MM have done some great geochemistry work in identifying oil source rocks offshore Namibia. They have published in the Geological Society and they also published as "Experts" in Chariots IPO listing in 2008.That experts report stated that there two source rocks which they identified offshore Namibia, a Barramian lacustrine source rock and an Albian Cenomanian source rock. Reference page 73 Chariot IPO document.The deeper barramian source rock was a key source rock for Chariots Tapir well, Hrt's Murombe well and Hrt current well. moosehead, although the Moosehead structure might also be charged by an adjacent Aptian source rock also.What is clear is that so far the deeper Barramian source rock has not worked. Why ?I believe its because of the widespread presence of flood volcanics offshore Namibia.Please see an excellent report on the geology of South West Africa at: particular I would draw a readers atention to Figure 8 which notes the timing of flood basalts as pre dating the Barramian and that these flood basalts are located through out Namibia as shown by Figure 9 (page 28). It seems to me that these flood basalts prematurely heated up the Barramian source rock which was deposited on top of it, and hence explain why Murombe was not charged with oil.So you might ask, why have Tullow farmed into a block in the Walvis Basin and paid $130 million for a 65% interest in ONE block.I believe the answers is because HRT have twice proven the presence of high quality source rocks from the Aptian and one other undeclared sequence. These shallower sour rocks are ideally placed to charge the huge sand deposits that occurred from Albian to Neogen times (see Fig 9, page 28 and Fig 1 page 20) and narrative in clause 4.2 on page 6. These sand deposits were up to 3Km thick as shown by Fig 5, in the Walvis Bay/ Luderitz Basin areas. Thats acreage Chariot tried to get but lost out to Serica who immediately farmed out to BP. Tullow are experts in West Africa and clearly they see the potential without any 3D seismic in the acreage they farmed into. Chariots Data room for the Centrals is open and you can be sure Tullow will be visiting. Expect another farm out for the Centrals in Namibia, more reimbursed cash and well carries. Remember Chevron have been reported as looking at acreage in Namibia as well.The oil industry understands the value of this acreage, the stock market is putting a nil value on it, thats the opportunity, I am full loaded up.

[belisce6] 06/9/2013 15:15

yeah... but it seemed as though the company holding 85% couldnt go thru with the remaining work plan, so trp or asher stepped back in and has tried to sort it out... via respol, and now the last bit...

[ohisay] 06/9/2013 15:06

I should have said given where TRP were they should have stuck with 15% free carry instead of diluting shareholders to get to 30%.

[belisce6] 06/9/2013 14:33

tullow is only getting in after the wingat well results were known, so a bit tuff to say trp shouldda been there...
besides, it only needs one driller to get a sniff of commercial oil for them all to go higher :-))

[ohisay] 06/9/2013 12:59

Well it should be higher if only on the cash .

But PCL is also a snip too at the current price of 8c.
Market cap 92m AUD with 34m AUD cash.So EV just 34m£.

This was Hartleys last month and they will be all over this in the next few days.


More detail on Namibia farm in here.


PCL's current 30% freecarry in Namibia is where TRP should have been.
And lots more to come in Kenya IMV (Tullow is a partner there too).
I hold of course.

[bam bam rubble] 06/9/2013 11:54

Summing up

85% in Namibia blocks (close to block where Tullow is now funding +$100 million)
30% in Mozambique channel block (ROC Oil sold the adjacent block for $8 million)
estimated $20m cash at end of Dec 2013, no debt, targeting acquisitions

Market cap just £11m... re-rating on the cards?

CEO: "The current climate presents opportunities with Global well-funded to capitalise"

[bam bam rubble] 06/9/2013 11:53

Map to show Pan Continental's block in context with Global's

[stockologist] 06/9/2013 11:09

That is fantastic news.

[someuwin] 06/9/2013 10:40

Too cheap - surely.

[ohisay] 06/9/2013 09:08

Bit of a coup for Pan Continental..
Tullow clearly reasonably impressed by Wingat which is more or less next door.
PCL is well worth an interest with prospects East and West Africa - there are (will be more) some interesting broker notes on their website



Tullow Oil to become partner and operator after farmin to Pancontinental's EL 0037

Tullow Oil assigned a 65% operated interest, Pancontinental retains 30% free-carried interest
Farmin programme includes Tullow Oil funding extensive 3D and 2D seismic and, subject to identifying a drillable prospect, drilling an exploration well to acquire and maintain a 65% interest
3D seismic survey expected to commence in 2014
Pancontinental estimates farmin expenditure of potentially up to US$130 million (100% basis) for the full work programme

[ertugrul] 06/9/2013 07:22

Tullow Oil farmed in one of the close neighbours of GBP. Are we the next?

[ertugrul] 05/9/2013 14:57

interesting trades going on

[werther] 05/9/2013 10:39

neilcrom,

this time Orange Basin, Moosehead1 - started 6th August - expected duration 53 days - I think. Greetings

[ertugrul] 05/9/2013 09:25

some nice buying coming in now

[ertugrul] 05/9/2013 09:25

Its very undervalued, we should get some news soon