Global Petroleum Share Discussion Threads

[jimarilo] 05/12/2018 02:02

Well, Exxon currently negotiating six blocks in Angola, two of which are on the Angola/Namibia border just north of GBP

Six blocks is the sort of interest you would expect for Exxon

They have only two blocks in Namibia, just south of GBP

Interest shown recently from Woodside, Kosmos and an International Major rumoured to be lining up a farm in deal.

Exxon have just completed extensive 3d seismic surveys in Namibia and could be looking to take further steps in Namibia as corporate activity increases

[emptyend] 05/12/2018 00:13

Guyana still working for Exxon:https://news.exxonmobil.com/press-release/exxonmobil-increases-stabroek-resource-estimate-5-billion-barrels-makes-10th-discovery....where's the next underexplored analogue?

[jimarilo] 03/12/2018 10:14

Taken from Cabot Energy website....
Permits F.R39 and F.R40 – offshore southern Adriatic
In the Italian southern Adriatic, the Company has a 100 per cent. interest in two permits, F.R39.NP and F.R40.NP and in five contiguous permit applications. There are three existing oil discoveries within the permits area, Giove, Medusa and Rovesti. There are also a number of leads and prospects, the most exciting of which is the Cygnus prospect, which has 401 mmboe of prospective resource assigned to it. The Company is aiming to acquire 3D seismic over Cygnus and the 26 mmboe contingent resource Giove oil discovery. Based on the results of this seismic data, the Company will then aim to drill an exploration well on Cygnus and an appraisal well on Giove, which now only needs a flow test to surface before a development plan can be finalised.
Subsurface work conducted during 2016 identified that the Medusa deep exploration prospect is analogous to the Giove discovery. As a result, subject to the approval of the Ministry of Economic Development, the Company is proposing to combine the work programmes for permits F.R39 and F.R40. This will allow one well to move both permits into the second licencing period. The Company has drafted an appraisal well Environmental Impact Assessment for Giove to be submitted during 2018 to drill a well 12 to 18 months after submission, subject to financing and approvals being received. All offshore permits are currently held in suspension pending approvals for the next stage of the work programmes.
A farmout of 10 per cent. of the whole area has been agreed with High Power Petroleum, which is now subject to regulatory approval. High Power Petroleum also have an option to increase their ownership to 50 per cent. by funding the costs of an appraisal well on the Giove discovery, up to $15 million.

So Cabot Energy (who own the neighbouring Permits to GBP) have already agreed a farmout on its Offshore Southern Adriatic Permits, this is a very positive read across for GBP's Italian Permits.

[jimarilo] 30/11/2018 07:53

I noted from the AGM presentation that Cabot Energy holds permits which are contiguous with Global Problem's four permit applications. It would appear that Cabot are not being subjected to any appeals, the current position is "All offshore permits are currently held in suspension pending approvals for the next stage of the work programmes".....that suggests to me that they are very much getting on with the business of oil exploration.



Cabot Energy released on 21 November 2018 an Italian Resources Report...….

[jimarilo] 29/11/2018 23:56

Global Wins Appeals Against Environmental Decrees in Italy

[jimarilo] 29/11/2018 01:26

AGM presentation

[jimarilo] 28/11/2018 22:06

Interview with Gil from ECO

Namibia mentioned 18.11 mins

Total, Exxon and Shell to drill next year and a stream of International
oil company, new comers arriving

[jimarilo] 27/11/2018 14:08

29
NOV 2018
Capital Markets Day
Tullow Oil will hold a Capital Markets Event from 1.30pm until around 5pm onThursday 29 November 2018 in central London.

At the event, presentations will be given by the Tullow Oil management team to provide insights into the Group’s strategy and key areas of operations.

This event is intended for Investors and Analysts. The event will also be broadcast live on our website.

[jimarilo] 27/11/2018 09:37

Managing Director Daniel McKeown - Azinam at Africa oil week

Only 5 valid exploration wells in offshore Namibia across 1500 square KM..

Significant seismic shot during downturn which has shown the potential is real, with bumps and features we are all looking for are illuminated with this beautiful seismic..

Current costs are incredible. Chars drill 5 years ago would have cost $110m, today it was just $20m.

[jimarilo] 23/11/2018 08:45

We get a mention here in our old subsidiary name Jupiter Petroleum, obviously the area is getting serious attention. Exxon are already in the same fairway as GBP and makes you wonder if they are the Major lining up the said Namibian farm in deal (from previous post)

GBP has the size of acreage, with enough potential and percentage interest to attract a Major

"Namibe basin at forefront of Angola's planned licensing round"

Angola’s frontier Namibe basin is set to be the focal point of a licensing round, according to Sonangol, although US supermajor ExxonMobil has made an early play for a huge swathe of blocks in the area, writes Iain Esau.

According to the Angolan state-owned company, ExxonMobil is in talks to secure blocks 30, 41, 42, 43, 44 and 45.

An ExxonMobil spokeswoman declined to comment.

Block 41 lies in the north of the basin, adjacent to and south of Total-operated acreage, while blocks 30 and 45 abut the Nambia maritime border.

In Namibian waters, adjacent acreage is held by minnows Jupiter Petroleum and Camelot Investment Group.

[jimarilo] 22/11/2018 14:05

Certainly is hotting up in Namibia, Kosmos just beat Woodside to a deal with Shell

I would like to know who the Major is that's lining up farm in deal and who with ?

How many blocks are left to farm into, with enough potential, in the right area to satisfy a Major ?

Seems a coincidence that we have recently dropped Stellar imo

AGM on the 29th

[jimarilo] 22/11/2018 10:03

Yeah am good thanks, there has been a few posting over on the LSE BB

Think the mm's been left holding some shares since the last move up, hence the tight spread online 2.0275p/2.05p

[jimarilo] 22/11/2018 09:58

Total have a rig being towed all the way from the N/sea to drill in South Africa with AEC

The rig not mentioned here is to berth in Walvis Bay first week in December before moving to the drill site in S/Africa

As Total have the deepest well in Africa to drill in Namibia, this would seem to me to be the rig that could do the job (3000m water depth)

It is a 1 well +1 option, wouldn't surprise me if this rig follows up with Totals well in Namibia

[chopsy] 22/11/2018 09:14

5 days since a post, Jim, you OK?! Certainly hotting up in this geographical sector, and let's hope POO bucks up after the 6th.

[jimarilo] 16/11/2018 19:41

Finally, reporting from Africa Oil Week...subject Namibia

ExxonMobil has already farmed in to one block in Namibia with Portugal’s Galp Energia and is just finalising another farm-in with Azinam, while the latest entrant is US independent Kosmos Energy, which has taken a large chuck of Shell’s operated PEL 39.

Whispers in Cape Town suggest another international major lining up a farm-in deal within months.



"Another International Major lining up a farm-in deal within months"

[jimarilo] 16/11/2018 19:23

Shell & Kosmos finish seismic survey off Namibia and set sights on drilling work

Cut and pasted these as you need to subscribe

"Other suitors were attracted here including Woodside"

Shell and Kosmos Energy have just completed a 3D seismic campaign in a block off Namibia where the latter recently farmed in, with the partners’ eyes on drilling after next year, writes Eoin O’Cinneide.

“We have just finished, as of this week, a 3D programme of about 30 or 40 days,”

Kosmos vice president of exploration Tracey Henderson told Upstream late last week.

Kosmos recently farmed into the Anglo-Dutch supermajor’s operated block PEL 39 in the southern part of the Orange basin, with each now on 45% and state player Namcor on 10%.

The deal is part of a wider alliance between the companies, which is also set to see Shell enter Kosmos acreage in Sao Tome & Principe.

“Generally we take about a year to process the data — at least six months, sometimes longer than that, which we may do.

“We will spend some time interpreting the data and maturing the prospects along with Shell as to what will come in first,” Henderson said of drilling, which is possible in 2020.

The block is said to have attracted interest from other suitors — including Australia’s Woodside Petroleum — before Kosmos closed the deal. Both the US independent and Woodside are known to have been drawn by the clastics play on the block.

“It was a really good marriage of skill sets with Shell, because we obviously have expertise in clastics along the margin,” Henderson said.

“Shell has a good deal of expertise in carbonates, which is not one of our strengths. Both play types are in PEL 39 and I think both play types will get drilled — it is a matter of which first and timing, but there are some very nice carbonate prospects there, so I cannot imagine we will not drill those.”

Namibia has seen a number of dry holes drilled recently, with Tullow Oil biting dust at the Cormorant-1 well and Chariot Oil & Gas striking out soon after at the Prospect S wildcat.

“Oddly enough, to have several dry holes in it, it is an area that is still garnering a good deal of attention,” Henderson said.

“A lot of them on that margin are trap failures. If you feel like the well gave you everything else, you just have to go out and define prospects that have a more robust trap.” Many of the failed wells this decade have been in the Walvis basin to the north.

“The Orange basin is definitely more underexplored, but some of the wells have actually shown that there could be a mature oil source rock there that has not really been fully explored, or understood. It is early days, it is still very frontier and concept driven,” Henderson said.

“Even some of the wells in the Walvis saw oil shows that were new source rock that had not really been fully recognised, and demonstrated that there was potential for oil and not just gas, like you see at the Kudu field.

[jimarilo] 16/11/2018 18:35

ExxonMobil in talks over fresh Angola blocks

Exxon US supermajor ExxonMobil is in talks with Angola’s authorities to secure access to six deep-water blocks in the country’s frontier Namibe basin, while four blocks in this undrilled area are set to be offered in a licensing round.

According to state-owned player Sonangol, ExxonMobil is in negotiations to secure blocks 30, 41, 42, 43, 44 and 45.

Block 41 lies in the north of the basin, adjacent to Total-operated acreage, while blocks 30 and 45 are adjacent to the maritime boundary with Namibia.

Sonangol also said today that studies needed to underpin a future licensing round are under way on Namibe blocks 26, 27, 28 and 29, which are located in shallower waters due east of the acreage ExxonMobil is discussing.

In the Lower Congo basin, meanwhile, Sonangol said that UK-based BP, Italy’s Eni and Equinor of Norway are in negotiations to be awarded ultra-deepwater blocks 46 and 47.

These tracts are located adjacent to and due west of BP’s Block 31.

In addition, the state-owned player said it aims to reduce its 100% stakes in blocks 1/14, 5/06, 6/15 and 18/15, with negotiations under way and a data room open on block 5/06 that was previously operated by US junior Vaalco Energy.

With respect to blocks 20 and 21 - which Sonangol acquired after the collapse of US independent Cobalt International Energy – data rooms are believed to have closed at the end of September.

In addition, new data rooms are set to focus on gas-prone acreage in the Lower Congo basin.

The assets to be offered to industry include “gas concessions” 1/14, 2/15, 3/15, 15/14 and Block 2.

Upstream reported earlier this month that a licensing round was believed to be afoot in Angola, with Sonangol due to release information in mid-November.

In another move, Eni has secured a contract “addendum” that extends its prolific Block 15/06 to cover three new exploration prospects.

Further exploration work is also planned in Sonangol-operated blocks 3 and 4.

These multiple initiatives are being fast-tracked by Sonangol in order to encourage exploration dollars back to a country that has been starved of this type of expenditure for years.

[jimarilo] 15/11/2018 15:37

After this significant rise the last two days, we still only have a m/cap of around £4.5m

[jimarilo] 15/11/2018 13:43

Slightly different wording on this article ref TRP's new agreement which again points to a change in attitude?

Previous drilling for oil and gas in Namibia, irrespective of the outcome, has placed the country, and particularly the Walvis Basin and Dolphin Graben, in a vantage position that cannot be ignored as they “are now attracting great attention from well-respected explorers, both large and small, and are also once more attracting considerable farm-in interest and investment.”

A vantage position that cannot be ignored???

[squibno1] 15/11/2018 13:30

sp showing weak bullish signals

[jimarilo] 15/11/2018 09:10

For those that a new, here is TRP's CPR

Page 17 shows the Delta prospect firmly in our new 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



And the GBP CPR for PEL29

[jimarilo] 14/11/2018 19:48

I rather take notice of Eni

The Italian Major Eni has just contracted a rig for 2-3 yrs to drill in the Adriatic Sea offshore Italy

[thaaarg] 14/11/2018 18:07

Southern Adriatic yes, Italy, no.