Global Petroleum Share Discussion Threads

[jimarilo] 31/1/2019 08:17

Yes I did see that the figure should be the same as fig. 4.6

However still no need for a fund raise or to use the additional 25% share issue as voted for at the AGM

It was reported in Upstream that an International Major was lining up a farm in deal in Namibia, it is possible it could into Gemsbok and someone like AEC could also take 25% interest in GBP

(AEC have been on the up recently they have 4.9% interest in a S/ African well with Total that looks very positive and due to announce a result very soon)

Will have to wait for the Namibian Ministry and see what occurs after that

[ohisay] 31/1/2019 05:46

Forecast cash end March - 3,655k USD end Dec less 586k USD fc outflows = 3,069k USD.

or 1.16p per share.

Notice how they've mix muddled the numbers in item 5 .They are so lazy they cant even check their own accounts.

[jimarilo] 31/1/2019 01:24

Quarterlies out



Italy is still game on, looking for a result during Q1

Apart from that nothing much else it seems

But, what happened to the farm out process ?

Throughout last year the farm out process was mentioned in Quarterlies, Finals and the AGM Presention (only found on the ASX)

So I wonder what's changed ?

There is mention of "A firm and contingent work programme was submitted to the Namibian Ministry of Mines and Energy (MME) during December 2018 and the Company expects a response from the MME regarding the work programmes shortly" and " Negotiation of the work programme for Phase 3 is currently underway"

Is it possible the above response is all that is required to finalise a deal ?

Having recently acquired the additional licence PEL94, the above seems a formality imo

Just thinking out loud, time will tell, DYOR etc

[gaddy88] 29/1/2019 13:54

You mean just something at all. Taken from RNS in December 10th.'The Company previously communicated that on 20 November appeals made by the following parties were heard: the Region of Puglia; the towns of Bitetto, Fasano, Giovinazzo, Ostuni and Polignano a Mare. Global has now been informed that an appeal by the town of Palo del Colle was also heard on that date. Of the seven appeals heard, six have been rejected by the Court, and the Company is awaiting judgement in relation to the seventh - that made by the Region of Puglia.Finally, two of the appeals in relation to the 2017 Decrees were deferred until January 2019, because the appellants filed further grounds of appeal at the hearing itself.'Only a couple more days left for an answer to those appeals.

[jimarilo] 24/1/2019 16:26

Jan 23, 2019
Namibia reached an agreement with the UAE to boost relations in the oil and gas sector. The oil and gas agreement came as the two countries met to discuss ways to strengthen cooperation.

During a meeting between Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al Nahyan and Namibian President Hage Geingob, bilateral relations between the two countries were addressed.

During the cooperation talks, the Emirati crown prince affirmed his commitment to begin exploring for oil and gas in Namibia.

It comes after the two countries already built up strong ties through the Al-Dahra Namibia project a decade ago.

[jimarilo] 18/1/2019 13:32

Interesting couple of new presentations. The first one is AOI who have an interest in AEC, ECO and impact

It shows Impact oil & gas will be drilling their well with Total this year in Namibia

Also shows ECO are drilling their Cooper block adjacent to our new block PEL94 and existing block PEL29 this year. This will definitely impact on our share price even more so than when Tullow drilled Cormorant imo





Eco currently in talks with potential farmee's

[jimarilo] 18/1/2019 00:24

Galp lines up 3D off Namibia

17 Jan 2019 23:00 GMT

Portuguese oil company Galp is set to start a 3D seismic campaign in deep-water licence PEL83, in Namibia’s Orange basin, to be carried out by Polarcus, writes Gareth Chetwynd.

The seismic survey, covering a frontier exploration area of 3000 square kilometres, should be concluded in March, Galp said.

The PEL83 licence, formerly known as PEL28, was awarded to a Galp-led consortium in August 2016. It covers a total area of around 10,000 square kilometres.

The PEL83 consortium includes the National Petroleum Petroleum Corporation of Namibia and local outfit Custos Energy, with each holding a 10% stake in the licence.

“We will see if we can find some interesting opportunities and share them with partners at a later stage if we do so,” said Thore Kristiansen, executive director for E&P at Galp Energia.

Galp acquired a similar 80% stake in the PEL82 block in 2016, and attracted ExxonMobil into a 40% farm-in transaction.

This area, formerly known as PEL23, is located in the Walvis basin and covers an area of 11,444 square kilometres, with water depths ranging from 300 metres to 2000 metres.

The company acquired new 3D seismic in this area in 2018, and is currently processing this data to look for prospects worth drilling.

Galp formerly partnered Brazilian company HRT in a 2013 drilling campaign consisting of one well in the former PEL28 area and and two wells in the former PEL23 area.

One of the wells detected a hydrocarbons system, but without discovering any commercially viable reservoir.

Namibia’s Orange basin also has the offshore Kudu gas complex, with proven and probable reserves estimated at 1.3 trillion cubic feet, but a proposed subsea tie-back to shore has not yet won backing from investors.

[jimarilo] 16/1/2019 22:35

It is emerging tonight that Exxon's Hammerhead field runs into Eco,Tullow and Total's Guyana block . Highlighting the possibility Eco may get taken out

"a racing certainty that ECO's 15% will get gobbled up by someone - whether that be Exxon, Total or even Tullow."

If that were to happen, I would rule out Tullow, so could we have Exxon or Total adjacent to our blocks in Namibia ?

Both Exxon and Total have small interests in Namibia currently, so you would think a clean take out of ECO would make sense ?

[jimarilo] 15/1/2019 00:46

Recently Kosmos farmed into Shells PEL39, ahead of Woodside who were keen to take a position

They are obviously looking to enter Namibia, I didn't realise they have history with GBP

Below are details of when they farmed into GBP blocks in Kenya in 2005

"a holding of 20% in three blocks L-5, L-7, and L-11 offshore Kenya. In regard to
the fourth Block L-10 which is held by Dana (80% and operator) and Global (20%) the terms of an extension of the Licence including the work programme are subject to discussion with the Kenya Government.

In L-5, L-7 and L-11 Global is in a Joint Venture with Woodside (50% and operator in L5 and L7, and 40% and Operator in L11) and Dana Petroleum (E&P) Limited (30% in L5 and L7 and 40% in L11).

The costs associated with Global's 20% equity are carried for all activities including the drilling and testing of two wells. In August 2004, the Company announced Woodside's intention to continue in

Blocks L5 and L7 at which time Woodside committed to the drilling of the first of the two wells through which Global's costs are carried."

Think the above was part of an old ee post from the past

[daniel levi bmd] 09/1/2019 15:19

FYI

Union Jack Oil & Gas. Little known fact. West Newton is a gas discovery. Target 0.25p-0.50p!

Dan
x

[jimarilo] 06/1/2019 17:04

Here is a little mentioned gas discovery from 2009 in Namibia, block 1711, which is just 3 blocks directly North of our new block 2011

14 trillion cubic feet, compared to Kudu in the South of Namibia of 1.3 trillion cubic feet

Exxon have recently taken blocks in Angola,, two of which borders Namibia and in particular the above block 1711

[ohisay] 03/1/2019 11:43

Thanks - there has ALWAYS been a quarterly forecast of outgoings in GBP's accounts .Just about the only advantage of an ASX listing.
Would be great if UK listed companies had to do the same.

[jimarilo] 03/1/2019 09:09

Quaterly cash flow from September on the ASX



Around 600K traded on the ASX in December and all look like buys, up 4% during that time

[emptyend] 03/1/2019 09:03

What "forecast outflows" in Q4? Clearly there is probably about USD0.5mn of admin spend, which would take cash down to USD3.6mn, but I am not aware of a public forecast that includes explo spend etc.USD 3.4mn cash now seems a fair guess. Interesting to see how few shares trade in Australia currently.....

[jimarilo] 03/1/2019 09:00

From the AGM presentation above and regarding PEL29 "On entry to the Second Renewal Period a further relinquishment of 25% of the initial area will occur. Negotiations are ongoing with the government on the work and financial commitments for this next period"

If there is a deal to be made, it would be after the above business is concluded, I would imagine

[jimarilo] 03/1/2019 08:28

Quite right, I did forget the forecast

[ohisay] 03/1/2019 05:44

You've forgotten about the forecast outflows of 684k$ in the December Qtr taking them down to 3.43m$ currently or 2.7m£ - not 3.3m£.

Nearly half a million dollars of that on Admin of course - plus ca change..

[hugepants] 02/1/2019 22:40

I don't agree its at a discount, not if you factor in the last 6 months expenditure.

[emptyend] 02/1/2019 15:48

Discount to cash now. That won't last.

[yesyesno] 31/12/2018 16:22

Been great for the board :-) as most AIM stocks are.

[hugepants] 31/12/2018 16:06

Yes good luck. I think you'll need it. This is without a doubt the most hopeless O&G outfit Ive ever come across.

[jimarilo] 31/12/2018 14:09

As of today we enter into the second exploration period and are committed to drill one well on PEL29 within two years

We are also committed to shooting 3D seismic from the first period that can be carried over, so there is no time for messing around

Eco are currently talking to potential farmee's, without the aid of an adviser like Stellar. I can only imagine we are doing the same and expect an up date in the near future with that regard

There will at least be the quarterly report at the month end, but hopeful of something before then

Fingers crossed for the New Year to all

[jimarilo] 30/12/2018 11:46

Staggering the potential best estimate oil in place for the above three adjacent licences

GBP PEL29 3.66 Bln barrels

GBP PEL94 3.20 Bln barrels (Low estimate, 9 Bln barrels best estimate)

ECO PEL30 3.10 Bln barrels

GBP £3m M/cap