Global Petroleum Share Discussion Threads

[jimarilo] 23/1/2020 09:07

So PGS just about to finish Oranto block 2011B and re-enter GBP block 2011A

[jimarilo] 23/1/2020 02:12

Continuing North S21.08 E12.00 the vessels have grazed PEL37 following inside the 1000m contour line (in the same fairway) and in doing so missed the first of the Oranto blocks ...... en route to GBP blocks potentially and another late night ;-)

This fairway has been mentioned many times here, as it connects Exxon blocks to GBP blocks and here we are watching a 3D seismic shoot in progress, surveying that very fairway. This is huge news for GBP shareholders

There is plenty of time for PEL29 to be in play, possibly saving the best till last.

PEL29 has best estimate of 3.66Bln barrels and high case 9.639Bln barrels. This highlights that they think it's big, but could be massive. Gemsbok alone has best estimate of 1.75Bln barrels and high case of 4.8Bln barrels

Exxon have sufficient interest to commit to a multi million dollar survey, in order to make informed decisions

Exxon are putting the Peters to the test and it's Total's new play concept that has helped bring Exxon to our door

[jimarilo] 23/1/2020 00:54

Adding to the above you forgot to mention, the carrot for a potential buyout/farmout, is our blocks have over 4bln barrels of prospective resources and GBP hold 85%

[aimshares] 23/1/2020 00:10

With all the interest in Namibia at the moment GBP and TRP both have four dip closures expect for Oranto the other blocks do not and either one or both GBP or TRP will land a farmout. They have both confirmed they are in talks with big oil firms regarding farmout . The only difference is TRP has over 1 billion shares in issue and GBP have over 200 mill in issue .TRP did a placing for 1.5 mill ,750k went on site survey and about 300k prep work and plus there monthly cash burn I would say they have about 300 to 400k left .Funding could be on the cards but they are not a one trick pony they have South Africa and Cameroon as well .GBP have about 2 mill left ,not done a lot in many years and italy has had its problems and on hold waiting on the courts . The other asset is Namibia which they have some cracking prime acreage blocks,and very low shares issue . 100 mill volume moved TRP up 10 to 15% ,just 10 to 15 mill volume on GBP would send it thourgh the roof. Both GBP and TRP good and bad points for both ,but with all the interest in Nambia and the big boys snapping up blocks and expected drills this year very exciting times in Namibia and both GBP and TRP there time has come for Namibia and I feel a farmout is on the cards .But who will snag the farmout first .

[aimshares] 22/1/2020 23:40

Lol if it's a buy out your looking a lot more then 10p to 12p , the prime acreage they have on the Namibia blocks a lot lot more for buy out GBP is cheap as chips at the moment and if news drops regarding farmout this will rise like a flash ,because the very low shares in issue and the very low free flow available ,the shares moves fast on low volume , you have seen what a couple of 100k buys and sells do ,down 20% or up 20% . If they land the farmout you will see a speeding Ferrari ,with a blink of an eye it will be multiples to current share price

[jimarilo] 22/1/2020 22:54

So, PGS did their turn inside PEL82 (Exxon/Galp) and are heading north again back up the fairway and just out of 82 currently towards GBP again

If we hit 20p there will be good reason... news of a farm out and if it included news of a well or two we could be at multiples of 20p. PEL29 requires a well this year

If we have news of a buy out 10-12p is possible ?

[yesyesno] 22/1/2020 18:13

As I said last year on a spike, till this break of the 2p range ignore everything. Even then take care but once past 2.5p the is no reason why this won't touch 5p this year. Then with luck 20p !!

[jimarilo] 22/1/2020 10:05

This fairway also runs directly into Exxon and M&P adjacent licence PEL44 and a certainty for being drilled this year, so I forecast PGS to venture into PEL 44 and then to double back for a return journey back to the licences of GBP

[jimarilo] 22/1/2020 07:20

Vessels now running into the second block in Galp/Exxon PEL82 2112A, in the same fairway

[jimarilo] 21/1/2020 23:40

PGS vessels in full survey mode have followed through the blocks from TRP, GBP, Oranto and continue now into 2112B PEL82 Galp/Exxon (S21.33 E12.02)

The main feature here is the fairway between the 1000m to 2000m contour lines that connect Exxon's southern blocks, to GBP in the Northern blocks of the Walvis Basin.

Significantly the vessels have steered clear of Eco PEL30 and PEL50 and 50 is adjacent to Exxon 82

This survey is looking more like an Exxon only commission

[jimarilo] 21/1/2020 13:17

Quite right, however we are still under the radar and the market needs news from the company, rather than read whats happening around us to shift the share price substantially

However reading the market in Namibia ahead of company news, offers an early position at a substantial discount imo

[aimshares] 21/1/2020 11:53

Once this breaks 2p it will gone .

[jimarilo] 21/1/2020 11:52

So far we have higher highs and higher lows.....ie: the trend is upwards and will continue, as we get closer to Total drilling, with news from others drilling and the possibility of a deal

Never in the history of Namibia has there been such a build up of activity with so many majors involved. The share price here in double figures is very possible

[jimarilo] 21/1/2020 10:57

Of course now we know who potentially will be one of the operators drilling this year
that AEC were referring to yesterday

Oranto and Rosneft have two well commitments over both their blocks before December 2020 adjacent to our block 2011A

[aimshares] 21/1/2020 08:14

Namibia further contacts were made with counterparties in relation to a potential farm-out of PEL 0094 and PEL 0029.Italy All of the appeals made by Puglia are to be heard by the Council of State in January 2020.

[aimshares] 21/1/2020 08:08

10 days left for the quarterly update, there should be update on Italy and update on Namibia farmout

[jimarilo] 21/1/2020 07:35

Indeed I am ;-)......recording the info

There could be a minimum of 20 days left on the PGS contract and keen to see PEL29 put on the map

Oranto went into an alliance agreement with Rosneft. So being multi client contract, the current location of the PGS vessels maybe at their behest

[emptyend] 21/1/2020 07:31

Hope you're plotting these on a map.....if they are shooting a 2km grid, you'll get seriously confused....;-)

[jimarilo] 21/1/2020 07:12

S20.42/E11.32 crossing from our block 2011A south into Oranto's 2011B

Edit

Oranto require a well by December 2020 as per our PEL29

[jimarilo] 20/1/2020 21:45

S20.10/E11.24 vessels in PEL 94 to the west and heading towards Welwitschia deep prospect and not for the first time

[jimarilo] 20/1/2020 20:23

ee said..."Set against the cost of drilling, say, 2-3 wells, the cost for the survey would be peanuts - as would taking out one or both of GBP and TRP"

I think this is a very telling point. Agreed, peanuts for a major, but still a show of significant interest. Shooting 3D seismic is still a multi million dollar deal and a licence commitment

The link below is from the Namibian Oil & Gas Conference in the summer of 2019

4.45mins in after having just signed a deal for new blocks in the Namibe Basin, Bridget Venner of Exxon says they are looking forward to expanding their foot print in this frontier Basin and to begin there exploration activities later this year (seismic surveys)



Exxon have all the blocks in the Namibe Basin already, I think Bridget meant to say expanding their foot print in this frontier region

[jimarilo] 20/1/2020 18:35

PGS survey vessels entering back into our block 2011A (PEL94) from TRP block 1911 coordinates S20.00/E11.20

[emptyend] 20/1/2020 14:20

Whether (potentially) material or not, they don't need to tell the market. There are a number of companies who have signed CAs re data on the farmout, and it is wholly possible that these govern further data acquisition. Indeed the company could have full knowledge of this and (hypothetically) be in advanced discussions on XYZ potential deal - and there would STILL be no requirement to RNS. If a deal results, though, that would be a wholly different matter.It may warrant a mention in a regular report though....

[jimarilo] 20/1/2020 13:24

oil after your question, I had the rns point confirmed this morning, the company have no obligation unless they contracted the service provider

The two companies have both already declared they are in talks with counter parties on two separate occasions

[oilretire] 20/1/2020 13:02

I'd argue that for the likes of TRP/GBP and they're long drawn out history, I'd argue a major surveying their blocks is material. Especially if there are any ties to licence extension commitments.

And if they're there snooping about without GBP's knowledge then that just seems plain wrong IMHO. The government must know they are there at least? Or is that the whole picture? Major takes own data set, likes what they see & cosies up to the government for the licence being granted to them when the minnow runs out of time? More I think about it the more it sniffs a bit.

Anyway, I'll agree to differ & leave it at that and go back to not paying attention till something tangible happens (or not!)