Malcy's view Genel/San Leon/Serica- Down, sideways, up… This morning San Leon and Serica announced that the Sid Moussa well, SM-1 had reached TD and had ‘encountered oil during drilling operations’. Genel then announced that whilst testing was indeed taking place it might be ‘premature’ to read too much into the news. The reasons for the different disclosures are because San Leon and Serica are Aim listed and Genel is not, the latter would probably have preferred not to have put anything out at all. However, Genel as operator are spending north of $20m on the testing so it must feel that it is at least worth the while doing it. Testing this will take 2-4 weeks and with a Capital Markets Day scheduled for the 13th of November, Genel has the perfect target for what might indeed be very good news. All eyes have been on offshore Morocco for some time now and with a couple of dusters so far success here would be a boost for all the players in the area. After the announcements the Genel price fell, San Leon’s remained unchanged whilst Serica’s rose 11%, try explaining that away…
Great news on Sidi moussa. This confirms the presence of a working petroleum system further north offshore morocco closer to chariots blocks than the other wells drilled recently. Obviously not a much detail in the announcement. However the testing of a cased well is expensive so it must be worth their while.
This increases the probability that woodside will become operator and drill a well in chariots Moroccan block.
On the Morocco front I would be interested in Jimmy's geo thoughts. Until now all the recent commercial stuff has been found onshore - and as gas e.g circle oil etc so this is a good milestone in the new offshore drills. It will be good for the farm-out negotiations because we have seen there is a working petroleum system ... Getting there
Firstly, apologies for my rant from a week back, result of a little to much Havana club combined with a company low SP, not a great mix really... I sincerely hope I do not have to purchase another share in Chatiot, I have more than enough here now for a life changing scenario when we get back on track...that is when not if... I will admit that a large chunk of TD Waterhouse holding is safely aligned to mr and mrs wheep0s retirement plans.. I will only add more now if we return to lower lows and that will be in single digits, however I have a real sense of feeling our tide is now turning... Good news today re positive looking well results on a number of fronts. Positive News from our company is not far away.... ... In my opinion., Soon we will be looking back at these times as the perfect opportunity for future wealth creation.while reading posts from newbies jumping on at much higher prices thinking they got a great bargain... Holders , stick in.... The buffet saying is widely used and everyone knows it, but it is so apt for where we have been recently and where we are actually going in the next few years.
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