Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Interesting stuff. I guess with the new data and deeper understanding the COS may rise a little
Actually, Does it make 2 seperate paths? not sure now looking at it again? Cormorant heads into the south east of 94, Murombe heads/on trend with the south west of 94.. I think i'm right?
Arguably, does it also head into PEL 29? Particularly Chloje?
Before you think I'm totally crazy..
Very long horizontal migration distances have been documented in some basins, in the Alberta basin of Canada the oil has migrated more than 400 km. In other cases the dominant direction of migration is vertical following fault or fracture systems, such as some accumulation in the North Sea.
http://pages.geo.wvu.edu/~jtoro/Petroleum/Review%202.html
And that makes a possible two completely separate migration channels/paths heading into PEL 94!! Wow wow wow!!!
Serica stating the potential for a regional seal deposited during the Aptian geological time period is a huge piece of the jigsaw! This is an absolute must to allow for lateral migration.. Well done jazbo!
The Murombe-1 well drilled after Wingat also on trend with 94 and the same question being asked back then..
HRT announced that the Murombe-1 exploration well was drilled to a total depth (TD) of 5,729 metres with the objective of penetrating two target reservoirs. The primary target was the Murombe reservoir, a Barremian age turbidite fan system, which from wireline logging confirmed a lack of reservoir quality facies and low porosity. However, a mature Aptian marine source in the “oil window” was encountered above the primary Murombe target confirming the source previously encountered in the Wingat-1 well announced on 20 May 2013. A secondary target, the Baobab reservoir, a shallower Santonian age, channel complex, encountered a 242 metre gross section with a net-to-gross ratio of 15% and porosity of 19%, however this was found to be water-wet. As a result the Murombe-1 well is being prepared to be plugged and abandoned.
The main risk attributed to the primary Murombe basin floor fan target was reservoir quality. Importantly, the confirmation of an Aptian marine source, also encountered in the earlier Wingat-1 well, bodes well for Tower’s Welwitschia prospect since the Aptian source would be mature and in close vicinity to the Welwitschia prospect.
Graeme Thomson, Tower’s CEO, commented: “The result of the Murombe-1 well, although disappointing for HRT, offers further evidence of a working source in the Walvis Basin. The question remains, to where has the oil from these source rocks migrated? The multiple structural reservoir targets due to be tested by the upcoming Welwitschia-1 well all lie on a possible oil migration path given the regional structural closure provided by the Walvis Ridge. An updated CPR completed by Oilfield International in June 2013, following the results of the Wingat-1 well, attributed net risked recoverable resources of 496 mmboe to Tower’s 30% interest in the Welwitschia-1 prospect which will be the next well to be drilled in the Walvis Basin in mid-February 2014.”
TRP/Repsol must be kicking themselves!!
*Note Possible migration path / Channel Complex.
Scrolling down to the map on the link, it is easy to see the fairways (contour lines) running through the different blocks
The centre of PEL94 showing the difference from east to west and PEL29 fully in the deeper western side of PEL94
Cormorant in PEL 37 clearly in the eastern side, where the oil had migrated toward us
Exxons deeper PEL44 is directly below PEL94, this will be one of the targets drilled this year. Confirmed by Azinam
http://www.globalpetroleum.com.au/operations/namibia
I agree, I don't think any of the Namibian players have any value attributed to their acreage
Any commercial oil discovery in the will have an impact on the sp of these players, but even more so for GBP, as they are at a ground floor starting point
I think there are two plays in our blocks,from the middle of PEL94 and to the east is the same play as PEL37/30, which are shallower. The middle of PEL94 and the the west including PEL29 are deeper and in the same fairway as Exxon and PEL44. Both blocks have the Aptian/Albian source rock
Even Serica have pointed out that "Welwitchia-1 did not reach it's objectives and therefore did not penetrate the Aptian"
This area is in the western half of our PEL94 and is home to the Delta prospect containing 9Bln barrels as per the Tower CRP. The company are soon to let us know what they think is in the eastern side
It would have cost Repsol and tower another $40m to reach the deeper target in 2013, but with todays data they would have carried on to the target prize
Are any of the planned Namibia drills going to be targeting the same plays that GBP have ?
Also, must be noted that CURRENTLY Eco & Char, have no value attributed to their Namibia acreage. But agree any there is any success and it aligns to GBP's plays. Then GBP could be off to the races
Totally agree M, new data as has been said by Azinam and others, has turn previous convention on it's head
Compare the current M/cap with Eco, what they have to back up a £145m M/cap ?
The market has determined that there is a high probability of success in Guyana, because of Exxon's success in the adjoining block with the drill bit and they have deep pocket backers. Eco have not to date spud a well
If we get a deal across the line and it is with Woodside and AEC as backers (who have the same backers as Eco), combined with Exxon and other Majors spinning the drill bit this season make a commercial strike where will the market value GBP ?? Currently £2M
Only time will tell, what 2019 has in store for GBP, but there has never been a better opportunity imo for the company
And i'll add the following.. I don't assume because it has taken so long to secure a deal, that is the fault of the board. With research, our assets sat at the bottom of the pile compared to the likes of PCL with prospects directly above what was at that time known to be the source kitchen. Waiting is all we could ever do as a tiny company without funds to do much else yet the board managed to play a safe game keeping heads above water during the long and well known oil downturn. Exploration went out the window. We are still here as the industry comes out the other side WITHOUT massive dilution which many an Aim company would happily do to just keep on the lights on. That in its self is very impressive! That is the result of having Directors own such a large chunk of shares in the company and therefore aligned with shareholders.
Much useful research has been put up by many here, and all that info points to our assets moving up from the bottom of the pile to pretty much sitting at the top.. "exploration strategies".. We now appear to be slap bang in that zone unlike the hopeful wilderness of previous years.
I would go further... if the oilies want to find oil.. they need to make a deal on our licences.. as per the "exploration strategies article
"If we knew the location and timing of preferred oil and gas migration pathways, any prospect inside and near a preferred migration pathway will carry a higher chance of success than others."
Restricted Sand Channel/Thief Channel/Migration distance = THEY KNOW!
Zebbo, that is a question that can only be answered with an announcement
It is not about the ability of the CEO if the appetite for Namibia is not there
However, early last year Stellar confirmed to me that there was an appetite and since then the odds of a discovery have increased, considering the previous models have been wrong, since the Bullfrog result
This makes our CEO's job easier, but the value of the CEO is how good a deal can he attain. I imagine we could have closed several deals by now, but the BoD are looking for a decent return for what they believe to be an extremely valuable set of assets
Time will tell
Jim, understand where you are coming from, but can Peter finally get a deal over the line
With the new data from recent wells and up coming wells it would make proper business sense to take your positions ahead of any further exploration results, as has be said to me in email replies from the CEO of AEC last year
AEC having first hand knowledge from the Bullfrog well, will have expelled any doubt they may have had preventing an offer before September last year
Woodside were after a position in Namibia with Shell and got pipped at the post by Kosmos. They will also be well aware of how important to take positions ahead of serious exploration this year
Last May, Meg Oniell moved from VP of Africa Exxon, after Exxon took two positions in Namibia, so knows why they took a position
Woodside, AEC and Global are all exhibiting at the Africa E&P Summit next month. It is very possible to be a platform to make an announcement of a partnership, which helps promote Namibia to investors
It was said in an Upstream article last November that an International Major is lining up a farm in deal (Woodside produces around 900,000 barrels of oil equivalent each day)
It takes time to close a deal particularly when the the company your dealing with hold over 40%
Gulf Coast migration patterns: A basis for exploration strategies
A critical assessment of oil and gas migration processes may introduce changes in such exploration philosophies: If we knew the location and timing of preferred oil and gas migration pathways, any prospect inside and near a preferred migration pathway will carry a higher chance of success than others. Selection of prospective acreage in areas of preferred oil and gas migration even will influence bidding strategies prior to necessary high investments. Definition of traps and preferred sand sedimentation areas will remain important but secondary parameters.
In another approach ("oil and gas first") preferred hydrocarbon migration pathways are first determined using deep structure maps, or regional gravity and/or magnetic maps. Acreage blocks inside such preferred hydrocarbon pathways will have best and low-risk prospects. High-cost 3D seismic will be carried out also prior to block purchase.
https://www.ogj.com/articles/print/volume-94/issue-37/in-this-issue/exploration/gulf-coast-migration-patterns-a-basis-for-exploration-strategies.html