Seems a bit odd at first timing wise but Imo this deal must have been worked on for a while and not decided last week. Sle get an extra 1.5% for nothing, if it s a hit then so much the better (even more sealable) and if it s a duster, would not have cost us anything and sp wise wouldn t think it would make any difference downwards as I don t believe anything has been built in the price as we speak. Why they didn t wait for an extra month or two before flogging it, just in case, there must be a good reason for it and only them know.
petromac cant afford these licences as well as their own in north morocco..they want to consentrate on those hence the release of their %..nothing untoward...sle now have a great 10% of a 300mmbbl prospect which is costing them nothing to drill..they have 3 bites of the cherry..if they hit 1 or more sle have a saleable asset..and worth over twice barryroe..great business again by sle management..links
3.3 million acres (13,355 km2) • NSAI Report: Up to 13.7 Billion Barrels OIP from 12 Leads/Prospects1 • 40-70 MMBBL OIP Cap Juby Field just offshore • Oil discovery south of Licence • 2,293 line km of 2D seismic data in data base
Petromaroc has also transferred its 22.5% net working interest in the Tarfaya Onshore licence to San Leon, the operator of the licence. Petromaroc will pay San Leon its share of expenditure during the current exploration period. San Leon is now in the process of obtaining an extension of the current period and a revised work programme.
all cleared up now..its just the oil shale sle gave up!!links
ZAG...60km structure= around 30/40mile structure.......
A combined Algerian-Moroccan inititative during the 60's led to approximately 40 wells being drilled on the Zag-Tindouf basin. The drilling pre dated seismic work and drill locations were based on surface shows. Nevertheless 3 gas discoveries were made and several gas and oil shows were registered.
During 2008 San Leon as operators of the Zag licence conducted a 15,000 line kilometre aeromagnetic survey. Multiple anomalies were noted along the southern boundary of the licence and to the north west a double plounging anticline of some 60km in length was recorded – a possible trap on enormous scale. We have collaborated with Petro Canada who has licence acreage directly to the north of us to identify prospects on a regional scale.
Resource Potential •Longreach participated in commissioning an economic and feasibility study by Fugro Robertson, a geological and petroleum reservoir consultancy •3 scenario's were considered: 0.5tcf, 2tcf and 5tcf •Conclusion: A profitable development could be achieved with a minimum resourc of 110 bcf
Interesting moment to obtain more of the Sidi moussa working interest with a drill halfway down to a prospect that would materially change the value of the licence. Can't see petromaroc giving up its interest if there was likely to be a happy ending. Or SLE have some insider knowledge of how the well is going. Odd timing.
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