totally agree. Sc55 farmout etc is over 12 months away but could offer good medium term upside on a drill ready prospect. Georgia for me is a waste of space and rmp should be asking questions with block vib and the carried drill. The play for me is having Â£5.5m in the bank that will be a company changer if they select the right asset - to be honest they are in a position to snap up a cheap production asset with exploration upside. I still maintain that rmp will join Otto in Tanzania, which offers big upside with low drilling costs. Time will be the bug bear here but 4p will be hit again
Last email I got from OTTO should explain a few things:-
I doubt at <$40 per bbl oil that there will be much interest in the near term in new acreage from the oil majors. They are all currently cutting expenditure and won’t be adding a new country exposure any time soon.
We need to ride through the current oil price downturn and then see in a year or two’s time what the market will do with Cinco and the carbonate prospects in SC55 I suspect.
It basically says that OTTO have received the money that BHP committed to pay to them to drill the well. While it's good that BHP have paid OTTO what they had committed to pay them, it's money that OTTO had already accounted for coming in anyway, so I don't see any new information here unfortunately.
I haven't looked at these links, but it seems that BHP have coughed up $25m to otto for Hawkeye-1 which hopefully means the start of preparations for the next drill. But they have just bought another percentage of the Alaskan license too so, who knows what they are going to do with the money! lol
Datafeed and UK data supplied by NBTrader and Digital Look.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.