Quite right Maccy, I've read the Likonde 1 drill results so many times over the years as they prove immense upside. To put this in context we hit a 25m payzone at N1 and a 50m payzone at N2, which was a fantastic result. So imagine how epic it would to hit 250m at N3.......Now that's what dreams are made of !!!
Have posted this before but for completeness - following the drill of Likonde-1, extensive oil shows were reported...
"The Likonde-1 well penetrated 97 metres of net sand with an average porosity of 17% within a 316 metre gross Lower Tertiary sand sequence with hydrocarbon shows and a deeper Jurassic zone, containing 250 metres of stacked sandstones with extensive oil and gas shows. The deeper sandstones were not logged at the time, as the well was prematurely terminated in the deepest objective at 3,647 metres due to the influx of high pressure gas."
Talking of oil play, I found this interesting target in an RNS just prior to the Likonde-1 drill...
"The Likonde prospect is a robust faulted rollover structure with the potential for 500 million barrels of oil in place and estimated P10 recoverable reserves in excess of 150 million barrels of oil, risked by Aminex at a 1 in 4 chance of success."
I find it difficult to predict anything for there appears to be no announcement regarding future drilling. All oil prospectors make a great song and dance about forthcoming key activity except this one. I have read in detail all RNS's and can only find a passing reference to future drilling. Agreed that licences appear to be much on the Chairman's mind but without firm drilling plans, I really cannot get excited and wonder what is meant by "the week ahead". Would welcome someone responding with reference to an exciting AEX RNS which captures an investors imagination and implies possible new discoveries - with a timed programme.
If N2 has proven up 400bcf the mind boggles as to what N3 could prove. Then add in Likonde 1 and an oil play for some fun on the side and this company begins to look very serious indeed. Best of all we own a whopping 75% of Ruvuma and 93% of Nyuni......WOW!!
My first shopping list was a few years ago with kenmare, magp, and sou. Paid for a good house deposit and more. Now I'm here only. I have a 5 year goal of moving house with little or no mortgage. I have relied on well informed helpful posters with great knowledge in these shares. And it's good to see we have plenty here too. I'm very confident we will see good value in this over the next year and so I'm quite happy!
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