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What about ARA holding 30% of the AEX shareholding? ARA are the operator of the Ruvuma basin as well. If that’s not the confidence, then what else be confidence ?
DT, what makes you think the BoD are OK to buy at this point in time, that they are not restricted by the insider dealing rules?
DT, what makes you think the BoD are OK to buy at this point in time, that they are not restricted by the insider dealing rules?
I don't expect the BOD to buy any shares at all, the Zubairs have enough already...cough
DT we have a very economically run BOD and their pockets are not deep enough to buy in quantity as I guess you could.
Ill start to buy when directors put their hand in their pockets, if they arent confident enough tp buy why would you
I just keep adding little and often at these prices. Yes its quiet and a bit boring as spud is some way of in November but theres 200-300% to be made here in 5-6 months time.
Still above placing price which is quite good, hope it stays
This May indicates, first phase is completed to identify optimal location for upcoming well. And they will resume work to complete 3D in the entire area.
I'm, getting the feeling they will be announcing that they're relocating the CH-1 site. If so, there'll be a bit more extra cost for SCIR to cover their 25%
actually, that might even be 16/05 update.
as from the 12/05, (if i got it right) there doesn't seem to be much 3D activity around the CH-1 site yet ?
https://apps.sentinel-hub.com/sentinel-playground/?source=S2&lat=-10.451814568405116&lng=39.990835189819336&zoom=14&preset=1-NATURAL-COLOR&layers=B01,B02,B03&maxcc=100&gain=0.9&gamma=1.1&time=2021-11-01%7C2022-05-12&atmFilter=&showDates=false
Brilliant Haggis, many thanks for clearing it up, Lets look forward to the news then :)
yes, NT-3 and CH-1, the pad/sight is the same it was just the name that changed. and yes, that could all change after 3D results ?
Oil, yum yum!
Ah! Here we go! Exactly what I was saying.....
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2016
"The Ntorya-3 reservoir is expected to be encountered further up-dip from Ntorya-1 and Ntorya2 and envisages testing a further 323 BCF as independently attributed by LR Senergy gross best estimate Prospective Resource (945 BCF gross Pmean gas in-place) across multi-zone potential."
"The well pad was prepared following the completion of the pad for Ntorya-2, but the well design for Ntorya-3 will depend on final interpretation of Ntorya-2 in order to intersect multiple stratigraphic units in the area which are potentially both oil and gas bearing."
Panch,
Yes, all idle speculation at the moment, and we can only guess what will happen after the 3D.
NT-3 was renamed CH-1, but if they were confident it was the right place to drill then they'd have drilled it already. I think after NT--2 they decided the 2D just wasn't accurate enough for the geology, and 3D was needed to place the well in the best place. So the NT-3 pad might turn out to have been the best place after all, and CH-1 gets drilled from it, but what are the odds of that when you look at the results of wells LK-1, NT-1 and NT-2 that were based on the old 2D? My guess is they will find a better place.
As far as I remember from back in 2016, the pads for NT-2 and NT-3 were done at the same time. So the location of the NT-3 pad was done prior to the basin remodeling after NT-2. Another reason to think it might not be in the optimal location.
14 September 2016 (SOLO RNS)
"The partners in the Ruvuma PSA are planning the drilling of two appraisal well in order to firm up these resource volumes and to commence gas sales negotiations. Two appraisal well locations have been selected, Ntorya-2 and -3, and it is anticipated that the first of these wells could be spudded before end 2016. At the time of this report site preparation is well advanced at Ntorya-2 location."
23 September 2016
"The Caroil 2 drilling rig is currently on the Ntorya 1 well pad and preparations are underway to mobilize the rig and equipment to the Ntorya 2 pad, which is 1500m away."
4 September 2017
"Ntorya Gas Field Basin Model Update"
Haggis, fair enough, I did think there was a pad before for NT3 but on the map Gas Lady showed it wasn't there so put 2 & 2 together and got 6 I guess!!
I always thought that NT3 and CH1 were the same things, just a name change a few years back, and we're just running the 3D over the same area to confirm that it was the best drill spot, probably why I got confused, so you think that they will now place a new pad after the Seismic is complete?
In any case, if there's a new pad to be built and you think that the 3d for the area has already been completed then CH1 will need to be several miles south of the current NT3 position as the latest Sat images show that 3D hasn't yet reached the NT3 position.
If the CH1 is nearer to the NT3 position then news of the results may not be forthcoming at the end of month meeting though so we may need to prepare for that I guess, who knows.
Panch,
That pad has been there for years, it's shown on the 2018 presentation. It was for NT-3, but it was based on the old 2D Seismic that has trouble showing the best location and direction for a well. I just can't see them drilling CH-1 from that pad after the high definition 3D Seismic is analysed.
I think you're right Gas Lady, I believe that may well be the CH1 platform and not storage.
If you look at the presentation that Haggis provides in his comment on page 11 and compare the horizontal positioning of the NT3 well shown on the graphic to the Sentinal satelite imagery, it's pretty close to the same position in my eye.
If that is to be the platform what it does show however is that the 3D mapping grid is still going on south of that position and that it hasn't yet reached the CH1 site. It won't be long though I suspect as it looks like they are focusing up the right-hand side towards the well on the recent satellite images.
The 3D Seismic could indeed be done very fast, and high definition.
"Africa Geophysical Services secures 150,000+ Stryde nodes for seismic projects in the Middle East and Africa"
8/16/2021
"Provision of such high numbers of seismic inventory like this is made possible by the cost effectiveness and efficiency of the Stryde system. To handle such large inventory in the field, the Compact system will enable up to 13,000 nodes to be prepared in a 24-hour period."
"And once out in the field, a greater number of nodes can be deployed in a survey, at less cost, with less resource but more speed, reducing both the environmental impact of seismic imaging and the health and safety risk."
"Deploying more nodes creates higher trace density, which produces a much higher definition picture of what lies beneath the ground, enabling oil and gas companies to maximize their existing reservoirs."
https://www.worldoil.com/news/2021/8/16/africa-geophysical-services-secures-150-000-stryde-nodes-for-seismic-projects-in-the-middle-east-and-africa/
AGS are doing the Ruvuma 3D Seismic survey:
https://newsbase.com/story/ags-set-to-launch-3d-seismic-study-of-ruvuma-in-mid-december-229291
Also, as per Blackgold00 on ADVFN:
"looking at slide 9 you can see the hot spot south of CH-1 corresponding to the grids, that is the (Gross reservoir complex isopach) or (reservoir thickness), and its over 200 meters thick. of course that's been estimated by 2D, so it will be interesting to see what the 3D reveals"
http://admin.aminex-plc.com/uploadfiles/Corporate%20Presentation.pdf
Based on how long the first two grids have been there, I'd say they've already got the data and it's being processed. This would give them the location to construct the CH-1 well pad.
Annual General Meeting at 11.00 am on 26 May 2022.
I'd say that gives us plenty of potential for a 3D Seismic update before that, or on the same day (either as RNS or as part of the AGM presentation).
Thanks bullfrog..I got a bit excited for a minute there!
I believe that is the camp where all the equipment and vibroseis are stored for the seismic campaign.