Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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I agree - I've mentioned before Hess have mixed messages with HH being closer to shore but Tertiary and heavier which is the cause - proximity to shore or Tertiary age.
Lighter Cretaceous oil is a good result for read across but it is not meant to link to Orinduik systems but would I expect give the market some relief.
I dare say there is some sniffing of core samples and or testing kit on board if feasible to get comfort with the type of oil. As you say Cretaceous less likely to see the same degradation as Tertiary and subject to higher temps/pressures.
Morning James,
No I'm sorry but it's just the opposite. Malcy has made a meaningless comment. We already know that HH,JOE and Jethro are full of oil, we just don't know what type. The only relevance of Carapa vis a vis the Orinduik block is for its Cretaceous plays. That's where the analogy lies.
My view is that Carapa's oil quality can have little or no correlation because they are differently aged intervals. Heavy oil mainly occurs in shallower plays as a result of poor seals and the invasion over many millions of years of bacteria who simply consume the lighter oil.
One other important point about Carapa. They are very likely at TD by now and one hopes it's a discovery. However, I'd imagine they would want to do some testing to determine the gravity of any discovery in view of the heavy oil story. To just announce a discovery, without the numbers, would be pretty meaningless in current circumstances. We might be waiting up to 2 weeks for results. They might give a preliminary but the big boys are a law unto themselves re information disclosure.
Noix
Think Malcy is referring to proving up oil systems across the blocks, however from what I've read Carapa is thought to be a feeder channel to Liza and not connected to Orinduik systems - as much as one can be sure of source rock from seismic.
"If there is oil there the chances of Orinduik being full of oil suddenly just got a lot better, after all with Carapa being closer to shore that would make Hammerhead, Jethro and Joe look properly pleasing."
That's a very poor comment from a so called oil analyst. As I point out in my post before yours, there is no direct correlation between the Tertiary and Cretaceous intervals in terms of oil quality.
I can't see how we can get a new CPR "soon after Christmas" until we have the test results for Jethro and Joe. Lest people forget, in previous CPR's the API range was 30-40 for ALL prospects. They clearly need the guidance of the test results to improve the accuracy on those figures.
Continued: Eco shares were at 80p before they drilled anything, they have made two discoveries which whatever the quality of the crude is have material value, raised money and gained institutional shareholders and are now 43.5p, Guyana is still a massive frontier success story which although I’ve said it before makes them very very cheap.
Eco (Atlantic) Oil & Gas
The Orinduik block JV partners have elected to enter the next exploration phase and have submitted to the Government of Guyana, this will see the JV maintain control of the license for a further three years. The work completed so far exceeds all of the original license commitments making this process a no-brainer.
It is however worth making a few points following yesterday’s second profit warning from Tullow which this time included the firing of the longstanding CEO and Exploration Director leaving the company in a massively weakened state. I did not comment yesterday as I don’t write about companies that won’t meet with me, in this case made worse by, despite regular requests, to be put back on the mailing list which I was summarily taken off a while ago. It’s a shame as over many years I have had a great relationship with the company only to be ended when they left the Bucket List after a great run.
Making a few comments on Orinduik though necessitates mention of TLW as with consummate irony it now looks to me that the company is going to have to knuckle down and start delivering in Guyana as it is now probably the part of the portfolio with most upside. That is rubber stamped by the fact that Ian Cloke, EVP, New Ventures remains at his desk as he is the Guyana supremo thus proving that point, all of a sudden Orinduik is the jewel in the crown across the company…
For Eco, and the rest of the Orinduik JV it is very much business as usual with budgets approved for at least two wells next year and live further assessments of the mapping of the wells which will be done as soon as the Carapa-1 well result comes in. The well is still drilling but indications are that it might also be a success, it has been drilling for longer than you might expect if it was a duster and didn’t get a mention yesterday. Should this well come in it would be another massive validation of the area for all concerned. If there is oil there the chances of Orinduik being full of oil suddenly just got a lot better, after all with Carapa being closer to shore that would make Hammerhead, Jethro and Joe look properly pleasing.
So, we can expect an updated CPR from Eco soon after Christmas and my guess would be that it has certainly not written off Jethro and Joe, that would be a serious mistake. Eco has taken collateral damage on both occasions that Tullow has recently warned on profits which is pretty hard lines. Whilst the problems at TLW are by no means over, and a combination of a new CEO doing a ‘kitchen sinking’, as well as that profit warnings normally come along in threes mean that today’s rally is probably a dead cat bounce. It may be that the new management end up trying to sell Guyana which would be odd, it being now the star in the portfolio, in which case the Total/Qatar cheque book would gobble it up no problem.
Eco shares were at 80p before they drilled anything, they have made two discoveries which whatever the quality of