Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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"I'll be very surprised if it's November, but I suppose Maggy Shino said it before it was delayed."
She was quoted saying November three weeks ago
*indicates port or near port
Jimarillo,
Yes, it will be exciting to see the Venus well spud.
I'll be very surprised if it's November, but I suppose Maggy Shino said it before it was delayed.
I think it's good news that Total are still drilling this well. As for timeframe, let's just say it'll spud between 20Q4 and 21Q2.
I had used marine traffic too, but vesselfinder portrayed the location better. The co-ordinates (in both marine traffic and vessel finder) indicates port (as at 15 days ago).
GLA.
Marine traffic is a better site to use and does not show in port
https://www.marinetraffic.com/en/ais/details/ships/shipid:733423/mmsi:566936000/imo:9633575/vessel:MAERSK_VOYAGER
Doesn't matter when the well is completed , getting it spud will be good enough for me and Maggy Shino said November to spud
Jimarillo,
"the Voyager is currently drilling in Angola, Venus meant to follow"
Venus is meant to follow two drills in Angola.
Drilling was meant to start late August. It's likely that they've finished the first drill as The Voyager was at the shore (14 days ago):
https://www.vesselfinder.com/vessels/MAERSK-VOYAGER-IMO-9633575-MMSI-566936000
Even if the Voyager starts Venus now, it won't finish before year end. Don't forget, Venus is a ultra deep water drill.
JUST IMO. GLA.
Slift
No the Voyager is currently drilling in Angola, Venus meant to follow
Jimarillo,
Could be. My thinking is that since Total's drilling schedule has been delayed by approx. 4-5 months due to COVID19, it will take time for Venus-1.
I'd be very surprised if they manage to pull off the ultra deep water drill in such a short period of time.
I don't think they've even started drilling Venus-1 yet.
JUST IMO. DYOR.
Maggy Shino said November for Venus
Total's drill is happening as it stands (delayed due to COVID, but happening nonetheless).
Due to delay in Total starting drilling, it's likely that Venus-1 won't be drilled until late Q1 2021, with spud in Q2 2021. However, no update has been provided by Total with official date still being Q4 2020.
Shell hasn't contracted a rig yet for their well in Namibia, so no late 2020 drill. If shell are to drill in Q1 2021, they should be (at latest) contracting a rig in this quarter due to mobilisation time etc.
JUST IMO. GLA.
Slift
Shell have pushed back their drilling plans, but are due to drill late 2020/early 2021. this was from Piet Lambregts of Shell at the recent Africa E&P Summit. He said they will drill around the same time as Total and the Venus well. They are committed to drilling and will not be affected by out comes of other wells in the region
Good posts ph&sl, agree!
Exactly, they are aligned and looking to drive shareholder value....and they have a plan. I'd recommend a chat with them!!!!
@Phoebus,
Yup, agree that they should hold off.
All it takes is one major find by another operator in the area (Similar to Stabroek, Guyana), then majors will expand their position in Namibia whilst still cheap.
Venus is the big one though, if Total finds a similar story to the Liza discovery, it will be a huge boost to Namibia's licenses. If Total doesn't find anything out of a potential 2,000 mmboe prospective resource.. then would have an impact with other licenses across Namibia unfortunately.
GLA.
ECO directors and related holdings are 17.67% including Moshe Peterburg 6.23%, Gil Holzman 4.56% and Colin Kinley 3.33%. That's real skin in the game.
https://www.ecooilandgas.com/investors/major-shareholders/
How many shares do the Board hold?
Slift, I agree 100% and if the big boys Shell and Exxon are deferring ECO would be nutso to go ahead. Wait for success on third party drills and then farm down the Namibian blocks. GBP has rolled its Namibia commitments numerous times and I'm sure ECO will have no problem doing so especially in the midst of a global depression.
Been following ECO for a while now.
As far as I know, ECO was looking for another partner to cover the costs of Osprey. Obviously that hasn't happened (yet). But this well needs to be drilled by next March unless they get an extension.
I don't see ECO progressing on this well without a farmdown. At 57.5% working interest, this is a big portion for ECO to fund. They can't afford to drill Osprey at 57.5% working interest, unless they raise cash via investors.
ECO will likely extend this license into March 2022, and aim for a Q4 2021 or Q1 2022 if they were ever to drill, IMO. In the meantime, the other well spuds around Namibia that are due to happen may attract exploration companies to farm-in to Coopers License.
"i would expect the funds to be used for orinduik, if they use it for namibia they know no drill in guyana on 21, or it might be good news yet if they have a farm in ready in namibia."
I don't see Tullow drilling 2x wells at Orinduik in 2021. There is a chance of Tullow starting to drill in Guyana next year, but will likely be at most ONE drill in Q4 2021, and then possibly another drill Q1 2022 if Tullow has the funds for two.
Q4 2020 and 2021 should be interesting in the Namibia blocks with the following looking to drill:
- Recon Africa 20Q4: Onshore
- Total 20Q4/21Q1: PEL56 (Venus-1)
- Maurel and Prom (Deferred, likely to be 21Q4 or 22): PEL44
- Shell 21Q1/21Q2: PEL83
- Exxon 21Q1/21Q2 (likely deferred): PEL82
It's also likely that Shell defers it's drill if oil prices don't improve. Exciting nonetheless.
GLA.
Slift
'Adjacent block, PEL 30, has potential near term well (Osprey Prospect)'
As I said the other day, AFE has been putting this same teaser in all of its numerous company presentations for almost two years so this is clearly neither new information nor particularly reliable.
https://www.africaenergycorp.com/site/assets/files/144756/aec_corp_presentation_oct_16_2020_final.pdf
https://www.africaenergycorp.com/site/assets/files/107567/aec_corp_presentation_27_feb_2019.pdf
The latest Tower presentation does state 'Eco Atlantic/Azinam due to drill Osprey well soon'.
https://www.towerresources.co.uk/wp-content/uploads/2020/10/Tower-Resources-Cameroon-Namibia-for-AULGS-October-2020_.pdf
However it does not say they are drilling the well soon, it says are they are due to drill the well soon. The currenct phase of ECO's Cooper licence containing the Osprey prospect runs out on 31 March 2021 with a one year extension possible. It seems to me that TRP (and AFE) are inferring their statements merely on the basis of this deadline approaching and nothing more. I still believe there will be no drilling on Osprey or any of ECO's other Namibian prospects for the foreseeable future. At this juncture ECO would be wise to sit on their hands and wait for success in Guyana or third party success in Namibia and farm down of Cooper before proceeding with drilling the risky Cooper prospect. If not they run the risk of seriously blowing up current shareholder value and as Gil is a major shareholder in the company, I think it very unlikely he would pursue such a course.
Took a look at the AFE presentation and Osprey is noted as TBD
agree d, I do take it seriously just because the same remark was in the afe presentation a week ago
March 2020:
Exploration well to be drilled after identification to target post 3D, no later than 31 March 2021, which is extendable by one year at the discretion of the Ministry. The drilling of the well is at the discretion of the Working Interests and is not a financially guaranteed obligation.
I don’t think we should take what TRP says about ECO in Namibia as gospel. Especially as the best map they can find is from 2017...
Something is brewing with this osprey well, im not sure its good news, i would expect the funds to be used for orinduik, if they use it for namibia they know no drill in guyana on 21, or it might be good news yet if they have a farm in ready in namibia.
Yes good spot just seen the presentation.
Harel, thats some significant news.