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Hold the phone !
(Again on Linkedin) The above has just been followed by news from Impact and a $40m fund raise
https://impactoilandgas.com/impact-oil-gas-limited-capital-raising-of-usd-40000000/
Both Impact and Azinam connected to Africa Oil Corp (AOI), who just completed a $25m cash injection into Africa Energy Corp(AEC)
News is starting to flow from Namibia and South Africa
SIRAJ AHMED, CEO OF IMPACT OIL & GAS, SAID:
“I am thrilled that we are now entering what we hope is a game changing year, as the drilling of Venus-1 in Namibia and further exploration and appraisal following the Brulpadda-1 discovery on Block 11B/12B in South Africa represent the culmination of all the hard work and investment over the last few years. This financing injection strengthens the balance sheet and enables us to get to this point; thanks to the continued support of our valued shareholders. I am particularly grateful for the surety of funding provided by the Underwriting Shareholders.”
Thought the Azinam post was old news, but in fact was announcing completion of the AOI farmout
Certainly AOI, getting all the business in order ahead of up coming wells
The purpose of NAMPOA
NAMPOA - Namibia Petroleum Operators Association
The NAMPOA - Namibia Petroleum Operators Association is a forum representing all Oil & Gas exploration companies operating in Namibia and enables effective communication on vital issues to key stakeholders including the Government of Namibia.
https://www.galp.com/corp/Portals/0/Recursos/Sustentabilidade/SharedResources/Documents/Lista%20principais%20associacoes%20parceiros%20setoriais_Versao%20EN_1.pdf
Current Members of NAMPOA
Acrep / Custos / Energy Impact Oil and Gas / Serica Energy / Azinam / Eco Atlantic / Lekoil / Shell / BW KUDU / ExxonMobil / Maurel et Prom / Sungu Sungu / Calima Energy / Galp / NAMCOR / Total / Chariot / Enigma / Global Petroleum / Rhino Resources / Tullow
http://richafricaco.com/wp-content/uploads/2019/06/Namibias-Oil-and-Gas-Upstream-Sector-Existing-Challenges-Potential-Transformation.pdf
That was a news filled week regarding Lundin group of companies and Azinam
Lets see what next week brings, more in the pipe for sure ;-)
For sure! Or it might be another week like this week and all the other weeks you've forecast as game changers over more than a year.
You are a hopeless deramper, here you are posting on the ECO BB, you no more hold ECO shares, than I do
PerryStalsis
Posts: 216
Price: 36.50
No Opinion
RE: TradesToday 10:17
Although Pro was right in his last post of course. Filtering or insulting people who don't toe the party line doesn't make for a balanced view imho. Like you, IJWT, I am holding here, but I'm inclined to the long view at present.
PerryStalsis
Posts: 216
Price: 36.50
No Opinion
RE: TradesToday 10:17
Although Pro was right in his last post of course. Filtering or insulting people who don't toe the party line doesn't make for a balanced view imho. Like you, IJWT, I am holding here, but I'm inclined to the long view at present.
Dated 31 Januay 2020;-
DECEMBER 2019 QUARTERLY REPORT
Extract:
"· In Namibia:
- the Company continued to carry out interpretation of the existing data in PEL 0094, culminating in a prospective resource estimate being calculated and released;
- further contacts were made with counterparties in relation to a potential farm-out of PEL 0094 and PEL 0029.
Source: https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/GBP/14405195.html
As a long term shareholder, the above, sounds OK to myself,.....I'm patiently waiting,.......was holding GBP, in 2014 & will still be here, holding GBP shares, when PEL 0094, is drilled again.
BW
Wraith good post, couldn't agree more
Here is a link to AOI's version of todays announcement
https://news.africaoilcorp.com/releases/entry/122773
Thanks for link ( https://news.africaoilcorp.com/releases/entry/122773 ), Jimarillo,....interesting read.
BW
M, we never did sort out what targets 5 & 6 were from the Azinam presentation
Slide 4....... "targets 5 & 6 being negotiated"
Slide 7......and the ballons....second ballon along is target 6 and is bang on the 15% cos line and the centre of the balloon is on 775mmboe
http://www.azinam.com/wp-content/uploads/2019/04/Azinam_NamibiaOGconference_UU_APR2019.pdf
From GBP's recent PEL94 CPR .......
" Of particular note, the Albian carbonate reservoir at Welwitschia Deep has been estimated to have Best Estimate unrisked gross prospective resources of 772 million barrels of oil with a probability of success (“chance of geologic discovery”) of 15%."
This fits the Azinam presentation to a "T"
Combine this with around 7 crossings of the western side of PEL94 by PGS
All adds up !!
Ok, back on track........and talking of S/Africa, Azinam have just signed off on their S/A deal with Lundin co. AOI
Lundin co. AEC are due to sign a deal on this asset S/A , it would not surprise me if target 5 being negotiated is this one
https://africaenergycorp.com/site/assets/files/3246/2018-11-block-2b-aow.pdf
You couldn't make it up.
Slide 14, farmout due Q1
https://www.africaenergycorp.com/site/assets/files/144715/aec_corp_presentation_january_20_2020_pareto.pdf
Nope, it is all relevant . Azinam, Eco, AOI, AEC, Impact Oil & Gas and Seapulse are all connected in one way or another
"Azinam’s three-year business plan includes the objective of drilling eight high-impact, multi-billion barrels of oil potential wells offshore Namibia and South Africa, thoroughly testing the margin’s potential and exploiting low drilling costs."
I've been interested in this share in the past as multibillion barrel potential is exciting if it comes off......been a few years since, but could somebody kindly summarise what's going on here as the mcap is very attractive.....
In a nutshell..
New information from the results of previous local drills plus the Brupadda discovery in South Africa may have given the last piece of the jigsaw puzzle.
New info/target - Regional seal, target source rocks, continuous fault systems providing up dip trapping.
All the above brings focus to GBP's main prospects - Gemsbok, Lion, Dik Dik & Welwitcshia Deep. All sit below the regional seal, include the target source rocks, all dip closed structural traps and are up dip. It is the regional high and also the regional closure due to the Walvis Ridge.
We have no money to drill and are 100% reliant on a farm out otherwise the oil hopefully to be found there will remain there.
There is some 3D on PEL 94 which the board have yet to purchase. All COS and size is based on 2D data only.
For 3 quarterly's the board have said, inital contacts with counterparties, further contacts with counterparties and further contacts with counterparties regarding a possible far out of PEL 94 & 29.
We have 85% of the licences to play with and hopefully the pendulum has swung in our favour as previous deals have been targeting prospects above the regional seal. Hopefully we can achieve 2 x free carry drills keeping 15-20%? 1 drill on PEL 94 and 1 drill on PEL 29.
Cheers mate for the summary. I take it these counterparties must be outbidding in terms of better value or options from one another. Surely seems like number of them interested or involved. When you think we shall hear from them? Do you think they will drill this year?
I think the position to take on what the contacts with counterparties actually means depends on your personality and outlook. GBP joined NAMPOA which if you scroll down further you’ll find some info on.
I really have no idea on how long and would they drill this year. That would totally depend on the counterparties as one of those should a deal be struck become the operator and then we would be in there hands. I see two short term plays which should increase value currently, an oil strike elsewhere in Namibia and a farm out signed off. After those, we can think about oil and drilling.
My view is we will get 100% carry and retain 10-15%.
Should we hit oil......I will let you work out the maths
It is a difficult one to predict.
PCL in PEL 37
Pancontinental farmed out to Tullow Namibia Limited (a subsidiary of Tullow Oil plc) in September 2013, thereby reducing its interest to 30% and under conditions that will see it free carried through extensive 3D and 2D seismic programmes and an exploration well.
In September 2017, Pancontinental and Africa Energy Corp. (“AEC”) closed negotiations with regard to AEC’s investment in the Company’s subsidiary that holds the Namibian asset, PEL 37. The deal worth US $7.7 million provides AEC with a 33.33% holding in the subsidiary, leaving Pancontinental with a majority interest of 66.67%. The first tranche payment of US $2.2 million was received at closing and a second payment of US $5.5 million will be due at the commencement of drilling the PEL 37 well which is anticipated during 2018.
Is important to show the difference between Pancontinental and Pancontinental Namibia
AEC bought one third of Pan/Namibia which relates to PEL37 and nothing else. So effectively Pan/Nam had 30% inteserst in PEL37 giving AEC a 10% interest in PEL37
Global Namibia, having two blocks could through up all sorts of combinations. If we end up with a free carry including two wells and hold just 15% of over 4 billion potential barrels. There is plenty of history with previous companies in a similar situation that went from pennies to pounds, in days after an rns
Current M/cap £4m, if we had a deal covering both blocks, it is very possible we could be drilling WD this year. Leading up to drilling a well in WD with the new data and concept, particularly if Total have hit oil by then, we could be easily see a M/cap around £80-100m imo