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ASX RNS issued informing shareholders that the AGM will be held on 28 November 2019. Resolution 5 - Approval of 10% Placement Capacity, I think the same resolution was passed at the last AGM. According to the notes, GBP will still be allowed to use 15% annual placement capacity granted under Listing Rule 7.1.
From Gil at Eco this morning in their Guyana update
"While we are extremely pleased with our Guyana discoveries and excited by our near--term drilling plans, we also continue to advance exploration and value creation on our four Namibian offshore blocks, where we are seeing an increased inbound interest and drilling activity in the region."
Unlike you to give us such a long break between posts, Jim. As the share price drops again and the cash continues to dwindle, are you finally losing your breathless enthusiasm? Your 40p forecast, and "good news around the corner" looking increasingly hollow.
I think we need a decent presentation from GBP once the PEL 94 analysis is completed. I also want to know if the reservoirs in PEL 30, 37, 44 are:
1. Located beneath an overlying sand zone? 2. How many licences/prospects at these shallower depths across the Walvis Basin are connected with the same overlying sand? 3. Is the sand seal described on PEL 44 also the most likely zone to become a carrier bed should it fail with the known regional shale seal sitting directly above? 4. If so, is that sand zone / possible carrier bed represented by the ‘Exxon enters, defining moment pancontinental’ article image? 5. Is it also the as described ‘restricted channel’? 6. Are the conduits/thief channels on Cormorant PEL 37 located within an overlying sand/carrier bed above the reservoir now being talked up as an up dip seal in PEL 44? 7. Did the Wingat-1 well hit the very same sand channel? ‘light 38 to 42 degree API oil from thin sands of undisclosed age. 8. Just how important is the regional structural closure provided by the Walvis Ridge?
The carrier formation is defined as a lithologic formation, beneath a regional seal, that offers the paths for hydrocarbon migration in a certain geological period when hydrocarbon migration process happened. Such a carrier formation may contain a few or multitudinous permeable geological bodies, hydraulically connected among themselves.
PEL 44 actually leaves me shaking my head a bit. I've taken the important sentences out..
"Updip seal is formed by a sand-bypass zone." - So they are relying on sand to form the seal on sand.. erm, this far from fills me with confidence! There are effective seals but not sand.
"Success would de-risk three analogous follow-up prospects with upside of 800 mmboe" - erm, so all 4 prospects are relying on sand on sand as a seal..
I see no sandy seal!
Good quality seal rocks encountered at a number of stratigraphic levels, including Neocomian-Barremian volcanic rocks, Aptian/Albian lagoonal and marine mudstones (Orange and Luderitz Basins) and Campanian muddy limestones and mudstones (Walvis Basin).
Good posts, I agree I prefer our blocks, but PEL44 is another block that shows the potential in Namibia and the Walvis basin ;-) Current talks maybe as suggested in the other place by ee, a tyre kicking exercise ahead of a drilling campaign and potential discovery. It could also be the case that the Peters are waiting for the Total drill or another well in the Walvis basin with the new data before completing a deal. News of a campaign can't be far away
Still in a chicken and egg situation, however the AOW first week in November could be a place when news is released on up coming wells or deals, if not before
The drill ready Aurora Prospect is in Licence PEL44 in the Walvis Basin in an optimal position within the source kitchen for the oil mature Early Aptian source rocks found in the Wingat and Murombe wells 35km to the north. The prospect is only 300m above the source and linked to it by faults which would facilitate migration.
The licence is covered by 4,000km ² high quality 3D seismic data. Interpretation has defined the Aurora trap as stratigraphic for overlapping basin floor fan lobes in the Early Albian/Late Aptiansection deposited basin-wards of the toe of the Early Albian slope. Updip seal is formed by a sand-bypass zone. Reservoirs are expected to be mass-flow sandstones, stratigraphically equivalent to the Ondongo Sandstone encountered by the Murombe well. Geophysical attributes suggest an oil fill is far more likely than brine. Success would de-risk three analogous follow-up prospects with upside of 800 mmboe
I missed this from a year ago.. looks like our neighbours Oranto are sorted..
The two companies will collaborate on further exploration and development of assets across the continent, in particular with relation to Oranto’s existing portfolio, acquisition of new assets, gas monetization schemes and implementation of refining, commerce and logistics projects.
The Maersk Voyager currently completing a well in Equatorial Guinea for Kosmos and coming to the end of contract. This is the nearest Maersk drillship now and the most likely to drill for Seapulse, as there is no new contract to date. Will keep an eye on it moving to the Walvis Bay
The West Eclipse is being cold stacked so will play no further part
The Ocean rig Poseidon in the Walvis bay is now re-named the "Deepwater Orion", as Transocean bought out Ocean Rig and is still waiting for a contract