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Agree bamb,.....that's what we are doing ("Sit and wait for the farm in RNS"),......I'm encouraged, by the Venus 1-X Discovery, & Peter Hill comments:
Extract
Peter Hill, Global Petroleum's CEO, commented:
"We would like to congratulate TotalEnergies and its partners on the drilling of the successful Venus 1-X well. Given the apparent scale of the Venus discovery outlined in TotalEnergies' announcement, following closely on Shell's Graff-1 success, there can be little doubt that we are witnessing the birth of a major new petroleum province, following these long-awaited finds of light oil offshore Namibia.
From Global's perspective, we are highly encouraged by the apparent technical similarities between both the Venus and Graff discoveries and the prospectivity in our own licence, and we believe that we are well-positioned to benefit from what the Company expects to be a very strong boost to both investor and industry confidence in relation to Namibian offshore exploration generally."
Source: https://www.londonstockexchange.com/news-article/GBP/namibia-update-venus-1-x-discovery/15342311
BW
No news on farm out/in, stagnant SP, promised lots delivered little, no updates of any real substance forthcoming, surprised I holding where it is, further dilution on the cards I reckon, no news is usually bad news.
Anything constructive to input Rare_Breed?
If you substantiated your rubbish maybe it would be useful. Maybe.
No progress here, pretty much a complete waste of time.
Harel look at Afzal Vali Twitter loads of info, suggest people also look up info on Twitter loads of good research on what's going on the region, harel thanks for questioning and made me direct people to more information and what is going on and what can happen here , 10 bags on way, Italian licenses also in the game, this is the most undervalued oilie on Aim
How much time gbp got?
They are living on dilutions..
They already lost their better half acreage waiting for farm out..
I cant see any farm out in the walvis before a basin opener discovery but who knows..
Farm out will happen the Walvis basin is next on the exploration side and expectations are that it holds atleast 8 billion barrels, could be way more, this will happen but things take time,
Not a dead duck , just dying at the moment.
Plenty of time for this to come back to life though.Patience needed that’s all .
This is a dead duck, going absolutely no where. Avoid.
"The respective discoveries made by the Graff-1 and Venus-1X wells (see Global's announcements of 7 February and 24 February 2022) have heralded a major new petroleum province. These discoveries, especially in light of their reported scale, may be expected to institute a structural change in investor and industry confidence in Namibian offshore exploration.
Given this, the view of Global and its advisers is that companies, particularly potential new entrants to Namibia, will need significantly more time to understand the geology and petroleum systems offshore. As previously announced, Global believes that there is commonality of both source and reservoir between the two discoveries and PEL 94.
Accordingly, the Company intends to keep under review the PEL 94 farmout process and, in particular, the timetable, having due regard also to the flexibility now provided by the licence extension". GBP RNS 25 April 2022
It's been pushed back multiple times since then though.
As the PVE Consulting statement said farm in completion by end of May it would be helpful if the Global could announce if there is any interest at all as we are still in the dark
https://neweralive.na/posts/shell-to-appraise-discovery-for-commercial-development
Is Wavis basin next !
Geowiz posted yesterday the following on the BLOE chat page a few minutes after his /her GBP posting:-
"Any massive success with funding would need a massive dilution. These funders want their pound of flesh".
Geowiz continues to deramp GBP and BLOE using the Deramper's favourite narrative, "capital raise / dilution coming", I think that might signal that Geowiz wants to buy more GBP and BLOE shares at a cheaper price.
GLA.
Dear Mr Charlie
Graf and Venus were wildcats…
Nobody said the extension would definitely not be given simply that it was needed.
Cash is probably is I agree around 1.5 mm or a bit less so they need a raise to take them into next year? Are you saying they can trade until Sep 2023 on present balance. Not sure I understand your point.
Well it's a dead as a Dodo here, promised so much but delivered nothing. Useless.
Hi Geowiz - I see you posted a similar message on Block Energy's (BLOE) chat page a few days ago, are you looking to buy cheaper shares in GBP and BLOE ?
GLA
Needs a capital raise to go another year. Dilution ahead.
The deadline for receiving Farm out offers was end April. Before that GBP stated that they can extend licence if is 'necessary'. The licence need to be extended before September. At that time they judged the extension is not needed yet. GBP extended licence shortly after that. My guess is: something pushed them to extend licence and that could be the existing of a Farm out bid on the table that needed licence extension to formulate the offer and sign the bid.
This process may take some time to agree al details and file a request for the third party to sign it 'Gov'.
We are waiting for any news of the final bid signature announcement.
Did I not read somewhere the deadline was September this year?
Is there a new closing date on the farmout?
Think PVE were hired.
Yes but there are much better blocks in namibia to farm in...
First of all in the orange basin there are namibian pels: 87,83,90 and rhino block that adjacent to the discoveries
I cant imagine that any major will farm in into walvis block before all opportunities in the orange will end...
i have position in gbp but think its very risky and the only reason that im holding there is becose the mc against the chance that maby other company will take the terms and farm in too the block.
Could easily do 400 to 600% in a day when that farm out RNS lands, of we get a drill date on top then expect the rise to continue higher, mcap very low for what's on offer,
can't wait for the stampede when the news does drop....:)
Agreed, especially when you consider how low the mcap is compared to the potential of the asset. As you say, just sit back and wait.