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Combine this with around 7 crossings of the western side of PEL94 by PGS
All adds up !!
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"
Thanks for link ( https://news.africaoilcorp.com/releases/entry/122773 ), Jimarillo,....interesting read.
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
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
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.
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.
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 ;-)
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
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
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.”
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
Should add the length of time was more likely due to South Africa itself rather than down to the companies involved. Namibia is a lot more organised.
It shows just how long these things can take. This is today's article.
http://www.oilreviewafrica.com/exploration/exploration/africa-oil-announces-completion-of-farmin-to-block-3b-4b-in-south-africa
Azinam just posted this on linkedin, but it is a year old ? They have been under the radar until now
https://www.linkedin.com/company/azinam/?miniCompanyUrn=urn%3Ali%3Afs_miniCompany%3A11861859&lipi=urn%3Ali%3Apage%3Ad_flagship3
_company%3Bfoq99eBgREmEnkb8YEkb%2Fg%3D%3D&licu=urn%3Ali%3Acontrol%3Ad_
flagship3_company-actor_container&lici=hw2HzfoOVpJQQxTIgBh4TA%3D%3D
JA presenting at the , what used to be the Oil Barrel on the 18th, Cameroon related, but may have something to say on Namibia
Indeed it is, rather them than me ;-))
I remember seeing an article last year. It’s to the east of PEL 37. (I think?)
Additional detail
https://newsweb.oslobors.no/message/482094
More seismic acquisitions planned for this year
Here is the EMGS Q4 results webcast, slide 7 shows they have a 2020 survey acquisition planned for Nabirm as well as a multi-client contract. Vessel is the Atlantic Guardian
https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20200206_1
http://www.emgs.com
I agree, they have around $10m in escrow , $2.4m cash in addition to the $25m and their share contribution is 4.9%, room for an acquisition
Their Q3 results mentioned the placing "To finance its future acquisition, exploration, development and operating costs, Africa Energy may require additional financing from external sources, including issuance of new shares, issuance of debt or executing working interest farmout or disposition arrangements".
Slide 2
1) In addition, the Company had US$9.7 million of net cash
and escrow in Main Street 1549 to fund future exploration
on Block 11B/12B.
https://www.africaenergycorp.com/site/assets/files/144715/aec_corp_presentation_january_20_2020_pareto.pdf
I think if we get RNS confirmation we are in a closed period of talks than our current value will look ridiculously cheap. Get a farm out signed off and we will look absolutely and completely bargain basement stupidly cheap. :-) just my opinion. I see the current step / risk v reward is to achieve a farm out enabling us to move towards looking at and getting the value in the ground.
4 Steps 1. Achieve farm out 2. Excitment upon drilling 3. Oil strike. 4. Live happy ever after!
Africa Energy Closed the USD 25 Million Private Placement today mainly for South Africa but I do wonder what the 'general corporate purposes' will be.
Great posts M,
However don't agree with this point ..... "I think the currently price is fair for what we actually know"
There is nothing priced in for two CPR's with over 4 Billion barrels of prospective reserves (mid case)
We have a multitude of stale bulls who do know the potential here. It is a perfectly fair and justifiable position. Money has dwindled over the years. Not a lot was happening. Namibia fell away, Italy is Italy and been a blooming nightmare dragging out appeal after appeal.
However, there is a clear resurgence of interest in Namibia the last 2 years and it does take time. Each drill has given valuable information and now that information from Cormorant and Brulpadda is perhaps the last valuable jigsaw puzzle piece.
Contacts, further contacts and further contacts post Cormorant, post release of regional seal info, post belief of the key source rock. These contacts can be one of two things which we have never had before. We can only link the dots at this stage. It is either many different companies (we only need one) or a couple (counterparties) going back and forth many times. Perhaps a combination of both? There are ample clues without them actually saying so that GBP’s prospects are now finally on the radar.
All the dots connect neatly and form a story, but is is only guess work at this stage.
Girl’s interview was downbeat on ECO/Namibia this time round. Try to find a partner, try to farm out, attempt to formulate a plan. It has clearly moved and sounds quite a dramatic shift away from them (regarding only the drill ready Cooper block?) As I said before.. in the shallower waters do they have any prospects below the new regional seal, are the reservoirs they have attached to the new/now main target source rock?
I think the currently price is fair for what we actually know. Factual RNS farm out success is required, otherwise the oil I believe to be down there will stay down there. Success at Venus-1 or elsewhere will help dramatically achieve the above.
The board have been busy lining up the ducks, Acquired long term target PEL 94 ensuring an abundance of prospects, joined NAMPOA, Placement Capacity, avoided 25% reduction in PEL 29, working on and quickly released targets on PEL 94 and surprise surprise the source rocks/reservoirs now Being targeted are the ones we had from the start. Sounds like they know what they are doing and why wouldn’t they.. Dana case in point.
M it would be nice for the sp to show a bit more support to your reasoned thinking! I suppose, if it does, then the sp will be no where near 2p when the herd arrives.