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Online bid just gone up 1.77p to sell 1k to 500k
Agreed regarding Tullow , they will be hoping they maybe able to see some value in PEL37 if a discovery is made this year
PGS have now crossed into our PEL94/2011A, following the fairway inside the 1000m contour line, again this is significant news imo
https://www.petroleumafrica.com/tullow-pulls-out-of-pel-30/
I’ve just positively shifted to neutral on 30 & 37..
I presume as it’s an extension to the current exploration period (easy PEL 29 possibility) there is no commitment for an additional well.
Now the struggles of Tullow are out for all to see it makes sense why they pulled out of PEL30 as that would have committed them to drill it. Mmm..
‘Unfortunately Tullow only encountered non commercial amounts of hydrocarbons at the Cormorant-1 well‘
2+2+2+2=?
Oil + conduits/thief channels + read across + migration distance ?
Tullow gets one-year extension for license off Namibia
https://www.offshoreenergytoday.com/tullow-gets-one-year-extension-for-license-off-namibia/
Quite right makes sense, So just about to finish Oranto block 2011B and re-enter GBP block 2011A
The reason I asked is because PEL 37 doesn’t appear to have any space for the likes of Exxon. So makes sense to ignore it.
Tullow 35%
ONGC 30%
Pancontinental 30%
Paragon oil and gas 5%
(No Namcor?)
This fairway has been mentioned many times on this bb, as it connects Exxon blocks to our GBP blocks and here we are watching a 3D seismic shoot in progress, surveying that very fairway. This is huge news for GBP shareholders
There are many days left and plenty of time for PEL29 to be in play, possibly saving the best till last.
PEL29 has best estimate of 3.66Bln barrels and high case 9.639Bln barrels. This highlights that they think it's big but could be massive. Gemsbok alone has best estimate of 1.75Bln barrels and high case of 4.8Bln barrels
Exxon have sufficient interest to commit to a multi million dollar survey, in order to make informed decisions
Exxon are putting the Peters to the test and it's Total's new play concept that has helped bring Exxon to our door
Continuing North S21.08 E12.00 the vessels have grazed PEL37 following the 1000m contour line and in doing so missed the first of the Oranto blocks ...... en route to GBP blocks potentially and another late night ;-)
Certainly from the restart at the weekend they didn't work in PEL37 and the pink dots indicating survey mode were not showing until PEL94
Interesting they didn't drop into PEL44, so like you say Galp, possibly Oranto , certainly Exxon are part of the survey
Can you imagine the sp if a deal is struck for both blocks, thats two commitment wells and possibly one this year as the 3D will have been completed. 20p-40p on a deal and multiples of that on a run up to spudding a well
They avoided PEL37 for sure?
Well, there it is.. Exxon/Galp are part of it. No way would a Super Major allow anyone else to snoop in their blocks.
The question left for me is ‘Will they like what they see and act?’.
So, PGS did their turn inside PEL82 (Exxon/Galp) and are heading north again back up the fairway and just out of 82 towards GBP again
2+2+2=Transformational ;-)
2+2+2=?
Initial contacts with counterparties- further contacts with counterparties- seismic along fairway (our 94) into Exxon’s licence..
Mmmmmm?
This fairway also runs directly into Exxon and M&P adjacent licence PEL44 and a certainty for being drilled this year, so I forecast PGS to venture into PEL 44 and then to double back for a return journey back to the licences of GBP
Again higher low , every purchase is at an increased price, when you would think from recent sells there would be spare shares available, but they maybe part of a buy order ?
Vessels now running into the second block in Galp/Exxon PEL82 2112A, very much an Exxon commission survey ;-)
I agree particularly if Exxon or any other major is involved, the MME would be falling over themselves to see the investment dollars. But a drill this year is still possible, specially PGS run over 29 ;-)
I’m confident we’ll easily get a further licence extension if required for 29. Relations appear excellent.
This 100 day survey is a multi million dollar deal and if Exxon they certainly must have some sort of Dandy plan up their sleeve
GBP and Oranto need to drill this year ......and may well be a reality, but will we be around to see it ? that is the question imo
And back to the old image.. perhaps a clue to what is unfolding? Swings updip into.... PEL 94.
Chug chug chug...
https://www.google.co.uk/amp/s/finfeed.com/small-caps/energy/exxon-enters-defining-moment-pancontinental/amp/
All 3, GBP, TRP and ORANTO need farm in partners. All 3 are updip..
PGS vessels in full survey mode have followed through the blocks from TRP, GBP, Oranto and continue now into 2112B PEL82 Galp/Exxon (S21.33 E12.02)
The main feature here is the fairway between the 1000m to 2000m contour lines that connect Exxon's southern blocks to GBP in the Northern blocks of the Walvis Basin.
Significantly the vessels have steered clear of Eco PEL30 and PEL50 and 50 is adjacent to Exxon 82
This survey is looking more like an Exxon only commission
Of course now we know who potentially will be one of the operators drilling this year
that AEC were referring to yesterday
Oranto and Rosneft have two well commitments over both their blocks before December 2020 adjacent to our block 2011A
PGS have at least 20 days and up to 40 days left on the 100 day contract so many more secrets to be revealed