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Strike at Venus-1 well and its game on.
Targeting circa 2 Billion barrels
TOTAL drilling in Q3.
Strike there would be a game changer for GBP and Namibia overall.
Well yes I see that it can be read either way IOG, good point. I don’t need the cash right now so may as well wait and see for a bit.
Hi Bishop 190 - When you write....
"I would like to think that it could achieve a farm in or sale but time is short and i feel that a prospective investor would wait until they can acquire a 100% interest in September." Are you referring to September 2021?
From my reading of the RNS, a new sub-period starts after September 2021 and the commitment is for GBP to undertake a 3D seismic survey. GBP does not have to prove that it has the money to undertake the survey. Sentiment in Namibia could change in an instance IF future drilling campaigns find oil/gas.
GLA.
Totally agree, the ONLY incentive to farm in is a hedge against massively increased farm in price in the event of a Total strike.
Hi, IOG, the RNS states
“ The Company has completed its work commitments under the current licence sub-period, which expires in September 2021. The commitment for the next sub-period is to shoot a 2,000 square km 3D seismic survey”
That is I agree explicit, but GBP does not have the funds itself to do that 3D. I would like to think that it could achieve a farm in or sale but time is short and i feel that a prospective investor would wait until they can acquire a 100% interest in September. The only advantage which I can see for a farminee is the avoidance of an auction for the licence.
Bishop 190 - the GBP RNS of 29 April 2021 is explicit, your assumption is incorrect.
Yes that’s right, they don’t have to have acquired the 3D by September but they do have to commit if they want to extend after that. I am making the assumption that in order to commit they have show that they have the funding to do that work.
Geowitz - then move on pal .
you been deramping this for a while.
One on every board.
Bishop I agree there’s no way this can move past September as the liability of the 3D expenditure would render it essentially insolvent. It’s pretty much out of cash again by then anyway. It’s a dead duck.
Bishop good luck with your investment mate .When GBP kicks off I hope it will overtake Zphr
Bishop
Why you don’t buy ZPHR When was Halfpenny ?????? You see that’s where many traders doing wrong decisions .
The Company has completed its work commitments under the current licence sub-period, which expires in September 2021. The commitment for the next sub-period is to shoot a 2,000 square km 3D seismic survey - Source: GBP RNS 29 April 2021
But tell me this then, who is going to pay for a farm in when they can get the licence for nothing after September? The company cannot extend the licence because it has no funds to do the 3D seismic which is a condition of extension. Sorry but I just don’t see it. For that reason I am minded to take the loss if I can sell the shares, maybe I can get the money back in something else, though I missed the boat on ZPHR by the look of it!
potential 2.93 Billion barrels a multi bugger
Charlie
Agree. Global Petroleum currently treated as a cash shell with NO upside priced in of the potential 2.93 Billion barrels from their highly prospective licence P00094.
Farm-Out talks open in the background, especially after the 26 Jan 2021 resource upgrade, especially with Oil Super Majors flocking to Namibia as the new Oil frontier after recent Oil discoveries next door along South Africa coastline bordering Namibia.
In January 2021 the Company announced its updated Prospective Resources on its Namibian licence PEL0094. The inclusion of seven new leads, in addition to the Marula and Welwitschia Deep prospects, resulted in a threefold increase to 2,284 million barrels of Best Estimate (P50) Prospective Resources of oil net to Global, confirming the Company's view that the acreage is highly prospective.
Following this, Global then commenced a farm-out process, which is currently underway.
The Company has completed its work commitments under the current licence sub-period, which expires in September 2021. The commitment for the next sub-period is to shoot a 2,000 square km 3D seismic survey.
Namibia has seen multiple farm-ins or acquisitions completed since 2017 by companies such as Qatar Petroleum, Total, ONGC, Kosmos, and most notably ExxonMobil. Moreover, there are reported to be several highly prospective exploration wells planned in the coming months, notably Total's Venus-1 well, and Shell's well in PEL0039, both in Namibia's Orange Basin.