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In my humble opinion, I think it's just a political stunt by maduro, with venezuela doing terrible and an election in 2024. There are now many companies operating in guyana not just US and Chinese, last week Brazil moblized troops upto the venezuela boader in support guyana. It would be the end for Maduro to start a war, I would think.
with elections coming up in venezuela
I amost forgot, the 770mbo & the 1bbo taken together, value our shares at 1.9pence each. Yes you read that correctly.
Most oil in the ground is normally valued at between $1-3 per barrel. Assuming the 1BBO is correct, we are currently sitting with approximately 5 barrels of oil PER SHARE. You do the maths. :)
This "could" be a 100-300+ bagger, it could also be nowt. Place your bets ladies and gentlemen, place your bets...........!
It's almost at CAD 0.15 now & the sp is sitting at almost a 12 month low. Don't know what difference it makes at this stage. Buying now guarantees a low buy-in price.
As for Guyana, The American supermajors are all over it, do you think the US Govt will just sit back and let Venezuela steal it? The US Govt are all over the threat as we speak. Nowt to worry about imo.
Between the nature of the oil found on our blocks in Guyana, and the political situation in Venezuela, I've written off Guyana. Namibia on the other hand I'm still very keen on and will soon add an additional 25% to my already substantial investment in EOG - when the price hits 15 cents CAD.
Yep. I've topped up (trebled my holding) ready for the move up.
If ECO can land a farm-out it'll shoot up. If they can land a couple, it'll shoot the lights out for a while.
Don't forget we already have 770 million barrels offshore Guyana & a further "potential" 1 Billion on our SA blocks.
I'd rather be in early and wait a few weeks/months, than try to buy once it's rocketed.
Just my strategy, each to their own I suppose :)
H1 2024. :-)
We will have at least one, maybe two, farmouts during H1. Check backward in the chart for having a hint on the valuation when the farm out is a fact.
So differently one can comment on a possible farmout agreement at the end of Q1. :-)
The rating of Eco can go from
uncertainty about possible farmout to probability of farmout time until the end of Q1.
After an agreement, the valuation can be adjusted according to the likely time for drilling.
For ECO, the joker will be if they also make an agreement in Guyana.
Sees opportunity for big moves from today's levels during H1 -25.
Yes no worries here all good market will set the rate. Maybe drilling late 24 but realistically 25 what's not to like.
Did not see previous posts. Sorry.
Part of the article:
"“We have had significant discussions with one major already on that block,” Tucker told investors on 16 November, and had hoped to wrap up a deal — which would likely involve drilling two exploration wells — sooner rather than later.
However, he pointed out that now, because “three other majors have asked to come into” the data room, finalisation of a farm out agreement will take a bit more time”.
“The (deal) is going to take a little bit longer. But I think it’s worth standing on the sidelines and not leaping at the first opportunity, because there has been this sudden uptick in the level of interest in the block,” he said.
Tucker said he wants to give these late arriving majors the time needed to study what is on offer in the data room, before a decision is made and a deal wrapped up.
He reckons an agreement could be clinched “towards the end of the first quarter” of 2024.
Tucker did not name the interested parties, but it is thought they include Shell and TotalEnergies – who already operate acreage elsewhere in South Africa’s Orange basin – would be keen to assess the potential of Block 3B/4B."
https://www.upstreamonline.com/exploration/three-majors-in-last-minute-dash-to-enter-race-for-slice-of-orange-basin-hot-spot/2-1-1561042?fbclid=IwAR0VhZYbuxi5xpUF8zMosuWEcly8lxzC-5VQGklfbgIkpTVFO66gA3sjhDc
Given that Total did back away from the farm out (https://www.africaintelligence.com/southern-africa-and-islands/2023/06/20/totalenergies-takes-step-back-from-offshore-block-3b_4b,109995682-art), now they, plus others are interested is great news.
Yes, drilling is slipping to the right, but without finance, there would be no drilling! This is very positive news and is a result that the South African government has finally broken through the legal restraints regarding oil and gas exploration.
So no drilling action in 2023 & from what you’ve just posted no drilling in 2024….well that’s just great. Explains todays share price plummet!
A last-minute burst of interest by multiple supermajors in a sought-after exploration block in South Africa’s sector of the prolific Orange basin will delay the conclusion of a farm-out process.
Block 3B/4B — an asset that could host 4 billion barrels of recoverable resources — is operated by Stockholm-listed independent Africa Oil, which together with its two partners are keen to farm out a combined 55% stake in the deepwater acreage.
A data room has been open for some months and there were expectations in the market that a farm out deal could be struck soon, but an eleventh-hour flurry of interest means there will now be a delay.
“There is a high level of interest from major companies to come into this block and I anticipate that, certainly within 2024, we will have concluded a farm-in,” Africa Oil chief executive Roger Tucker told analysts recently.
Block 3B/4B is completely covered by 3D seismic data, studies of which have identified 24 prospects, many thought to be in the same Late Cretaceous play as the very big Jonker and Venus discoveries made by Shell and TotalEnergies’ on the Namibian side of this oil and gas rich basin.
“We have had significant discussions with one major already on that block,” Tucker told investors on 16 November, and had hoped to wrap up a deal — which would likely involve drilling two exploration wells — sooner rather than later.
However, he pointed out that now, because “three other majors have asked to come into” the data room, finalisation of a farm out agreement will take a bit more time”.
“The (deal) is going to take a little bit longer. But I think it’s worth standing on the sidelines and not leaping at the first opportunity, because there has been this sudden uptick in the level of interest in the block,” he said.
Tucker said he wants to give these late arriving majors the time needed to study what is on offer in the data room, before a decision is made and a deal wrapped up.
He reckons an agreement could be clinched “towards the end of the first quarter” of 2024.
Tucker did not name the interested parties, but it is thought they include Shell and TotalEnergies – who already operate acreage elsewhere in South Africa’s Orange basin – would be keen to assess the potential of Block 3B/4B.
Africa Oil holds a 26.25% in the block, with Eco Atlantic holding 20% and privately-owned South African player Ricocure on 53.75%.(Copyright)
Part of the article:
"TotalEnergies’ Mangetti-1X exploration well in Namibia’s prolific Orange basin will also appraise the supermajor’s Venus oil discovery in Block 2913B, confirming an earlier report by Upstream.
Once this well has been completed, the supermajor might target a prospect further north before turning its attention to the southern part of the block where a 3D seismic shoot is due to kick off early next year.
TotalEnergies completes critical flow tests on huge Namibian discovery
Read more
Looking even further ahead, the French operator may eventually return to adjacent Block 2912 where the Nara-1X probe was said to be “dry” by TotalEnergies chief executive Patrick Pouyanne, but did in fact hit hydrocarbons.
Roger Tucker, chief executive of Africa Oil — a listed company with an indirect 6.2% stake in the two blocks through its 31.1% ownership of Impact Oil & Gas — said the exploration target for Mangetti-1X is a “higher fan than was encountered” at Venus, but stressed the well would also drill deeper to target the northern extension of Venus.
He suggested Mangetti will likely go through both objectives between mid-December and the end of this year, but cautioned that results might only be released by the operator during its February capital markets day.
Once this well has been completed by the Tungsten Explorer drillship, a new probe could be drilled in the northern part of the block, Pouyanne recently said.
At the same time, Tucker told analysts late last week that additional 3D seismic would be acquired over the southern part of 2913B to cover the promising Damara and South Damara structures.
“It looks extremely attractive, and the 3D will be shot in the early part of 2024.”
https://www.upstreamonline.com/exploration/totalenergies-latest-namibia-exploration-probe-targets-two-reservoirs/2-1-1559827?fbclid=IwAR1VmvkH7Ls2stbL6u9qhr394lKT6XRSfKesL2iqPgeBWpDyCS8NZsY2wvY
My eyes are on mangetti-1 to the north of venus, results expected in weeks...
Thanks for the info from upstream gruvgunnar,it’s really appreciated as not everyone can afford their costly subscriptions.
Part of the article:
"Africa Oil — which has an indirect 6% stake in Venus through part ownership of Impact Oil & Gas — said that results from Venus-1X are 'expected to be confirmed by the Venus-1A drill stem test [DST] programme'. "
......
"An earlier production test on the Venus-1X discovery well met expectations, so the clear hope among partners — which also include QatarEnergy and state oil company Namcor — is that these results will be matched by Venus-1A.
One knowledgeable source last week said that “big” flares had been reported at the Deepsea Mira.
This was confirmed by Africa Oil’s recently appointed chief executive Roger Tucker, who said there were “major flares” at the well location.
These flares, he explained, disappeared and reappeared on satellite images as TotalEnergies switched the flow of hydrocarbons off and on to assess pressure build-up in the reservoirs.
“So, we’ve tested hydrocarbons to surface at the Venus appraisal well,” Tucker told analysts during the company’s third-quarter conference call late last week.
Upstream understands the flares were visible on about a dozen separate occasions between 9 and 12 November.
Tucker said: “We would expect to see results in the next couple of weeks.”
TotalEnergies chief executive Patrick Pouyanne recently said that Venus is a commercial project and would be developed.
https://www.upstreamonline.com/exploration/totalenergies-completes-critical-flow-tests-on-huge-namibian-discovery/2-1-1557001?fbclid=IwAR3BOkLk2z7PAjOoZHgistRZJ7r9ufr4Plk2_z1mQ1ybKYYyVeZi8qGODig
Part of the article:
"Colin Kinley, co-founder and chief operating officer of Eco Atlantic, said: “We have always been very involved with the exploration and interpretation of the block, and our experienced team will step directly into operatorship to finalise target selection.”
Discussing the wider offshore exploration scene in Guyana, he said nearly 10 years of exploration has generated Cretaceous discoveries holding close to 11 billion barrels of recoverable oil.
“Our team has a good understanding of the Cretaceous play and we have a great deal of confidence in drilling our first well, targeting a stacked pay target in this well- proven horizon.”
Kinley said Eco Atlantic is now looking for partners in this high-value play and has started a formal farm-out process.
“Recent interest from supermajors and other well capitalised energy companies in the latest licencing bid round in Guyana for blocks up-dip of us, supports our thesis of the oil migration and the high quality and charged reservoirs we see on our block,” he argued."
https://www.upstreamonline.com/exploration/junior-player-opens-doors-in-partner-hunt-for-tantalising-guyana-block/2-1-1555318?fbclid=IwAR2HTMVYwXgLq6jnaTwCH9Yj6DymvwuLG95q0DSZZWEsBgc-8ySuBZn_Po4
Don't hold any currently but will be buying back hopefully before any farm out/drill announcement. With govt sign off I'd be surprised if there are not some interested parties keen to know more if not champing at the bit
Damned if you…Damned if you don’t!
I don’t understand the negativity to the rns…. If Eco didn’t take the TLW % then we have an indefinite wait in Guyana….
At some point- I don’t know when- ECO will start drilling…in Guyana & Africa…I’m holding onto my stock for those events…
That the majors (including partner Total)have ignored/rejected Orinduik, which was available from TLW for several years, and have preferred going for new blocks doesn’t strike me as a positive. I do hope ECO can eventually and successfully farm out to a decent operator, but won’t hold my breath.
Usual jam tomorrow blah blah
Taken from the RNS. Just read the bits I put in capital letters.
Colin Kinley, Co-founder and Chief Operating Officer of Eco Atlantic, commented:
"We are very happy to have support from the Minister of Natural Resources and the Government of Guyana and their approval to transfer 60% of the Working Interest and Operatorship of the Orinduik Block to Eco. We have always been very involved with the exploration and interpretation of the Block, and our experienced team will step directly into Operatorship TO FINALIZE TARGET SELECTION.
"After nearly 10 years of exploration and interpretation, and multiple regional discoveries at the Cretaceous level of close to 11 Billion Barrels of recoverable oil, our team has a good understanding of the Cretaceous play and we have A GREAT DEAL OF CONFIDENCE IN DRILLING OUR FIRST WELL, TARGETING A STACKED PAY TARGET in this well proven horizon. This Transaction structure allows Tullow to continue to share upside in a discovery.
"ECO NOW SEEKS QUALIFIED PARTNERS in this high-value play AND HAS COMMENCED A FORMAL FARM-OUT PROCESS FOR THE BLOCK. Recent interest from supermajors and other well capitalized energy companies in the latest licencing bid round in Guyana, for blocks up dip of us, SUPPORTS OUR THESIS OF the oil migration and the HIGH QUALITY AND CHARGED RESERVOIRS WE SEE ON OUR BLOCK."
We've got the 60% and the formal farm out process has begun :)
Hopefully a steady rise over the coming weeks/months :)