Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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The geological story for 3B/4B is compelling however negotiating the terms of a farm out on behalf of a partnership requires a good alignment. What do we know about Ricocure?
Is Gil the issue though ??....is it not the fact that nobody is interested in farming-in !
Spudz,
Hi. I was also invested when Jethro and Joe were discovered. Reality is they were heavy oil discoveries with impurities and not very large.
The key will be to farmout to a midcap or major for the Cretaceous age prospects. Really wish they could get Exxon or Chevron involved here. They have the most geological knowledge of the area from Stabroek into Orinduik.
Guyana aside, the action is all happening in Namibia. Rhino resources released first images of GALP and Sintana's Mopane oilfield (currently drilling the appraisal well Mopane X2). Rhino is a private operator close to the boundary with overlapping 3D seismic. Mopane field is big, approx 430-450km2 thus far . Venus is 650km2.
Gil needs to pull his finger out and conclude a deal on 3B/4B. It has larger outline prospects than most in Namibia - with the exception of the Saturn Superfan.
Old shareholder here from the Joe and Jethro drilling days, and have recently bought back in. Been catching up on the recent news - can someone confirm that Eco got the 25% from Total / Qatar Energy for free? Any idea why they walked away instead of selling like Tullow? Gil seemed a little positive that someday Joe and Jethro could potentially be put into production, but feels very unlikely given the majors are walking away.
Post on the Total board then.
Https://thebrief.com.na/2024/02/totalenergies-to-spend-n5-7bn-on-namibia-oil-exploration-in-2024/?fbclid=IwAR035h4-WXPST_K6RKys_UWbOwBaTwh0okhQw6cWATjeyn49tTZOP57p0ZQ
Total is steping up.
And apparently, judging by the tumbleweeds, have no prospect of drilling.
Why would Eco even need a rig.....they aren't drilling !!
Will this affect Eco's ability to secure a rig?
So they've drilled Mopane X1 and got two 'significant' light oil columns. They are now moving about 5-6miles West/southwest to X2 location. Which they thought was the better of the two prospects.
I'll stick my neckout and say they'll be achieving numbers to the upper end of the 'JV-estimated mean 10bln bbl OIP'. Not only that - the remaining Upper Cretaceous prospects on the license are massively derisked now. Also, the acreage a few miles to the West (PEL90) with Chevron just got alot more interesting - same geology. Sintana will be participating in Chevrons 10well campaign in Q4 this year.
Eco take note, that's how you do a Discovery.
Galp (80%, operator), together with its partners NAMCOR and Custos (10% each), has successfully drilled, cored, and logged a deeper target (AVO-2) of the Mopane-1X well in block PEL83.
In AVO-2, Galp has also discovered a significant column of light oil in reservoir-bearing sands of high quality.
The rig is expected to be relocated to the Mopane-2X well location to evaluate the extent of the Mopane discoveries, after which a Drill Stem Test (DST) is expected to be performed in Mopane-1X.
Galp will continue to analyse the acquired data during the coming weeks to assess the commerciality of the discoveries.
Ill add that predrill estimates were 10 billion boiip, sintana is carried through production..
Will we ever drill stands more chance of eliciting a response rather than when.
Cant wait to drill. Any guesses as to when we may actually get to drill??
The 3d seismic they revealed cover a small fraction at the north of the block where the total of all the prospects identified sums to 2 billion barrels.
Harel...
Do you know what sort of targets we are looking at in 3b/4b? Are there any that rival Venus' size?
Thanks
In terms of Namibia focussed smallcaps, my top 3 goes something like this;
1)Sintana Energy (TSX:SEI) - the best collection of minority interests right in the heart of the action in the Namibian Orange basin, with blocks immediately North of Totals Giant Venus Discovery and Shells Graff discovery. Partnered with GALP on PEL83, where it looks like the breakthrough light oil discovery has been made at the large Mopane structure, where drilling is continuing to the deeper target. Volumetrics for this Mopane structure have been announced as 'Estimated Mean 10bln OIP' (it looks at this stage to be very promising). They are also preparing for a planned 10 well campaign with Chevron nextdoor in PEL 90 (immediately North of Totals Venus Discovery block) and likely later this year with Woodside Petroleum at PEL 87 aswell. This stock is the safest bet on account of the superb quality of partners operators they've bagged and spitting distance from Graff and Venus discoveries.
2) ECO Atlantic (LSE:ECO)Great exposure in South African section of the Orange basin (3B/4B). That will get drilled, but they sure are taking their time in bringing a partner (with deeper pockets) on board - it's a huge block so plenty of potential targets, albeit the successful playtypes in Namibia are likely to be priority. I would invest just for that campaign as the Orange basin has become the hottest exploration spot in the world with the scale of the fields very good aswell. They have some really good coverage in the Walvis basin, but again need a larger company to shoulder the costs and drill - so I am going to ignore that (for now). Walvis basin is far from any meaningful breakthroughs as alot of studies and field survey work needs doing - it will come in time. The exposure to Guyana is also excellent if they can partner up there and get a drill campaign going it would be amazing. I really hope they can bag a big player now Tullow and Total/Qatar are out of the picture.
3) Pancontinental (ASX:PCL)A 20% interest in PEL 87 where Woodside have spent $AUD35mln on 3D seismic studies on the 'Saturn SuperFan' structure. Similar in nature to Totals Venus Superfan but much larger aerial extent (2,400km2). They think it's likely to have several targets, some possibly large, and the outside possibility of one Goliath target to rival Venus. Sintana also has a 7.5% carried interest in the Saturn Superfan. But PCL don't really much else going on in the Orange basin beyond this - albeit with other assets in the portfolio. So it's very binary with this one block.
BW Energy - Control Kudu gas field but not a fan of gas or this company. Albeit they have other interests.
TRP/GBP they have some decent ground but nothing else. Very binary and they are limping along from placing to placing. A shame given all the years they've been involved. In the case of GBP, I like the fact management has changed but it would be a punt until some meaningful action is taken. TRP? Forget it. Its a
Just taking the orange basin total signed a contract for a miltipule exploration wells in blocks 5,6,7 to begin in the second quarter.
Pel90 is just next to venus while mangetti-1's results checking an extension up to the border of pel90 are due in weeks, operated by chevron and a campaign is schedule to the 4th quarter, prl87 holds the biggest structure in the basin 4 times bigger then venus and on trend, pel83 is at an advanced stage of thr first well out of two targeting a 10 billion complex and many more are in different stages of work programs.
Anglat,
'Last Golden Block'
What do you mean by this, Last Golden Block in the Orange basin perhaps?
There are many many offshore basins that have barely been touched, but with increasing industry interest and all the signs of vast riches. Globally, too many to name, but keeping the discussion to Namibia, Exxon is all over the Namib basin in the North. At some point they will make a drill decision on that.
Walvis basin is huge and really needs more exploration to understand the subsurface - I personally believe it will have its Orange basin moment. Luderitz the same, albeit on a smaller scale.
I'm a long time lurker with significant investment in eco starting in Hammerhead days. My first post.
Here's a reply from ECO when I asked about an AOI comment at their recent conference call. Note,"significant, very significant" carry (on 3b/4b)
Best....dat
“Roger Tucker: Eco, we are in – associated with in 3B/4B and we are in active discussions to farm that down and get a significant, a really significant, carry through that. And at that point, we will be looking at options, if you like, to exit amicably from the Eco portfolio. And so you can expect to see those things rolling out within the next three months, I would imagine. So it’s – we're still in the clean-up phase.”
The important point here is that Africa Oil and its Block 3B/4B partners are in active farmout discussions for the block and the priority is to achieve a successful deal.
Best regards,
Shahin
Well im hoping it is prolific...isnt that why we are here?
Why can't you be "too specific?"
This is a bulletin board with free speech.
What's stopping you?
Methinks I'm getting a whiff of BS here.........
"The last golden block to be explored"???
Funny observation..
Nice. Cannot wait for the drilling campaign!!!! Eco has been slumping for far too long!
I cannot be too specific but I have been in oil exploration for 42 years. 3B/4B is probably the last golden block left to explore.