Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant. Watch the video here.
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Interesting from Maccam - Gil and co remain positive and am fairly sure Ian Cloke does also. Tullow need to message better but Eco can incorporate some of that for them tomorrow.
Looking at Exxons announcements over the drills, they clearly state Hammerhead is from a different reservoir - all the other announcements are standard "High quality oil bearing sandstone." It says this for Hammerhead too but clearly states the new reservoir element.
Looking also at the maps, much of Longtail, Turbot and other finds South of Liza look as close to the shore as much of our block does.
Hence, likelihood of Hammerhead being heavy but commercial and reading across to Jethro seems high to me.
1bn barrel drill x2 will make 3bn barrels on the licence and heavy or not that is alot of oil.
Oh okay cheers, I haven't got a log in on that site.
Yes mate post 5972 you may to log in
With respect is that real news, can't see it on a.... ?
Probly because tullow are the opterator for me there the half proplen and need to move over
"First target has 3 geological layers. Targeting 1bn barrels." - Why didn't they drill that first
Best to wait to hear what TLW says first on this.
“Comforting meeting” hahahahahaha
From maccamcd over on advfn
had a very comforting meeting with Gil & Peter Nicol (Scottish oil man)
They only got official results of the heavy oil ftom the Operator the end of last week as the tests from the drill was contaminated with the drilling mud/oil that's used during drilling.
repeated the positives around the RNS.
High pressure, heat, size, viscosity.
Wasn't expecting this price reaction. maybe 20-25% worst case to follow the discounted mkt prices of sold heavy oil and potebtial bigger capex.
Discount range for these types of oil is 4-14%
Got impression JOE & JETHRO are bigger than first thought.
Some gas in the reservoir which is good for us. 8600psi is very good pressure. Viscosity number is good at 125. Used to help lift heavy oil.
CPR could be early December but potentially wait for Carapa results to blend into the CPR.
over $20m of cash..
definitely 2 wells next year proposed by Tullow end of last week.
First target has 3 geological layers. Targeting 1bn barrels.
Our license has 3bn barrels of the Cretaceous (lighter oil hopefully).
the stacked well we are likely to drill is huge.. the oil there off the tertiary is directly out of hammerhead..... the cretacious is sweet high API.. the Tertiary on joe and Jethro is different source rock totally unrelated to cretaceous.... so not contaminated below.
Possible Jethro appraisal well (tlw wouldn't have agreed to that if it was ****)
Financial statement RNS planned for this Wednesday. I guess it should be reassuring and repeat the positives..
Namibia hot property at the moment.
Intimating some good news for us 3-7 weeks.
I think it's a hold for me until TLW/Repsol well result is known. Expect before Xmas TLW said last week.
20 mil in the bank, namibia, hammerhead, I d say they pretty much are writing it off, hey but it's all about opinions
ECO is still capitalized at more than £80M above net current assets per share and at this stage only a fraction of that will be due to Namibia so the market is hardly writing off Orinduik completely. The SP is just back to where it was prior to Jethro and Joe results. Going forwards I expect 2020 drilling to focus on the SE part of the block including the Hammerhead extension and deeper Cretaceous and shy away from further drilling in the North and West of the licence. If Jethro analysis is better than expected perhaps Jethro Channel will also get prioritized. Results from Carapa will obviously have a bearing on this.
We are only talking about 2 prospects here. People are acting as if the whole of the block is heavy oil. It's like assuming the whole of the North Sea is heavy oil because there is a couple of heavy oil fields. The rest of the block is anticipated to have light oil.
4.5 Billion barrels to play for, and effectively the potentially remaining 4.35 Billion have been written off by the market because the first strike was heavy oil. It's ludicrous, and shows a lack of understanding by retail investors on the oil industry.
i know there's a lot of discussion that with Venezuela out there will be a need for heavy oil but how long will the situation there continue and is it a basis on which to make such a large investment?
Jethro flows as we know. You can take this or leave it, it makes no odds to me whatsoever, but I have just heard that it could be developed using a standalone (HEATED) FPSO with an expected $10 discount to Brent, potentially rising to $11 after IMO 2020, however demand for heavy oil is so high in the Gulf Coast that these discounts can be wiped out while Venezuela is down.
Also, the tertiary targets in Central and SE side of the block are predicted to have light oil.