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Start again.......
This link shows Global High Impact Wells for 2020, note two for Namibia, Venus1 well in the south (Orange Basin) and one in the north (Walvis Basin)
Probably the M&P PEL44 prospect
https://media-exp1.licdn.com/dms/image/C4E22AQF36oSDuMVBFg/feedshare-shrink_2048_1536/0?e=1583971200&v=beta&t=reG9wVfYxvkRcFwyXCIwHfha_0AwO0AGLRt9JWNOPz4
Unfortunately there is a fee for the full report
Here is the Azinam presentation, M&P/Azinam/Exxon said to be drilling Channel 2 in PEL44
https://www.azinam.com/wp-content/uploads/2019/04/Azinam_NamibiaOGconference_UU_APR2019.pdf
Having both Exxon and Total involved in the next two wells in Namibia, must increase the chance of success due to the resources they both have at their disposal. In turn this must increase the need for players to take positions ahead of these wells
I note from the updated Maersk fleet status report the Viking drillship is due to complete it's current contract in March. If Seapulse are to drill this year, it will be a Maersk rig, if a drillship, it will be the Viking
Marmited: "We have been contacted by counterparties".
Or, in the actual words of various RNS, "contacts have been made with counterparties". Yours is better than Jim's version, but let's stick to the facts. There is no advice from GBP that we have been contacted by, or are in dialogue with, anybody. We may have, or may be, but GBP have never actually said so. What they have said could just as well lend itself to a scenario where GBP have made approaches which have gone nowhere. I hope I'm wrong but the careful wording over several RNS makes me suspect that to be the case. My opinion of course but, once again, they have avoided saying we have received approaches or that we are in talks. Facts please.
If Jim responds I imagine the word, "drivel" will come up. If it does, as he would be repeating himself, I will do the same. Please, Jim, show me the RNS that states GBP have been contacted, or are in talks.
Well it’s always best to air on the side of caution particularly with Aim stocks. What it does reveal I guess is stuff going on in the background and hopefully someone will finally take the plunge on our assets following Brulpadda/Aptian/Regional seal.
Recent Press/Interviews point to a real hunger for assets such as ours which ‘now’ appear to be at the forefront of the next drilling/target wave and the question we have to ask ourselves by Autumn (potentially after Namibia’s first discovery?) is what the blooming eck is/was stopping one of these companies from swallowing up what we have to offer.
GBP is a share, I shall be keeping, Marmited;-
" Its primary listing is on the Australian Securities Exchange (ASX) with a secondary listing on the AIM Market of the London Stock Exchange (AIM). "
Oh I’ll be keeping hold of mine too. Just wishing the ‘will they, won’t they’ majors etc would come to a conclusion and finally progress with our prospects.
I know, I know.. patience.
The primary listing is a nice reminder, ta.
PerrySalsis - I've been thinking about your post Perry. "lend itself to a scenario where GBP have made approaches which have gone nowhere. I hope I'm wrong but the careful wording over several RNS makes me suspect that to be the case. "
The idea that experienced and well seasoned Directors such as Peter Blakey or Peter Taylor and the history as Directors of TM Oil Production which later became Dana Petroleum growing to become one of the leading UK oil and gas exploration companies and was taken over by KNOC for £1.8bn in 2010 would go around approaching various companies to take an interest in our assets is actually quite bizzare!
The board employed Stellar Energy Advisors to do just that and subsequently, way, way, way too quickly, terminated the Mandate. The big question at that time was - why on earth terminate the mandate at such a crucial point having only opened up the data room? Not even allowing Majors the time to search, study, check, cost and plan all of which (and probably more) would have to go through various departments to make any kind of decision and commitment.
Well, perhaps the reason lies with the following..
Subsequently we quickly acquired PEL 94, avoided further reduction to licence PEL 29, created (since renewed due to expiry) a still unused 10% placement capacity, joined NAMPOA rubbing shoulders with the likes of Exxon, Shell, Total, Serica Energy, Galp, ECO & Azinam (Lundin) and of course the all important NAMCOR, the main advisor to the Ministry. I would say surely a far greater chance of success exists making honey by joining the busy bees inside the hive itself? A question to ask is what changed to allow us in the club? Clearly there are advantages to be had otherwise what is the point? I would suggest the ability for each to freely 'contact with counterparties' as a minimum'?
It has been made clear time and time again Namibia is seen as the next frontier and the potential is huge. It has been reported only days ago that Shell and Exxon, both members of NAMPOA are acquiring assets. Exxon reported to be quickly upping its stake in the region. Gil stated external companies are looking for a way in.
Posted article - The Barremian to Aptian age source rocks on the Namibian margin are now recognised to be the principal source rock for future exploration drilling” - Albian-Aptian, shallow marine carbonate reservoirs are the main targets at Gemsbok, Lion, Dik Dik and Welwitschia Deep.
The Geoscience team and NAMCOR themselves state - showing the evidence for an up-dip bypass zone for the non-deposition of sediment, and/or laterally continuous fault systems that will provide up-dip trapping. - Our prospects Welwitschia Deep, Gemsbok, Lion, Dik DIk are up-dip /dip closed Structural traps with shallow marine carbonate reservoirs located at depths in the Albian-Aptian, and there are even more prospects to come!
Doesn't sound like the board are out begging to me. Quite the opposite using internal/externa
Marmited, well thought through and logical
Ugh.. ran out of space so ill post the last bit..
Doesn't sound like the board are out begging to me. Quite the opposite using both internal/external information/evidence/events.
The key point is the following, "The Barremian to Aptian age source rocks on the Namibian margin are "now" recognised to be the principal source rock for future exploration drilling".
This means is was not before. This suggests to me our prospects 'were' seen as second class and are now seen as 'first class'. It makes absolute sense for the sudden flurry of contacts by counterparties regarding a possible farm out. I do agree though that the stage at what these contacts is extremely vague however, I don't see why it couldn't be at least the same as TRP next door. We have what they are "now" looking for.
So.. fingers crossed with all to play for.
Agreed M, the game has changed with the new data and the new concept at play, brings the assets of GBP into focus
Having both Exxon and Total involved in the next two wells in Namibia, must increase the chance of success due to the resources they both have at their disposal. In turn this must increase the need for players to take positions ahead of these wells, if they want a discounted entry/increased footprint
I note from the updated Maersk fleet status report the Viking drillship is due to complete it's current contract in March. If Seapulse are to drill this year, it will be a Maersk rig, if a drillship, it will be the Viking. News of a new contract will be soon, but will it be with Seapulse ??
M it would be nice for the sp to show a bit more support to your reasoned thinking! I suppose, if it does, then the sp will be no where near 2p when the herd arrives.
We have a multitude of stale bulls who do know the potential here. It is a perfectly fair and justifiable position. Money has dwindled over the years. Not a lot was happening. Namibia fell away, Italy is Italy and been a blooming nightmare dragging out appeal after appeal.
However, there is a clear resurgence of interest in Namibia the last 2 years and it does take time. Each drill has given valuable information and now that information from Cormorant and Brulpadda is perhaps the last valuable jigsaw puzzle piece.
Contacts, further contacts and further contacts post Cormorant, post release of regional seal info, post belief of the key source rock. These contacts can be one of two things which we have never had before. We can only link the dots at this stage. It is either many different companies (we only need one) or a couple (counterparties) going back and forth many times. Perhaps a combination of both? There are ample clues without them actually saying so that GBP’s prospects are now finally on the radar.
All the dots connect neatly and form a story, but is is only guess work at this stage.
Girl’s interview was downbeat on ECO/Namibia this time round. Try to find a partner, try to farm out, attempt to formulate a plan. It has clearly moved and sounds quite a dramatic shift away from them (regarding only the drill ready Cooper block?) As I said before.. in the shallower waters do they have any prospects below the new regional seal, are the reservoirs they have attached to the new/now main target source rock?
I think the currently price is fair for what we actually know. Factual RNS farm out success is required, otherwise the oil I believe to be down there will stay down there. Success at Venus-1 or elsewhere will help dramatically achieve the above.
The board have been busy lining up the ducks, Acquired long term target PEL 94 ensuring an abundance of prospects, joined NAMPOA, Placement Capacity, avoided 25% reduction in PEL 29, working on and quickly released targets on PEL 94 and surprise surprise the source rocks/reservoirs now Being targeted are the ones we had from the start. Sounds like they know what they are doing and why wouldn’t they.. Dana case in point.
Great posts M,
However don't agree with this point ..... "I think the currently price is fair for what we actually know"
There is nothing priced in for two CPR's with over 4 Billion barrels of prospective reserves (mid case)
I think if we get RNS confirmation we are in a closed period of talks than our current value will look ridiculously cheap. Get a farm out signed off and we will look absolutely and completely bargain basement stupidly cheap. :-) just my opinion. I see the current step / risk v reward is to achieve a farm out enabling us to move towards looking at and getting the value in the ground.
4 Steps 1. Achieve farm out 2. Excitment upon drilling 3. Oil strike. 4. Live happy ever after!
Africa Energy Closed the USD 25 Million Private Placement today mainly for South Africa but I do wonder what the 'general corporate purposes' will be.
I agree, they have around $10m in escrow , $2.4m cash in addition to the $25m and their share contribution is 4.9%, room for an acquisition
Their Q3 results mentioned the placing "To finance its future acquisition, exploration, development and operating costs, Africa Energy may require additional financing from external sources, including issuance of new shares, issuance of debt or executing working interest farmout or disposition arrangements".
Slide 2
1) In addition, the Company had US$9.7 million of net cash
and escrow in Main Street 1549 to fund future exploration
on Block 11B/12B.
https://www.africaenergycorp.com/site/assets/files/144715/aec_corp_presentation_january_20_2020_pareto.pdf
More seismic acquisitions planned for this year
Here is the EMGS Q4 results webcast, slide 7 shows they have a 2020 survey acquisition planned for Nabirm as well as a multi-client contract. Vessel is the Atlantic Guardian
https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20200206_1
http://www.emgs.com
Additional detail
https://newsweb.oslobors.no/message/482094
I remember seeing an article last year. It’s to the east of PEL 37. (I think?)
Indeed it is, rather them than me ;-))
JA presenting at the , what used to be the Oil Barrel on the 18th, Cameroon related, but may have something to say on Namibia
Azinam just posted this on linkedin, but it is a year old ? They have been under the radar until now
https://www.linkedin.com/company/azinam/?miniCompanyUrn=urn%3Ali%3Afs_miniCompany%3A11861859&lipi=urn%3Ali%3Apage%3Ad_flagship3
_company%3Bfoq99eBgREmEnkb8YEkb%2Fg%3D%3D&licu=urn%3Ali%3Acontrol%3Ad_
flagship3_company-actor_container&lici=hw2HzfoOVpJQQxTIgBh4TA%3D%3D
It shows just how long these things can take. This is today's article.
http://www.oilreviewafrica.com/exploration/exploration/africa-oil-announces-completion-of-farmin-to-block-3b-4b-in-south-africa
Should add the length of time was more likely due to South Africa itself rather than down to the companies involved. Namibia is a lot more organised.