The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Yes, I last asked you in spring. I'm not on here to convince you of anything..? I am an old fashioned investor who looks forwards not a 10% / 10 min trader. Pleased you don't see me as a ramper! as you point out... who is there to ramp too? I welcome contrarian views as I know it can protect my wealth. But, yours to date have been emotional hits at individuals. You do have an interest here.. you keep popping up as soon as someone new posts.
Have you? I'm merely pointing out that, despite all your posturing (although you're not as bad as Jim) for months on end, nothing has happened. I see nothing in what you and Jim say that makes me believe anything worthwhile is on the cards.
I've certainly asked Jim more than once about his timescale. According to him, success has been just around the corner for months on end. You can't really even be called rampers as you mostly just talk between yourselves.
I have asked more than once....
Could you point out where I am factually wrong then Perry rather than emotional criticism?
Jim I remember it well. Companies like Tower had nothing but a high risk promise and frontier acreage and were trading at £200mm mcap. Now you can drill the same wells for 30mm and they are at £3mm mkt cap. This industry is nuts. So are you mad to get back in or mad not to at these prices?? Rhetorical..
Us shale is now a complete disaster ( more losses there) so unless you want BP for your pension pot this area looks attractive again.
You're an optimist Geowiz, daring to question the Jim/Mar narrative. The fact that the management here have done nothing for years (apart from pay themselves well) is irrelevant. Jim has been promising jam tomorrow for a year or more (40p anyone?), so I wonder what's happened there. I did ask Jim a few days ago what his timescale actually is but that fell on deaf ears.
To all intents and purposes this board is simply a dialogue between Jim and Marmited. If your take on the situation differs from theirs you might as well save your breath. They may even be the same person.
Above the regional seal prospects drilled appear to have suffered secondary migration. ineffective seals/traps.
Some over-pressure data - regional seal
1911/10-1: 1392 psi overpressure in Aptian carbonates at approximately 4000mSS
Wingat Oil Discovery: Overpressure in Aptian at approximately 5000 mSS
Kudu Gas Field: Barremian reservoir 1600psi overpressured at approximately 4400 mSS
Exploration needs to hit targets below these over pressured depths.
The current model/concept has only been realised since the Brulpadda discovery at the start of this year
The wells near Welwitschia are not even in the same blocks, these blocks are massive and many times bigger than N/sea blocks. 1911/15-1 is closest and had oil shows (can be seen on the company website)
Tower pulled out of the Welwitschia well, because of peak drilling costs, the well was already at $110m due to a re-spud and many operational malfunctions and mishaps associated with a new drillship drilling it's first well. A decision was taken to pull out after it was estimated to take another $40m to reach the deeper targets. New data would have made that target even deeper than thought back then, so hindsight says it was the right decision
Ok so definitely some oil in this part -that’s got to be good news . And the water is not as deep here so what’s the issue? Oil back at $90 might help if they can hang on that long
1911/51-1 had no reservoir... therefore no oil accumulation..
Ummmm... Well 1911/15-1 had Oil shows in Aptian carbonates...
Also shows the two wells right next to our block, 15 and 10 went below the alpian and found nothing??
So why would we expect any different? It’s probably the reason Tower didn’t bother drilling deeper. 3 duff wells in and around the block has to be bad news. Looks like there is a higher concentration of failed wells here than anywhere else in Namibia so selling another well is going to be a serious challenge I think, particularly after the Tullow duster. I Can’t see it has a chance. There has to be some key reason the Majors are staying away from the Walvis high?
11 December, 2019
Maersk Drilling signs up Halliburton and Petrofac for the Seapulse exploration drilling programme
https://www.maerskdrilling.com/news-and-media/press-releases/maersk-drilling-signs-up-halliburton-and-petrofac-for-the-seapulse-exploration-drilling-programme
Namibian news due soon from Seapulse and Azinam ?
Also shows how our licences are up dip..
Brilliant find J!
This is a great diagram showing the wells drilled in Namibia and the depths in relation to the Aptian shale seal. This shows how fantastically short the Welwitschia well of reaching the now perceived target. This is the new concept Total will be testing in the Venus 1 well
https://www.linkedin.com/company/envoi-limited/
From that link this company drilling in Q1 onshore Namibia
https://reconafrica.com/
Namibia Quickly Emerging as Africa's Next Oil Hot Spot for Majors
https://www.prnewswire.com/news-releases/namibia-quickly-emerging-as-africas-next-oil-hot-spot-for-majors-300971091.html