The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
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This was Maersk back in January
Regional hopes
"The company hopes that the uptick in drilling activity elsewhere in the region will bring it further business. "We certainly see Senegal and Mauritania, as well as Ivory Coast, Equatorial Guinea and Namibia, becoming hotspots going forward too," Durkin says.
https://www.petroleum-economist.com/articles/politics-economics/africa/2019/maersk-drilling-eyes-african-prizes
A 25 bagger would easily retire me, not much to ask ;-)
25 bagger is just under 34p from here, XEL went from under 2p to over £4 with one well
Those XEL numbers are staggering, all we need is for a Major to make us an offer that we can't refuse & then life gets very interesting in this micro cap.
For me, my focus has been on the Board of Directors, Peter Taylor & Peter Blakey are very interesting guys, I might be wrong but I think Global Petroleum could be their swansong.....we shall see.
GLA
Agreed IV, the Peters have been their before, as part of the team with Tom Cross (current GBP Shareholder) when they sold mid/cap Dana Petroleum
The other bonus here is the small free float and over 40% tightly held by the directors. This share can move very quickly when driven by news. Even if we have just 15% interest after farming out, for cash and a free carry, this will add millions to our M/cap. However since our original farm out mandate with Stellar, the game has changed and we have this deal x 2. We are now farming out PEL29 & 94, both of which have the potential , normally only reserved for Super Majors
Eco after farming out, have 15% of a discovery in Guyana, currently their M/cap is over £200m
GBP Director Shareholdings
I think Peter Hill has 12 million share options, as at 26 August 2018 he owned 2,744,472 shares. Once the 12 m share options are exercised, there will be c. 215 million GBP shares issued. If you add together Peter Taylor's, Peter Blakey's & Peter Hill's (incl. exercised options) shares, they will combined own 44.75% of GBP outstanding shares. I have not included Sandra David's 6,845,660 because she is not a director of GBP but if you do add those shares to those held by the Peter's, it means that combined they could own (if the 12 million share options are exercised) 47.93% of GBP shares, this clearly does include shares owned by other GBP Directors.
I'm very happy about this, why? Because my interests are perfectly aligned with their interests.
Here is an announcement from Seapulse farming into Azinor in the N/sea earlier this year
Azinor like AziNam are all part of the same group as Seapulse
The same model will be repeated with AziNam and who ever their partners are
https://lnkd.in/fMaVdZh
In the Walvis basin and essentially totally undrilled Luderitz Basin though, there is now also clear evidence that many of the historic wells were drilled above the Upper Aptian Shale, which appears to be over pressured and could be acting as a seal. Equally interesting is the fact that the few wells drilled below the seal in the right parts of these and the Orange Basin to the south all found hydrocarbons where the wells encountered any reservoir. New wells that will test this concept will almost certainly result.
HTTP://www.frontierenergy.network/ceos-picks/2019/5/22/mike-lakin-managing-director-envoi-limited-at-the-africa-eampp-summit-london
AziNam "Brulpadda confirms source rock is extensive in the region and capable of filling world-class reservoirs; Aptian source throughout the region"
Great research - reinforces why the Majors are in offshore Namibia, they know there's oil there. The holiday season is coming to an end, so it won't be long before the oil executives get back to work and crack on with drilling plans & negotiating farm outs.
Jake Greenberg Chief Commercial Officer at Enerjen Capital
"Congrats to our friends at Seacrest Capital - founding investors at Eco Atlantic.
Seacrest used PGS's $5bn seismic data library to acquire a global portfolio of O&G prospects, and have since created enormous value for investors in companies like ECO (Guyana), OKEA (Norway), and AZINAM (Southern Africa)."
Didn't realise Seacrest were the founding investors of Eco and probably why they have a close relationship and AziNam still has a shareholding, which has substantially grown in value
The above must put the Seacrest group of companies and the Lundin group (Eco/AziNam/AEC/AOI/Impact) as competition to any Major interested in PEL29 & 94.
Another point of note is that, TRP still have not come forth with funding as yet for their Cameroon campaign. Is their situation related to Namibia
The interest builds by the day ;-)
This is an interesting link and clicked on Africa for location
"Senior Electrician
Namibia Platforms & Jack Ups September 1, 2019
Our client are looking for an experienced Senior Electrician with previous
Drillship rig experience for their Drillship in West Africa. Suitable candidates
must hold a valid and in date OGUK Medical, FOET/BOSIET and COMPEX."
HTTP://atlasprofessionals.com/
Can't see it being any other rig than the Maersk Viking ...commencing 1st September imo
I asked a question yesterday regarding said rig and was told today "Watch this space"
Here is another ad for an Electrician, but with rope access and this time for Nikham Offshore who are providing the drilling service and maintenance of the West Eclipse Semi-sub currently in the Walvis Bay
I predict two rigs in play very soon
Nikham Offshore
Nikham Offshore
5,399 followers
3w
We are seeking to fill below position.
Rope Access Electrician with COMPEX
Start Date: Immediately.
Location: Offshore - Namibia
All necessary certificates to be up to date for position, valid for 6 months.
Please email CV to personnel@nikham.com
Only Shortlisted Candidates will be contacted.
#ropeaccess #joblisting #electricians #offshore #personnel
Looks like the Namibian offshore drilling season is about to commence.....exciting times !
We have highly experienced oil executives at the helm of Global Petroleum who, in my opinion, know how to negotiate oil deals.
GLA
Agreed, 1st September for the Maersk Viking, been told to watch this space regards the MV, so could be waiting on approvals ahead of commencement and announcements
The West Eclipse of course could be taking people on for maintenance reasons, but I expect it will be in play as well
There is another rig arrived last night the new West Bollsta, which is contracted to Lundin for ten wells and four option wells. It is meant to be heading to Norway, so probably a bunker stop
https://www.oedigital.com/news/469358-speedcast-to-supply-comms-for-west-bollsta
It does beg the question...What is it going to do in the next 7 to 8 months? It doesn't take that long to get to Norway!
The rig is brand new and may require the mentioned coms installation ahead of the contract
Lundin have been partners with Total in the recent S/Africa discovery through Impact and AEC both Lundin backed and Total/Impact have the up coming Venus well in Namibia this season
Time will tell what rig they use
Yep. Probably just traffic passing through Walvis Bay and onwards for the comms fit out.
They told me the website would up and running in a couple of weeks.....that was first week in May
Seapulse website has just gone live, so has the expected teething problems and am sure there is more info to be added in the coming days
https://seapulse.com/
Ah, finally. Be Interesting to see some detail soon hopefully!
Agreed, am sure the details are ready to up load, just final approvals etc or final negotiation details to be complete
I have never seen a drilling campaign on this scale been left this late to announce. It strikes me as possible there might be a few unexpected plans
Just shows BPC has a M/cap of £40m on the strenght of a LOI on a rig and no firm plan to fund it
If we sign up a farm in deal for two wells we will go through the roof, we also have the added value that the Majors are already here and about to start drilling.
Our M/cap should be much higher due to the potential for a deal now we are in talks and for a potential discovery from the Majors to reduce the risk on our blocks.......GBP cannot be ignored much longer imo
I can see Totla's Venus-1 is due to spud this quarter in block 2913B. Are there any other wells due to spud this year or early next year in Namibia?
Starting 1st September through to Q1 there are around 8 wells to be drilled not including options or follow on wells
Exxon/M&P/Azinam/Seapulse we are expecting up first with two wells
Eco/Azinam/Seapulse PEL30
Total/impact
Shell/Kosmos
Exxon /Galp
The Maersk Viking is currently in the Walvis Bay preparing for 1st Setember and the West Eclipse looks to be in the mix as well
Big thanks Jimarillo. That's a surprising number of wells. Looks like I have a lot of research to do this evening.