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The oil finds continue and why i beleive we'll find multiple new discoveries. Also what price a farmin for Savp with 5 discoveries made, 140+ targets (significant number drill ready), substantial seismic conducted etc compared to what Delonex paid for a 3 well committement and seismic for $35m cash/$65m spend and substantial future payments given the high COS in the area.
3-10-2019
Privately-owned explorer Delonex Energy has made four oil discoveries in Chad’s frontier Termit basin and will begin drilling appraisal wells next year to also target a deeper, higher potential play.
“In the last year, we have drilled six exploration wells and have made four discoveries — these are exciting times,” said Lorna Blaisse, senior exploration geologist at Delonex, at the Africa E&P conference in London this week.
A possible export route could open in 2021 when a pipeline due to take oil from Niger’s Agadem basin to Benin’s coast is set for completion.
Block H abuts the Chad-Niger border and is immediately adjacent to the oil-rich blocks controlled by China National Petroleum Corporation and Savannah Petroleum in the Agadem basin.
Delonex gained control of Block H in late 2017 by acquiring Bermuda-registered United Hydrocarbon.
Delonex has identified three oil plays in the block — two Cretaceous and one Tertiary.
The Tertiary reservoirs are fluvial, deltaic and lacustrine in nature, said Blaisse, with porosities over 25% and permeabilities up to six Darcies permeabilities “in very quartz-rich sands with minimal clays”.
Delonex — headed by chief executive Rahul Dhir — has found mature Cretaceous source rocks right across the block and at many levels and with a total oil content of up to 20%.
The real intrigue for us,” said Blaisse, “is porosity preservation in over-pressured Cretaceous shales, a play which has the potential to open up huge new reserves in the basin and a broader variety of deeper traps.
https://www.upstreamonline.com/weekly/delonex-makes-four-oil-hits-in-chads-termit-basin/2-1-682041
I posted 2 years ago re Delonex farming into United Hydrocarbons blocks in Chad by acquiring their subsiduary UHCL Chad Ltd for $35m cash, plus $65m minimum spend which included 2D and 3D sesmic and drill 3 wells (over a 2 year period).
https://www.delonexenergy.com/2017/05/10/delonex-energy-enters-agreement-with-united-hydrocarbons-for-a-significant-exploration-and-appraisal-programme-in-chad/
Deal was closed in late September 2017.
$35m was paid on closing, plus $65m committed spend plus $50m additional to be paid if first oil achieved.
United Hydrocarbon (seller of subsiduary) to get 10% and 5% royalties from 2 of the blocks as long as oil is never below $45/b for more than one continuous quarter.
https://www.delonexenergy.com/2017/09/22/delonex-announce-closing-of-transaction-with-united-hydrocarbon/