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i think news will come in 4-6 months and the rerate will take us to 8p~, still a great entry price, but i rather wait to see where the omicron will take the markets, could be some great near term opportunities.
Couldn't resist these lows, topped up with twice my original holding.
Could'nt resist at these lows should be close to bottom.
Back up to 10p in the new year.
Ive restarted Tucking a few more WTE away, and some Eco...
Still think we have a little further to fall .Finger is on the trigger remember NAV is 10p per share.
https://oilnow.gy/featured/exxon-has-found-an-average-of-1-7-billion-barrels-of-oil-per-year-in-guyana-since-2015/
"Exxon expects to be operating 10 oil production units in the coming years to develop the resources it has found so far at Stabroek Block. Aggressive exploration campaigns are also planned at the adjacent Kaieteur and Canje blocks next year that could potentially unlock several billion more barrels of crude."
Buys are more than sells yet down 4.73%???
I get less than 8p/BOE on a 2U basis net to WTE at the current SP. That figure would be cheap for an exploration tiddler with nothing but wildcat licences in totally unproven areas with low COS prospects, no partners, no drilling plans and no cash. Remind me what WTE has again? World's best oil company as partners, world's best exploration acreage right next door, no funding requirements, drill plans for up to 24 wells. Am I the only one that thinks the current low SP is completely and utterly bonkers?
Thanks Harel.
Here is the bod's respond to that subject-
"I suspect it will take a bit of time for the operator to process all the rock & fluid sample data and digest the most recent Canje and regional exploration well results and implications for the prospect inventory - before the new drilling plans emerge."
You are right in regard to the time line, but both total and exxon were bullish about sapote and bonboni which were independant from bulletwood and jabillo and probably had many follow up targets.
Surely Exxon will have been integrating the results from the whole area on an incremental basis so they should already have done a lot of the analysis and target selection based on prior wells. I don't see Sapote altering wider Canje drill plans much as as it was targeting a new depositional setting on the edge of the block. More likely it may mean they will drill elsewhere on block first whereas they would probably have followed up closer to Sapote had they made a substantial discovery. The fact they have so many wells planned and only 3 years to drill also suggests they don't want to hang around.
Kaieteur- update by march, drill by december.
Canje- reading between the lines from discussions with the bod, after 3 dusters they will need to re analize their targets, that will take time.
Is sapote would deliver then they could drill Q1 for sure.
Doesn't Exxon have to update on Kaieteur drill by March? EPA docs show Jan 2022 for Canje drill start and April for Kaieteur.
Basically the hope is that there is commercial oil, and lots of it, with it only being a matter of time before Exxon finds more. The fear is that the commercial oil is all in a band that doesn't run through our block. Time will time which one it is.
Youll have enough time to buy, i believe news of the next well can take up to 6 months
Thanks for the head up Don. Should I set my limit buys at 6.25p then. ;)
My thoughts exactly Celtics. As you say, it confirms the extension of the petroleum system to the north and in a fairly material way as 16m of 26 API is none too shabby. We just need a bigger footprint. Tanager-1 discovered 65 MMB and it sounds like there was something in certain levels at Sapote too so they need to refine models and pick the next targets. Total is our partner on Canje and Orinduik so all data should feed though to target selection there too.
What we now know from Apache RNS is that Bonboni discovered 16M net oil pay (25 degrees API) in a single Maastrichtian zone and importantly the well confirms extension of the petroleum system to the north.
Since Total are a JV partner at Canje, I would expect this well result to be incorporated into the broader dataset of step out wells conducted and guide the next well target on Canje.
Eco Atlantic presentation provides mention that there a multiple billion barrel prospects on Canje block.
While the WTE share price is down, if one is prepared to be patient across next 2 years there could be some significant returns.
thanks,
Celtics.
I'm very interested in the area of Canje that is north of Haimara as the golden lane running from Stabroek to the Block 53 Slonea-1 discovery appears to go through this area. Exxon has a prospect directly west of Haimara in Stabroek which touches the boundary of our block as does Haimara and it will be interesting to see if the drill this soon. I also wonder if they will identify a prospect for drilling just over the block boundary in Canje when they update us on drilling plans. That would get me very excited for WTE and ECO. GLA
I'm guessing they haven't crunched the numbers. WCAT, which has a tiny net current asset position and appears to have no real discernible projects added more than 1.5 times WTE's entire market cap today on a consultancy appointment, yet WTE is ignored. It's embarrassing. Some people clearly do no research whatsoever.
In the primary Maastrichtian and Campanian objectives, the well hit water-bearing reservoirs.
In the Maastrichtian target, the well hit 16 metres (52 feet) of net pay in a single zone, consisting of low-GOR, 25-degree API black oil.
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However the aerial extent of the pay zone was not sufficient to support a commercial development, according to statements by Apache.
Tracey Henderson, Apache's senior vice president of exploration, said: "With the critical elements of reservoir and charge now proven, our focus turns to integrating well data to prioritise the numerous exploration prospects we have mapped in both blocks 58 and 53.”