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Thanks for the weblink, here it is in full:

Benkhadra to SNRTnews: "Larache gas could be used for electricity production"

2022 has been a positive year for the energy sector in Morocco. Off the Larache offshore Lixus permits, the presence of "an accumulation of good quality gas at the level of the Anchovy-2 well" was detected. In an interview with SNRTnews, the Director General of the National Office of Hydrocarbons and Mines (ONHYM), Amina Benkhadra reveals the details.

SNRTnews: What are the specificities of Lixus Offshore?

Amina Benkhadra: The Lixus offshore permits, covering an area of ??1791 km², are located off Larache, and were granted to ONHYM and to the British company CHARIOT OIL & GAS on May 30, 2019. This zone represents the extension offshore from the Gharb Basin which produces gas. It is 38 km from Larache, 75 km from the Maghreb-Europe gas pipeline (GME) and 87 km from the city of Kenitra.

What phase is the drilling process currently at?

Drilling work began on December 17, 2021, reaching a final depth of 2,512 m on December 31, 2021. Since then, other work has been carried out, namely logging measurements and taking samples in the borehole.

What's the next phase?

Many works will be carried out according to a precise schedule. In addition to the assessment and certification of gas resources, the next phase is to complete the reservoir simulation studies by integrating the data collected from the Anchovy-2 well, launch the detailed engineering studies with the studies of environmental impact and studies of the installation of pipelines for a final investment decision.

Why was this discovery deemed "encouraging" by ONHYM?

The term "encouraging" was used in view of the results obtained from the preliminary interpretation of the data which confirms the presence of an accumulation of good quality gas at the level of the Anchovy - 2 well, over a net thickness totaling 100 m spread over 6 zones, varying in thickness from 8 to 30 m for each zone.

Can we have an estimate of the potential discovered?

The data collection operations on the well have just been completed and will be analyzed. The integration of all the results and their interpretations will make it possible to assess the gas potential to be developed in this area.

How could this discovery meet the needs of the local market?

The discovery could be intended for the production of electricity via the supply of power stations of Kenitra, Mohammedia, or Tahaddart and to various industrialists in the area of ??Kénitra.

How long will the current phase last to be able to decide on a production possibility?

The start of production is scheduled for the end of 2024.

Thanks LB,
Will take a look.

Good morning all,
I joined you guys (and gals) here on Monday after reading the Anchois-2 results (was considering buying in on Monday morning in any case after much research over the weekend, but the drill results made the decision for me).
Now I am struggling to find any detailed info on the web as regards the Anchois-1 drill results (gas/water locations etc)?
If anyone can point me in the right direction it would be appreciated. Thanks

And relist on:
Successful completion of takeover
or
Failure of takeover for what ever reason.

Hi Dai,
What normally happens is the shares get suspended on a RTO, due to the takeover target company/investment being of a higher value.
Hope that makes sense...

Just to add my pennies worth here, if I have read the FinnCap Broker's note correctly, the 85p target price is based on an oil price of US $60/bbl, so conservative target considing Brent this morning is trading at $79/bbl. Plus I believe that the Chad oil trades at a slight premium due to its sweet oil grading.
Then on top of that we have the income stability from the oil pipeline, that adds that extra bit of certainty to the business going forwards.

Well that's how I view this oil company, with much credit is due to Zengas, MT and many others on this board. With Thanks and your hard work is truly appreciated.

Headlines from new FinnCap note below, with target price of 85p:

Savannah more than doubles its scale in Africa For investors concerned by the extended suspension of Savannah’s shares: fear not, it has been worth the wait. Savannah is acquiring both ExxonMobil and Petronas’s oil businesses in Chad and Cameroon for up to US$700m and has raised US$65m gross via an equity placing to help fund the transaction. The assets being acquired are highly cash generative, meaning the cash outlay come completion in mid-2022 is expected to be just ~US$330m. These deals will transform Savannah into a significant West and Central African regional oil, gas, and midstream player. We estimate they will treble EPS and boost CFPS by 37% in 2023, and raise Savannah’s 4-yr average FCF yield after all debt servicing to 16% at US$60/bbl Brent. Our pro-forma risked-NAV rises 37% to 85p/sh.

JSE news this morning, including this part related to the rig:

The Skua-11 workover also took longer than anticipated due to the need to replace the subsea tree, while a downhole component failed to function at the later stages of the Skua-10 activity. However, the Skua-10 workover operation is now practically complete, with the Montara subsea wells currently shut in to facilitate the rigging down and hook-up of the Skua-10 well and safe departure of the rig.

https://www.lse.co.uk/rns/JSE/operational-update-u71xxawqltll05n.html

Thank you Milcait, very informative.

Direct link, as per Milcait post,

Carnarvon Energy
28 Aug 2017

Buffalo resource 31 million barrels (2C):
https://www.carnarvon.com.au/wp-content/uploads/2017/08/1706384BR.pdf

Try this link for the Proactive Investors one2one virtual forum, takes you straight to Advance Energy only:

https://youtu.be/TmymOhlAKIE

Competent Persons Report - Buffalo

https://www.advanceplc.com/media/1092/risc-cpr-buffalo-23mar2021b.pdf

5.4. Project Risks (page 40)
This re-development project is based on re-mapping of the reservoir with the crest of the field and larger oil
column east of the original development. RISC is confident of the re-mapped crest to the east, and that the
planned appraisal well will find updip oil. The amount of recoverable oil has been quantified in the 1C to 3C
range. However, there remain a 10% probability of an outcome worse than 1C.
Appraisal well results will provide an update to the most likely resource volume and is expected to narrow
the 1C to 3C range.
Development is economic with current 1C, 2C and 3C resources. Development is expected to proceed after
appraisal provided the appraisal outcome is not worse than 1C (~95%), acceptable commercial arrangements
can be secured with facility (FPSO, MOPU, FSO) owners (95%) and the joint venture partners can secure
development funding (95%). RISC estimate the probability of development to be 86% (95%x95%x95%).

For anyone that may be interested in the risks associated with the upcoming drill

Indonesia, the world’s largest exporter of power station coal, has raised its monthly coal benchmark price by 14.5% for September due to robust demand, the country’s Energy and Mineral Resources Ministry announced on 6 September.

https://www.google.com/amp/s/capital.com/amp/indonesia-raises-monthly-coal-price-benchmark-by-nearly-14-in-september

News

From memory, the Jade prospect area lies in water depths of 340m to 600m.

Empyrean Energy
has huge upside if
Jade well comes in,
says Cenkos
https://www.proactiveinvestors.co.uk/companies/news/958837/empyrean-energy-has-huge-upside-if-jade-well-comes-in-says-cenkos-958837.html

Hi spudton,
That seems to be the company line still, but share price has not reacted favourably so far.
It has caused a bit of skepticism thus far.

Although Gaz Bisht via Proactive did mention that they are in discussion with two other small companies (guessing some sort of farm out) as an alternative.
https://www.proactiveinvestors.co.uk/companies/news/957392/empyrean-energy-maps-out-path-to-spudding-of--world-class--jade-prospect-957392.html

Will be interesting to see any share price reaction to any official news (RNS) regarding booking of drill rig.

Hi Zombi3 and others that may be interested,
The latest Cenkos Report is available as a free download from the Cenkos website, you just need to register first.

Part 3
Cenkos report

We currently model FID at Mako South in 2022, with development commencing in 2023.

ï?® Valuation In the event of a successful discovery at Jade our risked valuation of the Pmean resources at the Jade prospect would increase from 9.9p to an estimated c.41.8p. Fully unrisked (the point at which there is 0% risk of the field entering commercial production) our valuation increases to an estimated 83.7p.
As identified above, there is a distinct possibility that Jade could be “filled to spill� and therefore close to the P10 oil in place number of 395mmboe. Using the P10 oil in-place volume we value a commercial discovery at Jade at an estimated c.67.8p, increasing to an estimated c.135.7p unrisked.

Part 2
Cenkos report

The warrant structure puts the Company’s destiny largely into the hands of shareholders, whilst avoiding any unnecessary dilution, given that any asset sale may not settle before drilling starts.

Should the placing warrants and replacement warrants not be exercised, Empyrean would need to identify alternative sources of funding, which could include the entering of joint venture arrangements or further direct equity funding, or a combination of these alternatives.
ï?® A Well To Watch The Jade prospect is one of the most exciting prospects to be drilled by a junior oil and gas explorer this year. Jade is a four-way dip closed carbonate build-up encased in marine shale, situated updip and proximal to a number of CNOOC oil discoveries. The prospect is estimated to contain 225mmbbls of gross mean oil in place, with Empyrean assigning the prospect a 41% geological chance of success (GCoS).
With the exception of one field (which is 90% full) all of the CNOOC discoveries situated along the migration pathway to Block 29/11, and the Jade prospect are “filled to spill�. As such, the CNOOC discoveries have often been close to their P0 or at the very least their P10 oil in place volumes. In the P10 case, the Jade prospect contains 395mmboe of oil in place.
A comprehensive oil migration study, completed in June 2018 interpreted that the Jade prospect was potentially filled from at least two different migration pathways. Whilst analysis of the 3D seismic data from over the nearby LH 23-1d-1 oil discovery has helped confirm the potential “fill and spill� pathways to the Jade structure from the LH-23-1d-1 discovery.
In May 2019, comprehensive analysis of the 3D seismic data also revealed the presence of well-defined gas clouds above the Jade prospect. Gas clouds have been effectively used as an exploration tool in many geological basins (e.g. North Sea, Gulf of Mexico), leading to the discovery of significant amounts of oil.
Subsequent to the gas cloud study, post stack seismic inversion work confirmed the potential for a world-class carbonate reservoir at the Jade prospect. Analysis of the seismic inversion data confirmed that the Jade prospect had the potential for a world-class reservoir, with porosities between 20-30% and 1 Darcy permeabilities.

ï?® Across the Portfolio In Indonesia, following a highly successful appraisal drilling campaign in 2019, Gaffney, Cline and Associates confirmed the Mako gas discovery as one of the largest gas fields ever discovered in the West Natuna Basin, with a 2C contingent resource estimate of 495Bcf. A heads of agreement with a gas buyer in Singapore is already in place, ahead of the conclusion of a gas sales agreement (GSA), before a final investment decision (FID) to develop and commercialise the field. On the execution of a GSA and an FID we would expect the 495Bcf of 2C contingconverted into 2P reserves.

Continued...