The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
#UPL #Saouaf More photos of Friday's formal licence award.
https://twitter.com/_amnesic/status/1145283314087071745
(and where there's a video camera, there's usually a video to be found)
https://www.facebook.com/TelvzaTVOff/videos/344898222843938
The licence was formally awarded on Friday
Dr Steve Staley of @Uplandtweets received formally #UPL's full exploration permit for the #Saouaf block on Friday, from Tunisia's Minister for Industry & Director General of ETAP, the state's O&G company.
Progress on seismic work or farm-ins required this in place.
Photos in my tweet ==> https://twitter.com/_amnesic/status/1145266860050587648
Tunisia announced it will extend its gas transmission network from Tunis into NorthWest regions, in 2 phases, by 2020 & 2022.
This greatly expands infrastructure & markets close to UPL's Saouaf block as it develops ~2TCF of natural gas resources.
Not forgetting the new gas driven power stations coming online in the next 2 years this
190km+ of pipeline will develop local demand (where gas sold at premium prices) as well as easy access to piepline all around the block. The timing couldn't be better!
http://www.tunesienexplorer.de/2019/05/24/siliana-start-des-projekts-zum-anschluss-an-das-erdgasnetz/
I've put up an illustration with my tweet ==> https://twitter.com/_amnesic/status/1145255614571896832
Upstream article (for subscribers)
https://www.upstreamonline.com/live/1813642/malaysia-a-golden-opportunity-for-gas-woodmac
also found it here... https://pastebin.com/6Pi7QEVa
Lev, you know very well what my point was. ;o)
At most, a handful of days will show if I was right or wrong. In the meantime, chill to some warm and positive vibes https://www.youtube.com/watch?v=NZPJI2xGwkM
Hi cp, hope all's well with you.
To my recollection, I've not posted any "confidential" info here, only stuff available/given publicly. I frequently link sources or source material, but occasionally think it better not to draw attention to some. I thought this source probably reliable and the info plausible, given my original post.
Upstream article re Petronas Malaysia 2019 licensing round.
https://www.upstreamonline.com/focus_editions/1801592/malaysias-licensing-under-wraps
Some salient points summarised here... https://snag.gy/JtTj32.jpg
Rouind closed late-April. Now tech reports due in before 28-Jun
Malaysia’s Petronas is Looking Near and Far for Gas and Oil
https://www.spe.org/en/jpt/jpt-article-detail/?art=5299
A couple of weeks old, but some interesting points, inc: [Petronas'] "primary goals is to turn Malaysia’s large inventory of contingent resources into proved reserves. The company has worked “to intensify exploration activities in Malaysia,” and it’s seeking to bring more partners into the fold"
Possibly. But not you, eh, lev. We'll never see you succumb to such negativity! ;o)
Overall, we've had neutral price movement over 1 month, and 2. Price holding like RDSA & BP., unlike many junior explorers during the crude price fall.
With churn at less than 0.2% shares/day it would take more than a month to cycle 5% of shares - not exactly droves.
https://youtu.be/j91ST2gtR44
The parliamentary commission will tomorrow (Monday 17-Jun-2019) grant preliminary approval to convert UPL's prospecting permit to an exploration licence.
This suggests that contracts have been thoroughly reviewed and are perceived to be in good order! A very significant step leading to the PM being able to issue a decree for UPL's Saouaf exploration rights (and agreements with ETAP) to be enshrined in law.
Additionally, the ministry director affirmed "great expectations" for all the geographical sites (licences) reviewed and together with a handful of others under review last week "will reinforce the national production of hydrocarbons".
Tunisia HC contracting process flow illustration ==> https://snag.gy/UC4JVT.jpg
Often it is interesting to look over things again!
Did you notice that Blackwatch's CPR leads map showed 16 structures, but their volumetrics only quantified 13 of them?
12 gas to 1.96 TCF
1 oil (implied to be SNJ) to 42 MMbbl
I wonder what became of the others. By area, they don't look small/insignificant.
Illustration at ==> https://twitter.com/_amnesic/status/1140159375723679744
Petros' scope may be extending further offshore.View against this https://snag.gy/K0fQBh.jpg
https://www.theborneopost.com/2019/06/09/four-sarawaks-boundaries-have-been-altered-unconstitutionally-and-illegally/
And further investment to capitalise on future growth of O&G production in the region
https://www.thestar.com.my/news/nation/2019/06/10/cm-oil-and-gas-complex-will-boost-development-in-sarawaks-north/
CM: "We want to participate in the exploration and extraction of oil and gas in Sarawak and engage in upstream and downstream activities,..."
First oil flowed at Hardstoft 100 years ago, yesterday, after discovery on 27 May 1919. It was Britain's first onshore oil field.
As I was passing, I took a short detour off the M1 to visit it yesterday. The land owner there very kindly gave a short tour with lots of interesting anecdotes. Oil still seeps from the well head and there's a strong whiff of gas there too!
Picture and info at https://twitter.com/_amnesic/status/1136925801427943424
6.75MMbbl prospective resources remain and production cost estimates are US$30/bbl.
Multiply your shareholding by 0.00288 to work out how many barrels there are yours! If your answer is 30,000+ barrels, then that's more than the nodding donkey pulled up there Hardstoft-1's entire life! (1919 -1946)
Geological Society info about the site https://www.geolsoc.org.uk/Geoscientist/Archive/March-2016/Hardstoft-Britains-First-Oilfield
Recent Optiva Securities' analyst coverage of new UK licence offers to UPL
http://uplandres.com/wp-content/uploads/2019/06/Upland-Resources_UK_North_sea_update_5_June_2019.pdf
RNS
https://bit.ly/2Z6ldv8
including....
The UK Oil & Gas Authority ("OGA") yesterday announced the results of the UK's 31st Offshore Licensing Round. The offer of award of Innovate licences over the areas is in each case to Corallian Energy Limited
The Moray Firth area attracted many bids, including successful ones from Chevron and Equinor
IMF South
Within the IMF South area, Block 12/27 (split) contains a substantial prospect located updip of a gas column intersected by well 12/27-1 (drilled by Burmah in 1982 and 1983) in Middle Jurassic Beatrice Formation sandstones. The well flowed 9.5 MMscfg per day on a 40/64" choke from a 14m interval at 1,109m MD. The tested gas was almost pure methane (98.6%) but the reservoir was also oil stained. Corallian interprets the structure drilled by 12/27-1 to have been oil charged to structural spill and to have spilled updip to a series of tilted fault block closures on the Central Ridge culminating in a gas cap which has a DHI (direct hydrocarbon indicator) amplitude anomaly.
This Dunrobin Prospect covers 33.6 square kilometres and has a Pmean prospective recoverable resource of 187 MMboe. The smaller Golspie Prospect, a separate fault block also updip of 12/27-1, covers 4.2 square kilometres and has a Pmean prospective recoverable resource potential of 21.5 MMboe. The primary reservoir intervals for both prospects are sandstones of the Beatrice Formation and Dunrobin Bay Group as intersected in well 12/27-1 where reservoir quality is good to excellent. Corallian estimates the geological chance of success for the Dunrobin prospect to be 34%, and the Golspie prospect to be 43%, with the main risks being cross-fault seal and oil preservation at shallow depth.
Within Phase A of the Innovate licence, the joint venture must complete 3D seismic reprocessing and make a decision to drill or drop the licence within 4 years.
Rough cost to UPL on 1st yr of licence will be around £5,400
(that's £15/km2 x ~900km2 x 40%)
"Low commitment" - see posts 7/8 May re costs & licence durations & phases. Some existing recent 2D + 3D seismic to reprocess under Phase A. Shooting new seismic classed as Phase B activity.
New blocks in Inner Moray Firth South
4 diagrams in my tweet ===> https://twitter.com/_amnesic/status/1135892922736480256
Well 12/27-1 an undeveloped discovery at NW border.
Wells in north of 12/27 block less successful. 2D seismic & 3D reprocessed circa 2014.
The newly awarded blocks seem to cover up dip areas S & SW of 12/27-1.
Maturity models at: http://nora.nerc.ac.uk/id/eprint/516743/1/21CXRM_Orcadian_BasinModelling_Vincent_CR16036N_FINAL.pdf
He should do, city.
If we are part of any winning bids it would be of some significance. If we are not, then whilst of limited significance, it should probably be noted anyway at some point fairly soon as our participation was flagged in the previous RNS.
Looks like there may have been some competition in Moray Firth. Corallian may not have won all they went for, in which case it may take a little while to prepare news release, especially if they intend to include some initial guidance on prospectivity. Perhaps some time later to be followed up with a CPR based on any existing seismics or other geological reports on the relevant blocks.