Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
After writing the last post I found the following (2011) figures for seismic processing:
https://texags.com/forums/57/topics/1767085/0
"For seismic processing, $800 / sq. mi. for 3D and $400 / mi. for 2D would be ballpark prices."
Stumped now as although we have 11,000 square kilometres, but what percentage of that requires processing?
So Choje may be worked up from a lead to a prospect, but they still have to carry out $350,000 worth of re-processing of existing data.
Any thoughts when either of these could be completed - and are they a necessary prerequisite to a farm in?
Just thought - if they are placing this work with external consultants (assuming they do not employ full time seismic data analysts) then let's say four analysts at $1500 per day = 58 days. Just grasping at straws, I know. Just trying to get some idea of when there will be any farm in news.
No mention of BPC in Malcy's blog today.
Strange - I would have thought 100% in 24 hours would be worth a mention...
So, as I see it, there will first be a period of reprocessing existing data:
"Both the Albian carbonate and Upper Cretaceous sandstone plays are currently being worked up further, both in the Licence and in Global's adjacent Licence PEL0094. Further details will be released when work has been completed."
So when this has been completed GBP will use this to add more credibility to the existence of its prospects, and an oil company (who we hope is waiting in the wings) will then carry out a farm in covering both licence blocks (PEL0029 and PEL0094).
Following the farm in, 3D seismic (funded by the oil major) will be gathered on both blocks and drilling will take place sometime after that.
Presumably they have just only started the reprocessing today (no point starting earlier as there was uncertainty regarding the licence situation), and only after this work will a farm in happen.
Is this a fair assessment of where we are?
If so, has anyone any idea how long this reprocessing will take? Weeks, months?
Also, will the oil major have to wait like everyone else for the 'Data Reprocessing Complete' RNS, or will they have privileged access to it, enabling them to announce a farm in on the same day?
All thoughts welcome
Converts to $50,000, near as.
Just saying.
There has been no denial from BPC of the statement by the attorney general, which was posted here over two hours ago.
I think it would have been shot down by now if it were untrue, so presumably they are working on the 'in final negotiations with an oil major' type RNS.
Well, itlooks like this it is it!
Have topped up and now sitting tight!
BPC have got to issue an RNS soon - looks like their hand has been forced.
At very least they should say 'we are in advanced negotiations with a major oil company' etc.
That would move the SP to around 6 - 7p
An actual announcement of a deal - more like 15 - 20p
Exciting times!!!
Good luck all!!!
Found it:
http://www.globalpetroleum.com.au/operations/namibia and then the 'Geology' tab.
I must be missing something Jim - from this link you provided I cannot find any reference to Osprey:
http://www.globalpetroleum.com.au/#tabs1-geol
I see that BPC have had some good news today - a few weeks after the SP was driven upward for no apparent reason.
Last Fri we had almost 500,000 buys (if you include those listed as sells - all my buys have shown up as sells in the past), another 150,000 bought mid-week and no significant selling.
Then we had the 'trade sideways' signal yesterday (if you believe that sort of thing).
So - if the buys last week were by people in the know, could we be looking at an RNS next week?
Market Makers signalling!
http://www.pennystockdream.com/Market-Maker-Signals
Trade for 400 just gone though.
Someone feels confident to lay out £2000...
Marmited,
Were you a geologist in a former life?
Hmm.
Now thinking Friday's uptick was possibly due to Tower Resource's (TRP) rise
Don't think this has been posted before...
https://www.petroleum-economist.com/articles/politics-economics/africa/2018/namibias-exploration-drive-goes-on-despite-setbacks
Namibia's exploration drive goes on despite setbacks
Drilling success remains elusive, but Namibia’s offshore is on the map once more for explorers
Namibia has no proven oil reserves, having been largely shunned by regional explorers over the years in favour of better-established hydrocarbons plays, such as its neighbour Angola. But the impact of a higher oil price and lower drilling costs means Namibia's upstream is finally getting some serious attention from drillers... (more in article)
After the rise last thing Friday, it will be interesting to see if there is any follow on action on the ASX, which opens in a few hours from now.
Perry,
Please come and post on the board again.
Since you posted, your first since last Dec, the share price has increased by 7%!
Cheers,
BlackBat
https://www.newswire.ca/news-releases/africa-oil-announces-significant-discovery-and-opening-of-new-petroleum-province-offshore-south-africa-805299945.html
The Company looks forward to following up this success with its upcoming drilling programs in Guyana and Namibia. The Guyana block will be the focus of a multi-well drilling program in May by Operator Tullow and will test the updip extension of the major discoveries in the Starbroek block made by Exxon, now estimated to contain over 5 billion barrels of oil. Africa Oil will gain exposure to this play through our 19% holding in Eco. The Venus well in Namibia, which the Company has exposure to through our 30% interest in Impact Oil and Gas, is planned to be drilled later this year by Operator TOTAL.
4% spread.
Unusual - usually it is between 20 - 40%
Quarterly Report on Thursday.
Let's hope for some news or at least a hint of where we are going!