We would love to hear your thoughts about our site and services, please take our survey here.
@Erebus55 - "Let’s seem what is said at 11am"
Trawled through all the posts this morning - no link to any notice of press conference etc.
I don't think this is the announcement we were waiting for - this is just a rehash of what we already know.
I would have thought an official announcement from the Namibian government would involve quotes from ministers etc
Its been 9 working days since the half a billion placing shares hit the market on 21st Jan.
Surely we have churned more than one billion shares - we have had massive volumes every day since then - and yet the share price barely moves from one day to another!
6 million buys have gone through in last 15 mins
We don't know the result of the Venus-1 drill yet, the official announcement on Graff-1 is not due till 4th Feb, so I can only assume that all this buying is due to people who have got wind that the the Cameroon farm-in is about to happen.
Fingers crossed!
Was two separate 6 million buys.
Buy now catching up with the sells in volume.
Venus-1
Spud: 1st Dec
Time to TD:60 days
Est date of TD: Sat 29th Jan
From Tower website, dated Nov 2018:
Initial Exploration licence - 4 years till 2022
Initial Exploration Period could be extended ("in appropriate circumstances") for another year till 2023
Tower option for First and Second Renewal Period of two years each till 2027
https://www.towerresources.co.uk/operations/namibia/?cn-reloaded=1
"The new Petroleum Agreement is structured to comprise an Initial Exploration Period of four years (which may be extended to five in appropriate circumstances), followed by options for the Tower and its partners to enter a First and Second Renewal Period of two years each. The work programme for the Initial Exploration Period comprises regional play fairway evaluation and acreage high-grading activities including CRS mapping, sequence stratigraphy, sedimentology and basin modelling, geochemical, gravity and magnetics analysis, 2D/3D seismic interpretation and mapping, and petrophysics and well failure analysis, based on a data base build comprising:
Acquisition of 5000km of existing 2D seismic and relevant well data;
Analysis and, if necessary, reprocessing of existing 2D data;
Acquisition of at least 1,000 km2 of 3D seismic data;
Acquisition of oil seep satellite data and piston-coring reports."
Presumably, once we have churned about 1 billion shares since the Shell announcement, we can be fairly confident that the overhand has gone?
That's a rough estimate of the value of the oil reservoir that Shell has found.
Obviously they are not going to extract 100% of it as oil, but it gives some idea of the figures involved.
And I don't think they would be describing it as significant if it wasn't just that.
So what's on the cards now?
Farm in or take out?
Given the above figures why bother doing a farm in to get a percentage of a major oil field when you could just spend a 100 million dollars or so and get the whole thing?
Exciting times!
I've been waiting years for this to happen and can hardly believe they have actually struck oil!
GLA
Graff-1
Spud: 13th Dec
Time to TD: 45days
Est date of TD: Weds 26th Jan
Venus-1
Spud: 1st Dec
Time to TD:60 days
Est date of TD: Sat 29th Jan
Looks like Graff-1 will hit target depth (TD) next Weds.
For some reason there is no information that I can find regarding Venus-1 'Time to TD', so cannot estimate end date of that drill. Anyone know what it is?
Graff-1
Spud: 13th Dec
Time to TD: 45days
Est date of TD: Weds 26th Jan
Venus-1
Spud: 1st Dec
Time to TD:??
Est date of TD:??
3:1 buy to sell ratio today on good volume - and the price remains the same....
Massive placing cuts share price by a third - and then we have a incredible number of buyers coming in (if the trades indicator on LSE can be trusted), which makes almost no difference to the share price!
Can anyone explain what is going on?
Cheers,
Looks like ECO played a blinder! Takeover announced hours before Shell announces oil strike!
Would have thought this will have some effect here tomorrow, once the herd arrive!
This map shows the Azinam acreage better:
http://www.azinam.com/pel-30/
The latest acreage map, from Jan 2020 - Show TRP, ECO and Azinam holdings:
https://www.namcor.com.na/wp-content/uploads/2020/06/Lic_Map_01112019-Received-22012020.pdf
It indicates that interest in offshore Namibia is increasing as ECO (with Namibian offshore acreage) has taken over another oil company that also has acreage assets offshore. In addition, the company acquired has assets are located relatively near those held by TRP
Surprised no-one has flagged this up:
https://www.lse.co.uk/rns/ECO/strategic-acquisition-73hb3kijgrqawml.html
Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX - V: EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, announces today that it has signed a Memorandum of Understanding ("MOU") to acquire 100% of Azinam Group Limited ("Azinam") (the "Acquisition"), including Azinam's entire offshore asset portfolio, in return for a 16.65% equity stake in the enlarged Group on completion of the Acquisition.
Azinam has assets in both Namibia and S.Africa
Don't understand how they could have off-loaded almost 13% of the company without issuing an RNS!
I suppose that is AIM for you!