Investor update19 Feb 2020 12:45
pity about the further delay which will prob mean the SP stays in a range between 0.4p and 0.6p for another while . but plenty of positives from the update as follows
80% chance of success for the 18 million barrels appraisal - rare to see COS at over 65%
8000 boepd if brought online might mean TRP retaining 50% so achieving 4000 boepd would prob justify a mkt cap of 40 million+. Trinity Exploration produce 3000 boepd net and mkt cap is 33 million. Jadestone energy who have a serious management team , operate a relatively small mature oil field but are valued at 320 million and are at about 14,000 boepd
Njonji is only the beginning - the remaining prospective resources on the block add up to 110 million barrels from 4 or 5 other leads. Then there is deeper stuff
the Deep Toe thrust Anticline is shown on the cross section on page 21. the Cross sectional diagram through the Idenao lead showing a potential 1000m deep anticline is fascinating as I for one am familiar with the CEOs previous role in another Oil microcap. The anticline looks well defined
Farm out discussion with a number of parties - Perhaps its the deep prospectivity show on slide 21 at < 2000m ( Zafiro / Alba play ) that is of interest to one party rather than the appraisal opportunity at shallow depth
Alpha and Gamma are very large in surface area. Delta is with GBP now i understand. 1 Billion barrels + in each
360 million barrel resource lead on the slope part of license - usually minnows get the near shore stuff but the particular shape of this license allows TRP to access the outermost targets with the Majors. ( See Guyana for example - the Prospects furthest out go to Exxon , Total , Apache while Eco and CGX get the smaller leftovers nearshore )
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