George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
Off Namibia, Serica and its partners — state-owned Namcor on 10% and local player Indigenous Energy on 5% — need a partner to fund an exploration well with an estimated dry hole cost of some $30 million.
In return, the operator is offering one or more parties “a material share” of its equity, said an Envoi flyer, adding that the current licence period runs until December 2019 but does not contain a commitment well.
Serica has already acquired 4179 square kilometres of 3D seismic in the southern part of the 17,000-square kilometre licence.
Interpretation of these data has identified Cretaceous shelf slope and platform carbonate plays that big oil has been chasing in the Walvis basin immediately to the north and where Tullow Oil will drill a well in September.
Serica has so far mapped six prospects and leads with the four main closures holding a combined mean resource potential of more than 2.5 billion barrels of recoverable oil.
Cretaceous source rocks have been identified.
Prospects B and F are drill ready with the former described as a very large Lower Cretaceous carbonate platform structure with a recoverable resource potential of 700 million barrels.
However, Serica wants to first drill prospect F due to the presence of a seismic direct hydrocarbon indicator and because it is located in a water depth of about 500 metres.
This Lower Cretaceous structure has recoverable resource potential of 200 million barrels.
https://www.ft.com/content/ea2bd724-140c-11e5-abda-00144feabdc0 a good read for aim investors/gamblers
ignore the rampers and dont put any money in here unless you are prepared to lose it. if the well comes up dry what have they lost ? if anyone invests in chariot based on what these hypers write on here you deserve to lose your money AIM stocks are for gamblers and idiots. i like a gamble and i have a punt in a share based on a hunch that it might be a good bet and im going to put a few hundred quid more in this crapper based on the fact this well will be in an area where there is a working petroleum system ie the WINGAT well drilled by HRT
https://www.youtube.com/watch?v=PcSQ4M4buBI this well must have produced a ton of oil by now