Member Info for D220

Thanks to Presciousmaj on iii:- "Galp farms-down 40% in Namibia PEL 82 to ExxonMobil Galp informs that it is in the process of farming-down a 40% participating interest in the Petroleum Exploration License (PEL) 82 in Namibia to an ExxonMobil subsidiary. Following the conclusion of the transaction, both Galp and ExxonMobil will hold a 40% interest in the license, and Galp will maintain the operatorship. The National Petroleum Corporation of Namibia (NAMCOR) and Custos, a local Namibian company, each hold a 10% stake in the license. The license is located in the Walvis basin and covers an area of 11,444 km2 in water depths ranging from 300 m to 2,000 m. The transaction conclusion is subject to satisfaction of customary conditions precedent, including the approval of the relevant competent Namibian authorities."

Let's hope this one can ADD shareholder value rather than destroy it...

Thanks to preciousmaj on iii: ''As we mentioned earlier, activity is expected to increase in the coming year. It would appear that Tullow Oil will start the drilling campaign in the Walvis Basin in August 2018 with the drilling of the Cormorant prospect in PEL 37. According to Tullow Oil�s partner, Pancontinental Energy, this prospect has gross mean prospective resources of 124 mmbbl. Although modest compared to some prospects in the region, this could prove to be play opener and so de-risk more exciting potentially larger prospects. As we mentioned earlier, this licence is due south of Cooper licence and is thought to have a similar style prospect to Eco Atlantic�s Osprey prospect. As such, success would materially de-risk this prospect. After Tullow Oil�s well, the rig is expected to pass to Chariot Oil & Gas who plan to drill will in the basin to the south of the Wingat-1 well. The first well will drill prospect S which NSAI (Netherland Sewell & Associates) estimates gross mean prospective recoverable resources at 459 mmbbl of oil with a potential follow up well on prospect W if the first well is successful. Prospect W is estimated to have gross mean prospective recoverable resources of 284 mmbbl. Royal Dutch Shell and Total are also looking to drilling further south near to the Kudu discovery. Royal Dutch Shell is expected to start drilling at the end of 2018 with Total following up in 2019.''

NKOTB - on what basis do you think Rhum 3 will produce at 26k boepd? R1 and R2 produce 27k boepd between them....! Dont get me wrong, I would be VERY happy with that but think we should be realistic...

No Steven, NOT net! We have 50% of Rhum and of that 50% we pay 60% of net income to BP this year, dropping to 50%, 40%, 40% in subsequent years.

Some are not patient enough to wait for all the upside on offer here....

In many ways I would be happy if Serica are NOT involved in the Namibia drilling programme later this year. We could end up being materially de-rsiked without having to spend anything or part with any share of our licences. We have plenty of other stuff to be getting on with! Tullow's blocks are well to the North of ours but Chariot's are closer so if they can get a partner maybe they will strike? Would not be good if BP partner CHAR rather than us...

I cannot find any indication of what Rhum 3 might produce. However, by extrapolation, R1 and R2 were producing a total of 27k boepd at the time of deal. so maybe assume that R3 would be around 12k boepd? We have 50% of Rhum so another 6k or so to us (40% payable to BP during 2018, then 50,60,60...) If that is even close it is a big deal to us.....

Time will tell but I am sure there are talks going on. Tullow plan to drill this year and I am sure Chariot are in discussion with other parties too.

Looks good to me. OK, Erskine production was lower than hoped in 2017 but we already knew that. Rhum 3 activity looks promising as does preparation for Rowallan.....

dunderhead - yes the 30% income loss is as long as Erskine is not producing, so if as you say, it is out for a month, the annual loss will be 2.5% - all else being equal. So fairly insignificant!

Looking much livelier now - news imminent?

Thank heavens we are no longer a one trick pony! Yes, shame they didnt take the opportunity to soften the blow with a general update....

How much will we go down today?

Buying at 18p now. More anticipation of good drill results but not great volume so certainly no leak.

Had to buy real shares instead: 50k at 17.39p

FWIW, IG wont let me open a new position online - close only. They must think it is a one way bet from here.....!

The closing of the deal mid '18 is just a formality IMO, unless an 'unknown' unknown strikes! And TCW's comments in the Chairmans Statement certainly suggest that the dealmaking is not yet over! "We felt that a significant transaction would also have the added benefit of creating increased financing capacity and scale, thereby boosting the range of new opportunities open to us"

Check your figures guys. This IS good, but bear in mind that SQZ 'only' get 40% of the BKR production this year, 50% the year after and then 60%, before we get it all. BP gets the rest, so talk of 21,000 bopd is misleading....

Mav, I have been saying the same for weeks - given the volume traded since the BKR deal, I find it incomprehensible that someone hasnt gone over the notification threshold. UNLESS they are being very careful and using proxies to keep below the radar.......