Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
They handed back the first licence areas in 2015 and took 3 years to get approval of the new blocks
The new blocks does contain some of the original licence areas, as you rightly say “cherrypicked” these blocks for many reasons, we’ll they were very well understood by the company but also due to the confirmation of a working oil-prone petroleum system (back then there was a theory that past the Walvis ridge it didn’t contain the source rock for oil to be present) in good quality turbidite and carbonate reservoirs.
The new blocks cover a very large area and are highly prospective
the presence of Albian carbonate and Upper Cretaceous and Palaeocene turbidite reservoir intervals, which has been proven by Norsk Hydro’s 1911/15-1 well, encountered oil shows in the 1911 block in the 1990s. These intervals may be found in multiple structural traps across the new licence area. These include giant (1,000 km2+) 4-way dip closured structures in the west of the licence and 4-way and 3-way fault dependent structural closures within the Dolphin Graben, which well results such as Wingat-1 indicate is likely to contain mature source rocks. Potential stratigraphic traps (associated with Cretaceous and Palaeogene basin floor turbidite systems) have also been identified within the new licences.
The giant structures in the west of the licence include two (Alpha and Gamma) which were similar in size and potential to the Delta structure to the south of block 1911, where Repsol, Tower and Arcadia drilled the unsuccessful Welwitschia well in 2014.
Significant potential has also been identified within structural closures (50 km² to 125 km²) identified and mapped across the Dolphin Graben, all of which are located directly adjacent to source kitchens. More than eight 3-way fault dependent and 4-way dip closed structural traps have been identified so far, all of which compromise of multiple stacked targets which include Palaeogene and Cretaceous turbidites (being explored for in the southern part of the basin) as well as Albian carbonates and deeper syn-rift clastics.
In addition to the structural plays outlined above, Tower anticipates that stratigraphic plays exist within Cretaceous and Palaeogene intervals in the new licence, with potential for deep-water turbidite reservoir interbedded with mature source rocks (analogous to plays being explored for by Tullow and other in the southern part of the basin). These stratigraphic plays are currently being worked on and we await update volumetrics and lead priority
Once announced expect fireworks 💥 💥📈📈🚀🚀
*Reminder*
The SP Angel research note assumes 32% farmout for $10m
If this was the case the value of njom3 on a 100% WI would be $10m / 32 x 100 =
$31.25m
TRP retain 68%
$31.25m x 68% =
$21.25m / £17m
TRP current mkt cap £3m
Some 450% upside on the value of the deal alone
https://www.towerresources.co.uk/wp-content/uploads/2023/12/TRP-2023-12-06-Initiation-Report.pdf
There after, leading up to the drill the sp should start to price in some success with it being an appraisal drill But further upside from the exploration element of the drill
35mmbbl prospect at 68%
24mmbbls net to TRP in the success case
@ $3 per bbl that’s
$72m/ £57m mkt cap
Trp £3m mkt cap
Then there is an additional 111mmbbls in other mapped leads , plus the larger deeper targets , to which no numbers in the public domain at the minute, which I’m sure will change
We also have multi billion potential offshore Namibia. & SA
We await updates on these also
All for £3m
“ The flows achieved during the well test have reached the maximum allowed limits of approximately 14 thousand barrels oil equivalent per day, positioning Mopane potentially as an important commercial discovery. In the Mopane complex alone, and before drilling additional exploration and appraisal wells, hydrocarbon in-place estimates are 10 billion barrels of oil equivalent, or higher.”
Nice 👌
Https://www.upstreamonline.com/exploration/shell-hits-oil-with-latest-probe-in-namibias-prolific-orange-basin/2-1-1629538
Namibia Exploration Alert!
Shell’s latest exploration well in the Orange Basin has found hydrocarbons. An exclusive report in Upstream reports a Shell spokesperson confirming the Enigma-1X well as a discovery. Further testing is required to determine commerciality. The well is around 15 km south of Jonker. Enigma will be the fifth discovery on PEL 39 following Graff, Jonker, La Rona, and Lesedi. Shell has also drilled the unsuccessful Cullinan-1X in the north of its acreage.
Jonker is widely thought to be the largest discovery and the focus on any initial development. Graff may follow after Jonker. Elsewhere in the basin, TotalEnergies and Galp are continuing to drill and assess discoveries on their acreage (PEL 56 and PEL 83) while Chevron is expected to spud a well on PEL 90 this year. Woodside Energy holds acreage north of Chevron and Galp’s blocks and may drill its first well next year.
Sellers market for appraisal and development
https://www.linkedin.com/posts/nventures-uk_nventures-africa-round-up-q1-2024-ugcPost-7181389675020886016-WvSj
Is a sellers market
Exploration in deep water is a buyers market , mainly for majors only with deep pockets
Thali appraisal and development is attracting more and more interest
Initial dialogue showing interest, DD by potential farmee, signing of NDA, commence discussions , multiple commercial negotiations
All with multiple parties takes time
We are in a strong position to get the required finance completed in the near term ready for summer drill
GLA
A lot of companies have been talking to us about the Walvis”
💥💥💥
😍😍😍
😎😎😎
🚀🚀🚀
💰💰💰
hTTps://www.towerresources.co.uk/wp-content/uploads/2023/10/Namibia-offshore-understanding-the-petroleum-system-in-the-Walvis-Basin-AEW-Oct-2023-final.pdf
1mins 48 secs
hTTps://www.youtube.com/watch?app=desktop&v=bEGhb16GnkE
its worth noting that Alpha structure could potentially be larger than Venus discovery
venus structure is 600sqkm
hTTps://www.youtube.com/watch?app=desktop&v=kgH_0mEZ7zQ
alpha 850 - 1200sqkm
slide 9
hTTps://www.towerresources.co.uk/wp-content/uploads/2023/10/Namibia-offshore-understanding-the-petroleum-system-in-the-Walvis-Basin-AEW-Oct-2023-final.pdf
"The main oil seeps that have higher repeatability are recognised adjacent to the Dolphin Graben and are located above existing prospects and along the main migration pathways verified by Tower’s recent basin modelling work"
hTTps://www.linkedin.com/posts/duncan-rushworth-44b3415_namibia-walvis-oilseeps-activity-7125770416555483136-aBDw?utm_source=share&utm_medium=member_android
Oil seep study
Clement Blaziot posts on LinkedIn
He carried out a satellite oil seep study on Galps block
hTTps://www.linkedin.com/posts/cl%C3%A9ment-blaizot-297192129_namibia-africa-namibia-activity-7046514333035429889-tdIx?utm_source=share&utm_medium=member_android
which has recently confirmed an oil discovery
hTTps://www.offshore-mag.com/regional-reports/africa/article/14303512/galp-finds-more-oil-in-namibias-orange-basin
hTTps://www.linkedin.com/posts/cl%C3%A9ment-blaizot-297192129_namibia-angola-africa-activity-7161736967372685312-WjEy?utm_source=share&utm_medium=member_android
now with him carrying out TRP oil seep study offshore Namibia,
hTTps://www.linkedin.com/posts/cl%C3%A9ment-blaizot-297192129_namibia-africa-energy-activity-7076950945380585472-s_fV?utm_source=share&utm_medium=member_android
with clear results, highlighting the oil seeps clustered right above on top of the structures in our licence area
Understanding the Active Petroleum System in the northern Walvis Basin
hTTps://www.linkedin.com/pulse/understanding-active-petroleum-system-northern-walvis-rushworth-qp7ye?utm_source=share&utm_medium=member_android&utm_campaign=share_via
Big big structures
Multi Billion bbls potential prospects
Gas chimneys
DHI's
hTTps://youtu.be/9l1RyD5Sjqo?si=Mx9-Vcn04g2QkFtT
Now oil seeps clearly clustered sat right ontop of the structures
Indicating a working hydrocarbon system
Interest is high ... as now confirmed in the public domain
Namibia is in play
TRP £2.5m mkt cap
note the traps on the flanks are NEW leads so more potential …
the licence area is highly prospective ..
and growing with more potential all the time
Once updated volumetrics and leads announced , the company will no doubt confirm discussions with a number of companies who are interested
Confirmation drilling July
Drilling on Namibia's Walvis basin to follow 3D seismic
Cameroon goes a little bit under the radar compared to some of its neighbours, but it has a very good stable government, and an excellent straightforward petroleum code," Asher said in a wide-ranging interview.
"So, we have all the advantages of one of the most prolific production basins in West Africa and we also have a very attractive, supportive stable regime."
Thali license
Tower Resources, which is also present in Namibia and South Africa, plans to drill its first appraisal well on its Thali license -- home to a historic TotalEnergies discovery -- in July or August, having contracted the Norve jack up rig. Tower holds 100% of the Thali block and recently saw its exploration license extended through February 2025
"The purpose of the NJOM-3 well is both to test the existing reservoirs that were already intersected by the original TotalEnergies discovery well, and also to test the other potential reservoirs on the structure. It is both an exploration and an appraisal well," Asher said.
The AIM-listed company is targeting 18 million barrels of recoverable contingent resources, and a further 18 million barrels of prospective resources in the south of the structure.
"The prize on this well is already substantial, and it will open the door to our then drilling three further wells [in Q4 2025]. We intend to bring all four wells into production at once, drilling all four from the same location but deviated into different parts of the structure including an extension of some of the reservoirs," Asher said.
"If all goes to plan, we could reach first oil by the end of 2025, subject to a follow-up rig being available and our getting the financing for the next phase of work in good time."
Asher said the company was using a production base case of 8,000 b/d. "That is a lot of production and a lot of cash flow immediately for the company, so would be quite transformational for us," he said.
https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/oil/032524-interview-uks-tower-resources-eyes-8000-bd-of-oil-from-2025-with-cameroon-campaign
Just a £2.75m mkt cap with near term catalysts Cameroon & confirmation multiple interested parties In Namibia
With multi billion bbl potential
Crazy value with off the chart blue sky potential
Crazy,
Njoni structure is just 1 of many structures offshore Cameroon, the potential could be billion bbl potential
Ref Njoni - Total’s main discovery well was close to the edge of the structure, and the seismic quality wasn't great at the time
TRP have reprocessed with 3D and identified addotional reservoirs , so the forthcoming Appraisal drilling is in the optimal location to appraise the initial discovery but will also test additional reservoirs which are visible on the 3D seismic, but werent present at the edge of the Njonji structure where NJOM-1 was drilled by TOTAL
After NJOM-3, the next well, in addition to being a production well, will also test some reservoir layers that are connected to the original discovery wells, possibly containing a further 30 million bbls.
There are also other structures identified on the license which have not yet been drilled, so they are exploration opportunities, but could be quite substantial (over 100million bbls) and once Njomi is in production then we will have a window when we can drill exploration wells in those other structures and recover costs from our Njonji production.
Then there are much deeper prospects which currently have no numbers on potential in the public domain but are turbidite and sandstone exploration plays are analogous to giant fields such as Alba and Zafiro which are on trend within the same basin
So the overall potential offshore Camerron is very significant
The SP Angel research note assumes 32% farmout for $10m
If this was the case the value of njom3 on a 100% WI would be $10m / 32 x 100 =
$31.25m
TRP retain 68%
$31.25m x 68% =
$21.25m / £17m
TRP current mkt cap £3m
Some 450% upside on the value of the deal alone
https://www.towerresources.co.uk/wp-content/uploads/2023/12/TRP-2023-12-06-Initiation-Report.pdf
There after, leading up to the drill the sp should start to price in some success with it being an appraisal drill But further upside from the exploration element of the drill
35mmbbl prospect at 68%
24mmbbls net to TRP in the success case
@ $3 per bbl that’s
$72m/ £57m mkt cap
Trp £3m mkt cap
Then there is an additional 111mmbbls in other mapped leads , plus the larger deeper targets , to which no numbers in the public domain at the minute, which I’m sure will change
We also have multi billion potential offshore Namibia. & SA
We await updates on these also
All for £3m
I believe when the rig contract was announced, more interest reached out to TRP
So additional discussions and numerous commercial meetings required over last few months
Delay doesn’t necessary mean bad news…
More interest more time required to get the best deal
Shouldn’t be too long now
And I’m super excited to hear Namibia volumetrics and lead priority
GLA
Https://www.globenewswire.com/en/news-release/2024/03/14/2846635/0/en/PEL-83-Exploration-Campaign-Update-4-New-Significant-Light-Oil-Discovery-Successful-Appraisal-at-Mopane-2X.html?trk=feed_main-feed-card_feed-article-content
Namibia will be huge for TRP £3m
Volumetrics & lead prioritising update soon
Then confirmation of talks with multiple companies
💥💥💥
Ttps://www.towerresources.co.uk/wp-content/uploads/2023/10/Namibia-offshore-understanding-the-petroleum-system-in-the-Walvis-Basin-AEW-Oct-2023-final.pdf
1mins 48 secs
https://www.youtube.com/watch?app=desktop&v=bEGhb16GnkE
its worth noting that Alpha structure could potentially be larger than Venus discovery
venus structure is 600sqkm
https://www.youtube.com/watch?app=desktop&v=kgH_0mEZ7zQ
alpha 850 - 1200sqkm
slide 9
https://www.towerresources.co.uk/wp-content/uploads/2023/10/Namibia-offshore-understanding-the-petroleum-system-in-the-Walvis-Basin-AEW-Oct-2023-final.pdf
"The main oil seeps that have higher repeatability are recognised adjacent to the Dolphin Graben and are located above existing prospects and along the main migration pathways verified by Tower’s recent basin modelling work"
https://www.linkedin.com/posts/duncan-rushworth-44b3415_namibia-walvis-oilseeps-activity-7125770416555483136-aBDw?utm_source=share&utm_medium=member_android
Oil seep study
Clement Blaziot posts on LinkedIn
He carried out a satellite oil seep study on Galps block
https://www.linkedin.com/posts/cl%C3%A9ment-blaizot-297192129_namibia-africa-namibia-activity-7046514333035429889-tdIx?utm_source=share&utm_medium=member_android
which has recently confirmed an oil discovery
https://www.offshore-mag.com/regional-reports/africa/article/14303512/galp-finds-more-oil-in-namibias-orange-basin
https://www.linkedin.com/posts/cl%C3%A9ment-blaizot-297192129_namibia-angola-africa-activity-7161736967372685312-WjEy?utm_source=share&utm_medium=member_android
now with him carrying out TRP oil seep study offshore Namibia,
https://www.linkedin.com/posts/cl%C3%A9ment-blaizot-297192129_namibia-africa-energy-activity-7076950945380585472-s_fV?utm_source=share&utm_medium=member_android
with clear results, highlighting the oil seeps clustered right above on top of the structures in our licence area
Understanding the Active Petroleum System in the northern Walvis Basin
https://www.linkedin.com/pulse/understanding-active-petroleum-system-northern-walvis-rushworth-qp7ye?utm_source=share&utm_medium=member_android&utm_campaign=share_via
Big big structures
Multi Billion bbls potential prospects
Gas chimneys
DHI's
https://youtu.be/9l1RyD5Sjqo?si=Mx9-Vcn04g2QkFtT
Now oil seeps clearly clustered sat right ontop of the structures
Indicating a working hydrocarbon system
Interest is high ...
Namibia is in play
TRP £2.5m mkt cap
Once the volumetrics and priority of leads announced , the company will no doubt confirm discussions with a number of companies who are interested in farming in to our licences
The next 6 months will be transformational for the company
The difference is they’ve drilledin the orange basin where as no wells been sunk in the WB for many a years ..
but that will change as the work TRP have done … has really generated exceptional results
the basin modelling, migration pathways
oil seep survey
Adding it to the new data from the recent wells all demonstrates a working hydrocarbon system in the WB
Back in 2010 there was much less data - less seismic and fewer wells , So the decision to drill Welwitschia did look like a good choice at the time
The results from the recent basin modelling have confirmed the dolphin graben appears to have generated large volumes of oil which appear to have migrated W, NW and NE, but it appears that relatively small volumes would have migrated SW towards Welwitchia.
So that would explain why, especially in the absence of a charge from the Aptian source rock, the syn-rift source rock from the Graben would probably not have reached Welwitschia, explaining why they well was dry,
Even what may have migrated in that direction from the graben would probably have first encountered structural traps on the flanks of the structure.
Therefore the basin modelling has provided an explanation why we did not encounter oil at Welwitschia, despite high levels of oil generation and migration paths to other structures to the W, NW and NE, and when your new model predicts a negative which was correct, then this is also confirmation for the model moving forward is good indicator
It's clear the structures have a number of DHIs, oil seeps, clear migration pathways ,potential to be mutli billion bbl especially, the alpha and gama structures which are huge in size but recent discoveries in the OB have also highlighted the potential of the stratigraphic traps located on the flanks located close to the source kitchen and on the migration pathway , so these will be charged first, work is ongoing to confirm volumetric and to also prioritise leads