Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
Something to think about...
Once T14 completed and as per July presentation, expectation is for horizontal drilling from the vertical wellbore.
Horizontal drilling will access more of the reservoir , we know the reservoir is upto 120m thick but the area of closure has been mapped to 3400 acres , so if Google is correct this is an area of 3709m x 3709m
https://www.propertycalcs.com/area/acres/3400
Please review the following link ,item C , increase the length of payzone
https://geology.com/articles/horizontal-drilling/#b
This will ramp up production, multiple times that of vertical well produces
As per timeframes , first oil is a quick turnaround expected in the next 6 months
Once into production, we will be cash generating !
No more dilution to shareholders
from the current mkt cap there is huge upside to the forecasted aggressive production numbers , the plan looks to quickly drain the reservoir by production from horizontal drilling...
Item B on the below link
https://geology.com/articles/horizontal-drilling/#b
Potentially could ramp production multiple times
Forecast for corcel to be producing net 000's bopd
Very cash generative
think they'll also re-enter the old producing wells, sidetrack from the vertical wellbores to drill horizontal wells, these to have multiple branches off to intersect the reservoir to create numerous production lines , 2 or 3 per well
to significantly ramp up production from the historic 7 producing wells as well as the 2 new wells just drilled
"Something to think about.... 8m vertical well,peak production 12,580bopd....
Horizontal drilling to access thousands of metres of reservoir....what flow rates ?
Something to think about ...
Something to think about
"The Tobias field constituted 12 historic vertical wells, and Corcel and the operator believe that a revised interpretation of the existing structures along with the application of modern drilling and completion technology, including potentially adding sidetracks or horizontal drilling to the Field Development Plan ("FDP") will lead to a higher Original Oil in Place ("OOIP") figure recognized in the reactivated field and subsequently more producible field resource potential."
We await the ITR on Guercif which will inclideMOU1,3,4
Interesting note previously relating to MOU1 & 2
"However MOU-2 and MOU-1 rigless testing could potentially confirm continuity of the Moulouya Fan over an area of 30km² to support a case for the higher end of the net contingent gas resources to the Company of 708 BCF, as defined in the independent SLR Consulting Ireland Ltd. ("SLR") Competent Persons Report ("CPR"), (February 2020 and January 2022 "MOU-4" updated). If this were the case the Company would not hesitate to initiate a corporate transaction to monetise shareholder value. In the current climate gas assets attract a significant premium as they can contribute to security of energy supply and the Energy Transition to help stabilise the near-term cost of energy."
hTTps://www.lse.co.uk/rns/PRD/mou-2-well-preparations-pmp0ttqce6p22hb.html
We know MOU3 exceeded all expectations
Whilst MOU4 extended the mou fan
ITR Guercif
Ph1 testing
T&T workovers
Ph2 testing
Jurassic drilling
Mou2 drilling
Mou3 NW drilling
Mou3 SW drilling
What an exciting period 💥💥
FD today provided an update to their research note on PRD and reiterated "35p target price"
lets look at the detail...
the basis of FD 35p target sp is based on Risked NAV 37.6p ....
MOU fan 294.8BCF /$146.3m
Middle sands 319.5BCF/$72.2m
Jurassic Nutech (2m) 36.3BCF/5.5m
Total 650.6BCF/$223.9m/37.6p "risked"
Now the interesting bit..... unrisked...
so testing, 2 phases...
Ph1 due to commence in approx weeks time, ph2 there after..
What is 650BCF worth once flow tested ????
a staggering $1242m/208.6p
you can buy today for 12p
on top of their unrisked upside on a succesful flow test FD commented on the potential upside to the Jurassic, which we have potential drilling to follow the 2phases of testing...
they estimate the following...
126skm structure
RF 80%
20m net sand
605BCF GIIP
484BCF recoverable
As they rightly state 20m could be low as we are
hunting for 200m, but even so they offer further upside of $590m or 99p, with 360BCF net to PRD
making a total price target unrisked of 307.6p
based on the info to date, one could argue there is more than 650BCF net to the company which offers further upside..
"The opportunity"
208.6p on successful flow test to prove up 650BCF net "fully funded" to commence in a week
307.6p on appraising the Jurassic and finding 20m net sand, 10% of the estimated gross reservoir.."fully funded" to commence after testing April/May
T&T
Ireland
in for free
Link to FD note via LinkedIn
https://www.linkedin.com/posts/danielf4_pedator-oil-gas-jusassic-gas-play-confirmed-activity-7085150928319729665-sbst?utm_source=share&utm_medium=member_android
Oct7, 2020
15mins onwards...
"This is the best prospect I've ever seen in 44 years in the business and thats because of its commercial attractiveness, its cheap drilling, its geology first and foremost and I think Im in a position to say that because Ive been involved in Libya, Ive been involved in Argentina, Ive been involved in Colombia, Ive been involved in Abu Dhabi over 44 years and I have never ever seen anything where I can spend two and a half million dollars and get a TCF of gas two kilometres from a pipeline with good geology that Im very, very comfortable with and that's why Im a 20 percent shareholder ,this is a fantastic opportunity, its risk reward is unbeatable."
https://www.youtube.com/watch?v=_EX-YlrQWnY
Was PG correct ?
Results todate
Mou3 was to appraise the MOU fan but also test the shallower targets
The MOU fan is mapped to an area covering 30sqkm+..
P50 295BCF was based on 19m of sand
But drilling confirmed 43m
The resources likely to be P10 or more
the shallower targets ...
predrill...
MA/TGB6 sands were deemed to be 6sqkm structure but based on data points they now can map it to 58sqkm structure
Also 5 sands were encountered with an overall thickness of 11.5m where as pre drill again on P10 basis was 10m
So P10 or more but the structure also confirmed x9 the size
The excitement is clear to see
"In particular the Ma Sand potential has been enhanced over a wider area with the possibility of a larger gas trap being effectively sealed covering up to 58km². The shallow gas potential of MOU-3 has exceeded all pre-drill expectations."
lets look at what we have so far
MOU 1 - 10m & 12m
MOU 3 - shallow 11m & 11.5m & 43m MOU fan
MOU 4 - 50m & 12m & 2m
total 151.5m ..
MOU4 also confirmed the MOU fan extends further ..
10-12km , so potentially extra 33-40% in terms of area which wasn't allowed in the figures...
so we could be looking at 850BCF+ in the MOU fan alone
shallower i estimate around 376BCF
but now 50m in M1 sand in shallower target MOU 4 where non was expected, we don't have any info on this in terms of area, but 19m for the mou fan over a an area of 30sqkm was 295BCF P50, add in MOU 1 , MOU 3 shallow shallow targets, probably as a guesstimate
1.5TCF net to PRD ??
The licence area is the equivalent of 60 North seablocks ..
So far we have barely scratched the surface..
Just 50sqkm explored of a potential 5000sqkm grabben kitchen..
The whole basin is charged
Morocco offers a once in a lifetime opportunity...
onshore low operating costs
no tax for the first 10 years
5% royalty after 10bcf
Not long to find out on the numbers !!
"Planning is underway based on a provisional drilling window in April/May."
......large mapped seismic closure of 126km2.
potential to add significant resources on top of the pending resource estimate for MOU1,3,4.
MULTI TCF upside in the success case
A successful well may create a new potential gas market (gas-to-power) if the scale of the opportunity for the MOU-4 NE structure is realised.
RNS 24th Nov
https://www.lse.co.uk/rns/PRD/exercise-of-share-options-loan-to-develop-asset-i7kshsmrfhyafjd.html
"The Company believes that a target gas production profile of 150 to 250 mm cfgpd will be required in order to create the potential for winter-focussed gas sales of surplus Moroccan gas into the European markets"
150-250mcfgd - gross revenues c$876m - $1.46bn per year
"Discretionary appraisal/development drilling is provisionally scheduled for H2 2024."
MOU-3-NW
MOU-3NW will target the shallow sands behind casing in MOU-3 and not available for rigless testing in that well. MOU-3 NW will require a revision of the well design to facilitate rigless testing of potential shallow gas at higher than normal reservoir pressure for the shallow depth.
MOU-3-SW
MOU-3SW will target the Ma, TGB-6 and, potentially, depending on Phase 2 rigless testing results, TGB-4 sands.
MOU-2 re-entry and deepening
"Cory Moruga Field Development Plan for P90 Contingent and Prospective gross recoverable resources of 9.13 million barrels gives gross US$202.12 million undiscounted net operating profit (NPV@10% US$85.14 million with IRR 240.9%)"
PRD mkt cap £55m
fully funded....
CM now covers the mkt cap and some....
Guercif about to blow the bloody doors off !!!!!!!!!!!!
🚀 🚀 🚀
So are you saying confirmation of flow rates to confirm CNG ops 50mmscfd which based on $16 per mscf would equate to $292m and also volumetrics to confirm reserves of 1TCF and likely G2P op aswell as CNG
G2P export pipeline 250 -300mmscfd
Potential overall revenues $1bn perannum
But all the above won't move themkt cap of £50m ??
Testing/Flow rates discussion
presentation in 2021
22mins onwards
https://www.youtube.com/watch?v=qIfk-nGiCNI&t=1346s
May 2023 presentation
https://www.youtube.com/watch?v=QdHMex84Utw
10mins onwards
"much better results"
Certainly looks interesting
Https://luandapost.com/empresa-inglesa-vai-explorar-petroleo-em-luanda/