Opportunity of a lifetime14 Jan 2024 19:47
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 !!
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