RE: Heads or tails?18 Jun 2025 07:37
Block 8 Deeps:- 2823sq Km contract area, 3 identified structures, cost $60m from future production at $5 per barrel waiting for licence, owned by Procyon investments (Member of the Oraziman family) The Block 8 licence was previously owned by LG International the Korean conglomerate, who in 2006 started to acquire 3D seismic data over approximately 456 sq km, "The Sholkara prospect has an unrisked mean oil resource estimate of 100-400 million bbl." The resumption of production from block 8 will trigger the repayment of the $3.1m loan advanced to allow drilling
P-1:- Drilled 2016 Depth 4203m, Sholkara structure licence to 2027, testing 3m interval at 3400m Jun 2025
P-2:- Drilled 2019 Depth 3449m Sholkara structure Licence to 2027 Production commenced Jun 2025 at 250 BOPD