RE: Dipped my toe in …finally13 Dec 2023 10:55
Hi Nige,
That is a good question re-Brazil. The focus may be solely on Angola now given the results of TO-13, as you say fairly quiet on Brazil since March, some mention in the July presentation but not much since:
"The Company's cornerstone achievement during the year was the acquisition of three interests in onshore blocks in Angola, KON-11/12/16, through the acquisition of a 90% interest in Atlas Petroleum Exploration Worldwide Ltd ''APEX''. Corcel's agreement to bring these assets into the Company - at what the Board considers very favourable pricing - has provided the Company with a firm foundation in Angola on which to build, and several additional opportunities are currently under consideration."
The several other additional considerations sound like Angola too, given the context of that paragraph, possibly a reference to KON-15, hard to say without more detail. But several makes it seem like more Angola beyond current assets and KON-15. Interesting to see what comes.
Then we get this:
"Rounding out the Company's transformation have been several board changes, some of which were in progress at the time of writing and are expected to conclude by the end of 2023."
Makes it sound like the new board additions will complete the transformation. So focus may be on Tobias development and additional Angolan acquisitions; why focus on mature gas wells in Brazil if you now believe there is significant oil remaining in Tobias after TO-13? But lets wait and see. They have plenty on the cards with Tobias anyways. Perhaps better not to rush into a lot of acquisitions until they know how much and how many wells will take Tobias to redevelopment and EPS etc. A new presentation and a forward plan will likely give us many of these answers, hopefully have that around the time of TO-14 TD and result.
Regards,
Ed.
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