RE: Jethro18 Nov 2019 17:21
From maccamcd over on advfn
had a very comforting meeting with Gil & Peter Nicol (Scottish oil man)
They only got official results of the heavy oil ftom the Operator the end of last week as the tests from the drill was contaminated with the drilling mud/oil that's used during drilling.
repeated the positives around the RNS.
High pressure, heat, size, viscosity.
Wasn't expecting this price reaction. maybe 20-25% worst case to follow the discounted mkt prices of sold heavy oil and potebtial bigger capex.
Discount range for these types of oil is 4-14%
Got impression JOE & JETHRO are bigger than first thought.
Some gas in the reservoir which is good for us. 8600psi is very good pressure. Viscosity number is good at 125. Used to help lift heavy oil.
CPR could be early December but potentially wait for Carapa results to blend into the CPR.
over $20m of cash..
definitely 2 wells next year proposed by Tullow end of last week.
First target has 3 geological layers. Targeting 1bn barrels.
Our license has 3bn barrels of the Cretaceous (lighter oil hopefully).
the stacked well we are likely to drill is huge.. the oil there off the tertiary is directly out of hammerhead..... the cretacious is sweet high API.. the Tertiary on joe and Jethro is different source rock totally unrelated to cretaceous.... so not contaminated below.
Possible Jethro appraisal well (tlw wouldn't have agreed to that if it was ****)
Financial statement RNS planned for this Wednesday. I guess it should be reassuring and repeat the positives..
Namibia hot property at the moment.
Intimating some good news for us 3-7 weeks.
I think it's a hold for me until TLW/Repsol well result is known. Expect before Xmas TLW said last week.