Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
New discoveries are getting closer to the licenses where we still have a right to get a 10% working interest back.
See the map.
https://finance.yahoo.com/news/pel-83-exploration-campaign-4-180000222.html
This latest well was drilled 8 km away from the original discovery, proving the lateral extension of the original find. Truly massive.
Regards
The Bold:
First, I asked about the geological Chance of Success .
Now, I asked about the size of the deeper interval.
Read again.
I was about to ask you for you to not bother to answer the educated questions that I make to Jimmy.
But that would be a complete waste of time.
Read again.
My questions in the past were about another prospect.
I´ve been invested in the oil & gas sector for the last 20 years.
I´ve known a lot of guys/ladies as you: young, arrogant, energetic, pretending to know a lot more that you really know, ready to attack any negative comment about your investiment.
I watched all of them going down the toilet, together with their investments in companies like Providence Resources, Caza Oil and Gas, Mart Resources, etc, etc.
So. the simple fact of having someone like you invested here makes me worry about the final result of this venture.
But I hope my gut feeling proves wrong.
Time will tell as always.
Jimmy:
ERC Equipoise Ltd (ERCE), the independent evaluator that issued a CPR for SDX for the Lalla Mimouna Nord area (now the Loukos concession) in 2018, assigned just 5.4 bcf of prospective resources to the deeper 300m gas bearing interval discovered by the LNB-1 well ( see page 129 of the report)
All prospects in the concession (including the deeper interval) were assigned 26.2 bcf of 2U prospective resources.
Have you checked the assumptions made by ERCE to get to that extremely low numbers?
It´s all in the report.
Regards
"I would assume chariot is spending next to nothing right now outside of salary for the team , on Project Nour development. That’s my assumptions."
And your assumptions are based on what? Hope?
Regards
"The other two wells will get drilled, but will have to wait for the Energean money to come through."
I agree with you, without Energean money it will be impossible to drill 2 additional wells (see my post on cash balance and financial runway on March 1st).
But that´s exactly my point.
Last year, they raised enough money to drill 4 onshore wells. In fact, they said that the drilling of those 4 wells was the principal reason for the share placing.
The money was diverted, and now they can only drill 2.
I think the pullback from shareholders and the loss of credibility are already happening, look at the share price.
Regards
We are paying US$ 1 million to a company where our CEO is invested, in order to increase our share in an energy trading license that has no substantial businesses.
This is one of the reasons the onshore drilling programme was reduced from the initial 4 wells to 2.
Regards
"all that is required is essentially transportation of the gas from the wellhead direct to the processing facilities by large vessels, again owned by VIVO…"
Are you saying that, in the case of gas sold as CNG, no CPF to treat the gas or other infraestructure is required?
Some posters here seem to think that we can start producing and selling gas right after a comercial discovery.
Don't we need to perform an Enviromental Impact Assesment (EIA) first? In the case of Anchois, the whole process of submiting and getting the aproval of the EIA took months if not years.
What about the CPF? Are we going to use Anchois' CPF, or build a separate one?
What other infraestructure do we need to have in place before producing any amount of gas?
Regards
Hi Surfit.
I´m not saying we are fully funded until onshore production.
On the contrary, we are funded only to drill the 2 upcoming exploration wells (see my post here on cash balance and financial runway on March 1st).
What I´m saying (read my last post again, please) is that funding the development is not an issue for the time being. Before start thinking about that, we need to prove the resource, including volume, quality of gas, and economic viability.
This is the way oil & gas exploration companies normally operate.
Regards
Surfit:
you seem extremely worried because CHAR didn't provide any assurances in relation to how they plan to fund the eventual development of the upcoming onshore prospects.
I think it's absolutely impossible for CHAR's management to provide these reassurances for the time being.
First, they need to prove the resource. They need to know that what they have discovered is valuable, something that it's worth being developed.
Then, and only then, they will look for funding and development options (bank debt, farm out partnet, etc).
When CHAR drilled the Anchois 2 exploration well back in January 2022, they have no idea how they were to fund the eventual development. That lack of clarity didn't prevent the share price to go substantially up on news of the gas discovery.
Regards
Not exactly.
SOU's profit for its 35% equity interest will be higher than otherwise would be, because of the carried costs paid for by Calvalley.
Accordingly, Schlumberger's share of SOU's profits will be higher too.
Regards