Member Info for Foresight22

Galp Energia (“Galp”), the operator of Petroleum Exploration License 83 (“PEL 83) in the heart of Namibia’s Orange Basin, has signed a contract with SFL Corporation (“SFL) for the semi-submersible rig Hercules.

The contract is for two wells plus optional well testing. The drilling program, including mobilization, is projected to commence in the fourth quarter of 2023. Without any options, the duration of the contract is approximately 115 days including mobilization to Namibia. PEL 83, in water depth of 250-2,550 m, lies immediately north of Shell plc-operated PEL 39, where basin opening discoveries at Graff-1, La Rona-1, and Jonker-1 were drilled.

Finally new exploration in South Africa!

https://energycapitalpower.com/totalenergies-granted-authorization-to-explore-offshore-south-africa/?utm_content=246150463&utm_medium=social&utm_source=linkedin&hss_channel=lcp-10278398

HUR shareholders need a classic “White Knight” to overcome Prax. They have, with HUR Board support construed a ‘deal’ which reduces the Share Price now for half a ‘jam pot’ tomorrow. Posted at a time of a Banking Crisis! with suppressed oil price…. The good news is that at 12.5p today a White Knight can come in and rescue some credibility for capitalism.

Our old Block 3B/4B CPR is being reworked at Venus discovered 3 times the net rock thickness to the old estimates.

Shell looks to have a third significant oil discovery on its hands in Namibia’s red-hot Orange basin play and could make an announcement within hours or days, according to informed sources.

…Shell’s next exploration well is due south. That’s positive! Looks like not Upper Cretaceous target. Rocks on Lower Cretaceous..

Northern Ocean’s semi-submersible rig Deepsea Bollsta has just moved from Jonker-1 location. As spudding mid December - this must mean good news early next week… adding to Shell's Graff-1 and La Rona-1 exploration wells.

“Do it ourselves” would mean we drill this year…

https://www.asx.com.au/asxpdf/20230301/pdf/45m7dg1vf8xwhj.pdf

Questions through the Webcast:

"Is Africa Oil in an ability with its partners to drill (Block 3B/4B) this on the right or is a farmout important to that. And then following from that, and I think it's perhaps picked up from one of our partners announcements or did our own announcement about an environmental consultant being selected. Is that unusual? Is there an issue? And the third question is when will that CTR be published on 3B/4B?

"Three good questions. I think our strong preference is to have a partner, a super major come in and the operating partner in the 3B/4B and pay for at least one well if not two and possibly some cash upfront. So that's what we're working towards that goal. We are -- we've had discussions with several companies, and we continue to be in discussions with those companies. If we can't do that, then we will probably test the market and see if there's a way that we can finance it ourselves because we really like the prospects we've got -- the nice thing that came with 3B/4B is a full 3D survey that's never drilled upon. So we've reprocessed it, and it's very good quality data and we have several high-quality drillable prospects..."

So I'm fairly confident we and the partnership, we'll be able to find a partner to come in and do that. But if we can't, then I think we will have a good go at trying to drill it ourselves."

"As far as Africa is cleaning up our portfolio, I think we've talked many times about that we need to stop being a portfolio company. We are an oil company. We're not a portfolio holders. So I think each of these has its own individual positives and negatives impact, I think, is very focused on Venus, and I think they've made public statements that they are considering selling their interest at some point. We have to realize this is a 3,000-meter water depth, deepwater field, no matter how big it is, it's probably something for the majors to develop for good guys like us.

So I think they've discussed the sale process. And I think before the end of the year, I think they would hope to conclude the sales process, hopefully, on the back of positive results with the exploration drilling. And each of those three wells that are being drilled, including the original well that has been drilled last year, there will be three wells that are tested this year as well. So two new wells and three tested wells. I think we'll have a much better idea of what we've got at that point.

But I think some of the ideas we've talked about spinning out some of the assets into a separate portfolio, selling off assets. I think everything is still on the table, but I think we do want to clean this structure up in the first half of this year. And I think you'll see a much cleaner structure with the resulting company really being focused mostly on Nigeria and Venus and buying cash flow and producing assets and shareholder returns."

Eco should be well placed to be the Exploration arm/vechile of AO's exploration assets...

Viaro Energy has continued its North Sea acquisition run with the takeover of Spark Exploration.

AO indicated today, once the Environmental and CPR reports published, the Partnership on Block 3B/4B may pursue financing to drill themselves, today. This is the best opinion for Eco shareholder… shame it’s taken this long.

Tungsten Explorer very near to its new location. Drilling of Venus-1A, the first appraisal well on the Venus discovery cannot come soon enough for Eco and Block 3B/4B. North of the Venus-1X discovery well the Deepsea Mira will then be used to conduct a drill stem test at this location. Successful testing delivers new investment.

Emailed AO today - no news on 3B/4B Farm Out in Picture Link below... AO Full Year Meeting on 28th February.

AO
https://mma.prnewswire.com/media/2007246/AfricaOil.jpg?p=original

Multi-well programme in Namibia due to commence before the end of February, targeting up to four wells (including the re-entry of the Venus-1X discovery well, in Block 2913B), to appraise the Venus discovery and to investigate a potential westerly extension of Venus, the Nara prospect (formerly referred to as West Venus) on Block 2912.

Venus-1A, on Block 2913B, will be the first well to be drilled, using the Tungsten Explorer drillship, and is the first appraisal well on the Venus discovery. This will be followed by a drill stem test using the Deepsea Mira. Upon completion of the Venus-1A drill stem test, the Venus-1X exploration well, also on Block 2913B, will be re-entered and side-tracked using the Deepsea Mira to conduct a second drill stem test.

Nara-1X, an exploration well on Block 2912, will then be drilled and potentially flow tested by the Tungsten Explorer. If Nara-1X proves successful, the Nara-1A appraisal well could then be drilled in Block 2912 and flow tested.

Started around 15th December - so two months later they are still active. Must be well testing so operations should be completed very soon. Key is that the Lower Cretaceous has predicted better reservoir deliverability than the Upper Cretaceous. So the discoveries should quote oil rates too.

Slide in Total Presentation

https://assets.main.pro2.maf.media-server.com/25ffa99e8eeb4dc5bcab7fb615a832ed/slide27_400p.png

Total talk about Unitisation issues now Yonker-1 ‘proves’ Venus extension.

https://totalenergies.com/investors/results-investor-presentations/results

...think that is due to Shell & bp annual financial performance. Pensacola results were poor, and Deepsea Bollsta still drilling since 15th December! Lower Cretaceous must be good... Information must be very good - tight hole after the Upper Cretaceous "leaks" to press. Bet Shell are doing a lot of coring etal...