Member Info for Foresight22

Cannot rely on Tullow doing anything much in Guyana. They lost £300million from their poor hedging last year - nearly twice their net profit. Been poorly run for years now, as seen by their poor Market Capitalisation and Share Price... The mess they caused not understanding what Viscous Oil was was staggering.

S&P Global Report - not a 'slam dunk' that RSA 3B/4B will be drilled in 2023... Patience is required with other wells drilled in RSA in similar blocks/prospectivity before 3B/4B.

27/01/23

Shell’s Jonker-1 exploration well is “going very well”, Namibia Petroleum Comm27/01/23

Shell’s Jonker-1 exploration well is “going very well”, Namibia Petroleum Commissioner Maggy Shino said last night, highlighting the country’s potential. Shell and TotalEnergies made discoveries offshore Namibia at Graff and Venus in 2022.

“I am proud to inform you we have commenced appraisal work on these two [discoveries],” Shino said, speaking at the Africa Energy Chamber (AEC) event in London.

Shell spudded the Jonker well in December. “I’m not saying anything apart from to say it is going well, it is going very well,” Shino said to applause. The Deepsea Bollsta is working on Shell’s Jonker well, while Total has charted the Tungsten Explorer for its appraisal work currently progressing down the West Coast of Africa. The French company has also chartered the Deepsea Mira – the sister ship of the Bollsta – to begin work in Namibia in the second quarter.

“We are able to give you our commitment to accelerate and develop those fields at a much faster pace,” she continued.

Shino said it was not just the Orange Basin, “the whole of offshore Namibia is ready. In terms of deepwater potential, the Luderitz Basin is calling for you, the Walvis Basin, the Namib Basin, and onshore, in the Owambo Basin and the Karoo have shown their potential. All of these have possibilities.

Gas pipelines could come onshore around Luderitz, she said, including the long-neglected Kudu field. Among the options available for development, she included mini LNG plants and even blue hydrogen. Namibia has made the development of hydrogen a priority. The country has a number of projects it is working on. The Hyphen project is aiming for first production – of green hydrogen – in 2026-27.issioner Maggy Shino said last night, highlighting the country’s potential. (Shell and TotalEnergies made discoveries offshore Namibia at Graff and Venus in 2022)
“I am proud to inform you we have commenced appraisal work on these two [discoveries],” Shino said, speaking at the Africa Energy Chamber (AEC) event in London.

Shell spudded the Jonker well in December. “I’m not saying anything apart from to say it is going well, it is going very well,” Shino said to applause. The Deepsea Bollsta is working on Shell’s Jonker well, while Total has charted the Tungsten Explorer for its appraisal work currently progressing down the West Coast of Africa. The French company has also chartered the Deepsea Mira – the sister ship of the Bollsta – to begin work in Namibia in the second quarter.

“We are able to give you our commitment to accelerate and develop those fields at a much faster pace,” she continued.

Shino said it was not just the Orange Basin, “the whole of offshore Namibia is ready. In terms of deepwater potential, the Luderitz Basin is calling for you, the Walvis Basin, the Namib Basin, and onshore, in the Owambo Basin and the Karoo have shown their potential. All of these h

Farm-out process for Block 3B/4B that is on trend with Venus and Graff oil discoveries in the Orange Basin, is advancing with the aim of securing a new partner by end of first quarter 2023.

Africa Oil management expect the appraisal drilling work on the Venus discovery to commence by end of first quarter 2023.

Tungsten Explorer should be heading for Namibia - Venus appraisal very soon.

Evercore also noted that a second floater is expected to be on rate offshore Namibia by mid-February, with the Tungsten Explorer mobilizing from the Eastern Mediterranean for a two-well appraisal program at TotalEnergies’ Venus discovery. The 225-day contract is reportedly valued at $79 million, or $351,000/day. Unexercised options could keep the seventh-generation drillship contracted out to February 2026.

The Zeus well found 105 metres of net gas pay in carbonate reservoirs. The French company said the find reinforced the “promising outlook” for the area and development. The Tungsten Explorer drillship carried out the work, 162 km off the Cyprus coast. It is 5 km west of Cronos-1. This rig also drilled the Cronos find. Off location now..

The relevance of these other exploration wells not on Eco acreage is that they are being drilled on trend with 3B/4B prospectivity. Particularly heartening is the area being partially relinquished by Total - showing that the best prospects are in 3B/4B and not in their acreage…

Initially commencing in Namibia, the contract is expected to begin in the middle of Q2 2023 and has an estimated firm duration of 300 days plus two options of 180 days and 90 days, respectively.

TotalEnergies plans to drill one well at a location in the Deep Water Orange Basin, off the west coast of South Africa. If results are good, nine more wells could be drilled, SLR Consulting, the company carrying out the environmental assessment.

TEEPSA and its partners are applying for Environmental Authorisation to undertake exploration activities in Block 5/6/7 off the South-West Coast of South Africa.  TEEPSA proposes to drill one exploration well, and success dependent, up to four additional wells within an Area of Interest within the Block.  The Area of Interest is located offshore roughly between Cape Town and Cape Agulhas, approximately 60 km from the coast at its closest point and 170 km at its furthest, in water depths between 700 m and 3 200 m. Anticipated timing: Commencement is not confirmed, but possibly between the fourth quarter of 2023 (Q4 2023) and second quarter of 2024 (Q2 2024) to drill the first well. Drilling duration: It is expected that it would take approximately three to four months to complete the physical drilling and testing of each well (excluding mobilisation and demobilisation).

With Rigs in the area and contracted, Shell or Total can/should finalise the Farm Out to spud by September 2023 as proposed by Eco. Clock ticking…

10 December 2022

Northern Ocean Ltd (“NOL”) is pleased to announce that its high specification semisubmersible drilling rig, Deepsea Bollsta, has safely completed the transit to Namibia and commenced its contract with Shell Upstream Namibia BV, a subsidiary of Shell Plc. (“Shell”).

The contract has a firm duration of twelve months and an option to extend for six months. Odfjell Drilling AS (“Odfjell”) successfully prepared the rig for the contract and provides operations management during the term of this contract.

Odfjell Drilling Ltd (“Odfjell Drilling” or the “Company”) is pleased to note
the announcement made by Northern Ocean Ltd (“NOL”), which states that the
Company, on behalf of NOL, has agreed with TotalEnergies a multi-country
drilling contract for the Deepsea Mira outside the Norwegian Continental Shelf.

Initially commencing in Namibia (Venus Appraisal) the contract is expected to begin in the middle of Q2 2023 and has an estimated firm duration of 300 days plus two options of 180 days and 90 days, respectively.

Rig on location, operations must be ready to start - 2023 should start with good news like beginning of 2022!

Shell using DB to drill Namibia follow up appraisal..

Shell’s drilling rig “underway using engine”. Spudding within a week?

It is rumour that Venus (Namibia) discovered 11 billion BOE resources = whole of Exxon's Stabroek Block Resources from multiple fields, wells and discoveries. Add in Namibia Graff & La Rona that's just 3 wells > 14+ billion BOE resources!

Guyana is just side show with sulphur crude and viscous oil when compared with Block 3B/4B. Shell & Total do not plan all these wells without mega opportunities on the horizon. Shell should be spudding by mid December. We need Africa Oil to step up and contract a rig ASAP.

Northern Ocean’s semi-submersible Deepsea Bollsta arrived in Walvis Bay, Odfjell Drilling managing the rig. Shell spudding next month?

Eco should sell more shares if they need more funds…

“TotalEnergies is planning to explore for oil offshore South Africa’s West Coast, ... The French explorer proposes to drill one well, which could result in an additional nine wells depending on the success of the first.”

With that much confidence post Venus - why should 3B/4B be farmed down? These opportunities come once in a lifetime…

Time for AO to step up and KH prove he wants them to be a major EtoP corporate. That takes serendipity. KH needs to contract the rig to drill 2Q3Q and then do Farm Out. Eco drilled 4 wells with zero commercial reserves. Time to drill on trend and their largest Prospect - farming down to 10% will not make Eco, only OA. The ‘chiefs’ need to Rethink. Gassy water made 2B high risk. Maybe the high risk 3B/4B is actually now low risk based on Venus etal. Time for real leadership and commit.

KH at AO said today they are moving forward with one party. Hope Tullow are financed enough and will not nose-dive SP by their ''strategy". Need to un-hedge their oil losses first...

Clear to hear, KH said still drilling this week. Relax. Panic next. Consolidation of acreage 'wished' for end 2023. Sounds sensible. Eco is exploration not production company. Would free up funds to cover 3B/4B opportunity. That's the golden egg.