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What's the bottom line? Drilling in Guyana this year ? If so when?
Tullow has to announce a new CEO before it can make any plans for 2020. This might come as early as next week and it looks like it will be someone from outside the company. That means any “partner discussions” with Eco-Atlantic and Total on how to approach the Orinduik Block will have to wait until mid-February. Tullow seems most focused on the Cretaceous targets especially after the Kanuku Carapa results which were described as encouraging; in fact the reservoir was a bit thicker than the 4 metres announced - just Repsol being cautious.
As reported earlier there are limits on financing ($150M) for drilling activities this year that need to include a drill in Peru or Tullow would lose the license (Gil said that). That might not be all bad as it could force the company to go slower and be more deliberate especially after the technical issues with Jethro and Joe. The sense then, given mobilisation times, is that there won’t be any drilling at least until Q4 2020.
Are you sure you spoke to Ratio CEO?
https://www.stabroeknews.com/2019/12/23/news/guyana/exxonmobil-in-15th-oil-find/
Im just passing on what the broker told me ...As for Carapa, indeed if that comes good Repsol will appraise further but Tullow is not the operator as I'm sure you know. I'm not sure there will be any activity in the Orinduik block next year
A local real estate agent was contacted by Tullow earlier this year. They wanted to rent homes so as to stop keeping the three expensive rooms they have at the Marriott. They viewed several houses but then the broker said they went real quiet for months. When he followed up they asked if he had read the (heavy oil) news and said they wont be doing much down here anytime soon.
"The United Kingdom-headquartered oil company, Tullow Oil, may take another year before it actually decides what it will do with its two oil discoveries offshore Guyana." http://demerarawaves.com/2019/12/15/tullow-may-decide-within-one-year-fate-of-guyana-oil-discoveries/
Key questions now linger for Eco, however.
"Quite where Guyana now sits in Tullow’s pecking order is somewhat up in the air. Eco, and its investors, will be keen to know how much (if any) of Tullow’s reduced capex budget will be available for Guyana and Orinduik."
https://www.proactiveinvestors.co.uk/companies/news/908747/tullow-oil-what-does-boardroom-blitz-mean-for-small-cap-partners-908747.html
Repsol wont make the same mistake as Tullow etc . So dont expect announcement anytime soon.
Repsol wont make the same mistake as Tullow etc . So dont expect announcement anytime soon.
And you think Total and Qatar are that invested? It's widely believed Qatar was only handed a stake as a bauble so Total could get some of the LNG expansion....it's small potatoes for them.
So let's say Carapa is promising...you don't think Tullow would wait for a further appraisal on it before going ahead with any campaign in Orinduik? Has Tullow announced any targets for 2020?
I have read one opinion that if Carapa comes in it may not be that good news for Eco. as Tullow may simply focus on the Kanuku block with its partner Repsol.
i know there's a lot of discussion that with Venezuela out there will be a need for heavy oil but how long will the situation there continue and is it a basis on which to make such a large investment?
What did Gil know and when did he know it? only a month ago he was talking up the oil quality.
181 feet of net pay; that means that you have a 15-story building worth of sand full of oil, which potentially stretches over 20 square kilometers. That’s a lot of oil…the quality of it, and the porosity of it, and the fact that the entire sandstone is soaked with oil and bringing out the samples was so easy gives us a lot of confidence that next year with a simple appraisal we can actually consider this Jethro-lobe alone as a stand-alone field…” Holzman explained. One month ago...that was misleading
nothing will come of it. Jan Mangal has no influence.
less than 10% on Hammerhead
Carapa will spud in a week or two. understand the delay is because the rig needed its mooring equipment re-certified