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ARahim..........utterly clueless, sorry fella.
They have an option for another well; I'm pretty certain they will drill another well; A step out or another prospect on the block
Whoops , wrong link!
https://www.sb1menergyconference.com/
https://www.upstreamonline.com/exploration/whats-next-for-orange-basin-after-venus-and-graff-/2-1-1174995
Gil Holzman and Keith Hill presenting this week Thursday 13.45 3rd march. you can register on the above link
Wood McKenzie
It's got 3 billion boe recoverable according to Wood McKenzie
Got to be the biggest discovery worldwide for years
https://www.equivest.capital/post/eco-atlantic-most-undervalued-oil-exploration-play-of-22
These guys started following me on twitter which lead to me discovering this nice research note they compiled recently...seems they are fans!
This is the best news for O&G off shore Namibia in its entire history. 300m boe. wild cat exploration, directly analogous to Eco's assets. They have decided to drill again...watch the rig, I think they will go again straight away. Discovery in secondary and primary targets...it doesn't get any better
https://www.namcor.com.na/wp-content/uploads/2022/02/NAMCOR-Press-Release-The-Graff-1-Deep-sea-discovery-_Final_3_Feb_2022.pdf
That is the best news in 10 years re. Namibia O&G assets...particularly following the Azinam transaction
Basin opener . Acreage and money spent working up the assets is approx. the below
Namibia blocks 22,500 sqkm
2D and 3D G&G spent over $20m
Resourc- 2.5bn bbls
Cooper permitted for drilling
South Africa blocks ~ 25,000 skqm
2D 3D G&G spent - $30m
Resource - 2.3bn bbls
2B drilling in H2. 300m bbls
Phoebus...trade the hype, hold the quality. Those micro caps draw punters, v liquid. ECO so far ahead of the others...by so many metrics
https://oilprice.com/Energy/Energy-General/Shell-Is-Betting-Big-On-Namibias-Oil-Boom.html
Yep, that is very encouraging news. Major discovery outside the Stabroek block on the same slope and water depth as Orinduik.
Waiting on Namibia detailed news re. Graff well. Venus well now 60 days and counting.
ECO and partners drilling one well off shore South Africa in H2. Orinduik decision making process coming to a head. We could see a well being drilled on both sides of the Atlantic over the next 12 months.......very very exciting.
The fuss ECO will get over the next 6 months leading up into the drilling of B2 could easily see us north of 50p before any drill bit hits the sea floor.
It's already highly significant as hydrocarbons have been found. That in itself is v encouraging to all the block holders there. It's the secondary target and shallow, that wasn't expected, a great bonus. The more they find and the better the quality, the better. On to the primary targets next following this testing....let's hope they strike lucky again....and we still have the Venus well to come.
Supermajor Shell has hit oil on a high-profile wildcat that is targeting a billion-barrel reward offshore Namibia, with four exploration sources familiar with the Graff-1 probe stating that it has found light oil.
Shell is understood to have had two geological targets for the probe in Upper Cretaceous sands, with the basin’s older Lower Cretaceous Aptian play — a traditional objective — thought not to be on the supermajor’s radar.
One source told Upstream that light oil has been intercepted in what is believed to be a younger Cenomanian age reservoir.
“They are still logging from what I have heard, so more will only be known towards the end of the week,” said this knowledgeable source.
A second exploration source said: "I think it's Cenomanian oil — it looks like it", adding that the top reservoir was entered about a week ago and that a deeper objective will also be evaluated.
"We'll probably hear something pretty soon," said this veteran explorer, pointing out the prospect is "a fair sized, stratigraphic trap" with similarities to TotalEnergies' Brulpadda gas and condensate discovery in the Outeniqua basin off South Africa.
A third southern Africa source also suggested that Shell had “entered the reservoir” just over a week ago.
Arden forecasting £23.7m revenues for this year . I would be delighted with them being 75% right!!
Coming from such a low MC, with all that 2021 income being pushed into 2022, we will hopefully see 10p plus again this year. Time will tell..as ever.
They couldn't have timed this deal any better. Shell have been reported having struck oil at the Graff well.
Tomorrow is going to be a v good day
awesome RNS.
Up and running and positioned for a material step up in earnings. Been a long journey but good to see.