Member Info for InJamesweTrust

Redwine

Depends, you.may recall the political challenges Total had bringing Qatar in to their part of the licence. I'm not privy to the stipulations.

As Gruv says, it is a potential material shift jn licence value for Eco and if nothing else should help firm up bidders interest in advance of deadline in mid July

Tullow partners would have had pre-emption rights particularly Eco who I think originated the licence. Hence, Exxon not likely to have been considered.

Additionally, Tullow maintained some skin in the game with Eco sale. Exxon wouldn't have permitted that.

Said skin could be 60m barrels plus which is possibly a few hundred million. I'd need to look back at the mechanism to be sure.

They'd need to come to Gil to be in the conversation Marvin but certainly a.handy backstop for them or decent complement to there new assets if bid succeeds.

Seems big news

Gil did mention unbidden last week there was a billion barrels of Tertiary for Orinduik bidders free of charge essentially.

If doing an FPSO around Hammerhead, Orinduik must be replete with associated drilling opportunities to support a platform that could share Hammerhead resources.

Definitely interesting times particularly as Exxon are trying to pre-empt the Hess deal for sale of Stabroek. So from a Capital perspective they have plenty of appetite for Guyana.

Forgetting superfluous fluff - let's just get the Sandjet results. Hopefully positive results on MOU-3 will be released before moving on to other targets.

For the BoD I'd think (hope) their focus is on this as T&T is not likely to create short term significant value add.

If a drill on Orinduik is $60m and Hammerhead value north of that. Getting Exxon to farm in and take 70% for two drills would be a handy bit of business.

If the timing of SJ was more certain then it may be people would buy in to potential results but there is still uncertainty around when results will be announced.

The CPR didn't ascribe many barrels to Hammerhead.from memory.

Exxon can mix this with lighter crude from other drills and easier to transport snd ultimately process the oil if mixed

Wonder if the £300k is useful in getting the SV rig moving and entering into the next extension of the licence.

Potentially some further selling but Novum will not be in the know. I'd imagine SJ is ongoing.

Porters.

It was funded from discretionary cash we don't know how much ot this T&T does or doesn't use. G&A doesn't diminish it quickly.

They don't to themselves any favours with comms though and hence speculation.

Porters

Note is states nothing about funding being a contingency to this.

You'd need to ask BoD why extensio not entered into immediately on 6th June and I'm one of many to criticise delays.

I look forward to SJ results for MOU-3 and next steps after that.

PG is for me belligerent and moves at his own pace regardless of commercial imperative but we are near to possible company making news if the 5 week timeline is accurate.

Going back to language as a theme, note GRH previously stated (31 May) as I've stated all along I want PRD to be last to use the rig

Come today it is "I want PRD to drill last"

The delays are disappointing but Sandjet results should be known 2 weeks on Thu (although company said may take longer than 5 weeks).

Wacky

New acreage is all.well.and good but let's finally see what is in the acreage that has been drilled first before getting distracted.

PG admitted to being distracted last Aug and here we are almost in Aug again and still no test results. The much vaunted let's drill and test strategy so we don't sell cheap is also looking extremely shaky right now so there is little reason we could not have done SJ almost a year ago but for PG being distracted.

Lonny cam fulminate all he wants about trolls but it's a results based business/world.

Language is a funny thing Bold, especially to feeble minded rather than bolder intelligence.

The rig is currently stacked, whilst they are awaiting tubing. Two separate things that may be connected but SOU don't use the word until and there is a clear difference although you've chosen to ignore for your usual positive spin on proceedings.

So if the master plan really has been to test and drill simultaneously it is indeed odd the rig is stacked at Tendrara.

Given bun fighting over the rig I'd not be surprised if some were happy to use mischievous language in their RNS.

There is definitely something to answer if they do not drill as why wait to Sandjet otherwise.

GRH seems to think straight into next licence period and drilling starts so I'd give it a couple of days to see what happens rather than jumping up and down.

Regardless of SV-101 we are currently testing to see if pressure can be measured and that alone could be a significant event for the SP (it could also release cash from Afriquia Gaz/Private Equity to drill and prove up).

It would not take a year that I'd utter pish.

If the Gov wants something in country, internal procedures can be expedited. I'm not saying the company has the money for a multi-drill op to sustain it but it is much more achievable than you suggest.

Again as far as support services - if contracted they'll get the gear and personnel there.

bold

depends on the location, the mob costs can be factored in to the drilling contract as i'm sure you well know. one would wonder how a drillship/offshore rig makes its way around the world from contract to contract.

to argue it isn't feasible to do likewise for an sv-101 type rig is nonsense.

like anything money talks, **** walks.

if we are funded for a longer temr program is a different question but it has been clearly stated previously we are funded for sj and mou-5

Harel

Get impression there is a mix of Guyana bidders some significant O&G and some bringing cash where Eco has shown with Gazania drilling experience to execute.

Gil was in town this week.

Several bidders for Guyana - expected final proposals due mid July. They have a target hold for the licence that gives enough to bidders while maintaining a healthy interest.

SA - partners keen to drill as soon as possible. See the 3B/4B licences and surrounding blocks as one large field. Drill should happen by H1, some desire for Q4 if permissions in place but challenging.

Company in a month gets $9m in cash from SA deal so is well set.

Namibia hopes for a deal to carry on seismic and drilling by end of year. Guyana and SA timelines more concrete though.

On success, aim is to sell SA. Field viewed as >4bn barrels - I'd guess 6-8bn with boe in ground at $2-5per barrel. With 6.5% that gives maybe 390m-520m barrels net. So perhaps $800m- 2.6bn in value. Or £1.75 - £5.00 if SA drill a success. Idea is a special divi.

Wouldn't expect news as I mentioned earlier in the week until mid-late July.

The SA drill should be H1'25