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Excellent post M, the quality and stature of the Peters is born out with the quality of the assets. Not often you find both under the same roof.
We have two Peters that were co founders of Dana and sold for £1.87 Bln and Peter Hill the current CEO was Global Head of Corporate M&A for Statoil ASA ....a key team member of Statoil’s merger with Norsk Hydro Oil & Gas in 2006
Doesn't get much better ;-)
Combined BoD hold c.45% ;-)
Here is a new presentation from Recon, shows Total, Exxon and Shell drilling second half of 2020
https://reconafrica.com/wp-content/uploads/ReconAfrica-Investor-Presentation-070720.pdf
Thanks harel, "we are seeing an ever increasing activity in Namibia and a particular interest in our blocks' area"
Looks like he dodged the question of regional seal ? and implied interest in others blocks, rather than Eco's. This is of no surprise ;--)
Nice one Investor,just beat me too it ;-)
The reprocessing will be done in house, and mostly by Paul Howlett our exploration manager and geologist. The fact that oil is around $40, is neither here nor there, we are not currently producing and future demand will see off $40 oil . I mean why do Exxon and Total get out of bed for each morning ? lol
Again Geewhizzzzz look at his profile every single post is negative .............he is paid to be here
Sorry made a mistake re-cos on Welwitschia, using my phone, have corrected below ;-)
The cos on Welwitschia is 15% which will increase with the 3D reprocessing, the results of which are due snytime. The same for Gembok in PEL29 with a new 3D acquisition
The Welwitschia numbers look to correspond to the prospect target 6 in negotiation with Azinam as per the presentation below ( in negotiation targets 5&6 slide 4 and target 6 slide 7)
http://www.azinam.com/wp-content/uploads/2019/04/Azinam_NamibiaOGconference_UU_APR2019.pdf
We will probably see an updated CPR on PEL94, ahead of a potential deal announcement. They have had the data since early April, so should be close
"Regarding the pre-existing 3D seismic data in PEL 0094, in April 2020 an agreement was reached with state oil company, NAMCOR, to license this key data, which was acquired by previous licensees in 2010. The data covers the Company's Welwitschia Deep prospect and Marula lead and will enable precise mapping of these features which will result in updated Prospective Resources and chances of success for Welwitschia Deep and Marula, and thus should facilitate farmout by the Company. "
Normally we would expect the quarterly report at the month end of July, that won't happen now we are de-listed from the ASX
Only half and full year accounts are required on the AIM. March and September were the half and full year reporting months
Statements of material matter can no longer be held back until the quarterly report, so I assume will be helicoptered in, as and when it happens ?
Statements such as..... during the reporting period ....."further contacts were made with counterparties in relation to a potential farm-out of PEL 0094 and PEL 0029""
Shares suspended on the ASX announcement
https://www.asx.com.au/asxpdf/20200708/pdf/44kbrwq47sjqhx.pdf
And official removal from the ASX
https://www.asx.com.au/asxpdf/20200708/pdf/44kbtsdj1b84lb.pdf
The decks are clear to proceed ;-)
Recently Namcor did a 3D data swap for 7% equity in the lesser licence PEL94 (Just 1Bln potential mid case). That data is worth around two to three times GBP's current M/cap
GBP has a further 78% interest in PEL94 and 85% interest in the flagship PEL29 (3.55Bln potential mid case). What is the read across value of that 7% ?
8-10p (£16m-£20m M/cap) would be fair value ahead of any deal imo A deal will be multiples of that
Just for the record, Exxon/Galp to farm in......AziNam to take an interest in GBP to eventual RTO ....imo dyor
Good post M, this exactly why AziNam are walking away from plays that are above the regional seal and looking to venture into deepwater blocks with targets below the seal
GBP are not running out of time....they have timed it to perfection.........cash levels are positive and ample for purpose
Deals will come with cash for short term needs, longer term needs will be met at a completely different price to where we are now.
The last time the Peters issued equity was back in 2005....... must be some kind of a record on the AIM. They hold c.45% of the shares in issue and have no wish to dilute their interest any more than is necessary
It's been a long wait, but the natural cycle of events of exploration in Namibia and S/Africa have brought the majors to the door of GBP, a validation of the board of directors (the Peters) experience as oilmen.
This a good link to an rns from 2014 on the result of the Welwitschia 1A well. It is called the 1A ......1 being the first well and A being a re-spud. It has been well documented why the brand new, Rowan drillship was delayed on this it's first ever well and run out of time and money to reach the deeper targets........ now known to have been shy of 1000m from the targets
https://www.investegate.co.uk/global-petroleum-ltd--gbp-/rns/namibia-update/201406160700216495J/
Again just need to checkout Geewhizzzzzz's profile to see where he coming from.........every post no matter what company he is negative .....even Char
Paid de-ramper if ever I saw one
https://www.lse.co.uk/profiles/geowiz/
Fred, we had an rns this morning, confirming we be officially de-listed from the ASX tomorrow, having seen the last trading day on the 6th.
Thursday on wards we will be tee'd up for corporate activity imo.
15% of the free float has been traded already today, which in it's self points to corporate activity
Just to make clear ..........any deal will come with cash