The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
So we are working with total and anyone know why for 15 years no infill drilling?
"No infill drilling campaigns have taken place in the last 15 years.
"Block 3/05, in which Afentra is acquiring a further 4% non-operated interest, is located in the Lower Congo Basin and consists of eight mature producing fields. The discoveries were made by Elf Petroleum (now part of TotalEnergies) in the early 1980s. Development was by shallow-water (40-100m) platforms that included successful waterflood activities with first oil in 1985. Sonangol assumed operatorship from 2005 and has focused on sustaining production through workovers and maintaining asset integrity. No infill drilling campaigns have taken place in the last 15 years. The asset has a diverse portfolio of over 100 wells and currently produces from around 40 production wells and has nine active water injectors. The facilities include 17 well-head and support platforms and four processing platforms, with oil exported via the Palanca FSO.
This is unbelievable value for market cap of 85 million
As such, we now expect the first half of the year to deliver low single digit revenue growth versus H1 FY22, resulting in a small adjusted EBITDA loss for the six month period ending 31 August 2022. For the full year to 28 February 2023, we now expect between £215m - £225m net sales and adj. EBITDA of between £18m - £20m.
Looks like they got a massive reserve and I think once listed in USA it will have maximum effect on share price, otherwise why list in USA if you don't have any oil and gas
"As previously announced, initial analysis indicates significant improvements in reservoir quality which has the potential to lead to upgrades of the current resource estimates for all targeted horizons.
Osi is another one to keep an eye on