The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
FYI - I am basing my flow rate figures on the following from the RNS:
The TO-14 well penetrated the entire Binga reservoir section (~80m column) with potential pay zones seen in multiple intervals. TO-14, with a total depth of 781m, was drilled in close proximity to TO-4 as an offset well from the best historic producer in the original Tobias field; a well which produced at its historic peak 12,580 bbls/d despite only penetrating the first 8m of the reservoir.
The location of the well is at the top of the field's anticlinal structure, set over the larger of the two compartments that constitute the reservoir.
TO-14 drilling encountered high fractured Oolitic Limestones in the reservoir with good porosity values. Initial pressure readings support Corcel's predrill thesis that the reservoir has returned to its original pressure levels through active recharge of the system.
The TO-14 well found no presence of water during drilling, despite the fact that the offset TO-4 well had been reported to have watered out by the end of its production life, further indicating that the field has fully re-equilibrated.
Overall, the drilling results for the TO-14 well were positive, with oil shows found throughout the Binga reservoir in alignment with the distribution seen in historic production wells in the Tobias field, confirming both moveable fluids and the ability to reactivate production in the field.
Therefore, the consortium is proceeding to testing of the TO-14 and then the TO-13 wells, with the objective of flowing the wells and then moving on to the next phase focused on designing the early production system.
"Lets be having some flow rates first though, lets hope they are as exceptional as what Mr Pi is thinking earlier today."
Hi Ed, thanks for all the valuable input. Given what we know from the historical facts and taking into account more modern extraction methods available today what are your thoughts on the flow rates?
The numbers may look good on the presentation but investors who would rather wait for hard facts will not jump in until flow rates...us speculative early birds have taken the most risk but the rewards will be worth it if the flow rates are good.
Afentra - Market cap 87 M
Operations and Financial Update
Afentra plc ('Afentra' or the 'Company'), the upstream oil and gas company focused on acquiring mature production and development assets in Africa, provides an operational and financial update for 2023. Afentra currently holds non-operated 18% and 5.33% working interests in Blocks 3/05 and 3/05A, respectively, offshore Angola with working interests to increase to 30% and 21.33%, respectively, following completion of the impending Azule transaction.
Operational Highlights
· 2023 average gross production for Block 3/05 and 3/05A was 20,180 bopd
· Strong operational performance and successful well interventions have positively impacted performance with gross production of over 22,000 bopd in December 2023
· Drone survey completed as part of a holistic gas management program to identify, measure and reduce GHG emissions
· 30 successful well interventions were completed in 2023, a similar number of interventions are planned for 2024
· Water injection performance improved throughout the year with ~42,000 bwipd1 being achieved in December, further work planned for 2024 is expected to significantly increase water injection rates
· Production was restored at the Gazela field on Block 3/05A in March and averaged 970 bopd, gross, through 2023
· Progressed the review of future investment options to unlock the significant resource base including installation of ESPs, heavy workovers, infill drilling and development of Block 3/05A discoveries.
Financial Highlights
· Cash resources at year end 2023 of $19.6 million, which includes restricted funds of $4.9 million 2
· Debt drawdown on Reserve Based Lending Facility of $33.6 million resulting in year end net debt of $14.0 million
· Block 3/05 license extension and fiscal terms improvements approved by government enhancing economics and supporting future investment programs
· Company sold its first cargo in August 2023, 300,000 bbls of crude oil at sales price of $88/bbl, generating pre-tax sales of $26.4 million
· Crude oil stock as at year end 2023 of approx. 300,000 bbls, which with subsequent production supports crude oil lifting of ~450,000 bbls planned for late February
· Afentra has proactively hedged 70% of its February cargo, this provides floor of $70/bbl and full exposure to the crude oil price upside
· Asset level cashflow generation related to 30% equity in 2023 was $67.4 million at an average weighted sales price of $90/bbl.
Azule Acquisition
· The Government approval process is ongoing with the acquisition expected to complete later in Q1 2024
· The transaction has an effective date of 31 October 2022 with accrued net revenue being reflected in final payment on completion
Https://www.africaintelligence.com/north-africa/2024/01/09/pm-s-akwa-group-set-to-become-key-player-in-moroccan-gas,110135833-art
"Historic peak production at Tobias was 17,500 bbls/d with 29 MMbbls produced over the life of the field.
Corcel's estimated unproduced prospective oil resources are 65 MMbls with 11.7 MMbls net to CRCL."
Given that the peak flow rate was 17500 bbls/day on 8 meters my conservative guess for 80 meters is between 20000 to 30000 which equals 4000 to 6000 net to Corcel.