We would love to hear your thoughts about our site and services, please take our survey here.
Shares outstanding 3.85bn
Free float 33.23m
https://markets.ft.com/data/equities/tearsheet/summary?s=MSMN:LSE
Is the free float correct?
The gas network connects several leases, including one operated by Arcadia Operating LLC ('Arcadia') and will be owned by Mosman' s subsidiary, Nadsoilco and Arcadia. Costs have been split between the parties to provide a strong economic foundation for the pipeline and operating costs will be in proportion to gas sales volumes.
The system will be tested over the next few days and well production flow rates will be announced once available.
Expect an RNS from GBP as they did with Graff-1
07 Feb 2022 12:21 pm
RNS
Factsheet Global Petroleum Ltd (GBP) Namibia Update - Significance of Graff-1 Well
Namibia: TotalEnergies makes a significant discovery in offshore Block 2913B
02/24/2022
News
Paris, February 24, 2022 – TotalEnergies has made a significant discovery of light oil with associated gas on the Venus prospect, located in block 2913B in the Orange Basin, offshore southern Namibia.
The Venus 1-X well encountered approximately 84 meters of net oil pay in a good quality Lower Cretaceous reservoir.
“This discovery offshore Namibia and the very promising initial results prove the potential of this play in the Orange Basin, on which TotalEnergies owns an important position both in Namibia and South Africa” said Kevin McLachlan, Senior Vice President Exploration at TotalEnergies. “A comprehensive coring and logging program has been completed. This will enable the preparation of appraisal operations designed to assess the commerciality of this discovery.”
Block 2913B covers approximately 8,215 km² in deep offshore Namibia. TotalEnergies is the operator with a 40% working interest, alongside QatarEnergy (30%), Impact Oil and Gas (20%) and NAMCOR (10%).
olddad all here:
https://nextinvestors.com/articles/652-million-barrel-oil-drilling-event-starts-early-march/
Drilling is now only a few weeks away.
As investors, it's always a good idea to have a think about what kind of a result you are looking for ahead of drilling.
We have had a think about what success would look like for 88E in the drilling of Merlin-2, and this is what we came up with:
1- Net oil paying zones (Thickness) across the three reservoirs >41 feet (this is the reservoir thickness intercepted in the Merlin-1 well - so we want to see the same or better).
2 -Drilling program is successful enough to warrant production testing.
3- Production tests confirm light oil and high flow rates.
One or all of the above is what we would like to see from the Merlin-2 drilling, and that would deem Merlin-2 a success.
Key Contractor support ?
Late last year 88E also announced that it had managed to negotiate payment terms with one of its key contractors.
This contractor has been engaged to project manage the entire drilling program. That means they will be in charge of a large part of the operational and logistical aspects of the drilling program - up to and including the management of the drilling program.
Generally these type services make up the bulk of the costs incurred when drilling. 88E will be issuing 407M shares @ 2.6c to cover the US$7.5M in costs that will be incurred by the contractor.
The fact that the contractor has agreed to take the entirety of the payment in shares of 88E in our opinion is a massive vote of confidence.
It isn't often you see a contractor agree to take such a large payment in shares of the company it is doing the drilling works for.
With US$7.5M funded via share issuances, 88E’s cash position gives it even more flexibility going into the drilling program
In October last year 88E signed a rig contract with Doyon Drilling to use their Arctic Fox Rig.
Doyon has been around since the early 1980s and has been drilling in the Northern Alaska region ever since.
Doyon Drilling operates 8 different rigs specifically designed to drill oil wells in extreme weather climates like Northern Alaska.
Interestingly Doyon was the same contractor that drilled the Willow prospect (which is considered analogous to the Merlin prospect) for ConocoPhillips.
With experienced drilling contractors in its corner, we are hoping 88E can deliver another discovery in this part of the world.
22-02-2022 10:48 A.M.
18 minute read
652 million barrel oil drilling event starts early March
https://nextinvestors.com/articles/652-million-barrel-oil-drilling-event-starts-early-march/
What it could mean if Merlin-2 is a success?
The Merlin Prospect sits within greater Project Peregrine which covers 195,373 acres and sits on trend with the Willow prospect which was discovered by ConocoPhillips ~100km to the North of Merlin.
With a total prospective resource of ~1.6 billion barrels at Project Peregrine, any drilling success at Merlin-2 would effectively de-risk any future follow up drilling programs & bring into play the company’s other projects. What it could mean if Merlin-2 is a success?
The Merlin Prospect sits within greater Project Peregrine which covers 195,373 acres and sits on trend with the Willow prospect which was discovered by ConocoPhillips ~100km to the North of Merlin.
With a total prospective resource of ~1.6 billion barrels at Project Peregrine, any drilling success at Merlin-2 would effectively de-risk any future follow up drilling programs & bring into play the company’s other projects.
Seller should soon clear!
The board said the acquisition would deliver "immediate" cash flows, with current gross production from Project Longhorn of around 300 barrels of oil equivalent per day, at around 70% oil.
Near-term capital-efficient production upside existed from seven planned workovers, which were scheduled to start in March.
https://youtu.be/zxg2fxPLG-k
For the Broker Briefing November 2021 Investor Webinar, 88 Energy (ASX:88E) Managing Director & CEO, Ashley Gilbert, provides an overview on their Oil exploration projects in Alaska.