Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant. Watch the video here.
Coutesy of poster on stock house
Kieth Hill, CEO Africa Oil
This is a translation from Swedish using Google translate. It is poor, but working. This is just a part of the interview where Hill discusses the activities the upcoming year.
"Revenue from oil production in Nigeria will also be used to finance the company's other projects. The next step is to take the next step in the development of Kenyan assets. The original plans have been delayed for at least a couple of years, in part because the legislation in Kenya - which was not previously an oil-producing country - has not kept up.
"Now, however, most things are in place and we have completed a number of necessary studies. As of July 1, we must decide whether to proceed, or not to do so. Should it be a no, it will mean further delays," says Africa Oils CEO
A potentially problematic factor is partner Tullow, who is also the operator of the Kenyan assets. The UK company has had a tough 2019, with collapsing share price and stressed balance sheet. The hope is that the company will do some kind of business to strengthen its position.
"Everything depends on Tullow getting his finances organized," notes Keith Hill, who, however, has good hopes that this will be the case.
Even for the assets outside Guyana, where the wells Joe and Jethro were found to contain oil of clearly inferior quality than expected, there is hope according to Keith Hill.
"Tullow has found much higher quality oil in the nearby Carapa well. We believe such oil can also be found in our block," he says.
Again, the development of the near future depends on Tullow's capacity. It is hoped that at least two wells will be able to be drilled during the second half of 2020.
Africa Oil's transformation into a producing oil company coincides with a rise in oil prices expected by the CEO in a few years' time.
"Slate oil has replaced other oil, but we believe production will soon reach its peak. At the same time, demand
Poster on stockhouse
is targeting a gross prospective resource of 256 million barrels of oil. It will be the deepest well to be drilled off Peru.Success could help unlock offshore activities in the country and de-risk several further exploration targets within Block Z-38.Karoon operates Block Z-38 with a 40% stake and is partnered by Anglo-Irish independent Tullow Oil and Pitkin Petroleum on 30% each.*After drilling Marina-1, the Stena Forth will return to Guyana to continue drilling activities there for Tullow, which last year made two discoveries in the Orinduik