Member Info for Marmited

Geo, the rest of TRP in Namibia is in a different basin called Namibe. Our prospects are in the Walvis basin. You do know that right?

The devil in the detail will be interesting on the expected 29 extension. As we know to be a member of NAMPOA requires follow on prospects, we only became a member in 2018 following the signing of 94, we didn’t qualify before. The fact Namcor took an additional 7% of 94 for the 3D only a couple of months back and actions prior to that (waivering of the due 29 licence reduction) clearly indicates the healthy partnership and a drive to get a farm out done and the drill bit turning. Covid is just another reason to add to the list, not the driver. All our prospects (Marula being the exception) are in close proximity and of the same type (one reason we were left out in the cold), but clearly things have changed. Don’t take my word for it, ask Asher at TRP, ask Namcor, ask Geoscience Soectrum Geo.. each pointing a light across 29 and 94.

Apologies for typo’s.

GBP are not looking to do a GKP or XEL and go alone taking the share price from 3-4p to over £4 in its height in both cases. It is looking to farm out both 29 and 94 and the most likely scenario if successful will be around a 15% - 20% free carry for GBP. You can use neighbouring PCL and the Cormorant drill as an example of just that. Now 15% of billions of barrels if they hit is worth a lot of money isn’t it. The work they have been doing is to secure a farm out. Yes, the 29 extension is the next bit of news I am expecting. Namcor have bent over backwards for GBP so far, even increased their percentage held on 94. You can bet Namcor will turn 180 and not extend 29 but clear evidence to date points to when not if. Show us 1 price of evidence the suggest Namcor will not extend 29. Just one.

Yes, anything is possible but I also think a farm out is the most likely. That is certainly what has been the aim for years, but we are totally reliant on a well funded sized company to take over as operator (which imo is an attractive option for them now, but previously too risky. Knowledge has increased in the region from drilling and without doubt appears to shine a light at the updip faulted traps. Those certainly sit in PEL 29 and PEL 94)
There have been one or two false dawns but those were on the hopes of other operations outside of GBP. The most recent being Cormorant.
This one appears GBP specific. There are many dots to connect, what if’s and maybe’s so until that RNS lands,.

If you don’t like directors getting paid, completely in keeping with every other company across all markets worldwide, sell your shares and don’t invest on the markets. If it it GBP specific, sell your shares and buy elsewhere. You have the choices.

“We will conclude by showing the evidence for an up-dip bypass zone for the non-deposition of sediment, and/or laterally continuous fault systems that will provide up-dip trapping.”

1Geosceince Team, Spectrum Geo, Woking, Surrey, United Kingdom.
2NAMCOR, Windhoek, Namibia.

November 4-11, 2018 – 2018 AAPG International Conference and Exhibition, Cape Town, South Africa
Posted: March 26, 2019

Written post Cormorant drill.

http://www.searchanddiscovery.com/abstracts/html/2018/ice2018/abstracts/2994805.html

Welwitchia Deep, Gemsbok, Lion, Dik DIk are those reservoirs located up dip in continuous fault systems at the right geological depths. No other company that I am aware of have reported such prospects in the Walvis Basin. Only GBP. They combined are capable of holding billions of barrels.

It is not too hard too see why Namcor gave 3d to GBP for 7% of 94. It is not hard to see that GBP speedily carried out and published some data on 94. Remember, this acreage is huge and additional prospects are expected. It is not hard to see the release of the above link I have posted ties in exactly with the successive contacts with counterparties over a possible farm out in 3 quarterly reports. It is not hard to see TRP swinging 180 degrees and talk up GBP.

Namcor, Geoscience and Spectrum Geo have spelled out the location.

Personally still of the view as stated on successive quarterly reports and written on GBP’s website is “farm out deal.”
I don’t think many get just how important PEL 94 has suddenly become. Walvis is the only basin in Namibian waters to have brought oil to surface. 36api - 41api found below its original shallower target in what has only very recently been discovered as below that regional seal. As J has mentioned time and time again, millions spent on the easier shallow waters to no avail. Reports of oil/gas signatures etc etc are promising from the few drills carried out but lateral migration appears to be a major issue in the shallow water locations who have their reservoirs above that seal. Eco 30 PCL 37 , Azinam and so on with targets above that seal are dead in the water for the next phase of drilling. So, take your pick.. GBP or possibly neighbouring Oranto? for the hunt for that 36api-41api oil in the Walvis.
There currently no other licences with prospects below the seal in the Walvis. .It is ALL about proving the regional seal and a successful reservoir accumulation. Welwitchia Deep is currently just about the only prospect that meets the bill, it ticks ALL boxes, 3D, large enough reservoir, follow on prospects, below regional seal, up dip (for examples) Ironically it has been one of the reasons GBP appear to have been left on the sidelines for so long. Well it’s our turn now and the board have highly desirable assets, a complete about turn and they know it.

So sorry to hear that. He was a character on this board and it is sad he won’t won’t be around anymore or see the outcome in his investment here. After so many years you both had together there are no words I can find, you must be devastated. I will toast the old boy with a glass of the finest. Stay strong and all the best.

I don’t see Cameroon on GBP’s radar. It sounds to me that TRP are latching onto GBP and it’s future and shouting out we are next door (but your in a different basin except for a further add on of 20-25% of our W deep prospect) seems like a heads up to our contacts with counterparties reported with a possible farm out of both licences that any deal must include them.

All up dip to the closure being the ridge. What are TRP doing??? Certainly raising my eyebrows!

The current sticking point is PEL 29. Unlike TRP’s Alpha and Gamma, GBP’s Gensbok, Lion and DIk DIk plus Chloe will become follow on targets. These are the end of the line prospects for the Walvis basin.

TRP are lining themselves up with GBP for a reason we are yet to discover. The last time Asher spoke about Namibia he dismissed Welwitchia. Now its all bells and roses...

And also his/her suggestion means GBP will have the Welwitchia deep prospect drilled for no cost to GBP and yet will own the lions share of a discovery. And to sell your shares and invest elsewhere.. absurd!

But he/she misses a key point. TRP’s Alpha and Gamma sit in the Namibe basin not the Walvis.

Wow indeed..

‘This has not affected our own plans for the license, and we await with great interest the outcome of further work, such as Global's, and also further wells being drilled in Namibia, including Shell's well on license PEL 39 and Total's Venus well, all of which will enhance our own basin modelling and prospect evaluation.

I’m no expert in English but this does imply a drill being planned for Welwitchia.

I do remember and remains on my list but what immediately sprung to mind was the partnership Seapulse/Maersk Drilling.. remember them?

From our website and only just noticed it.

‘The forward plan is to work up existing data and other data yet to be licensed to showcase this potential and then partner with a credible deep water operator to move the exploration of the two licences forward.’

One has to ask if ‘showcasing’ is a singular event to a credible deep water operator? Contacts with counterparties, further contact and further contact over those 3 quarters..

It is an interesting choice of words... the usual ‘farm out’ changed to credible deep water operator, to me it sounds like someone specific. (But then again I want it to be so and am biased)

Just swallowed up more acreage in the Namibe basin.

https://www.upstreamonline.com/exploration/exxonmobil-dominates-as-angola-dishes-out-fresh-block-awards/2-1-845459

https://www.energymixreport.com/global-petroleum-announces-new-prospective-resources-estimate-for-pel0094-off-namibia/