Member Info for Marmited

Raises a question.
What is important about TRP and GBP in this presentation over the likes of let’s say Oranto Petroleum?
Delivered in May and within the window where initial contacts were made.
TRP following a 4 year absence have held for just 7 or so months and yet to be assigned a PEL number yet already around this time we now know a Major began sniffing around them.

Azinamkanaziham make my wish come true.. ;-)

Mmm.. to add..

initial contacts with counterparties took place in relation to a potential farm-out of PEL 0094 and PEL 0029.

Period: from 1st April as no mention in previous quarterly ending March 31st.

This is where it gets interesting..
Welwitschia (Delta) was/is believed to be sourced from the Walvis Basin
TRP's Gamma, Alpha and Beta were/are believed to be sourced from the Namibe Basin

Page 9
https://www.towerresources.co.uk/files/TRP_AOGSPresentation_0113.pdf

Gemsbok appears a mirror image of Welwitschia (Delta) and therefore it is reasonable to assume it is sourced from the Walvis Basin.

https://www.offshore-mag.com/geosciences/article/16800671/2d-seismic-data-review-clarifies-gemsbok-prospect-offshore-namibia

Lion appears to mirror Gamma so is it sourced from the Namibe basin?
Dik Dik appears to mirror Alpha? Is this also sourced from the Namibe basin?

On page 13 of TRP's old presentation above it shows an outline of the minimum fetch area. It includes Gemsbok but not Lion or Dik Dik.

So, I agree, Welwitschia may turn out to be a main target with Gemsbok seen as a follow on prospect.? Gemsbok was GBP's darling but now we have Welwitschia. That is where it perhaps gets sticky as any potential farm in partner on 29 would need to commit to 3D and a drill. Could 29 require a licence adjustment? No idea!?

But Lion and Dik Dik perhaps gets complicated imo. They appear more suited as follow targets for TRP's Gamma, Alpha and possibly Beta prospects from the Namibe basin?

We desperately need a detailed presentation from GBP.. Ho hum

Surely!!!!!

When adding our announced read across to Tullow's Cormorant drill which proved the play yet failed due to suffering migration distance issues as reported by Pancontinental and Africa Energy. Africa Energy now state this as the main risk to the remaining targets they have - Migration distance risk.
Well adding the information from The Geoscience team and NAMCOR for laterally continuous fault systems that will provide up-dip trapping I find it extremely difficult how at least PEL 94 is not hot on the radar. Combined with oil slicks on the licence plus other hydrocarbon indicators such as deep rooted chimneys and pock marks, repeating oil seeps on flanks of a structure, up dip, regional closure..
Surely..surely.. surely.. surely.. we will get snapped up in a farm out deal with one of these counterparties? Surely!

New Concept for Namibia

Historical Repsol Presentation revealing just how the puzzle has shifted.

Page 74 Shows how things have moved from earlier days and just why, like Brupadda, Welwitschia just has to be drilled again.
Look at the Red triangle. That is what they thought was the regional seal.. way above in the Early Miocene / Tertiary zone. The Repsol drill bit only reached as far as the upper Campanian before they abandoned it due to mounting costs and rig malfunctions. (Clearly Welwitschia wanted to keep her secrets until I was able to discover her) ;-)

Four green flags / 4 Source rocks? I have heard of 3 (listed below) not 4. What is important is during the drill they found no evidence of hydrocarbons in the shallower zones. This indicates any oil down there is sealed effectively below the new an much lower regional seal located deeper than Repsol thought in the Cretaceous.

Albian-Aptian, shallow marine carbonate reservoirs, the main targets at Gemsbok, Lion, Dik Dik and Welwitschia Deep. The Welwitschia Deep prospect is a fault and dip-closed structural trap, as are the Gemsbok, Lion and Dik Dik prospects in the company's PEL0029 licence which is immediately adjacent to PEL0094 to the west.

*Plus*
The Geoscience team and NAMCOR - 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.

The 3 prominant Target source rocks as descibed by Uaapi Utjavari (Namcor & NAMPOA) are -

1. The Aptian (+Syn - Rift source rocks)
2. The Cenomanian
3. The Turonian

https://www.repsol.com/imagenes/global/en/HR_29012014_Exploration_Day_2014_CNMV_tcm14-14246.pdf

It is a difficult one to predict.

PCL in PEL 37

Pancontinental farmed out to Tullow Namibia Limited (a subsidiary of Tullow Oil plc) in September 2013, thereby reducing its interest to 30% and under conditions that will see it free carried through extensive 3D and 2D seismic programmes and an exploration well.

In September 2017, Pancontinental and Africa Energy Corp. (“AEC”) closed negotiations with regard to AEC’s investment in the Company’s subsidiary that holds the Namibian asset, PEL 37. The deal worth US $7.7 million provides AEC with a 33.33% holding in the subsidiary, leaving Pancontinental with a majority interest of 66.67%. The first tranche payment of US $2.2 million was received at closing and a second payment of US $5.5 million will be due at the commencement of drilling the PEL 37 well which is anticipated during 2018.

I think the position to take on what the contacts with counterparties actually means depends on your personality and outlook. GBP joined NAMPOA which if you scroll down further you’ll find some info on.
I really have no idea on how long and would they drill this year. That would totally depend on the counterparties as one of those should a deal be struck become the operator and then we would be in there hands. I see two short term plays which should increase value currently, an oil strike elsewhere in Namibia and a farm out signed off. After those, we can think about oil and drilling.

In a nutshell..

New information from the results of previous local drills plus the Brupadda discovery in South Africa may have given the last piece of the jigsaw puzzle.

New info/target - Regional seal, target source rocks, continuous fault systems providing up dip trapping.

All the above brings focus to GBP's main prospects - Gemsbok, Lion, Dik Dik & Welwitcshia Deep. All sit below the regional seal, include the target source rocks, all dip closed structural traps and are up dip. It is the regional high and also the regional closure due to the Walvis Ridge.

We have no money to drill and are 100% reliant on a farm out otherwise the oil hopefully to be found there will remain there.

There is some 3D on PEL 94 which the board have yet to purchase. All COS and size is based on 2D data only.

For 3 quarterly's the board have said, inital contacts with counterparties, further contacts with counterparties and further contacts with counterparties regarding a possible far out of PEL 94 & 29.

We have 85% of the licences to play with and hopefully the pendulum has swung in our favour as previous deals have been targeting prospects above the regional seal. Hopefully we can achieve 2 x free carry drills keeping 15-20%? 1 drill on PEL 94 and 1 drill on PEL 29.

It does fit perfectly and also the prospect has a number, no name.

I am taking the remainder of the day off! Marula has bruised my ego! ;-)

Hold on... Grrrrr!!!
Azinam do have a prospect called Marula in South Africa the same as GBP in Namibia. Why give the prospects the same bloomin name ??

It is there for everyone and anyone to see now. Holding tightly onto mine. ;-D

20% COS on old 2D data.
PEL 29? A mystery! But frankly I don't care at this stage so long as PEL 94 gets a deal we are off.

I'd say! That was delivered 24th to 25th April 2019.
So connecting the dots...?

Unused and renewed following expiry placement capacity
Quick termination of the Stellar farm out Mandate
Wavering of 25% reduction to PEL 29
Newly released PEL 94 target known Pre April 2019 (Post Cormorant - read across is clear) and clearly written in Azinam's access portfolio of high value opportunities.
Contacts with counterparties, further contacts and further contacts over 9+ months regarding farm out of PEL 29 & 94.

We did not have the key piece of information at the time. What licence sat the Marula well! I remember thinking it was in South Africa.

For me, Marula clearly added to Azinams presentation, your earlier message below has become more likely than not! ;-)

"M, we never did sort out what targets 5 & 6 were from the Azinam presentation
Slide 4....... "targets 5 & 6 being negotiated"
Slide 7......and the ballons....second ballon along is target 6 and is bang on the 15% cos line and the centre of the balloon is on 775mmboe"

COS 20%

I knew you missed it :0) that is the purpose of these boards isnt it!

http://www.azinam.com/wp-content/uploads/2019/04/Azinam_NamibiaOGconference_UU_APR2019.pdf

Your link!
Namibia International Oil & Gas Conference 2019
Uaapi Utjavari

Page 7

I guess Uaapi Utjavari Vice President Exploration of Azinam Limited / Chairperson of NAMPOA was able to mention "Marula" in that presentation as no one knew anything about this prospect.
Cat appears out the bag.. purrrrrrrrrrr