RE: GBP6 Feb 2020 01:56
PerrySalsis - I've been thinking about your post Perry. "lend itself to a scenario where GBP have made approaches which have gone nowhere. I hope I'm wrong but the careful wording over several RNS makes me suspect that to be the case. "
The idea that experienced and well seasoned Directors such as Peter Blakey or Peter Taylor and the history as Directors of TM Oil Production which later became Dana Petroleum growing to become one of the leading UK oil and gas exploration companies and was taken over by KNOC for £1.8bn in 2010 would go around approaching various companies to take an interest in our assets is actually quite bizzare!
The board employed Stellar Energy Advisors to do just that and subsequently, way, way, way too quickly, terminated the Mandate. The big question at that time was - why on earth terminate the mandate at such a crucial point having only opened up the data room? Not even allowing Majors the time to search, study, check, cost and plan all of which (and probably more) would have to go through various departments to make any kind of decision and commitment.
Well, perhaps the reason lies with the following..
Subsequently we quickly acquired PEL 94, avoided further reduction to licence PEL 29, created (since renewed due to expiry) a still unused 10% placement capacity, joined NAMPOA rubbing shoulders with the likes of Exxon, Shell, Total, Serica Energy, Galp, ECO & Azinam (Lundin) and of course the all important NAMCOR, the main advisor to the Ministry. I would say surely a far greater chance of success exists making honey by joining the busy bees inside the hive itself? A question to ask is what changed to allow us in the club? Clearly there are advantages to be had otherwise what is the point? I would suggest the ability for each to freely 'contact with counterparties' as a minimum'?
It has been made clear time and time again Namibia is seen as the next frontier and the potential is huge. It has been reported only days ago that Shell and Exxon, both members of NAMPOA are acquiring assets. Exxon reported to be quickly upping its stake in the region. Gil stated external companies are looking for a way in.
Posted article - The Barremian to Aptian age source rocks on the Namibian margin are now recognised to be the principal source rock for future exploration drilling” - Albian-Aptian, shallow marine carbonate reservoirs are the main targets at Gemsbok, Lion, Dik Dik and Welwitschia Deep.
The Geoscience team and NAMCOR themselves state - 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. - Our prospects Welwitschia Deep, Gemsbok, Lion, Dik DIk are up-dip /dip closed Structural traps with shallow marine carbonate reservoirs located at depths in the Albian-Aptian, and there are even more prospects to come!
Doesn't sound like the board are out begging to me. Quite the opposite using internal/externa
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