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Did you watch Gil Holzman on the London South East briefing? Brupadda proved a new Syn Rift petroleum system off the west coast and this is what the majors are now targeting. He said no one had considered Syn Rift plays before.. Well that explains a lot!

GBP prospects

Reservoir 1A - Syn Rift
Reservoir 1B - Syn Rift
Reservoir 2 - Syn Rift/transition
Reservoir 4A - Transition/Late Albian/Cenomanion Syn Rift Namibe Basin and Walvis Ridge
Reservoir 4B - Transition/ Late Albian/Cenomanion Syn Rift Namibe Basin and Walvis Ridge
Reservoir 5 - Transition/Late Albian/Cenomanion Syn Rift Namibe Basin and Walvis Ridge

1. Explains Exxon's recent acquisition in the Namibe Basin
2. Explains why we were left out in the cold
3. Explains why we now are having initial and continued talks regarding a farm out.

My favorite sentence.. :-)

"and blocks being taken in Namibia and South Africa"

That interest has been illustrated by the recent activity by the industry, which has seen a significant amount of seismic capture and blocks being taken in Namibia and South Africa. “Much of that activity is early stage, so 2D or 3D,” Insalaco added. “What we will see in the next few years is an uptick in reservoir drilling and exploration. We have a strong position in the oil basin, so we have a couple of blocks in the Orange Basin and in South Africa the 11B/12B block where this discovery was made.”

https://www.africanews.com/2019/11/14/total-builds-on-brulpadda-success-to-herald-new-era-for-south-africa/

Yep.. My first thought yesterday was a rerun of XEL.

Heavy oil v Oil price v Location = Problematic for ECO.

Well, for a major like Shell to have sound data showing a chance of a world class deep water petroleum system they have very little acreage. I presume the reporter means gas condenstate same as Brupadda?

OIL industry giant Royal Dutch Shell believes sound data shows there is a chance of a world-class deep water petroleum system offshore, 20 to 30 kilometres north of the Namibia-South Africa border.

https://www.namibian.com.na/85420/read/Shell-discovers-potential-oil-or-gas-offshore-Namibia

Nice read..

Speaking alongside Shino on Tuesday, Karyna Rodriquez, vice president of geosciences at seismic player TGS, said Namibia shows signs of similar mixed turbidite-contourite systems that have thrown up huge discoveries at the likes of Tullow Oil’s Jubilee field off Ghana, the Sergipe oil discoveries off Brazil and, potentially, ExxonMobil’s giant Liza oil find off Guyana.

“This looks exactly like (some) huge discoveries that have been made. This is what Shell is targeting and this is what will change the outlook on the Namibian margin,” Rodriguez said.
“I think we are on to a world-class, prolific mixed turbidite-contourite system that should soon be drilled.”

https://www.upstreamonline.com/exploration/shell-mulls-options-for-namibia-wildcat/2-1-701237

It is confirmation that there is a lot of interest for blocks offshore Namibia, South Africa etc but we know that already with our own continuing talks with counterparties. Still, nice to see the enthusiasm from Gil. He does expand possibilities with the mention of other majors yet to enter.. wanting to take an interest.

I think there is a story there.. with the placement capacity. It’s been around a year now and about to be renewed. Says to me something was in the winds prior to the original request, why ask for it if it was simply to raise funds and sit and do nothing.

That should read 'the only drill..'

Well, GBP and TRP combined are a hell of a lot of very large structural prospects to ignore in deep water where the drill bit has not breached the regional seal in the few drills to date..

So you have to add Welwitschia east, other prospects yet to be announced plus the read across to Cormorant ;-)

Maurel & Prom/Exxon PEL 44, Exxon/Galp PEL 82 plus Exxon's newly acquired PEL 86 & 89 runs through ALL of our blocks PEL 29 & PEL 94 according to the map ;-)

“Looks like they are about turning at the border line to do another sweep north within 1910B”

Many oil seeps reported in this location which is in/around the faulted flanks of our prospect. (Repeating oil seeps along the faulted flanks)

Ugh, that was so badly written I can’t make sense of it myself.

First paragraph should read..

A major such as one who has approached TRP next door to us will take many months going back and forth, passing info to various departments seeking approval and a final decision. That is the nature of big business.

Apologies for any gramma errors.. currently using my phone..

Or..

initial talks went well, more talks have taken place. A major such as TRP next door have referred too take months and months going back and forth through various departments before any approval and final decision.

Certainly no outcome is mentioned so it will go one of two ways, a deal gets agreed or it’s a no deal and they walk. Neither of us know. Your take is negative which is perfectly fine. Mine is positive which is also perfectly fine.

Ok, fair point.. further is the word used.

Further.. How I take the meaning..

adjective: additional to what already exists or has already taken place, been done, or been accounted for.

Perry, you will never convince me of anything.. I accept CEO’s of other companies explanations of limited exploration activity due to the oil crash. I accept Namibia is ‘now’ a hot area. I have studied to the best of my ability the licences GBP hold, I accept the massive risk v reward and I like it a lot. I’m not invested in GBP because it is a sure and safe winner, if it was the price wouldn’t be here in the doldrums.

It is written there in black and white.. talks continuing with counterparties regarding a possible farm out deal.

If you don’t like and you hold.. sell. If you don’t hold.. fine.. I don’t care! If you hold but can’t sell due to a current paper loss we’ll that is your fault. You have the buy and sell buttons, not the board. They were always honest and open regarding the difficult conditions and low exploration activity and you didn’t listen, now they are excited and in talks and still you don’t listen.

Thanks for the earlier link to Vox.

So, further contact with counterparties regarding a farm out, open to strategic growth of a structural nature and basically an extension to the placement capacity as last years is about to expire..

Looking very promising when all the info is put together. Gils comment on Namibia just slots in nicely too.