Member Info for Marmited

What do you make of the alteration?

First Renewal Exploration Period (2 years): Minimum work programme revised to reprocessing of all 2D seismic lines in the retained area and the acquisition of 800km of long-offset 2D seismic data. This licence period was scheduled to end 3rd December 2017. Subsequently a 1-year extension of the First Renewal Period to 3rd December 2018 was agreed with the Ministry, with entry into the Second Renewal Period at that point in time. The minimum work programme for the 1-year extension is the acquisition of 600km² of 3D seismic data, contingent on Global Petroleum finding a farm-in partner to fund the 3D seismic survey. If the acquisition of the 3D seismic survey is not completed during the 1-year extension, then it can be carried over into the Second Renewal Exploration Period.

Second Renewal Exploration Period (2 years): Minimum work programme altered, in agreement with the Ministry, to drill one well (depth and location to be agreed) unless the Ministry and Global agree that circumstances dictate otherwise.

What happened to the 3D?

“Seapulse’s strong financial backing gives us the critical advantage of being able to drill and test a statistically de-risked exploration portfolio normally only associated with super-major oil companies.”

Statistically de-risked? What does that mean??

https://www.energyvoice.com/oilandgas/187640/fledgling-explorer-in-pact-with-maersk-drilling-targets-4bn-barrels/

Oh, I absolutely am grasping at straws! :-) but....

The recent discovery in South Africa ONLY had 2D completed.

"After the confirmation of Brulpadda’s potential, Total and its partners plan to acquire 3D seismic data this year, followed by up to four exploration wells on the license, the company said."

I've been here before with play on wording.. :-) However.. humour me!

24 November 2017 - Namibia Update – Licence Extension Granted, Entry into Second Renewal Period

The MWP for the one year extension of Phase 2 is the acquisition of 600 square kilometres of 3D seismic data, contingent upon Global concluding a farm-out agreement with a third party to fund the acquisition of the 3D data. If the 3D acquisition is not completed during the Phase 2 extension period, it may be carried over into Phase 3. During Phase 3 the commitment is to drill one well (depth and location to be agreed) unless the Ministry and Global agree that circumstances dictate otherwise.

1st March 2019 Namibian Licence PEL0029 – Work Commitment

In addition, and carried over from the First Renewal Period (Phase 2) extension, is the acquisition of 600 sq km of 3D seismic data - contingent upon Global concluding a farmout - and the drilling of one exploration well.

2017 clearly states 3D will happen after a farm out agreement and followed by a drill.
2019? is it the other way around? 3D will follow a farm out and drill?

Maurel and Prom are a producer too...

But I cannot for one minute believe Exxon would allow Enquest first dibs on a discovery in 44..

"EnQuest, which at a market cap of around $437 million (£329.3 million) is saddled with over $1.7 billion in debt, will be the first oil producer to get access to discoveries made by private-equity backed Seapulse as part of its 12-well exploration campaign."

https://uk.reuters.com/article/uk-enquest-seapulse/enquest-gets-first-dibs-on-stakes-in-future-seapulse-discoveries-idUKKCN1QK0PN

How many companies holding licences would be comfortable with that? A handful?

The recent Brulpadda find was drilled with only 2D data.

Curious..

Sea pulse are so new they haven't even got there website up and running. I'm gonna say it.. do you think one is 29?

Do you know what licences wells 6 and 7 are in?

Even the slick looks like its heading NW.. ha!

Also, on the same page see 'minimum Welwitschia fetch area to the west - 10,000 km2.. Just how big is it to the east I wonder?

Remember last summer talking about the oil slick in PEL 10, now called Pel 94. Worth looking at the picture again and now with what we have learnt from recent events.

It's from TRP's presentation 2013, even they point out they took it from ECO's presentation 2013. A 6km oil slick neither company understood. :-)

Page 13 - Enjoy!

https://www.towerresources.co.uk/files/TRP_CorporatePresentation_0114.pdf

By the way.. it's north west ;-)

J, you'll be explaining for ever and a day, Everyone has different risk levels. It's all good. Anyone interested can trawl back and see what's what.

Fair enough Gazza, although prospect S was quite a distance away and was more of a 'if this hits it'll be good for Namibia and all licence holders' rather than geographical for gbp,

Ah, cheers buddy. I throw my research out there so that it can be challenged. Many heads are better than one.

You're forgiven now. I'm over it. ;-)

I was overweight in GKP and it causes bad decisions. 7p to £1.08.. very nice! bottled it and missed the bigger run to £4. Not this time :-)

Yes 1.3. I was looking at buying more with my blvn divi but there are opportunities abound so have decided I'm fully loaded here. Tempting as it is, I don't want to be overweight.

Hopefully this is the beginning of a decent bull run. Sentiment appears to have changed with the MM's this week. However, I don't think volume will appear until a rumour or announcement of a deal to confirm. Research complete, assets look unbelievably amazing (particularly PEL 94 as pretty much confirmed by PCL and Africa Energy and even Tullow to some extent) and market Cap low. Over to the board to complete the story and get the assets across the finishing line with the 'right deal' and not any deal for lift off. Until then, patience.