Member Info for Marmited

And following Paul Howlet is Namcor presenting upstream farm in opportunities. Cosy.. :-) Namibia' 3rd International Oil and Gas Conference, Windhoek 24th & 25th April Themed, ‘Building Partnerships to Transform Africa’s Oil and Gas Industry’, this bespoke thoughtleadership platform is hosted in partnership with the National Petroleum Corporation of Namibia (NAMCOR), endorsement of the Ministry of Mines and Energy, and the support from the African Energy Chamber. The Conference will also showcase opportunities in the upstream and downstream industry in Namibia and the region. It will explore the country’s potential to become an oil and gas logistics hub. Delegates will have the opportunity to visit the Fuel Storage Facility in Walvis Bay as well as have access to NAMCOR’s Data Room showcasing farm-in opportunities. https://allafrica.com/stories/201903040781.html

Oooo, hello.. are we coming out of hibernation!?

Really interesting document which is based on Contourites and Turbidites offshore Brazil which has made me think of the new work program. We all know the west coast of Africa is thought to mirror Brazil. Remembering this work is geared for PEL 29, it does give an insight to the potential in PEL 94.

The purpose of this article is to show that bottom currents played a fundamental role in reworking and redistributing turbidite sands. Marginally derived coarse-grained and thick-bedded turbidite sands were trapped in delta-fed slope channels, structurally controlled depressions (intraslope basins) and channel-terminus lobate features. Fine-grained sediment transported in suspension by turbidity currents was almost entirely removed by bottom currents during and immediately after deposition and transported northward, away from their turbidite feeder systems, to form spectacular fields of fine-grained and very well sorted contourite low-relief sand drifts, characterized by very distinctive facies in cores, which are highly prolific oil reservoirs (e.g., Barracuda, Marlim sul, Albacora leste). Bottom currents were flowing toward the northeast quadrant along the slope, following pathways locally controlled by bottom topography generated by salt mobility, growth faults, and basement block-faulting.

Here are a couple of the conclusions.

SANDY CONTOURITES OCCUR AS EXTENSIVE DEPOSITS WITH GREAT LATERAL CONNECTIVITY

SANDY CONTOURITES CAN REACH SEVERAL HUNDREDS OF METERS IN THICKNESS, AS SEEN IN SANTOS AND CAMPOS BASINS.

http://www.searchanddiscovery.com/pdfz/documents/2015/51069mutti/ndx_mutti.pdf.html

'Studying the ages and movements of faults so that the risk associated with these can be better estimated'

As far back in 2013 GBP mentioned carbonate platform build-ups on large horst blocks and putting 2 +2 I assume these are included in the structural traps mentioned?

I was thinking along the lines as opposed to possibly cherry picking just 94.

"We look forward to progressing our work both on PEL0029 and the adjacent PEL0094, and to finding the right partner to fund the larger commitments on this exciting acreage, where we hold 85 per cent interests." I'm left wondering if we have been approached about 94, but the board will not accept a deal without the commitment to 29 too. I'm sue interested parties from cormorant wouldn't waste time with the read across. Has GBP's stance helped with the wavering of the reduction of acreage in 29 keeping it at its maximum appeal? Will the additional work agreed for 29 clinch a deal with the 'right partner' rather than separation of the licences? Is this additional work a list from an interested party? Again, recent Azinam comments may have recently moved the goalposts here? Funding the 'larger' commitments.. As opposed too?

We are not going mad here then!! :-)

Evolving is the perfect word. We are mainly about the Aptian/Albian, across the prospects although east of 94 may be different? Personally I expect more Upper Cretaceous prospects there.. We'll find out soon. Azinam's comments really are quite significant for GBP.

It's become one of the largest, not 'the' largest since the award of 94 about 5 months ago. Yes, it's been mentioned before about simply buying the company. Again, I can only point to what Azinam recently revealed about the Aptian. The majors were not convinced. It explains a hell of a lot as to why we have seemly remained dormant or off the radar. How quickly things can change with the drillbit and new information.

I think they have a particular plan, one that doesn't dilute the hell out of their considerable holdings. Lack of 3D on 29 has not helped, however, there lies the opportunity. Priced at cash with zero in for the licences, they want to farm out and run with a 10/15% free carry on billions of potential but ultimately GBP are not in the driving seat.

The award of 94, the read across, the result of Cormorant with significant oil generation, the mention of thief channels from pancontinetal added with Azinams revelation has for me breathed new life into this share.

Still wondering why GBP were awarded 94 over TRP, considering the $$ already spent. With Choje piping up and targeting the same zones as what is in 94, perhaps its all nonsense or maybe the jigsaw pieces are fitting together? Either way, Namcor have the bigger picture.

Namcor's role in recent events? After all, they are the Ministry's technical advisory body.

Namcor's chairperson is headed by the managing director who is answerable to the board of 5 directors with one chairperson. The board in turn are accountable to the Minister of Mines and Energy. That is an awful lot of people to convince before even recommending such action to waive the relinquishment. Then there is the Commisioner of Petroleum Affairs appointed by the Ministry responsible for the administration of the petroleum act and the monitoring and regulation of the activities of the petroleum licencee companies to ensure compliance with the licence, petroleum agreement and the act, who incidentally is assisted by geologists and a chief inspector (with petroleum inspectors) who is responsible under the act to ensure legal and regulatory compliance in the areas of health, safety and environment. Both the Commissioner and Chief inspector are responsible for the regulation of the upstream industry.

Is this why Choje is on the radar.. same zones as in 94?

'Source rock near and into..' Fits perfectly with thief channels..

It is not normal to terminate a farm out mandate on top of a busy data room. Majors would take months going back and forth getting approval through all their departments etc. Something happened and now the relinquishment has been waived, there must be good reason. Thoughts.. If there was interest in PEL 94, well it wasn't in the mandate was it. It doesn't sit right they would farm out 29 following the cancellation. 94 though? Are they about to get a deal in 94 whilst spending a bit more to then get an agreement in 29 too? Remember, 94 is what our board are particularly excited about..

Mmm, wasn't it a month or so later you mentioned rumours of another major entering Namibia? BPC.. crazy is all I'll say! GBP.. crazy is all I'll say.. imo.

Perhaps the quote J discovered from Azinam reveals some answers as to the slow progress. "The find, made at the recent Brulpadda-1AX re-entry well using semi-submersible Deepsea Stavanger, has �overturned conventional geological wisdom� that Aptian source rock stretching south from Angola was not oil-bearing, Azinam chief executive Daniel McKeown told an Oslo energy conference hosted by Sparebank1 Markets on Wednesday"

Is choje going to be turned from a lead into an additional prospect?

Although they are two different licences, the question I ask is, how/are they geographically linked? Studying the ages and movement of faults?

I don't read into that the same as you. It suggests to me quite the opposite. 'are currently being worked up further in both licences'. As I mentioned earlier, the lead Choje appears to be flashing on the radar and I am wondering if this is due to findings in PEL 94.

My bet is the board have been working extremely hard to convince the Ministry to waive the surrender of an additional 25% and they succeeded!

Yep, horrible isn't it! I think it has something to do with there only being around 90 million shares available on the open market.

Happy to be corrected!

'Finding the right partner is probably why it has taken so long, to date. I would suggest they have turned down some offers'

I thought exactly the same when I read it last night.. With the Peters owning such a huge chunk of the shares I guess (without sounding too much like Brexit) the right deal is better than any deal.