Member Info for Marmited

You can't default on a non contribution/free carry..

:-)

Our new block PEL 94 has carried interests too..

'State oil company, Namcor, and a local private company, Aloe, will have carried interests of 10% and 5% respectively.'

So who have we entered the joint operations deal with for the purpose of exploring and development???

I never noticed this in the Annual report....

3.2.2 Joint venture commitments

Global Petroleum Namibia Limited has an 85% interest in the Petroleum Exploration Licence, however, it is
responsible for 100% of the expenditure requirements with its joint venture partners holding a total of 15% free
carried interest.

then this..

7.2.1 Joint operations
In accordance with normal industry practice the Group has entered into joint ventures with other parties for the
purpose of exploring for and developing petroleum interests. If a party to a joint venture defaults and does not
contribute its share of joint venture obligations, then the other joint venture participants may be liable to meet those
obligations. In this event the interest in the permit held by the defaulting party may be redistributed to the remaining
joint venturers.

I'm happy and comfortable with my lot.. :-)

ah pffffff.... i'm demoted to 14th!

i'm 1.3m...

Ha! i'm 13th.. :-)

Africa Energy tick boxes / GBP

“We’re trying to get into opportunities early where we have to put down minimal cash up front for exploration,

Tick - buy 25% of a company

where we’re negotiating directly with governments to get access to a good license,

tick - Namcor

shoot 3-D seismic with a well option

tick - We need 3D on 29 and also east of 94 plus drilling.

or alternatively negotiate with industry partners that already have an attractive license to help them identify prospects and drill a well.”

tick - we have an attractive licences and you can help identify prospects on both 29 and 94 with 3D.

https://www.epmag.com/oil-search-africa-energy-journeys-new-frontier-1689536#p=4

Come on... send us a bone!

Outside chance.. In the case of Tullow, which is set to hold its first Capital Markets Day since 2014, Numis's Thomas Martin expected the focus to be on the oil explorer's reinvestment opportunities and on its East African development projects. https://uk.webfg.com/news/company-news-preview/thursday-preview--3608315.html

Sorry.. waves I meant waves 1,3 and 5 :-)

I think if things pan out as we hope, it could create a perfect Elliot wave scenario. Wave 1 AEC invest, wave 2 Tullow farm in and wave 3 is the drill itself.

I agree IV. I can't see the agm being the right time. It's a 'get the cogs in place' moment. They'll start turning at a later date. I'm not a fan of valuation predictions J. It can set in stone unrealistic valuations both too high and also too low. A share in aim particularly is worth what someone is willing to pay for it :-) (imo) BPC the perfect case..

And I'm sure they would have given AEC/AOC a wink as to who and what was happening with PEL 94..

Namcor Regulatory role Our role as government institution is to actively promote the hydrocarbon potential of Namibia. In exercising this role the company is tasked with advising the Ministry of Mines and Energy on policy issues regarding the upstream petroleum industry and monitoring the petroleum activities of oil companies operating within Namibia. We have since independence facilitated the signing of several petroleum agreements with international oil companies. They will know what deals are potentially floating around and assist where possible.. I.e awarding 94 perhaps more quickly..

'PEL 37 will reduce the geological risk on some of these opportunities but make them more expensive.' Well that statement clearly includes our block/s without any doubt. Perhaps they couldn't make the move at that point as we hadn't been officially awarded PEL 94. Perhaps with the help of Namcor, news was brought slightly forward ahead of TRP's to help close a deal and even surprised the board? 'News arrived so quickly' statement. Reviewing new opportunities fits perfectly too, we only signed the mandate in January and the data room was still open in July for pel29.

Perhaps a clue included in TRP's information.. 'Recent nearby farm-in activity by Exxon, Africa Energy and Kosmos Energy' Kosmos deal was Nov 2018 PEL 39 so yes it's recent.. Exxon deal was Aug 2018 PEL 44 so yes it's recent.. The last Africa energy deal I can see was a year ago Nov 17? Not so recent? https://www.energy-pedia.com/news/namibia/tower-resources-signs-new-namibia-petroleum-agreement-175088

It would be a nice Xmas present for sure! they have been patient in waiting for the 'right deal'. Sounds like options were there to me as you point out they are aligned with shareholders with a holding 40% of the company. But equally the 'right deal' could also refer to securing pel94 believed to be the same play with pel29.

All fits like a glove really when looking back.. time will reveal. Gbp state possible farm in interest thought to be awaiting the results of the upcoming drills. (Tullow/Africa energy and char are the only two wells) Tullow state a bold attempt to open up a new play. Africa energy state technical success and investor opportunity confirming the new play is on. Tullow say hoping next attempt will be a success. It indicates to me exactly where they wanted to go next and that they already have a plan.. they very quickly abandon ECO's PEL 30.. it's clearly not there. Gbp are pleased news has arrived so quickly regarding the new block. It is on trend/read across from Tullow and Africa Energy/PCL's prolific hydrocarbons generation in PEL 37. Gbp have mentioned Tullow in every rns since July (around the time gbp said farm in interest parties (indicating more than one) were awaiting results of upcoming drills) Gbp suddenly terminate farm out mandate and request additional 10% on top of the 15% giving a total of 25% share increase when ready and within 12 month period. Gbp have stated no debt and plenty of funds to continue the on going program indicating it's not about the money. Africa oil/energy have recently show they like to buy into 20-25% of a company.

And having recent partnerships with Tullow I'm sure they will happily do business together again.. after all, Tullow are hoping there next attempt will be successful, indicating further interest in the 'area', but certainly not in ECO's pel30 and highly unlikely in PCL's pel37.. so they'll need to do deals..

Isn't it just!