Member Info for Marmited

Is there an LOI floating around? Is the offer of shares something to do with it all? Has Polarcus been booked already? https://mobile.offshoreenergytoday.com/polarcus-in-3d-seismic-shoot-in-west-africa/ High speculation but not impossible..

Is 'funding for the right opportunity via London capital markets' actually AEC purchasing shares as per ECO? Is this opportunity based on PEL 94? Will it include 1911 as the eastern flank prospect runs into it? Was GBP's gemsbok not enough on its own? Trp we're going for PEL 10 (94) pcl had there eye on it, eco began mentioning it... seems to be the catalyst. Questions questions..

Was the financing for the right opportunity dependant on signing pel 94? the untested structure mentioned in ECO's (backed up by Africa Energy) pdf of October 2018 I posted a month ago? i.e an Africa Energy investment?..

So reading the timeline, I have come to the conclusion that Stellar’s cancellation is a positive, but we don’t know why just yet. The language used by the board has been getting more and more excited over the year.. why? What is the financing available? What is meant by the right opportunity? What were the potential farminees waiting for? Have they now acted hence the cancellation of Stellar at this CRUCIAL time? Why are the board pleased all of a sudden? What are the positive implications for our multiple assets? Why are we fortunate this news arrived so quickly? What news is this? How can we progress their exploration removing the mandate with Stellar..

I think there are some key things to point out….

June quarterly report –
financing ‘IS’ available for the right opportunities, as particularly demonstrated within the London capital markets. It is believed that potential farminees have decided to await the results of the drilling being carried out in Q3 and Q4 2018 by operators nearby.
19TH September - and so positive results from Cormorant should provide Global with significant read across.
2nd October – We are ‘VERY’ encouraged by firm evidence from drilling of a working hydrocarbon system in the area adjacent to our acreage, which we believe has ‘POSITIVE’ implications for the multiple prospects in our Namibian portfolio. ‘WE ARE FORTUNATE’ that this news has arrived so soon after we secured Block 2011A. It has ‘INCREASED’ our confidence in the prospects for all our Blocks and we look forward to progressing their exploration.

29th October – The Board of Global Petroleum Limited is ‘PLEASED’ to present its Quarterly Report (It did not mention ‘pleased’ in the other reports)

29th October – September Quarterly report

The Board of Global Petroleum Limited ("Global" or "Company") is pleased to present its Quarterly Report for the period ending 30 September 2018. During the reporting period the Company terminated the arrangement with Stellar Energy Advisors who had been conducting a structured farm-out process for PEL 0029. Although no farminee has been identified to date, the Company will continue to seek potential farm-in partners. Tullow Oil completed the well on its Cormorant prospect during the reporting period. Cormorant is located in Block 2012B to the south east of PEL 0094 (see Figure 1), and encountered hydrocarbons - Tullow noting that wet gas signatures, indicative of oil, were evident in the overlying shale to the Albian sandstones target.

. The Company continues to monitor further exploration opportunities which may complement the Company's existing exploration assets offshore Namibia and remains encouraged by the recent increase in exploration activity both within the region and beyond. Stellar launched a structured farm-out process of the Company's Namibian acreage with a view to seeking a partner to fund future operations on the block, commencing with 3D seismic data in accordance with the extension work programme agreed with the MME. It is believed that potential farminees have decided to await the results of the drilling being carried out in Q3 and Q4 2018 by operators nearby.

2nd October- Response to Result of Cormorant Well in Namibia

Global is encouraged that the Operator stated that hydrocarbons were encountered. Tullow noted that wet gas signatures, indicative of oil, were evident in the overlying shale to the Albian sandstones target. Global therefore infers that the failure to encounter hydrocarbons in commercial quantities was due to factors which are specific to the Cormorant stratigraphic prospect. Accordingly, Global believes the well result does not impact the prospectivity of its portfolio, which contains extremely large dip-closed structures as well as some stratigraphic prospects. Peter Hill, Global Petroleum's CEO, commented: "We are very encouraged by firm evidence from drilling of a working hydrocarbon system in the area adjacent to our acreage, which we believe has positive implications for the multiple prospects in our Namibian portfolio. We are fortunate that this news has arrived so soon after we secured Block 2011A. It has increased our confidence in the prospects for all our Blocks and we look forward to progressing their exploration.”

19th September – New Licence

Global Petroleum Limited (AIM: GBP, ASX: GBP) is pleased to announce that it has signed a Petroleum Agreement to acquire Block 2011A offshore Namibia. Global believes that there is significant prospectivity - similar to that in PEL0029 - in the deeper Albian Carbonates. The Company also believes that there is additional prospectivity in shallower Upper Cretaceous/Tertiary reservoirs on the eastern flank of the Welwitschia structure. These reservoirs have been proven by wells to the north-east and south-east of Block 2011A, and the Cretaceous is a target in both of the wells to be drilled in Q3/Q4 2018 by Tullow and Chariot respectively. Aside from the wider prospectivity of its new acreage, the Company expects that the play to be tested by the Cormorant well extends into Block 2011A, and so positive results from Cormorant should provide Global with significant read across.

24th September - Cormorant-1 Well update
Tullow Oil plc (Tullow) today announces that the Cormorant-1 exploration well in the PEL-37 licence, offshore Namibia, encountered non-commercial hydrocarbons and the well is being plugged and abandoned. The Cormorant-1 exploration well in Namibia has been drilled to a total depth of 3,855 metres and penetrated the objectives of the Cormorant prospect. Sandstones were encountered in the primary objective of the well but these proved to be water bearing. Wet gas signatures, indicative of oil, were encountered in the overlying shale section. Important geological data has been gained from this well, and, in combination with high quality 3D seismic data, will provide valuable insights into the prospectivity of the Group's Namibian acreage in PEL-37 and PEL-30. "The Cormorant-1 frontier exploration well was a bold attempt to open a new oil play in this area of Tullow's offshore Namibia acreage. Gas readings while drilling continue to support the concept that there is a working oil system in the area. As a result, following the conclusion of operations, we will analyse the data gathered before deciding on any future activity. While this is not the outcome that we had hoped for, the efficiency of our drilling and our risk management processes resulted in low financial exposure to this well."

26th September – Annual Financial Results ended 30th June

Attracting capital for exploration activities remains challenging, however financing is available for the right opportunities, as particularly demonstrated within the London capital markets. The Company believes that Block 2011A contains the same plays as those outlined in the CPR for PEL 0029. Regarding the Repsol operated Welwitschia-1 well drilled in the western part of Block 2011A in 2014, Global believes that there is significant prospectivity, similar to that in PEL 0029 - in the deeper Albian Carbonates, which Welwitschia-1A did not reach. The Company continues to monitor further exploration opportunities which may complement the Company's existing exp

Timeline 2018

15th January - CPR completed

A total of 3.66 billion bbls of unrisked gross technical prospective resources (Best Estimate) has been estimated in the Blocks Gemsbok, Dik-Dik and Lion. Gemsbok, Lion and Dik-Dik are identified as dip-closed structural traps, which the Company regards as particularly compelling since previous large prospects identified by other Namibian operators have mainly been stratigraphic in nature. Of particular note, the main Aptian Carbonate reservoir at Gemsbok.

19th January – Farm out process

Following the publication of the CPR, which has confirmed the high level of prospectivity on our Blocks, we feel that the time is now right to commence a structured farmout process. We have noted the improving investment climate for upstream E&P generally, and in particular the recent entry of major IOCs and NOCs into Namibian exploration. Recently Stellar acted as advisor to Tullow Oil in their successful farmouts of Namibian Licenses PEL 30 and PEL 37 to ONGC Videsh.

27th April - March Quarterly report

The new information significantly improved the prospectivity across PEL 0029 in general and the Gemsbok prospect in particular. Better imaging from the new 2D data revealed that the known source rock intervals are likely to be within the oil generative window and this, combined with data showing repeating oil seeps along the faulted flanks of Gemsbok, greatly improves the chance of a major oil discovery.

30th July – June Quarterly report

Stellar Energy Advisors, on behalf of the Company, continued the farm-out process for Global's Namibian Licence PEL0029, with the data room remaining open to prospective farminees throughout the reporting period. The Company continued to monitor further exploration opportunities which might complement the Company's existing exploration assets offshore Namibia and remains encouraged by the recent increase in exploration activity both within the region and beyond. The farmout process is still underway following renewed interest created by presentations conducted by the Company during May 2018, with data room participation continuing into July.

14th August - ExxonMobil Namibia has entered into an agreement with Namibian oil exploration and production company Azinam to acquire a 30% stake in Petroleum Exploration Licence (PEL) 44, offshore Namibia.

19th September – New Licence

Global Petroleum Limited (AIM: GBP, ASX: GBP) is pleased to announce that it has signed a Petroleum Agreement to acquire Block 2011A offshore Namibia. Global believes that there is significant prospectivity - similar to that in PEL0029 - in the deeper Albian Carbonates. The Company also believes that there is additional prospectivity in shallower Upper Cretaceous/Tertiary reservoirs on the eastern flank of the Welwitschia structure. These reservoirs have been proven by wells to the north-east and south-east of Block 2011A, and the Cretaceous is a target in both of the wells to be drill

I'll have a look later this evening.. cheers for that!

well here's a thing.. two high profile wells drilled, One confirmed prolific hydrocarbons generated and migrated, the other sounds similar but yet to be confirmed..a big conference this week with serious networking going on and yet GBP removed the mandate just weeks before? Others at stellar have had mandates open for years.. why close it within 2 months of the data room still being open prior to this conference?

I think we got 2011A due to Peter also at TRP, and I think 1911 may end up with us too? It will be serious acreage in a frontier basin with 2 proven source rocks that cannot be ignored. Exxon know exactly what is possible and are carrying out huge basin data collection. They understand the migration issue imo. Azinam understand the migation issue. over and over it is said, oil has been generated, the question is where is has migrated too.

And GBP remove their mandate..??? It just does not make sense... unless... (all imo!)

Both Tullow and ONGC appear to have..

It has gone quiet at AEC.. busily working out what happened to all their oil in 37! ;-)

https://mobile.offshoreenergytoday.com/polarcus-in-3d-seismic-shoot-in-west-africa/

Tullow to bid for oil blocks - Plans to drill eight new wells in 2019

“We have put a number of challenges behind us and we are focused on increasing production in West Africa, and progress our East Africa developments. We are also commencing a multi-year exploration campaign across South America and Africa,” he added.

https://www.graphic.com.gh/business/business-news/tullow-to-bid-for-oil-blocks-plans-to-drill-eight-new-wells-in-2019.html

So is it safe to say 1911 is coming our way?

Ah, an image of the deeper Albian targets.. so that must be the prospect to the east side of Welwitschia which the drill bit did not reach. It runs into licence 1911...

Good spot!

Are you looking at GBP's cpr? The link just took me to the home page..

When combined with the C1 result it all becomes quite compelling.. Have I posted this already? :-)

Graeme Thomson, Tower’s CEO, commented: “The result of the Murombe-1 well, although disappointing for HRT, offers further evidence of a working source in the Walvis Basin. The question remains, to where has the oil from these source rocks migrated? The multiple structural reservoir targets due to be tested by the upcoming Welwitschia-1 well all lie on a possible oil migration path given the regional structural closure provided by the Walvis Ridge.

https://www.towerresources.co.uk/2013/07/statement-regarding-the-results-of-the-murombe-1-exploration-well-walvis-basin-offshore-namibia/

Now, add the above information to the read across from Pel 37 & possible Pel 30...?

We know that Welw-1 drill was a complete disaster.. it needs poking again! (along with the other 3 structures to the west of the licence)

'interest in this first prospect alone, which is just one of four large dip closed prospects within the acreage'

https://www.towerresources.co.uk/wp-content/uploads/2013/05/TowerResources_pr_220513.pdf

But also the structures within the east of the licence.. Just how many are there on 94??