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Food for thought..

Looking back through the Edison report April 18.

It points out Tullow was targeting resources of 125mmbbls at C1, but lets look further at D&M’s Mean Estimate for just PEL 37 alone.

D&M has prepared the assessment of licence area EL 0037 offshore Namibia in accordance with the Petroleum Resources Management System (PRMS) approved by the Society of Petroleum Engineers, the World Petroleum Council, the American Association of Petroleum Geologists, and the Society of Petroleum Evaluation Engineers.

D&M’s Mean Estimate for the total 11 Leads is 8.7 Billion Barrels of Gross Prospective (recoverable) Oil Resources

https://pancon.com.au/project/walvis-basin-el-0037/

Tullow may just now believe all these prospects in PEL 37 could have suffered the same fate, but also that of its neighbour, Osprey too.. It is a huge question whether they will go ahead and drill Osprey at all.

Edison report states.. 'One such fan that would be de-risked is the Osprey fan in PEL 30 immediately to the north of PEL 37 and in which Tullow holds a 15% WI.'

So, that is another 245.5mmbbls possibly generated and migrated.

In total, I don't think its too unreasonable to think an average total of just over 9 billion barrels of oil could have been generated from Commorant, Albatross, Seagull and gannet N, Seagull and Gannet S, and the other 7 leads, on PEL 37 plus Osprey on PEL 30 and migrated..?

If the above has happened, where is it? On trend to the North is PEL 10 (GBP) and on trend to the south is PEL 82 (Galp/Exxon)

As previously posted, the regional highs and lows of the basin may just reveal the answer.

and worth noting..

One of those 17 wells discovered was the Kudu gas field discovery and 7 appraisal wells followed. so, only 9 stabs in the dark to date. One of those 9, the Wingat-1 well found and recovered oil, others have had oil shows and apparent secondary migration.

Angola to the north and South Africa to the south have oil discoveries. The oil companies are learning so much and I truly believe it is only time.

We await news on a farm out on PEL 29, I am also very much looking forward to an announcement of GBP giving PEL 10 to Stellar too. This could come quickly as did PEL 29 following the better quality 2D data completion.

Of course it is only a few weeks away from finally receiving news on the 4 offshore licences located in the deep waters offshore Italy directly above what is now believed to be an additional source kitchen so I believe those will be hot property.

Fortune favours the brave..

https://mobile.offshoreenergytoday.com/woodmac-oil-firms-need-to-start-spending-600b-a-year-to-meet-demand/

I'll have a look tomorrow ref you tube. Bed is calling!

I read somewhere it's 94m in the free float.

Something I noticed in this report. ECO believe the Turonian–Cenomanian aged source rock could be in the oil window in the western part of the Cooper Block, Would it be fair to suggest that they must believe this reads across to the eastern part of our PEL 10? Page 28 of 37 Oil seeps have been observed in the offshore area near the Cooper Block. Early Aptian source rock is located on Cooper Block down dip to the leads. A preliminary study by PGS based on geothermal gradients derived from the existing well information indicates that the Turonian–Cenomanian aged source rock could be in the oil window in the western part of the Cooper Block and the Aptian aged source rock could be within the oil window throughout most of the Block. The reservoirs consist of sandstones deposited in marine, channel-fan complexes on the slope. Reservoir rocks on the block are expected to be Cretaceous in age with good properties. http://www.hannam.partners/umbraco/surface/MediaDownload/Download?file=1980

I'll have a look this evening ref Steve Greenlee. Congratulations on the heating and hot water! I was in a similar situation about 8 years ago and boy oh boy did it show me what I took for granted! Bbbrrrr

That is an interesting email. 2011A on it's own could be classed as small? Also the EMAIL is dated prior to our award.. hmmm.. Peter springs to mind.. covering base in both companies?

Either way, that note released ref ECO was this month and those additional licences will be interesting to see who they are awarded too..

It is a large holding.. Something to do with South Africa maybe? I've no idea on that one J.

On another point, once again looking at PCL's Presentation back in 2012 on page 25 headed Numerous Leads. The images for A,B,D,E, and possibly N all appear to point, as if being pinched/squeezed towards a NW direction into our SE corner of PEL10 leading up to the regional high.

https://pancon.com.au/wp-content/uploads/2014/03/Pancontinental-Oil-Gas-NL-November-2012-AGM-Presentation-30-November-2012.pdf

It is a bit of an eye opener when read with our announcement on the 19 September 2018.

The Repsol operated Welwitschia-1A well, which was drilled in the western part of Block 2011A in
2014, primarily targeted Upper Cretaceous sands on the crest of a large structure but did not
encounter a reservoir. However, Global believes that there is significant prospectivity - similar to that
in PEL0029 - in the deeper Albian Carbonates, which Welwitschia-1A did not reach.

http://www.globalpetroleum.com.au/uploads/files/reports/18-09-05-gbp-block-2011a-_final-(1)-1537344874.pdf

Have a great day!

I wonder if we are also going for block 1911?

I found an old report from 1999

Petroleum resources discovered to date

page 3.8 (or 40)

Holtar and Forsberg (1997) believe that the deepest reservoir intersected in the first well in
area 1911, in Albian shelf carbonates, once contained oil but that this had escaped through time. The
challenge now is to find similar reservoirs that still contain oil or those into which the oil has migrated.

http://www.ais.unwater.org/ais/aiscm/getprojectdoc.php?docid=3126

Where is all this oil migrating too in block 1911 & PEL 37/C1? Its somewhere....

Selfish is a bit harsh! A farm out or take out would make everyone invested here happy I am sure! :-)

And so another question springs to mind.. how long before GBP also instruct Stellar to farm out PEL 10 2011A?

Yes, you got it. No company advertises their interest or intentions around such matters. If an agreement was already in place we wouldn't be searching for endless reasons (and many clues and reasons have been found) as to why a company would find our acreage attractive for an oil discovery in an ever evolving frontier.

The fact it's not up to speed with our 2011a plus the way our board wrote the RNS (sound relieved they won in a lengthy battle to me) it might just be possible ECO (etc) were going for this licence. It would make absolute sense being located west of osprey and read across C1. Really feels like we are being surrounded.. Exxon, Tullow, Africa oil, eco, Lundin, azinam,

I would put money on that ECO were attempting to acquire our PEL 10 2011A licence.

Hannam & Partners 4th Oct 18 There is a wealth of information in this document and I'll paste a few points of note, perhaps a sunday read. Below is a comment that we know is all to familiar.. read through of prospect S and ECO's PEL 50. In Namibia there will be readthrough from Chariot’s well on Prospect S, to PEL 50 (Eco 80%); Tullow needs to decide by YE’18 whether it will drill a well on the Cooper block potentially in Q3’19 (Azinam has announced it would like to proceed). We also think a new country entry is likely at some point. Namibia: proven hydrocarbon system in which Eco is well positioned Namibia is truly a frontier oil and gas province with attractive fiscal terms. There was a wave of exploration activity ~5 years ago, which resulted in no commercial successes. Although the market took this negatively, the wells have de-risked the oil potential by proving a working source rock (as did the recent Tullow operated Cormorant dry hole). With the entry of supermajors such as Exxon/TOTAL and further wells planned this year by Chariot and Shell, any success should re- invigorate interest in the region. (As we know, Azinam has reported wet gas shows in Prospect S but further details are yet to be released.) Dec ’18: Tullow Namibia farm-in. Tullow must exercise its option on a further 15% of Cooper block by mid-December 2018 (which is still likely in our view as the Cormorant well gave some encouraging signs that there was oil in the area). If this happens Eco will receive around US$0.75mm covering back costs and be partly carried on the Osprey well. If it isn’t exercised, Tullow will have to pay Eco ~US$3-4mm instead and will return the entire WI to Eco, after having fully carried Eco for the 3D seismic shoot. Thus, the block will be drill ready and Eco can offer a large stake (it will have 57.5% by then) to a third party for probably at least 1 carried exploration well. The other partner Azinam announced it would like to proceed with exploration of the block. 2019: AziNam IPO: AziNam is a Namibian/South African exploration pure- play and partner and shareholder of Eco, with the largest direct offshore acreage position in the two countries. It has recently announced its intention to float in Oslo in the coming months, ahead of a multi-well drilling campaign across over the next 18 months (up to 8 wells over the next 3 years). It is currently raising pre- IPO funding. Africa Oil will also have the first right of offer on any asset that Eco is looking to farm out. It should be noted that Eco is already working on acquiring additional licences and here it might be reasonable to expect that Africa Oil might pay a premium given the work that Eco has already put into securing the acreage. And on Page 26.. we are on the map. http://www.hannam.partners/umbraco/surface/MediaDownload/Download?file=1980

Good find J.. This piece from an article already posted just prior to the recent drilling states.. This long-awaited drilling activity is attracting considerable industry interest and will look to provide better answers to some of the burning questions that remain in this frontier area; a key one being whether Namibia and South Africa share the same petroleum potential as the proven basins along the conjugate margins of Brazil and the Falklands Plateau? If this is the case, then it is evident that the deepwater Cretaceous turbidite petroleum plays will be vital, not only in the first round of drilling, but also in follow-on exploration in the years to come. https://info.drillinginfo.com/category/international-energy-oil-and-gas/ We know C1 has produced significant hydrocarbons in this zone thanks to pancontinental's ASX information so that vital question has been answered in the North so surely there will be follow on exportation as a result.. your article suggests just that. It would come as no surprise for those of us who have done our homework! Prospect S tested similar in a slightly deeper play. We await detailed analysis, however, they do potentially give a clue.. no 'accumulated' hydrocarbons. It remains to be confirmed but sounds identical to Tullow's C1 RNS. No 'accumulation' rather than 'dry hole'. So, we await the answer as to whether that same vital question has been answered in the central location too. Did prospect S also fail due to its trap/seal. A failure of a trap/seal leaves one question.. where did that oil go? Sounds like Exxon really want to find out!

Yep, I believe we are now for sure.. every drill gets more valuable information and closer to that discovery.

Annual Financial Results state 26th Sep 18

Strategy and Outlook

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.

Business Development

Global remains in a strong financial position from which to fund work activity on its Namibian acreage, its Italian application interests (subject to award), and to acquire complementary assets with particular focus on Namibia where exploration activity has increased.

Italy

As with the previous two Environmental Decrees, a number of appeals by various interested parties against the later Environmental Decrees have been made. The Company has been notified that these further appeals will be heard by the Latium Tribunal in November 2018.

What is revealing is the information on 2012A.. Clearly Tullow are fluid in its current decision making.. Flag across the table once again springs to my mind.. GBP's farm out process awaiting results on C1.. mmmm