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More intel on Namibia...

Sintana Announces Closing of Oversubscribed Public Offering to Raise Gross Proceeds of $13,282,500 and Completion of Acquisition of Petroleum Exploration License Interests in Namibia

Tuesday, March 8, 2022, 4:35 PM MST

https://www.jwnenergy.com/press-release/6227ee05e36cc730c390a05d/

https://mobile.twitter.com/AfzalValli/status/1501534333357547523

Plus safe jurisdiction

Time for a serious rerate here!...

Come on Emma, show us some positive news!

Keep them coming jackie.... ;-)

https://mobile.twitter.com/AfzalValli/status/1501104178130825218

In March 2020 Global licensed the 3D seismic data (see the release of 7th April 2020 for more details on this), immediately interpreted it and then issued new prospective resource and geological chance of success numbers for the Marula and Welwitschia Deep prospects (release of 20th July 2020).

As expected, the interpretation of the 3D seismic data led to increased confidence in the Marula and Welwitschia Deep prospects. The Marula prospect is a distal pinchout of Cretaceous sandstones onto the Welwitschia high. It has Best Estimate unrisked gross prospective resources of 210 million barrels of oil (164 million barrels net to Global). Global’s interpretation of the 3D seismic data has revealed a significant amplitude anomaly whose down-dip edge conforms with structure, which has a geological chance of success (risk factor) of 22%. The Welwitschia Deep prospect has also been confirmed by interpretation of the 3D seismic data and the Albian carbonate reservoir has Best Estimate unrisked gross prospective resources of 671 million barrels of oil (523 million barrels net to Global) with a geological chance of success of 14%.

I believe the 3D data from 2010 was already licensed and processed, right?

The 3D seismic survey covers an area of 1,583 square kilometres, and being only 10 years old is considered to be of relatively modern vintage.

This key data, acquired by previous licensees in 2010, covers the Company's Welwitschia Deep prospect and Marula lead, and will enable precise mapping of these features. 

https://www.lse.co.uk/rns/GBP/agreement-with-namcor-to-licence-3d-seismic-data-gfhwsyg04ctg2sw.html

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Not sure why it was blocked with stars

Hi *****, it is about general uprising positive sentiment in the local area. For the first time in history a massive read MASSIVE amount of oil has been discovered offshore Namibia with majors Total and Shell leading the pack. This is ground breaking news. Not to be ignored as they are tapping from the same source rock. Investor sentiment is growing. Oil prices well above 100$/bbl (!). Likes of QatarEnergy signing cotracts with NAMCOR. Global energy demand higher than ever...
You want me to coninue?...

Pog soon at 2,000+ USD/Oz I reccon

It's time we get some positive news flow here.

GRL needs to start delivering now.

https://www.oedigital.com/news/494717-azinam-hires-island-innovator-rig-for-gazania-1-well-offshore-s-africa

Although in SA, it will be drilled in the same Orange Basin as the Graff-1 and Venus-1 discoveries. This is just the start, more drilling contracts will appear soon imo.

Also in the Orange Basin...

https://www.digitaljournal.com/pr/eco-atlantic-oil-and-gas-ltd-announces-rig-contract-signed-for-block-2b

https://www.newswire.ca/news-releases/africa-energy-announces-signing-of-rig-contract-for-block-2b-819252060.html

Great news!....

It shows further confidence from QatarEnergy.

Pretty sure the Graff-1 and Venus-1 exploration successes will be a further catalyst for more agreements coming up soon between NAMCOR and various foreign Oil & Gas companies.

https://worldoil.com/news/2022/3/2/namibia-enters-new-era-of-hydrocarbon-exploration-and-production/

RNS 9th Nov:

In the course of the farmout process which the Company has been conducting for PEL 0094, it has become evident that potentially interested parties are awaiting the outcome of the drilling programme in Namibia's Orange Basin, to be undertaken by the energy majors, Total (Venus-1) and Shell (Graff-1). Both wells were reportedly scheduled to spud in Q4 2021, although no firm dates are currently known.

This tells me there is definitely interest for block PEL 0094.
Plus we all know the recent success of Graff-1 and Venus-1 wells, even above expectation.
Bring on bidding interest and farm out!

The oil price in 2016 was around 40-55 USD/bbl or so.
The profit margins over the last say 18-24 months have been significantly higher than that and sustained.
Currently the oil price is revisiting pre-2014 levels.
The investment climate in that sense is much, much better these days. And I don't expect it to come down anytime soon.

I'd expect Exxon to start drilling offshore Namibia also.

Their blocks are close to GBP's.

Not only Total...

Also:

BP
Equinor
Shell
ExxonMobil

https://www.upstreamonline.com/lng/exxonmobil-joins-western-oil-and-gas-company-exodus-from-russia/2-1-1176716