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Is this attic definitely oil? What if it's gas?
Light oil tends to have gas cap at the high. Have they identified fluid type from the 3D?
Very difficult to image this prospect due to the geology.

Anyone know why Carnarvan valued at $330M didn't fund Buffalo themselves if it's so good?

Well, it's a perfect opportunity for someone to take Aminex out for peanuts before drilling starts, and pick up a share of the 3Tcf of gas for nothing, with potential upside unrisked of 8Tcf.

Would be nice if the market actually valued the gas as Ntorya, rather than ignoring it.. opportunity for huge gains at this price.

I'm just surmising Stena are the bulk of costs. It would be unusual if Schlumburger and Baker Hughes costs were $7m for sitting around. The most people sitting around would have been Stena employees. There are disputed costs, so can't see anyone disputing other than Stena. I presume Schlumberger and Baker Hughes get paid for however long they were needed, which is far enough. Not so sure about Stena ****ing up, which I presume is where the dispute is.

Make of this what you will.

Over and above the pre-drill estimated well cost, the Company firstly incurred an estimated $3 million of additional expenditure on enhanced Covid-19 related processes beyond those which had been planned for prior to commencement of drilling. These processes were put in place to prevent virus infection at the installation, which could have resulted in premature termination of drilling. Strict adherence to these Company processes, including pre-deployment screening and protocols resulted in the detection of 14 Covid-positive personnel who were denied access to the facility. Enhanced protocols involved chartering planes and additional helicopter transit flights to the budget projections, along with significantly increased accommodation and staffing costs as staff remained quarantined or retained on the drilling vessel for considerably longer than planned.



Secondly, a considerable amount of non-productive time (and hence additional cost of approx. $7 million) was added to the overall drilling program as a result of mechanical debris in the hole lost from the Managed Pressure Drilling (MPD) system requiring side-tracking.



In aggregate, these additional unbudgeted items have added up to an estimated further approx. $10 million of cost to the overall program cost. Whilst the majority of Perseverance #1 costs were incurred and paid prior to and during the course of drilling, work is ongoing to agree the final amounts remaining to be paid with contractors and suppliers arising from the additional unbudgeted costs (including some disputed amounts and some refunds owing), and to finalise a schedule for those payments over the coming months.

Bohemia, all that may be true, but we are discussing why Stena have not demanded payment. Not who owes what or who's liable. It may be that any drill days lost and contractors other contractors sitting around while Stena sorted out their mishap have been paid by CEG. But as far as we know it's Stena who are the bulk of the costs rather than any other contractors sitting around for a few days. There were extra Covid costs, but not to the tune of $15m. As for CEG being a minnow. It doesn't make any difference. A drilling contract is the same whether it's for a major or an independent.

Put it this way, I doubt it says in the drilling contract that CEG will cover Stena for any of it's **** ups.

Can only think Stena don't want to. It's a lot of money and no one get's a free pass, unless you want to do more business, or aren't confident in getting paid due to a negligence claim, which if so, would look bad for Stena.

Does make you wonder why Stena are not demanding that the money be paid right now. It's as if CEG have an IOU that will only be paid when we feel like it and if we can, but if we can't then tough.

The Telegram group are getting twitchy.

It's clear some are being fooled into thinking there have been no buys.

Well, this has been priced to go bust for so long now, market in a habitual phase, which will have to change at some point when the penny drops.

I think you'll find a number of buys are shown as sells the last few days. Sells are below 0.7p. Can't be making much money.

Still think Aminex can get taken out by a major before drilling if the gas figures are that big and the sp hasn't moved. It will be just too darn cheap with the gas price where it is. Scirocco seem more desperate to sell as they don't have a farmout partner and are trying to take their business in a different direction. Be interesting to see who their buyer is. If it's another oil and gas company and not ARA, then the other oil company will likely want the other 25% of Aminex to get 50%.. You then have a situation where ARA will want to fend off another oil company , and so Aminex' 25% will have two bidders, if possible. Depends on those gas figures, and how much Tanzania are seen to be opening up their oil and gas market and attracting investment.

First heads up on the potential gas at Ntorya of 8.236 Tcf. Comparable to offshore sized gas of the major LNG finds.
Be great if the 3D seismic converts some of that 8Tcf to gas in place figures, to add to the 3Tcf already defined on the 2D seismic.

https://dailynews.co.tz/news/2021-10-19616eceea45f1d.aspx

The areas you are referring to as open are new licence areas in the SWP that the Ministry are opening up. ie No oil company has ever operated these areas. It's probably due to the fact CEG have made the Saffron discovery that the SWP is opening up. All good.

The areas you are referring to as open are new licence areas in the SWP that the Ministry are opening up. ie No oil company has ever operated these areas. It's probably due to the fact CEG have made the Saffron discovery that the SWP is opening up. All good.

Druid, I think you will need to hold your breath, CEG licences on the SWP have not been withdrawn.