Member Info for Phoebus

https://keyfactsenergy.com/media/ck_uploads/2019/03/12/i3energy-map.png

https://images.energy365dino.co.uk/standard/176520_34d7e2329416439f82af.jpg

See p42-43 of latest i3E Admission Document. Serenity is already a discovery with 16.2 MMBOE 2C and 115.2 MMBOE 3C. I guess this well is to prove up as much of that 3C as possible, which equates to 28.8 MMBOE net to EOG. If anything near that figure is achieved EOG's SP will explode.

https://wp-i3energy-2021.s3.eu-west-2.amazonaws.com/media/2021/11/20201013-TOSCANA-ACQUISITION.pdf

Not found that yet Yanis.

Relax and think of Wressle cash flows. Amount raised is a pittance by comparison. We now have huge cash flows and a decent drill to look forward to.

'Serenity oil discovery at well 13/23c-10 (S1) announced October 2019. Drilled down-dip of RSRUK-operated Tain oil field (Tain discovered in 2005, 32° API oil, flow-tested 6,700 bopd). 13/23c-10 well encountered oil in a sequence of Captain and Coracle sands. Oil confirmed within the interval from 4740 ft to potentially 5252 ft TVDSS, 165 ft TVD sand in total. Net oil interval in the Captain sand was c.11 ft of high porosity (30%) sand, thicker than in the up-dip Tain discovery as prognosed by i3; preliminary biostratigraphic analysis confirms the net sand is the same as the Tain Captain sand. An OWC was estimated at 5270 ft TVDSS using pressure measurements, which is the regional contact seen in the Liberator and Blake fields. Proved on-block oil column of 622 ft TVD present in the Captain sand.'

'i3 estimated P50 STOIIP of 197 MMstb based on conservative management assumptions regarding oil column thickness. i3’s expectation is that the Captain sands thicken to the west in Serenity as demonstrated by the c.120 ft of sand seen in the
offset 13/23a-7A (Magnolia) well situated to the west of the field. Estimated P50 STOIIP of 197 (1) MMstb assumes an average oil column thickness of 40 ft across the field. Due to the high relief above the OWC in the Serenity field, recovery factors in excess of 50% should be possible.'

See p16.

https://wp-i3energy-2021.s3.eu-west-2.amazonaws.com/media/2021/11/20210708-i3-Corporate-and-Transaction-Update-vF.pdf

'Serenity oil discovery at well 13/23c-10 (S1) announced October 2019. Drilled down-dip of RSRUK-operated Tain oil field (Tain discovered in 2005, 32° API oil, flow-tested 6,700 bopd). 13/23c-10 well encountered oil in a sequence of Captain and Coracle sands. Oil confirmed within the interval from 4740 ft to potentially 5252 ft TVDSS, 165 ft TVD sand in total. Net oil interval in the Captain sand was c.11 ft of high porosity (30%) sand, thicker than in the up-dip Tain discovery as prognosed by i3; preliminary biostratigraphic analysis confirms the net sand is the same as the Tain Captain sand. An OWC was estimated at 5270 ft TVDSS using pressure measurements, which is the regional contact seen in the Liberator and Blake fields. Proved on-block oil column of 622 ft TVD present in the Captain sand.'

'i3 estimated P50 STOIIP of 197 MMstb based on conservative management assumptions regarding oil column thickness. i3’s expectation is that the Captain sands thicken to the west in Serenity as demonstrated by the c.120 ft of sand seen in the
offset 13/23a-7A (Magnolia) well situated to the west of the field. Estimated P50 STOIIP of 197 (1) MMstb assumes an average oil column thickness of 40 ft across the field. Due to the high relief above the OWC in the Serenity field, recovery factors in excess of 50% should be possible.'

See p16.

https://wp-i3energy-2021.s3.eu-west-2.amazonaws.com/media/2021/11/20210708-i3-Corporate-and-Transaction-Update-vF.pdf

'The reserves already discovered at Serenity represent the opportunity for a commercially attractive tie-back to the planned development at Tain (operated by RSRUK and subject to development approval) with recoveries of approximately 8.5 to 20 MMbbls. If further appraisal confirms the sand deposition and connectivity model, then oil in place would be circa 197MMbbls and a stand alone full field development would generate recoveries of 100 MMbbls or more.'

https://i3.energy/operations/uk-north-sea/serenity/

https://www.londonstockexchange.com/news-article/EOG/conditional-fundraising-to-raise-up-to-ps7-million/15351029

Wonder how many appraisal wells they're going to drill? Maybe they're trying to decided whether to do appraisal next or go straight to Venus West and see if it's one humongous field.

Spot on Ivans. Wressle cash flows are mouthwatering.

That's correct Tovoc. Look at the map below. Today's RNS related to block FEL 3/19 on the right which contains the Edge prospect. Block FEL 4/19 on the left is EOG's and contains the 1.5 BCF Inishkea prospect, which has a COS of 33%. They are both very close to the Corrib gas field and pipeline. Today's news does suggest that DNO is now interested in developing the area, which is seems very positive for EOG.

https://i.ibb.co/sg5c1zz/Corrib-Hub-Assets.jpg

I'm not too up on ORCA yet, but at first glance it looks good. Is the forward plan for development to farm out as per JOG or to go for debt or otherwise? Thanks.

And confirmation Exxon leaving Russia too.
https://www.stabroeknews.com/2022/03/02/news/guyana/exxon-to-exit-russia-leaving-us4-bln-in-assets-sakhalin-lng-project-in-doubt/

And Brent almost $107.

With Brent touching near $105, sure. It's a third of the way there just this morning.

With Brent touching near $105, sure. It's a third of the way there just this morning.

I took a good chunk today, but not down to the Chronic Investor. Oil majors are dumping Russian projects and have huge piles of cash that will be looking for new projects. UK assets will likely benefit and JOG's GBA looks tantalizing. In ahead of the herd.

Market cap only £5.7M, by far the lowest for any Namibian oil stock. Net current asset position looks around £2.2M meaning enterprise value is only £3.5M at the current price. Way too cheap in light of Graff and Venus.

Shell also pulling out of Russia. Lots of oil cash sloshing around all of a sudden.
https://oilnow.gy/featured/shell-joins-other-oil-majors-in-exit-of-russian-joint-ventures/