Member Info for Phoebus

Like minds.

And covered by 3D ... two lots no less.

EOG's Morocco licence looks epic doesn't it. 14 prospects totaling 3.67 BB P50 with COS of 20-35% plus 16 more leads. Overall total 10 BB of which 75% net to EOG. CHAR success offshore Morocco, high oil and gas prices and Europe looking for non Russian supply should make it even more appealing to potential farminees. For newbies see pages 6-21 of latest presentation.

https://www.europaoil.com/wp-content/uploads/2021/06/EOG-Proactive-Morocco.pdf

Yep. CPR. Higher flow rates. Oil moving higher.

Agreed Yanis. I notice that cash is flowing into UJO today. Same Wressle situation. All good IMO.

I wouldn't call these gain spectacular. As far as I'm concerned the stock hasn't yet caught up to where it should be on the basis of what we already know. Stock had been so dead for so long that it was completely out of line with fair value.

Down move is just chart jockeys profit taking in an lliquid share and nothing to do with company fundamentals, which given the huge cash flows from Wressle should see this re-rate big style IMO.

If Venus West is as big as Venus as per the southern African source quoted by Upstream and if Venus itself is at least 3 billion barrels, then the Venus complex alone would be about half the size of all finds so far on Stabroek. Pretty astonishing. No wonder AOI is doing well.

https://www.upstreamonline.com/exclusive/at-least-3-billion-barrels-totalenergies-venus-is-sub-saharan-africas-biggest-ever-oil-discovery/2-1-1174983

Sell ECO for GBP? No chance.

Hence a much smaller investment. Impact of Graff and Venus results, similar geology, a net current asset position of up to around £2.2M versus a market cap of £6.1M and a farmout bid deadline end March 2022 was enough to convince me to make a modest investment in GBP. ECO remains the star pick by a country mile however.

While GBP is no ECO, I reckon it's worth a few quid given its current market cap and the recent huge improvement in outlook for Namibian offshore. I think it's also better for investors if GBP remains a separate entity as take over would reduce gearing for investors on that licence and reduce optionality overall for investing in offshore Namibia.

As for TRP, I'm not keen on that at present as it looks to have net current asset position of around minus £2M, needs funds for South African 3D and will need around $15M to drill NJOM-3 if the much delayed farmout fails for a second time.

https://www.reuters.com/business/energy/britains-bp-says-exit-stake-russian-oil-giant-rosneft-2022-02-27/
https://oilnow.gy/featured/norways-equinor-ending-investments-in-russia/
https://www.stabroeknews.com/2022/02/28/news/guyana/exxon-faces-new-pressure-over-dealings-with-russias-rosneft/

Wonder where they will deploy all that cash? Anyone know any booming oil basins. I've drawn a blank. :D

Many thanks Jazbo. Here's the doc.
http://www.pveconsulting.co.uk/images/Global_Petroleum_Namibia_Flyer_PEL94.pdf

Jazbo, where did you see those deadlines?

AOI currently has reserves of (73 BCF / 6) + 96.9 MMB = 109.1 MMBOE.

https://africaoilcorp.com/operations/reserves/

If Venus is over 3 BBOE recoverable that's another 185.4 MMBOE net to AOI's 6.18% interest or 170% of its reserves. Clearly this is a massive deal for ECO's largest shareholder.

I see they refer to it as a conservative estimate. We certainly seem to be in two remarkable basins. Can't wait to see what Gil has lined up for us next.

https://www.news24.com/fin24/economy/namibian-oil-could-estimates-to-bring-in-r53bn-in-taxes-alone-20220225

'On Thursday, TotalEnergies and partners announced that another giant oil discovery at its Venus well, which is also located in the ultra-deep waters, not far from Graff-1. With a conservative estimate of over three billion barrels recoverable oil volumes, a report by global consultancy Wood Mackenzie says the find is 'set to become Sub-Saharan Africa’s biggest-ever oil discovery' and Namibia could find itself the third-largest oil producer in the region within a decade.'

:D

Here you go, even.

H&M, here you do. It says over three billion barrels recoverable for Venus! Sub-Saharan Africa’s biggest-ever oil discovery. Superlative.

https://www.news24.com/fin24/economy/namibian-oil-could-estimates-to-bring-in-r53bn-in-taxes-alone-20220225

'On Thursday, TotalEnergies and partners announced that another giant oil discovery at its Venus well, which is also located in the ultra-deep waters, not far from Graff-1. With a conservative estimate of over three billion barrels recoverable oil volumes, a report by global consultancy Wood Mackenzie says the find is 'set to become Sub-Saharan Africa’s biggest-ever oil discovery' and Namibia could find itself the third-largest oil producer in the region within a decade.'

'the Company continues to witness considerable interest in Namibia from multiple international oil companies'

Bodes very well for a GBP farm out especially as GBP's licence is directly adjacent to ECO's most advanced Namibian licence, the Cooper Block.

https://i.ibb.co/qDxSMvN/GBP-ECO.jpg