Member Info for Phoebus

Won't name the company on here, but they've farmed in for 136.7 MMBOE net 2U at 32% COS in the hugely prolific Carnarvon Basin which is to the SW of the Chuditch area. Market cap is only £10.7M valuing the company at only $0.10/BOE unrisked, $0.30/BOE risked, which is bonkers cheap considering the adjacent discoveries and the rig mobilizes next week. DYOR

Very strange SP reaction. Don't think the market has quite grasped the magnitude of this deal. CLON has gone from a dead stock to just weeks away from a potentially gigantic discovery in a prolific area in a single RNS. You would expect a several fold increase on news like that for a company of this size. Currently priced at a microscopic $0.10/BOE unrisked $0.30/BOE risked, which is laughable.

Even more major discoveries just to the East of our position. This is a prolific area.
https://www.industry.gov.au/sites/default/files/2019-acreage-release/2019-acreage-release-area-map-northern-carnarvon-barrow-sub-basin.jpg

I would add that CLON and its sister stock PET seem to have a history of doing massive moves higher in short time frames. Leopards and spots.

It really massive is, isn't it. And in a very prolific area. This is one of the largest exploitation drills in a long time on the LSE and is huge for CLON, but at 7.8p/BOE the shares are priced like a wild cat explorer in the middle of nowhere with no cash, no farm out partner and no drill. Huge valuation gap. GLA

At 40 TCF, that project equates to 6.6 billion barrels of oil equivalent. We are in elephant country.

Just look at the map. Note the Io-Jansz field top right.

https://www.westerngas.com.au/sites/default/files/Equus%20Overview%20-%20Regional%203.8.jpg

I believe the the Jansz-Io field is Australia's largest gas field.

'The Jansz-Io field is a part of the Gorgon Project which is one of the world's largest natural gas developments.'

'The Gorgon and Jansz-Io gas fields are estimated to together hold more than 40 trillion cubic feet (tcf) of gas and are expected to have a production life of at least 40 years. The total production capacity of the fields is estimated to be approximately 2.6 billion cubic feet (bcf) of natural gas and 20,000 barrels of condensate a day.'

https://www.offshore-technology.com/projects/jansz-io-gas-field/

This is a remarkable drill for CLON to get exposure to.

As ever the market can do anything, but the maths seems to support that view. Even at 4p that would still only equate to around $0.85/BOE unrisked or $2.64/BOE risked.

The RNS states, 'The Sasanof Prospect covers an area of up to 400 km2 and is estimated by ERCE to contain a P50 Prospective Resource of 7.2 Tcf of gas and 176 MMbbls of condensate (P50 recoverable) with a 32% Chance of Success ("CoS") (as per ERCE independent report).'

7.2 TCF = 7,200 BCF (gas in billions of cubic feet)
7,200 BCF / 6 = 1,200 MMBOE (gas as millions of barrels of oil equivalent)
1,200 MMBOE + 176 MMBC (millions of barrels of condensate) = 1,376 MMBOE (millions of barrels of oil equivalent)

CLON has 10% of this so 137.6 million barrels of oil equivalent. At £10.7M market cap CLON is currently only on a valuation of 7.8p per barrel of oil equivalent, which looks unbelievably cheap for an imminent drill, particularly in such a successful area and safe jurisdiction. This has the makings of a monster move. GLA

This is a gigantic deal for CLON. I've been desperate to get exposure to this drill since I first heard about it last year, but was unable to as the only investment pathway was via the ASX and there are almost no UK brokers that offer that market. Problem no more. Drill is 137.6 MMBOE net to CLON! At $5.BOE that would equate to £561M net to CLON in the success case! Truly astonishing. Look at all the gas discoveries around the drill location on the PDF map. This could be stock of the year.

I forget where I read it now. It's something to do with election to enter the next exploration phase which I think is due in Q3 shortly after the Beebei result. The phase begins 2023-01-14. Can anyone recall the details?

Rionel, here's a map for you. I've plotted the location of Beebei Potaro-1 based on coordinates from Notice to Mariners. You can see that the well is considerably further inshore from the main trend of Cretaceous discoveries on Stabroek than ECO's own Cretaceous targets. I've also marked Carapa on the map, which although only modest, proves that there are Cretaceous oil fields up dip as well down dip of our Orinduik Cretaceous targets.

https://i.ibb.co/M51yLZN/Beebei-Potaro-1.jpg

Guyana.

Did pasta go everywhere?

BOIL is another one that never seems to hold its gain. So frustrating.

That said, what's the problem with the share price. Every single time it goes up it rises rapidly and then fizzles out almost immediately and the SP grinds relentlessly lower for ages. It's happened again and again. Same in 2020 and 2021. The chart looks like a saw. Just can't hold its gain. Is there a massive overhang or something? Are they distributing stock ahead of you know what? This really is one frustrating share. GLA

COVE was Tanzania and Mozambique. Tanzania gas prices are very low with AEX getting around $3.00 per MMBTU. The situation Mozambique is likely similar. Crown is in the UK where gas prices are WAY higher. Current UK forward curve over the next 12 months is $20.5-32.2 per MMBTU. HUGE difference.

https://www.cmegroup.com/trading/energy/natural-gas/uk-nbp-natural-gas-usd-mmbtu-icis-heren-front-month_overview.html

Indeed. I think a lot of people will be shocked at the excellent grades and tiny market cap when this finally hits the limelight. SP could explode.

Indeed. I think a lot of people will be shocked at the excellent grades and tiny market cap when this finally hits the limelight. SP could explode.

'Repsol will lease the Noble Regina Allen jack-up drilling rig from Noble Corporation to drill the Beebei-1 well in June 2022.'
https://www.repsol.com/content/dam/repsol-corporate/en_gb/accionistas-e-inversores/cnmv/2022/ori28042022-q1-2022-results.pdf

Kanuku shares 3 licence partners with Orinduik. Drill target selection should be soon after results.