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PHASE 2 RIGLESS TESTING
• Sandjet + NuTech to unlock resources growth
TIMETABLE
• Amendment #4 to 5/6/24 submitted 23/1/24
• Sandjet ready to mobilise in April 24
• Coiled Tubing Unit available by end-April 24
• Projected First Gas sales Q1 2025
It’s reasonable to expect we will soon get an update re phase 2 testing… all it needs now is the spark!
The extension will facilitate, subject to regulatory approvals and consent, the drilling of the MOU-5 well to evaluate the 177km² Jurassic structural closure.
MOU-5 is expected to be drilled between 1 April to 31 May 2024.
The Company is fully funded to drill MOU-5 using currently uncommitted, discretionary, cash on the Company's balance sheet.
Humanity’s knack for finding new ways to consume energy is not showing any sign of abating. Take cryptocurrency: a single bitcoin transaction can consume more electricity than a US household does in a month. Or artificial intelligence: a query on ChatGPT uses 10 times more electricity than a Google search, and shifting all internet queries to using AI could consume as much electricity as Ireland does in a year.
Until recently, electricity consumption from data centres accounted for only about 1 per cent of electricity demand globally: energy demand from the explosion in computing, cloud storage, streaming, video calls and so on have been offset by efficiency gains.
But this landscape has shifted recently with the prevalence of AI and cryptocurrency, and the International Energy Agency (IEA) projects that data centres will drive significant electricity growth.
This poses a serious challenge. Growing energy demand at a time when we’re trying to drastically cut emissions is like running down an upwards-moving escalator. Ireland is facing this pressure more acutely than most other countries: 18 per cent of our electricity was consumed by data centres in 2022, as much as all urban homes, making the country an outlier. The country with the next highest share of electricity consumed by data centres is the Netherlands, with 5 per cent, and the figure stands at only about 2 per cent across Europe.
https://www.irishtimes.com/environment/climate-crisis/2024/04/04/data-centres-are-a-serious-threat-to-irelands-carbon-budgets/
Is it not this?
Presence of significant thicknesses of sands in the debris-flow demonstrate the potential sand source area feeding the Moulouya Fan as mapped pre-drill.
Above the depth at which the well was suspended a detached transported block of the Moulouya Fan target may have been penetrated. A gross interval of 28 metres was estimated on the basis of the well site cutting samples and lithological log. 16 metres of potential reservoir was interpreted from drilling breaks. This can only be confirmed by wireline logging.
Jimmy - while we eagerly awaiting Keith’s reply, of course I am not qualified to speak for him.
My read is the top of the moulouya fan was penetrated but not known at the time. No gas samples were taken from the fan because the invasion of the heavy mud kept the drill blind. But why didn’t the ROP improve when past the volcanic ash / sticky claystones???
Silverfoil…
I own 4m shares which I have held firmly through many storms… I bought my first shares in 2019 after discovering this company through LGO which later became CERP. I have no reason to want the share price to fall which is why I challenged Paul on the need for PRD to manage the market better. Selling out to PE was a threat to who? Us LTHs we can’t stop the market reacting how it does. A board of directors should be skilled in managing the market. And all I said was that it’s been poor and it’s all in Paul’s gift to set and manage those expectations. Simply - do what you say you are going to do. How that triggered so much hysteria is a joke, mature intelligent people acting like children.
Dr Leila Benali, Minister of Energy Transition and Sustainable Development commented: "This agreement is pivotal for the wider acreage offshore Morocco, on its Atlantic coast, a key energy asset for the Kingdom. We welcome Energean on these licences as the important investments will contribute greatly to the monetisation of the country's resources and to our ambitious energy strategy.
Mrs Amina Benkhadra, General Director Office National des Hydrocarbures et des Mines commented: "I would like to congratulate both parties on signing this agreement. The discovery and extensive work to date has set an excellent foundation on which the project can be developed and this partnership will now be instrumental in financing and taking it through the next phase. We look forward to working alongside Energean and Chariot in bringing the project to first gas."
Mathios Rigas, CEO of Energean commented: "This is an exciting step in the next stage of our development, one that can only enhance our position as the pre-eminent independent natural gas producer listed in London. These assets are particularly attractive as we understand the core geological, commercial and political drivers of the region, we have a track record in developing material gas resources prioritised for the domestic market and they are a complementary fit with our broader portfolio, not least the potential for surplus supply to other markets. We look forward to working with our partners Chariot and ONHYM, and developing an outstanding resource for the benefit of all parties, including Morocco and its people."
Adonis Pouroulis, CEO of Chariot commented: "In Energean, we have secured a partner with a proven track record of rapidly building and delivering this kind of offshore development. Energean also shares our view that Anchois and its surrounding acreage offers significant upside potential and we are aligned with our plans moving forward. The new partnership is a key step in bringing the development of the Anchois field to reality and we are looking forward to continuing the extensive work undertaken so far to reach Final Investment Decision."
We are excited about the next phase of drilling which has the potential to both unlock significant additional resources and upsize the production profile. It is intended that this well will be used as a producer well when development commences. We retain a material stake in this basin opening opportunity where both parties are keen to optimise the project's fundamentals, enable expansion and undertake further exploration. We also look forward to drilling on our Loukos Onshore licence which is anticipated to commence in early 2024."