Member Info for spudz

I see Eco have updated their drill cost estimate in the MD&A to USD 55 million

Two different things yes, but the comment that Exxon are Guyana's oil right now is incorrect (since Chevron are now involved to some extent), and the comment that they can get what they want is also incorrect (for the same reason - losing to Chevron). A bit of an exaggeration from 1889 in my opinion. Anyway, If Exxon are playing bully, it would be nice to see Chevron offering to farm in, even if the terms are not totally to Gil's liking. I'm not a massive fan of him, but he has secured some good deals, so maybe he is a better negotiator than he gets credit for!

1889meters if Exxon could do what they want in Guyana, then Chevron certainly would not be their new partner there. How do you explain them letting it go to arbitration and then losing?

I am naive here. Are you saying that because Hammerhead extends into Orinduik, Exxon want the license to lapse so they don't need to pay unitization fees to us? Do they have enough influence to stop others farming in? I doubt they would have influence over Chevron for example, so I find it hard to believe.

I think Gil would need to resign in that kind of scenario, as his reputation would be gone!

Likely early 2026 for Block 3B/4B - they are waiting on the environmental permits.

For Orinduik, they are preparing for a drill which they estimate 2025/26. They either need to find a partner for a carry, or some out of the box idea so they don't lose the license in January. Seems like we have been close to an announcement for a long time.

I’d be onboard with a raise to pay for the Amatuk drill as opposed to losing the license. Maybe Gil is waiting for developments in our other blocks to increase the share price before doing so.

Do Chevron have a need for heavy oil?

Anyone know the background to Exxon relinquishing part of the Stabroek block? I’m guessing Exxon have their hands full already and unlikely to farm into any other blocks, such as ours?

https://www.upstreamonline.com/exploration/exxonmobil-relinquishes-20-of-guyana-s-stabroek-block/2-1-1842954

IJWT seems to think an extension is possible.

Yep I actually agree with you now when I am reading it again. Would be a massive risk!

Yes I noticed that too redwine. My initial reading of it was that we would be potentially farming out much less than 75-85% for a full carry, and instead a lower amount but the need to pay something towards the drill. The sentence you reference starts with the term "Carried well;", although maybe the funding part is not related to that.

Harel mentioned earlier that he believes exxon or chevron are not gonna be partners and the last remaining company at the table is a mid cap, so maybe they want a lower % amount with a lower commitment. I'm no pro though.

If it’s a mid cap, I’m guessing Apache.

More corporate activity offshore Namibia. Blocks directly north of one of ours

https://www.newswire.ca/news-releases/stamper-announces-definitive-agreement-to-acquire-bisp-exploration-inc--827774676.html

It’s probably his own purchase

Thanks, but is that really necessary? There's LSE.co.uk, CEO.ca, a Facebook group, a Telegram group and now Discord too?

Just messing about on Grok and was discussing the Orinduik block and the farm out process. Grok guessed the most likely firms to make up the top 9 and Exxon was predictably at the top but given there’s only 3 left, it is suggesting:

1. Chevron

2. Shell

3. Apache

I'm sure if we farm out the block, the new partner will be getting a large chunk of that revenue though? Or would it be that Hammerhead is excluded from that deal? Maybe the fact we have Joe, Jethro plus partial ownership of Hammerhead is complicating the farm out process.

No, they are saying it has been reduced to 5 years.

Here’s the article about that.

https://www.kaieteurnewsonline.com/2025/02/16/oil-in-liza-1-2-and-payara-to-be-drained-in-less-than-five-years/

Just looking at the presentation again showing Rappu directly below Joe - any experts out there know if we could go alone and drill Rappu ourselves? Surely it would be lower cost. I guess it would also be enough for us not to lose the license. Obviously not ideal as it's just one target, but maybe a contingency plan if there's no farm out partner found.