Member Info for Thenorseman

Exxon/Hess awarded new block South of Orienduik in shallow water.

“ ExxonMobil, alongside Hess and China's CNOOC Ltd — the same trio in charge of the prolific Stabroek block — secured shallow-water Block S8.

TotalEnergies, in partnership with QatarEnergy and Malaysia’s Petronas, won shallow-water Block S4.”

https://www.upstreamonline.com/exploration/guyana-on-the-verge-of-issuing-licences-to-bid-round-winners/2-1-1693414

https://guyanatimesgy.com/govt-releases-draft-model-psas-for-deep-shallow-oil-blocks/

Bloobird

Thank you. Seabirds / life is important so good that EIS covers this properly.

Was just thinking how much research was done on seabirds and migrating birds possibly affected by all the new monster turbines now scattered along the UK waters…

N

Pre2rcd

Good point there. Maybe the €65million is actually worth more for RKH as will provide some solid Financial support. Cash is King as they say.

N

«Thalos Energy has had the US Gulf of Mexico’s Wilcox trend on its mind for a while.

The Houston-based operator has acquired three prospects in Wilcox — which includes the US Gulf’s Garden Banks, Keathley Canyon, Walker Ridge and Green Canyon areas — over the last five years. It owns prospects there such as Enterprise, Coronado and Dunharrow.

But as it kept scooping up acreage, it always kept an eye on nearby Shenandoah, a Walker Ridge play operated by Beacon Offshore Energy. Beacon also operates Monument, a 17-mile tieback to Shenandoah that was sanctioned in March.

Talos saw an opportunity with Monument and seized it, announcing Wednesday that it had acquired a 21.4% stake in the project.

“It's our first real Wilcox play. It's a trend that we've been working on for some time,” Talos chief executive Timothy Duncan said Thursday during the company’s second quarter earnings call.

Monument was particularly attractive because Beacon is “a great operator” and the project has already reached a final investment decision (FID). For Talos, “risk is off the table”, Duncan said, adding that the company was able to acquire the stake without changing its capital guidance for the year.

“Someone else got it to the FID point. We're entering post-FID at a low entry cost and an immediate value add,” he said.

Monument is expected to reach first oil by 2026.»

https://www.upstreamonline.com/field-development/talos-had-a-certain-us-gulf-of-mexico-play-in-mind-when-it-bought-monument-stake/2-1-1690051

Plenty of oil seeps in our Block 1.

Scroll down a bit

https://pancon.com.au/project/orange-basin-block-2713/

Hi Haren

Gil did mention previously that he hoped they could come to an agreement with Exxon without drilling.

Regarding Jethro I’ve been puzzled about the way the discovery is shown capped at the border of our licence towards Stanford, indicating strongly an extension into Stanford. Have you seen any mention of this anywhere?

Anyway if Jethro could be tied into Hammerhead FPSO sometime in the future that certainly would be great news as using existing infrastructure is REALLY like printing money.

N

Kudu could be the catalyst for building more gas infrastructure in the Orange basin where trillions of cubic feet of associated gas have been found in the last two years by TotalEnergies, Shell and Galp.

Another point is what Gil said about Block 1 gas prospects East in the Block 1 in the recent Investor meet company session.

“Kudu could be the catalyst for building more gas infrastructure in the Orange basin where trillions of cubic feet of associated gas have been found in the last two years by TotalEnergies, Shell and Galp. Shino said so much gas had been found to date that the Namibian government is eyeing the possibility that the country could become a liquefied natural gas exporter.”

Point is Mopane is a Santonian-Campanian discovery, similar to Graff and as such is 30 million years younger than the Aptian Venus. With increasing overburden and pressure and temperature (as you move towards the coast) the Aptian sands would be gas as is the even older Barremian Kudu gas field. With the massive Mopane discovery at just a little more water depth than our Block 1 I think Eco must be very pleased to now have this block 1 in our portfolio as we might have similar Santonian-Campanian prospects there that could be oil !!

N

Kudu progress

Meanwhile, BW said it is progressing the Kudu gas-to-power project.

The project will involve three wells piping some gas some 240 kilometres to a power plant south of Luderitz, that will connect to Namibia’s national grid.

Kudu’s liquids will be separated aboard the West Leo, a semi-submersible rig set to be converted into a floating production unit.

Maggy Shino, Namibia’s Petroleum Commissioner, last month told a conference in Windhoek that the final investment decision is due to made on Kudu in mid-2025, targeting first gas in late 2027.

Kudu could be the catalyst for building more gas infrastructure in the Orange basin where trillions of cubic feet of associated gas have been found in the last two years by TotalEnergies, Shell and Galp.

Shino said so much gas had been found to date that the Namibian government is eyeing the possibility that the country could become a liquefied natural gas exporter»

https://www.upstreamonline.com/exploration/bw-energy-eyes-fast-track-namibia-exploration-campaign-in-block-near-galps-huge-mopane-discovery/2-1-1649861

« BW chief executive Carl Arnet late last week told analysts that, in light of the Mopane find, the company has managed to secure access to additional seismic data just outside PL 3.

“We have decided to bring that into our data set and extend our analysis of our (licence). We find this (new data) extremely interesting, and it gives us a lot of good data points,” he said in the company's first-quarter conference call.

Interpretation of the initial data has enhanced BW's depositional model and de-risked potential targets, with additional prospects identified.

Chief operating officer Lin Garner Espey explained to analysts on 24 May that two play types have been pinpointed so far: The Barremian-age Kudu gas play and the Santonian-Campanian play “which is more analogous to what the folks in the blocks adjacent to use have made discoveries on".

He said that Mopane is a Santonian-Campanian prospect.

BW has also secured long-lead items for an exploration campaign in 2025, with Arnet suggesting that the company could be drilling in the Orange basin in the coming 12 months or so.

“Due to increased drilling activity, we see much-improved availability of rigs and have had very fruitful dialogue with other operators in the Orange basin.”

Expanding, Arnet said: “It looks like we may be able to get access to drilling capacity much earlier than we had previously anticipated.

“We are absolutely going to try to benefit from that. We will go as early as we can in 2025.”

Rhino Resources is bringing a drillship into the Orange basin for a two-well programme in the fourth quarter of 2024, while Chevron could start a drilling programme around the same time.

It is unclear when TotalEnergies, Shell and Galp could bring rigs back into the Orange basin.»

Cont’d

«BW Energy eyes fast-track Namibia exploration campaign in block near Galp's huge Mopane discovery

Company is in discussions with other Orange basin players to secure slots on incoming drilling rigs.

Published 27 May 2024, 07:25

BW Energy is in talks with other Orange basin players in Namibia about securing access to a drilling rig to accelerate exploration activities close to its Kudu gas discovery.

The Oslo-listed junior operates Production Licence (PL) 3 which holds the 1.3 trillion cubic foot Kudu field that the company was preparing to develop before TotalEnergies and Shell discovered huge volumes of oil in the basin, kicking of a drilling frenzy that has turned up big volumes of oil and gas.

As a result, BW decided to shoot fresh 3D seismic last year over PL 3 to see if it could identify Cretaceous discoveries similar to those discovered by its near neighbours.

It was close to completing analysis of these seismic data when, last month, Galp Energia announced it had discovered 10 billion barrels of oil equivalent in-place resources with its Mopane-1X and -2X wells in a block immediately to the west»

…cont’d

Block 1 very close to Mopane discovery and on trend GIL said.

https://www.offshore-mag.com/regional-reports/africa/article/55130064/eco-atlantic-oil-gas-ltd-eco-atlantic-expanding-footprint-offshore-south-africa

Action starts hopefully in Q1 2025 as shown on yesterdays presentation. That is not 2 years….more like 6months+

N

Https://www.upstreamonline.com/finance/eco-atlantic-stock-price-up-almost-7-after-deal-with-shareholder-africa-oil/2-1-1684035

Updated 29 July 2024, 11:01

Stockholm-listed Africa Oil — a partner in TotalEnergies’ huge Venus oil discovery in Namibia — will soon no longer be a stakeholder in London-listed Eco Atlantic after the two companies struck a share cancellation-for-upstream stake deal.

This transaction — which saw Eco’s stock surge by more than 10% in early morning trading on Monday — is part of Africa Oil’s plan under chief executive Roger Tucker to simplify its business to make it clear to existing and potential shareholders how they should value the business.

The Eco move came after Africa Oil recently simplified its core, cashflow-rich Nigeria oil production business, which leaves its stake in Impact Oil & Gas (another Venus partner) as the only part of its portfolio that needs streamlining.

Africa Oil and Eco — both of whose shares also trade in Toronto — said they have signed an “assignment and share cancellation agreement.”

This agreement involves Eco selling and assigning a 1% interest in TotalEnergies-operated Block 3B/4B offshore South Africa to Africa Oil in exchange for the cancellation of all common shares in Eco and warrants over common shares held by Africa Oil.

Africa Oil currently holds about 55 million common shares and some 4.8 million warrants which, assuming conversion of the warrants, would equal 16.16% on a diluted basis of the total outstanding common shares of Eco, worth about C$11 million (US$7.94 million).

On completion of the deal, Eco will hold a fully carried 5.25% interest in 3B/4B, compared to 6.25% currently, while Africa Oil will no longer have the right to appoint a director to Eco's board.

Eco shareholders responded positively to the deal, with its stock price up 6.7% at £0.1195 (US$0.1531) in London at the time of publication, down from an early morning peak of £0.1235, equivalent to an increase of 10.26%.

Africa Oil’s share price was up 0.71% at Skr 18.36 (US$1.69) in Stockholm.

Eco chief executive Gil Holzman welcomed the agreement: “We are very pleased to announce this transaction with Africa Oil, which follows our proposal to cancel their entire share and warrant position in the company worth C$11 million in exchange for a 1% Participating Interest in Block 3B/4B.

“This deal equates to an approximate 15% reduction in Eco’s overall share count, affording our shareholders a less dilutive exposure to our highly strategic exploration portfolio in Namibia, South Africa and Guyana.”

Africa Oil’s Roger Tucker said: “This is a mutually beneficial transaction for Africa Oil and Eco Atlantic that meets our respective strategic objectives.”

Excellent news. AOI did signal they wanted out (or simplify) long time ago so this removes uncertainty.

N

This FPSO development in the Barents Sea has taken 6 years to design and build and $7.4 Billion! That’s a lot of money to spend before a drop of oil. Will still make a lot of 💰 though with 220000 b/d. Thank god we don’t have to raise this much money. The previous Premiervaoil Sealion development plan was for $5billion project and 80000 b/d.

https://www.ogv.energy/news-item/johan-castberg-fpso-still-on-track-for-first-oil-next-year-but-cost-estimate-jumps-to-7-4-billion#:~:text=As%20the%20investment%20estimate%20increased%20by%20almost%20NOK,is%20now%20NOK%2080%20billion%20%28almost%20%247.4%20billion%29.

“Norway CorrespondentOslo

Updated 26 July 2024, 10:48

Norway's Equinor has boosted by 15% the oil production capacity on the giant Johan Castberg floating production, storage and offloading vessel being prepared for an imminent start-up in the Barents Sea.

The FPSO was designed for 190,000 barrels per day of oil in the original plan of development, but has been delivered with 220,000 bpd capacity, joint venture partner Vaar Energi confirmed.

Vaar said its 30% net share of the total upgraded capacity is 66,000 bpd. Equinor owns a 50% interest and Petoro has the remaining 20%.

Nick Walker, Vaar's chief executive, emphasised the good economics of the project, and the potential for plateau production to be maintained as additional development phases are brought into play.

"These are high-value barrels with OpEx of around $4 per barrel and with breakeven economics of $35 per barrel," said Walker.

Infill drilling and area tie-backs will extend the production plateau, where eight infill wells, five producers and three injectors are being planned.

Further phases of development, called Cluster 1 and Cluster 2, are also planned.

"And on top of that, a series of exploration wells will be drilled over the next few years. We see that this will double the plateau period to four-to-five years and perhaps beyond," added Walker.

"After years of investment, the true Johan Castberg adventure starts at the end of the year and we see a bright future with significant upside and long-term value creation ahead."

First oil is planned in the fourth quarter. The FPSO is mechanically complete and is currently in an inshore location for final testing.

The FPSO is expected to be towed to the Johan Castberg field in August.“

https://www.upstreamonline.com/field-development/the-adventure-starts-very-soon-for-giant-fpso-in-northern-norway/2-1-1683449

Orienduik farm-out with Exxon would change things as for some investors the Orienduik is currently considered worthless proven by pullout of Total/Qataris/Tollow.

If Exxon (and Hess?) farm the all of a sudden the licence would be looked at very differently

JPDM Fortunemaker

Great to see you back.

N.

Link showing a map with Tullows understanding (at the time 2019) of how much Hammerhead extends into our block.

https://www.guyanastandard.com/2019/08/22/tullow-oil-to-recover-financial-benefits-from-exxons-hammerhead-discovery/

Hi Thunder

I bought a few more today also at 12.19p.

I wonder if Eco should move away from aim, keep the TSX listing but also list in for example Stockholm, Oslo, US or Australia which are more friendly towards oil AND more importantly are not broken markets like the UK.

What do other people think?