Member Info for Thenorseman

4 yard old article but interesting nevertheless😊

“ According to Berenberg Bank, one of the world’s largest multinational investment banks, it projected that Exxon’s Hammerhead discovery holds 800M net recoverable resources, with the Orinduik Block operator poised to cash in when production comes on stream.”

https://www.kaieteurnewsonline.com/2020/03/11/project-details-reveal-exxonmobils-hammerhead-project-to-produce-150000-to-190000-barrels-of-heavy-oil-per-day/

:)

Apparently we have to finish drilling before Jan13 2026 so there is time and we have money to keep the lights on with the funds from Block3b/4b. Gil is fast pace though so hopefully things will happen in August as James suggested.

“The second phase encompasses a commitment to drill one exploration well before the license expires on January 13, 2026, with ongoing activities including geological modeling, 3D reprocessing, and prospect maturation to delineate the optimal drill target.”

https://www.guyanastandard.com/2024/03/13/eco-atlantic-pursues-80-farmout-deal-for-orinduik-block-in-guyana/

I’m guessing it will be the Iatuk (725million barrels) first penetrating Aurituk and Mako. This because they will probably want to know if the fault between Aurituk and Hammerhead really is sealing OR if the two reservoirs are in pressure communication and in reality one bigger reservoir (very nice for Eco)

N

Gil said 4months ago (in an online interview) he hoped to bring an Orienduik farm out across the line within the next couple of months. Hopefully we are veeeery close now and that there hasn’t been any setbacks. My impression is that it is Exxon they want and will get. Approx 20% carried for 1 well in the Cretaceous targeting 700 million barrels of oil.

So any day if we are lucky or never if we aren’t. However if anyone can do it it surely is Gil!😊

Good luck all

N

Cogas the idea is that we would together with Navitas own most of Rea anyway as we would be farming in.

LTT, Brightspot etc

You all talk a lot of sense.

Nevertheless , Rhea in old Argos acreage nearly got drilled but the rig failed before spudding (or did I miss the drill?). None and Edison likes the prospect a lot. Certainly wit a rig already in the Falklands that we are paying transport for, using it for a well on Rhea could make sense in particular as Rhea is VERY close to Sealion complex and could be tapped from shared FPSO(?).

“Rhea is the company’s top-ranked prospect, which Argos reckons could host 449 million barrels of recoverable oil with the potential to de-risk other prospects on the licence.”

https://masterinvestor.co.uk/latest/argos-resources-farms-out-to-noble-and-edison-to-get-rhea-drilled/

Hi Croft

Navitas did have an exploration licence in Canada that they let go so maybe they would want to drill low risk prospects in the neighbouring Argos (nowJHI) licence. That would be great !

“Meanwhile, Israeli independent Navitas Petroleum has also handed back an exploration licence in the Orphan basin.

“Navitas secured EL 1147 in 2017 after bidding a work commitment of C$48 million, while its current deposit is C$12 million, all of which it could lose.”

https://www.upstreamonline.com/exploration/bp-may-forfeit-148-million-after-exploration-exit/2-1-1598595?message=%5Bnuxt%5D+instance+unavailable&stack=&statusCode=404&statusMessage=%5Bnuxt%5D+instance+unavailable&url=%2Fexploration%2Fbp-may-forfeit-148-million-after-exploration-exit%2F2-1-1598595

Zeus Capital just today revised their core/risked/unrisked NPV15 to 22p/48p/189p

That is UNrisked NPV15……and «takers»

NPV15 is 177p and 195p from Zeus Capital and Canaccord Genuity respectivly.

Dont think the 50p would get enough takets!

N

Just noticed this old (oct 2016) Upstreamonline article. Apparently Cairn did plan to drill at least one well on the Block so they must have seen something promising. Not sue why they did not drill in the end but could be for many reasons oil price being one. Tullow-operated Block 2813B but exited in just before Shell confirmed its nearby Graff-1 wildcat had hit oil and ahead of TotalEnergies’ confirmation that Venus-1 was an even bigger discovery.

Block 1 seem to be a very nice addition to our portfolio :)

«Meanwhile, this summer, Thombo Petroleum secured the environmental green light to drill up to five exploration wells in offshore Block 2B of the Orange basin.

In the same play, Cairn and Shell have secured approvals to drill in Block 1 and Orange Basin Deep Water, respectively».

https://www.upstreamonline.com/weekly/rhino-and-afro-set-the-exploration-ball-rolling/1-1-1177522

Golar said it has entered into definitive agreements with Buenos Aires-based Pan American Energy for a liquefaction vessel whose feedstock will come from Argentina's prolific Vaca Muerta shale play in the Neuquina basin.

As part of the deal, Golar will hold a 10% stake in Southern Energy SA, a joint venture with PAE that will be responsible for the purchase of domestic natural gas and operations, as well as the sale and marketing of LNG volumes from Argentina.

This initiative is envisaged to be the first phase of a potential multi-vessel project, said Golar, which noted interest from other large natural gas producers in Argentina.

Golar chief executive Karl Fredrik Staubo said: “The project will provide an international outlet for Argentina’s vast and attractive natural gas reserves, creating value to Argentina and its gas stakeholders," adding that the project "expands Golar’s global footprint, with further growth potential”.

https://www.upstreamonline.com/lng/golar-clinches-20-year-argentina-flng-deal-share-price-up-6-/2-1-1673449

Really think we will break through the 15p resistance soon.

Anyone wanting to voice their opinion on next resistance level (IF we break through)?

N

Hi IJT

In the presentation below the two drilling potential drilling locations targeting:

1 - Amaila-Kumaka (U Cret): 667 million barrels from CPR

2 - Iatuk-D (U Cret): 624 million barrels from CPR

Blacktop, Arituk and Mako I haven’t found any volumetrics for in the CPR. Does anyone know ?

https://www.youtube.com/watch?v=Yw460h7-zno/

GIL mentioned a couple of months 3 months ago so could very well be tomorrow!

With the $20 million cash from 3B/4b we are not desperate to do a deal so hopefully we will end up with 20% of a 700 million barrels well carry.

That is 140 million barrels to Eco if we hit all reservoirs. At $ 4/barrels in ground value that is >500 million compared to our current market cap of £50 million. Then we have two wells with 6% share for free in the orange SA basin to come….plus Namibia.

Plenty of news coming our way

N

Goldman Sachs is probably the bank advising Navitas btw

Finance should be easy to get with break even $25/barrel and first oil in 30months

N

https://www.goldmansachs.com/intelligence/pages/peak-oil-demand-is-still-a-decade-away.html

Yes sounds good. Our free carry Block 3B/4B drilling gets closer!

“TotalEnergies has notified South Africa's upstream regulator that it intends to withdraw from Block 11B/12B, but had yet to submit a formal request to do so.

TotalEnergies is now expected to focus on its exploration acreage in South Africa’s part of the prolific Orange basin where the promise of west coast oil — as opposed to south coast gas — holds more commercial appeal”.

https://www.upstreamonline.com/production/totalenergies-signals-intent-to-quit-4-5-trillion-cubic-foot-gas-asset-in-south-africa/2-1-1671701

Prax (who owns the Lancaster oil field which our Aoka Mizu FPSO is still producing) are privately owned so would not have to tell the market about when the 180 day FPSO cancellation period starts. However they were hoping to produce into 2025 which probably fits our schedule also.

N

«The operator of the Lancaster oilfield in the UK North Sea is in discussions with the owner of the field's floating production, storage and offloading vessel about the viability of a field life extension.

The privately owned Prax Group said in a LinkedIn post on Monday that a five-year anniversary of first production from the Lancaster field had been achieved on 11 May 2024.

Production from the field comes via the Aoka Mizu FPSO, which is owned and operated by Bluewater, and leased to the Prax Group.

"These milestones reflect the dedication and excellence of our Upstream team, who embody the Prax Group’s core principles of integrity and commitment to excellence," said Prax, which is not the original developer of the Lancaster field.

Prax made its debut in the upstream oil and gas industry last year when it acquired Hurricane Energy, which had a single asset — the Lancaster field.

At the time of the acquisition, Lancaster's production was about 7000 barrels per day of oil, and declining. The remaining field life was uncertain.

Bluewater, owner of the FPSO, gave some recent guidance in its 2023 Annual Report, saying the lessee of the Aoka Mizu had invited Bluewater “to discuss and combine efforts to develop a mutually acceptable basis to strengthen the economical viable life of the Lancaster field to go into 2025”.

Bluewater's management would be entering into discussions with the lessee during the second quarter of 2024.

The lessee had proposed to Bluewater a potential reduction in the FPSO's operating cost and a reduction of the lease rate.

Even so, Bluewater’s management felt the vessel could maintain “economically viable production up to the second half of 2025”.

Bluewater added that the FPSO contract was amended in 2022 to have an undefined end date with a 180-day cancellation period that could be invoked by both Bluewater and its customer».

https://www.upstreamonline.com/rigs-and-vessels/what-next-for-this-mature-uk-oilfield-and-the-fpso-that-works-on-it-/2-1-1659290

…now. Wonder why

Keep up the good work Kever :)

N