Member Info for Thenorseman

“I had hoped we would already be able to announce the rig contract for NJOM-3 by the end of this quarter, however, we are currently at a very advanced stage of negotiations on the rig contract and so we hope this will be concluded soon.”

Jeremy says he was hoping to announce the rig contract in today’s interims but couldn’t. Sounds like we are VERY close though. Maybe something over the next few weeks. My guess is still the Norve jack up that looks available in Feb next year although the timing might depend a bit on the coup in Gabon and how much this has affected current rig operations (rig is drilling for BW offshore).

The Norve jack up drilling rig might be available in February next year if nothing has changed since August fleet status report. Gabon very close (neighbouring country) so getting rig to our block should be cheap. One can only hope they are in negotiations and have sorted the finances…..

“• Option exercised: November 2023 to January 2024, BW Energy, Gabon”

https://borrdrilling.com/wp-content/uploads/2023/08/a3e08e8c1823f1e8.pdf

WoWS

Thank you

Cameroon Update May 16th (4 months ago)!!

“The Company is pleased to advise that it has this week received a letter from the Prime Minister of Cameroon advising the Company that he has given instructions to the Minister of Mines, Industry and Technological Development ("MINMIDT") requiring him to take necessary measures in order to accelerate the license extension process in response to the Company's request.

The Company and one of the rig contractors with whom it is in discussions have commissioned a leg penetration analysis and a leg extraction assessment in respect of the specific rig under discussion, based on the existing geotechnical survey, and this work should be completed shortly.

As previously disclosed, the Company is waiting for feedback from BGFI Bank Group on the outcome of its internal discussions, and is continuing discussions with various possible asset-level partners.”

Nothing since!

If no update soon I will be selling. It shouldn’t take 4 months to renew a licence that was already half pre approved by the prime minister, not even in Africa? I think we are due an update long time ago.

N

From Belugas website today it does look to me they are still actively seeking farm in opportunities in Cameron (and Nigeria). Just sayin

“Our approach is to seek assured entrance through Farm-in into producing assets and de-risked assets nearing production, and this shall be executed through a disciplined and systematic pursuit of exploration, appraisal, development and producing opportunities.

Our immediate focus is on Nigeria and Cameroon, with future expansion into other proven basins across Africa. At all time, we shall maintain a balanced portfolio of both Exploration and Producing Assets, with near-term goal of achieving low-cost operations of acquired oil blocks.”

https://www.belugaenergy.com/services/

I Wonder if we May see some drilling rigs in Gabon now being freed up while the operator await the situstion there?

Chessmaster

I have worley for one of the big FPSO companies for years and never heard of them taking ANY stake in the project. They get paid a day rate adjusted for downtime etc.

Let’s hope we do get the bank loan as looks like might still be on. If so I’m guessing we will only have to farm out half or so of the 50% for $15million that was previously agreed (but fell through). Let’s say the farminee agrees to $9million for 30% of our Cameroon subsidiary that leaves us with exposure to nearly 25 million barrels contingent and prospective)!

Lever. Thank you for sharing. They also need the license extension but hopefully that is on its way.

If the 3rd or 4th quarter rigs don’t come through there will be one available in January next year. Also shown on Gordonbennet’s link.

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“Furthermore, Borr Drilling revealed that the Gerd jack-up rig had certain priced and unpriced options exercised by Addax, extending the contract by a total period of ten months. This extension is expected to maintain the rig contracted until the end of January 2024. The extension comes with an estimated contract value of $40 million and no further options are available under this contract.”

https://www.offshore-energy.biz/three-borr-jack-up-rigs-get-more-drilling-work/

Yes, before last good news the Tower ship was indeed leaking! I certainly look forward to 7am tomorrow. Let’s hope there is a RNS, a good one!

Not holding my breath though

Not that relevant to TRP licences as we have giga structures likely to be sourced from the Dolphin graben but nevertheless

Interesting idea Gruvgunnar. Not sure how keen Sintana would be in agreeing to a merger as they don’t have a large share of their Namibian licences. But who knows.

Being invested in TRP, and knowing TRP are desperate for someone to buy into their Cameroonian subsidiary to start drilling the Thali licence, I was hoping Eco might get involved here. Eco could also get a stake in TRzp Namibia block for example.

Who knows. Any deal making would be good I guess.

N

Continued: «Explaining the company's exit from Namibia, chief executive Olivier de Langavant said M&P is "moving away" from assets "which do not fit with (our) capital allocation policy".

Big decision: Maurel & Prom chief executive Olivier de Langavant. Photo: MAUREL & PROM

M&P planned to drill two wells in PEL 44 — also called Block 2212B — with three or more probes to follow, depending on initial results.

The company had identified five specific drilling locations, targeting three prospects — Aurora, Serenade and Harmony — in the northeast of the licence and planned to spud the first probe in late 2023.

Maurel & Prom to buy Tanzania-focused Wentworth Resources

Read more

Aurora-1 was to be drilled in a water depth of 1272 metres, while Serenade-1 was to be drilled in 926 metres of water and Harmony-1 in 1030 metres.

A report M&P filed with Namibia’s authorities recently described the Walvis basin as “appealing” from an exploration point of view.

“The likely presence of petroleum systems and potential hydrocarbon occurrences within… PEL 44 cannot be under-estimated, hence the reason M&P is proposing to drill multiple wells.”

From Upstreamonline Aug 4th2023:

«Namibia wake-up call: Independent quits world’s hottest oil-exploration nation

Maurel & Prom had no third-party offers to take part in Walvis basin exploration programme, so it allowed licences to lapse

4 August 2023 12:17 GMT UPDATED 4 August 2023 13:05 GMT

By Iain Esau in London

French independent Maurel & Prom (M&P) said on Friday that it has decided to quit Namibia, one of the world’s top exploration hot spots, because it could not find a single company willing to invest in a potential five-well wildcatting campaign in the Walvis basin.

The news is a stark reminder for licence holders in Namibian exploration basins located outside the prolific Orange basin — home to Shell’s and TotalEnergies’ big Graff, La Rona, Jonker, Lesedi and Venus oil discoveries — that not all acreage is created equal in terms of geology and petroleum potential.

Taking flight: Five-well drilling campaign lined up for 2023 in Namibia's Walvis basin

Read more

Despite the hype surrounding almost all exploration licences in Namibia since the Orange basin discoveries, M&P’s exit is a wake-up call for companies controlling licences in Namibia’s Luderitz, Walvis and Namibe basins that oil companies are being cautious and will only invest where they see oil and gas potential.

Late last year, M&P launched a farm-out process to find a partner for exploration licences PEL 44 and PEL 45, which it operated with an 85% working interest.

However, that farm-out process ended in disappointment for the Paris-based player and closed in June without “any offers from companies invited to examine technical data on the two assets,” said M&P in a statement Friday.

As a result, the Euronext-listed company decided not to apply to enter the next exploration phase of these licences — which includes drilling obligations — and allowed them to lapse on 15 June.»

Alma

What you are talking about is what the FPSO market call a “conversion”. I have been on two such projects.

What Navitas has said they are planning for is a “redeployed” FPSO. This could obviously change but do will the costs.

N

I think we are all quite frustrated about the long time it has taken so far without any real news on lidende/farmout/finanse and rig. Nevertheless when (if) we get the extrnsion and a farminee and rig then assuming conservatively the farminee pass $15million for 50% of the Towers Cameroonian subsidiary the by default Tower should be worth minimum $15 million ( as then marked to market)!

That’s a lot of upside

Sometimes I get the feeling I am in this pub-lock-in party where no one can get out and the beer is really running low!

Anyway hopefully good news coming soon

N.

Tower are still hoping the BGFI bank loan of USD 7million will be approved but the direct investment by other companies in our subsidiary for the full USD 15 million is the most likely outcome

Bit confused now after reading this article on source rocks offshore Namibia. Tower think it is lacustrine but the article thinks it is clearly marine!

“Such distribution suggested the absence of lacustrine oil types in all the oil samples analyzed from Namibia. By contrast, all the marine siliciclastic oils analyzed from Namibia, are like the Albian marine siliciclastic oil from the post-salt Maastrichtian turbidite sandstone reservoir from the 6-BRSA-661-SPS well, of Santos Basin”

https://brazilpetrostudies.com.br/2023/02/10/namibia-the-oil-systems-in-walvis-luderitz-and-orange-basins/

——-

From TRP RNS June 16 2023: “Additionally, the oil samples recovered from 1911/15-1 have biomarkers indicative of a LACUSTRINE source (of likely syn-rift origin), which implies Barremian and/or older early Cretaceous source rocks”.