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Few days old but Ryan still squirming at COP28
https://www.irishtimes.com/environment/climate-crisis/2023/12/03/eamon-ryan-denies-split-in-coalition-over-how-to-phase-out-fossil-fuels/
MEM
Vanman, your question, why hold back on testing ???
That is the biggest question.
Agreed. Possibly because PG feels he has enough gas to ultimately fill most of the Magreb pipeline!! If he is going for meaningful stub equity then he needs to make sure he includes watertight contract deadlines for exploration and production in reasonable time frames as part of the deal and not to far over the horizon and certainly not open ended...just maybe...and there is also the Jurassic to consider...
From my read of the RNS it feels and looks like PG has excelled at the negotiating table to get hold of CM on best terms. The announcement had to be made today because the deal has been done.
Because of the CM RNS an update on Morocco had to be made and PG was told some mention of Morocco had to be included (but before he was ready). Negotiations are ongoing but because PG is looking to secure a sizeable stub equity on what he believes is in the ground - at least this it what I believe to be the situation. Otherwise why hold back on testing!!
We will know soon enough. All just my opinion.
PG and Lonny is a much better thread title.
MOU 3 and MOU 4 are the big signposts to what we have in the ground. MOU 1 was at the edge of the fan but it has transpired that there is some continuity of gas shows with the later drilling. Testing of MOU 1 first now allow more focussed testing of MOU 3 and MOU4. This is all about getting the ducks in row for best reward.
Drilling up dip of MOU 4 for the Jurassic is the potential game changer and if it comes off then the ante goes up an order of magnitude.
I believe PG and Lonny have a pretty good poker hand and they play it well. Let's see what tuns on the river card.
PG's key quote at the end of todays RNS seems to be ...''Rigless testing of the Jurassic interval will be an important step in evaluating the significant Jurassic potential within our core area of interest."...CORE AREA OF INTEREST!! If i am understanding this correctly this has fully opened the gates for a dinosaur hunt and the race is game on.
Vegas - That link provides a very impressive summation of financial loss and the incredible waste arising from most of the the misplaced greening policies. Essential reading for Mr Ryan. Thank you.
This presentation is worth a repost. Alex Walker does comes across as believing he is in the right place at the right time...
https://www.youtube.com/watch?v=emC2d-JL6mQ
A big nod to #nametrade who posted this on 13/03 and well worth reposting to see these guys put in print
https://f.hubspotusercontent40.net/hubfs/4043042/Content%20Offers/2021.Q4%20Commentary/2021.Q4%20GR%20Market%20Commentary.pdf
@Phoebus
Both Graff and Venus are all about the source rock and the 'kitchen' to prove it extends all the way along the coasts of S Africa and Namibia up to and including the Walvis Basin. It's not just the Orange basin
The clock is now ticking.
It now looks more likely that the formal announcements on Graff-1 could well be good indeed.
News on Venus is still to come. LTH's have been waiting 2 years for this one. If it's good also.....then anything is possible.
#GBP data room is open. There should be a time limit on 'expressions of interest' and then there should be bids for JV. Not privy to timelines but I would be thinking circa March 2022, or April at the latest.
Old news but it gives some background on Shell Graff-1
https://www.upstreamonline.com/exploration/shell-mulls-options-for-namibia-wildcat/2-1-701237
Looks like game time will be with us shortly.
If GW is out then all is good.
Farm out is all about the talks with parties and counter parties. It's been going on a long time. There needs to be a trigger event to get cards on table and then we see what happens. It could be the drill. If Venus gets a positive result then it proves the play from South Africa right up to the Walvis Ridge. For those that know Brulpadda was the key.
The quote from the RNS reads....'The Company saw improved development in Q1 2021 achieving the highest quarterly results since 2019. It is anticipated that the rate of production to achieve consistent full capacity utilisation of the mill will be achieved by year end.'
This is very positive and the target production will be achieved by using sub-contract labour. After a slower start at the beginning of the year short term finance looks to be needed to do the catch up. Given that RMM are producers and copper is flying there should be no issue covering the short term cash issue on favourable terms. Early cash injection from a potential JV perhaps.