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It's a stretch, but looking through the ARA website (not APT), content is littered with reference to Tanzania and East Africa as their strategic markets, alongside Oman. This is a big change from even a year ago.
Under Who We Are: "The company is engaged in exploration, development, and production of hydrocarbons. Currently the majority production is 85% oil and 15% gas, but with future development in Tanzania the blend will be closer to 50-50%... ARA Petroleum has an ambitious growth plan and will continue our growth story with focus on assets in Oman and East-Africa."
Maybe. I'm not convinced the name of rig or that a contract has been signed is actually material or sp sensitive. More like Marketing fluff to feed the masses. Obviously would like an update one way or another, I'm done with guessing what's happening behind the scenes.
They made a splashy announcement about producing in Q1'24 though. Orca has stated the govt is on their backside to produce more. If they want to meet their commitments and keep govt onside, things need to start very soon.
FWIW, most large explorers don't announce details such as rig selection or movement, though common among juniors. AEX is obviously a tiddler, but ARA isn't. As beneficial owners, they can dictate what gets released. Mgmt did note at the AGM tho they expect seismic results to be a sp catalyst and hope they stick to that transparency commitment.
Releases tend to come in bunches, and I'm still convinced we'll start seeing things soon. March/ April/ May, don't care as long as there's progress underway
Interesting operational update from Orca overnight. Unable to keep up with skyrocketing gas demand. They need to increase their capex and development plans to meet government needs. Aligns with the push to bring forward Ruvuma production as well.
Seismic work, which will include coverage of part of our Kiliwani assets, being mobilized, commencing any time now. Hopefully they start with the land based work first!
https://www.globenewswire.com/news-release/2023/01/31/2599029/0/en/Orca-Energy-Group-Inc-Announces-Operational-update.html
Anyone else surprised these wells are produceable? Been a decade since the ok-ish 1st one was plugged, and I thought the 2nd was mudded up so heavily it's unuseable. Workover?
Feels like ARA is pandering to the locals on this one just to get more production asap, but wouldn't be the operators' preferred model
Impressive work BD and shareholders. The unwindinf of the sp killer Prolific deal alone was worth the effort. The BoD are not trustworthy or competent enough to act without s/h scrutiny. Huge message sent to them today.
SCIR has a history of poor s/h communications, and I don't expect much to change on that front. Only accretive dealflow and cash flow will turn the tide here, esp now we have a bit of 'walking around money' from Ruvuman. Over to you Mr Reynolds!
Valuation here will stay in the dumps until something more meaningful changes. British investors don't love it bc there's little North Sea upside (now). Canadians don't want to buy it on the TSX because it's not a Canadian domiciled company and therefore dividends are subject to higher tax rates.
These Alberta assets are outstanding and will flow for decades. But so will the wells from every other oily around them. And they all paying divis, and all are subject to lower tax rates than I3, so why bother?
It wasn't long ago TZ was barred from World Bank funding due to its electoral/humanitarian inconsistencies. Halted FDI significantly, which hurt energy investment. Is a big deal that in'tl funding has returned.
The 'data to ... evaluate location is ... expected by mid-September', which may mean they still need time to review and analyze before making a decision on CH1. If so, we could be waiting a few more weeks for the next announcement. No reason to panic.
Larger share count is a major factor, though most new shares issued are held by insiders, and are not available for sale, so actual liquidity is not materially different.
Hopefully this time too, we won't have an ex-COO dumping 100MM shares into results. Add in a bigger target, condensate potential, and strong global interest in gas, and things could align for a nice momentum-driven run up.