George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
Found a bit more detail on Block 8;
When 3-D PSDM Data Turns Your Geologic Model Upside Down
Fisher, George 1
(1)Exploration, EPC Munai, Almaty, Kazakhstan.
When 3D PSMD Turns Your Geologic Model Upside Down
Block 8 in located in the South Emba region of the Pricaspian Basin of Western Kazakhstan. The area witnessed extensive exploration in the Soviet period (1970-1992). Over 6,000 kms of 2D seismic was acquired during that period and 50 wells were drilled. . The Sholkara salt dome alone saw 11 wells drilled to explore pre-salt targets. Of the11 wells, 4 penetrated the pre-salt and were declared “non-commercial”. The license was awarded to EPC Munai, a joint venture between LG International and SK Energy in 2006.
Between 2007 and 2008 over 1500 km of 2D seismic data was acquired. Based on the 2D seismic and well interpretation Sholkara was thought to represent a pre-salt paleo-high with a Lower Permian clastic wedge pinching out over the crest. The “paleo-high” was believed to represent a Late Carboniferous compressional feature with poor reservoir potential. No evidence of carbonate buildup in the immediate area was observed in the wells or on the seismic.
In 2009 EPC Munai acquired 200 kms of 3D seismic. The western portion of the pre-salt feature in Sholkara reveals in great detail, aspects of the paleo-high which now appear to be part on an extensive carbonate buildup associated with a major regional reverse fault. Carbonate features observed include: prograding sigmoids, shoals (possible), down slope pinnacle reefs, inner lagoons, drowned surfaces, fringing and patch reefs, and debris flows adjacent to an escarpment. The features identified on the seismic have resulted in a re-interpretation of the existing well data and the emergence of a new geologic model. EPC Munai now believes Sholkara to represent an isolated carbonate buildup with significant potential. EPC Munai plans on drilling Sholkara in the future.
AAPG Search and Discovery Article #90135©2011 AAPG International Conference and Exhibition, Milan, Italy, 23-26 October 2011.
https://www.searchanddiscovery.com/abstracts/html/2011/ice/abstracts/abstracts162.html
Interesting where Russian oil is ending up, looks like even now Germany, France and Holland are taking a pretty large chunk of it.
https://www.bruegel.org/dataset/russian-crude-oil-tracker
jcb - i think the map may be a bit misleading as i wasn't aware that any of BNG contract area was underwater, unless the map is showing where the Caspian sea used to reach inland before the significant evaporation that has been occuring over recent decades which has left a ever changing shoreline.
I think the extension on BNG signed in 2016 was to the North -East of existing BNG contract area.
Block 8 is in grey due East of Tengiz & N/East of BNG ( EPC Munay )
https://www.google.com/maps/d/viewer?mid=1sbLeZvfDIqw1-CRBzwftSLhGSps&hl=en_US&ll=45.86334506864408%2C54.80735123925586&z=8
A couple of intersting facts in this article;
https://thediplomat.com/2022/10/economic-resilience-in-central-asia-amid-russian-war-in-ukraine/
Oil exports from Kazakhstan first half of 2022 up 85% on last year, despite the interruptions on the CPC pipeline and that infation in Kazakhstan was running at 16% in August.
Jacksdad - a bit confusing as it goes onto say that the consideration $60m will be paid from BNG;
Acquisition process
As the acquisition terms do not involve the issue of additional shares and the consideration is expected to be payable solely from production from BNG, the option if exercised is not expected to result in any material dilution for existing shareholders
Informative article, apologies if already posted;
https://www.hellenicshippingnews.com/kazakh-origin-urals-gains-popularity-among-med-refiners-after-rebranding/
Interesting article about how Kazakhstan is distancing itself economically from Russia;
https://central.asia-news.com/en_GB/articles/cnmi_ca/features/2022/08/09/feature-02
Thanks for the link Ambiguity , Casp oil flows through the atyrau-samara pipeline and then on further through Russia to the Baltic sea, so according to the article that Ambiguity posted where it states that " Since 1 July 2022, it has been marketing oil sent to the Atyrau-Samara pipeline as Kazakhstan Export Blend Crude Oil (KEBCO). KEBCO contracts trade at CPC’s price less one US dollar. " and that the CPC’s blend price, which is currently trading close to Brent quotations. "
Sounds like we might be getting close to Brent price.
An appeal lodged by the Caspian Pipeline Consortium that operates the pipeline has prevented the suspension taking effect for the moment, Kazakhstan’s energy ministry said Thursday.
https://english.alarabiya.net/News/world/2022/07/07/Kazakhstan-mulls-diversifying-oil-exports-amid-intensifying-tensions-with-Russia