Ann: Hydrocarbon gas recovered & evaluation program forward plan, page-644

First 644 Last

Share
Profile

Follow
Gharp

3,912 Posts.

652

21/11/23

08:50

Post #: 71010188
Share

Originally posted by SwipeRight: ↑

Total are really busy with exploration here in southern africa. A few years ago they announced their 'Brulpadda' discovery off the coast of South Africa. We haven't heard much about that since. What struck me at the time was the astonishing amount of money they were spending.

2014: 1st attempt cost: $190mil -abandoned because of mechanical failures caused by rough environment
2019: 2nd attempt cost: $160mil -discovery - 1 billion barrels of oil, 57 m of net gas condensate

Interesting also, Total with only 45% working interest, alongside Qatar Petroleum (25%), CNR international (20%) and Main Street, a South African consortium (10%).

https://www.dailymaverick.co.za/article/2019-03-26-the-massive-engineering-problems-drilling-for-oil-in-the-agulhas-current/
https://totalenergies.com/media/news/press-releases/total-makes-significant-discovery-and-opens-new-petroleum-province-offshore-south-africaCompare that to Invictus, and suddenly they not doing that badly, 2 wells in 2 years, at a fraction of the cost.
80% working interest for the entire basin, like Scott said, we just getting started.
Everything is relative, but I don't think it will be hard to bring onboard a potential partner, when they are ready.

Expand

I don't think IVZ has deep enough pockets to continue like they are and probably need a farm in partner pretty soon. They've burned around 70-80million for these 2 wells and the market isnt' going to be forthcoming with another 70-80million to keep SM's dream alive or when IVZ is 'ready'

IVZ Price at posting: 14.5¢ Sentiment: Buy Disclosure: Held
5 Upvote

0 Great analysis

Reply