As I understand: First many people thought there is no oil, gas offshore in Namibia. Than Kudu (in 1970ies) was discovered and many people thought there is only stranded gas in Namibia. Than 1988 they had the oil shows south of Kudu in SA (Gazania block) but still (around 2010) some people thought they should go north of Kudu to find oil (Eco for example took blocks in the walfis basin) Source rock and maturity of the source rock were question marks: today I would say, that the source rock is not the big question mark anymore because the aptian shale was found everywhere. And as I understand the Kudu shale is the source rock for kudu gas, and Venus, Graff light oil. Maturity I think still causes some questionmarks (at least for me). Not far from the coast you see gas (Kudu) and parallel the oilshows (gazania block) and far from the coast you find light oil (Venus, Graff)- For oil, light oil, gas you always neet another temperature window in the kerogen. I personally do not understand the pattern, concepts where to find the right maturity in Namibia offshore. I understand the Dr. Mello mantra go to deeper water and drill deeper for the turbidites in Namibia but I do not understand where to find the right T windows for oil/gas along Namibias coast and from shallow to deep water. Another question mark is reservoir quality. Obviously good in Venus and Graff, bad (too small, full of water) in some HRT wells, And there are many different typs of reservoirs there: the aeolian sand dunes in Kudu gas, the sand lenses in the turbidites more or less within the source rocks as in Venus , and hope for some reservoirs in carbonates etc. - but without commercial discovery till today.
I think the Total, Shell G&Gs have a good idea about the Graf and the Venus geological and reservoir modells, concepts. If Saturn is an anaolog to Venus I wonder why they did not immedeatily ("blindly") purchase the Saturn turbidite for any price from PCL (beside the fact it is a time consuming administration act to apply for funds within a major oil company)?
PCL Price at posting:
0.5¢ Sentiment: Hold Disclosure: Not Held
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