Ann: Quarterly Activities Report, page-18

Hi kkw,
Some of my thoughts below. I am comfortable with the time it is taking to fully interpret and analyse this very large 3D data set. AVO analysis takes a lot of time, especially if you want to do it properly. The Orange Basin light oil play is primarily an AVO play, as demonstrated by the Venus and Mopane AVO-1, AVO-2 and AVO-3 significant light oil column discoveries. I am unsure about the Shell discoveries, as there appears to be no mention of AVO support for Graff, Jonker etc...(there could be, but we just do not know).

Like Galp with Mopane, TotalEnergies have probably been working on unravelling the complexities of the various play types for several years before settling on their initial drill site, which has paid off handsomely. They got it right the first time probably because of all the hard yards put in over the years. Again, similarly with Galp and Mopane. And I a reflect on this comment made by Kevin McLachlan, TotalEnergies' head of exploration and shared in jibbybaggers April 2, 2024 post (Thanks again Jibby) Post #: 73151985

In what was something of an understatement for an auditorium full of geologists, geophysicists and sedimentologists, McLachlan said: “I know all of you are keen to hear more about Venus,” before going on to highlight the scale of just one reservoir system uncovered by both TotalEnergies in Block 2913B and Shell in neighbouring Block 2913A. “It's very impressive. We're talking about a 150-kilometre system,” he said, stressing that the Albian reservoir is comprised of turbidites sitting directly on the source rock, so perfectly placed for being charged with hydrocarbon".




Itis likely that the Saturn complex, and importantly beyond Saturn as well, comprise multiple reservoir systems as mentioned by TotalEnergies at Venus. PEL87 has significant geological and geophysical complexityto unravel, multiple leads / prospects to high grade / downgrade and then rank. In my view,the PEL87 JVP will be challenged/excited by the sheer-number of play types and prospects of different ages and depths to screen in the leadup to the first drill next year.

Just sharing my thinking here, and welcome input and alternative views. In my opinion, the prospectivity of PEL87 is improving every day.



Kind regards OldGeo