PEL 82 (formerly PEL 23) is the location of the Wingat-1 well...

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sam0408

2,179 Posts.

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04/02/18

14:05

Post #: 30804976
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Originally posted by blackitalian ↑

Gimo in my opinion the Mature Aptian to Early Aptian are the targets with channel sands leading into our kitchen. There is a lot to like about this drill,Tullow Oil being operator of 2 licence blocks PEL 30 & PEL 37 on trend speaks volumes at the end of the day. Another poster has already posted an article on Tullow's success rate in Africa as 78%.It will be interesting to see what Exxon paid for PEL 82. Of particular note Murphy Oil has relinquished its right to drll in PEL 46 after shooting 3D seismic.Currently 40% is up for grabs for PEL 46 which is above our newly acquired PEL 24 acreage in Namibia and on trend. Is this the deal that the January presentation suggested on page 8.

"Using our proven technical and commercial skills ..just watch what we do with this Block!"

Looks like we'll have a "AIM" listing this year if we have near term success before September which I consider to be positive. John Featherby and John Beggs in London recently with Featherby Family being seed investors in PCL (3.10% ownership) thanks to GO.

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PEL 82 (formerly PEL 23) is the location of the Wingat-1 well drilled by Brazil's HRT (in a JV with Galp).

http://www.galpenergia.com/EN/investidor/Noticias/Paginas/Wingat1explorationwellresults.aspx

It's encouraging that Galp are back in this block - they hold the data from this well plus the follow-up Murombe-1 well in the same block. They will remain the operator with 40% after Exxon also acquiring 40%.

The results verified a working oil system in the Walvis basin with PCL's PEL 37 centered over the "Oil Mature Fairway". Tullow farmed into PEL37 (Sept 2013) not long after the Wingat-1 results were released (March 2013).

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PCL Price at posting: 0.7¢ Sentiment: Buy Disclosure: Held
5 Upvote

0 Great analysis

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