IVZ invictus energy ltd

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Davy Boy

17,330 Posts.

4557

06/07/19

19:43

Post #: 39405965
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Originally posted by onthepunt: ↑

“I'm not sure in this day and age that anyone is going to drill a well anywhere without 3D?”
Example from 2014 of Tullow doing exactly that in Namibia:
https://mobile.offshoreenergytoday.com/tullow-farms-into-cooper-block-off-namibia/
“This Farm-In, in conjunction with Eco Atlantic’s prior Farm-Out to Azimuth for 20%, nets the Company a 100% carry of all costs on an expanded 1,000 km2 3D seismic survey and interpretation. The Seismic Program is expected to start the fourth quarter of 2014. Dependent on the establishment of a target from the Seismic Program, Tullow has also committed to a full carry of cost to drill an exploration well on the Block.”

Woodside repaid money spent on 3D seismic as part of their farm in offshore in Morocco:
https://mobile.offshoreenergytoday.com/chariot-green-light-for-rabat-farm-out-morocco/
“Woodside finalised an agreement with Chariot Oil & Gas to farm-in to the prospective Doukkala Basin offshore north western Morocco in July 2014. Under the agreement Woodside acquires an initial 25% participating interest in the Rabat Deep Offshore permits I-VI.
As part of the farm-out agreement, Woodside committed to pay 100% of the 3D seismic acquisition and processing costs incurred across the licence by Chariot, other back costs and in addition agreed to carry Chariot on future work up to an agreed cap, including a multibeam side-scan sonar and seabed coring survey.”

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No they both had 3D done before any wells were drilled.
Both farm outs in 2014 both drilled 2018. Both essentially dry.
This is the very reason I think IVZ should do the 3D survey themselves.
IVZ, and therefore IVZ shareholders, will get shafted with WI farm down with no 3D IMO.
They have identified targets they should shoot some targeted 3D over them.
Every % IVZ can keep is worth lots of $$ in the event they make a discovery.

IVZ Price at posting: 4.0¢ Sentiment: Hold Disclosure: Not Held
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