Nara was dry but there will be an oil development at Venus. All tests at Venus are so far positive and another target to the north will be drilled. 3D to be arranged over the entirety of its blocks.
"TotalEnergies’ highly anticipated Nara-1X exploration probe in Namibia’s prolific Orange basin was a failure, according to chief executive Patrick Pouyanne. However, on a positive note he said a just-completed drill stem test on the nearby Venus-1X was a success - confirming an earlier Upstream report, while also downplaying top-end resource numbers for Venus doing the rounds in the market. The supermajor is now gearing up to test and drill more exploration and appraisal wells on and close to this huge oil and gas find and has also started early work on development studies."
"His optimism is based on positive results from the Venus-1X probe and Venus-1A appraisal well and the “positive” production test on Venus-1X, which was “as per expectations." “There will be an oil development,” he remarked. First, however, the supermajor plans to carry out a production test on Venus-1A, an operation Pouyanne said is “upcoming.” He said exploration will also continue, targeting a specific prospect north of Venus, adding that there is the potential for a “last” appraisal well on Venus to test the structure’s northern extent. In addition, the supermajor aims to acquire 3D seismic data over the entirety of its two blocks to better grasp the sub-surface geology...and get a stronger handle on potential prospects and resources."
PCL Price at posting:
1.9¢ Sentiment: Buy Disclosure: Held
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