For the record, I put this together as a reminder what has been discovered by Galp in PEL 83 just south of Pancontinental's PEL 87, inboard of the outer high (aka, marginal ridge, aka Namaqua high):
Galp Energia, in partnership with NAMCOR and Custos, has conducted a series of exploration and appraisal wells in the Mopane complex within Namibia's PEL 83. The discoveries from these five wells are as follows:1. Mopane-1X (Well #1)ate Spudded: November 17, 2023Discoveries:AVO-1: Significant column of light oil in high-quality reservoir sands.AVO-2: Significant column of light oil in high-quality reservoir sands.Additional Information: Reservoirs exhibited good porosities, high pressures, and high permeabilities. Fluid samples showed very low oil viscosity with minimal CO₂ and no H₂S concentrations. 2. Mopane-2X (Well #2)ate Spudded: March 2024Discoveries:AVO-3: Significant column of light oil in high-quality reservoir sands.AVO-1 (Appraisal Target): Confirmed lateral extension with Mopane-1X, indicating the same pressure regime.Deeper Target: Significant light oil columns encountered.Additional Information: Reservoirs confirmed good porosities, high pressures, and high permeabilities. Fluid samples presented very low oil viscosity with minimal CO₂ and no H₂S concentrations. 3. Mopane-1A (Well #3)ate Spudded: October 23, 2024Discoveries:AVO-1 (Appraisal): Encountered light oil and gas-condensate in high-quality reservoir-bearing sands, confirming the extension and quality of AVO-1.Additional Information: Reservoirs displayed good porosities, high permeabilities, and high pressures. Fluid samples indicated low oil viscosity with minimal CO₂ and no H₂S concentrations. 4. Mopane-2A (Well #4)ate Spudded: December 2, 2024Discoveries:AVO-3: Hydrocarbon column of gas-condensate with a thin net pay in the reservoir sweet spot.AVO-4: Discovered a hydrocarbon column of light oil in a smaller reservoir.Additional Information: Both reservoirs exhibited good quality sands with good porosities, high pressures, and low fluid viscosities. Minimal CO₂ and no H₂S concentrations were noted. No water contacts were found. 5. Mopane-3X (Well #5)ate Spudded: January 2, 2025Discoveries:AVO-10: Significant columns of light oil and gas-condensate in high-quality sandstones.AVO-13: Light oil columns in high-quality sandstones.Deeper Sand: Light oil columns in high-quality sandstones.Additional Information: Reservoir logs confirmed good porosities, high pressures, and high permeabilities. Initial fluid samples showed low oil viscosity with minimal CO₂ and H₂S concentrations. Collectively, these wells have identified multiple reservoirs containing light oil and gas-condensate with favorable reservoir characteristics, contributing to an estimated hydrocarbon in-place volume of 10 billion barrels of oil equivalent or more in the Mopane complex.
Has there been a more successful deep water drilling campaign anywhere, ever?!
On trend with these results, along with their state-of-the-art 3D seismic survey, how can PCL and their partners NOT get a way better farm-in deal than they had with Woodside? Full carry through production plus at least three wells at a minimum, and how about a nice bundle of cash up front?
PCL Price at posting:
0.7¢ Sentiment: Buy Disclosure: Held
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ate Spudded: November 17, 2023Discoveries:AVO-1: Significant column of light oil in high-quality reservoir sands.AVO-2: Significant column of light oil in high-quality reservoir sands.Additional Information: Reservoirs exhibited good porosities, high pressures, and high permeabilities. Fluid samples showed very low oil viscosity with minimal CO₂ and no H₂S concentrations. 2. Mopane-2X (Well #2)
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