Liza: the usurper?, page-41

“One of the things that has been troublesome over the past several years is each year we see fewer discovered volumes, since 2012. A lot of the big finds have been gas, rather than oil.” The Houston Chronicle notes that there have only been five discoveries of over 500 million barrels or larger in the past four years.
(I imagine this was an exploration well, so there is a long way to go)
When you look at the largest oil finds, it becomes mind boggling compared to what is being found now. In the trillions. But most of them have been running for decades. Then consider the annual usage of oil.
34 bboo and counting. Just as an aside a 1 bboo field only lasts for 10 days of world supply.
In 2014 only 16 bboo where discovered and more than 30 bboo used up. The same in 2015 and very likely in 2016. Add to this a modest annual increase of usage, say 1 bboo and a depletion of 1.5 bboo, you have a shortage of more than 20 bboo a year. Over ten years 200 bboo. Just a shortage in replenishing reserves. And look at Venezuela, one of the largest reserves and the country going broke. It will take many years to restart the oil industry there, since there is no money. Iran, another Country with major reserves. Who will invest in Iran with these fanatics running the show.
Who will invest in SA, where there is no accounting of reserves and most arabian oil fields having been drained for decades.
Our find in Senegal, although insignificant compared to the largest oil finds, is fast becoming an important find. Look at Exxon. 20 bboo in reserves. (21 days of world supplies) The rest of the majors even less reserves. If we only get to half of WN's numbers, which is not unreasonable, we will be on the world stage. Even our little 15% FAR. I think if the RISK report comes out big (now there is hope), it is almost more important than DOC. The world will look much closer as Senegal and things will move (imo) including our miserable SP.
Its good space to be in.
GLTA. We have the making of a successful company and we, who ever is left, will be part of it.