Not sure abt his angle on Total or where that's 'leak' came...

Not sure abt his angle on Total or where that's 'leak' came from.

COP & TOT currently operate a 50:50 partnership at an Oilsands project in Surmont Canada, where we've seen some massive wildfires recently.

Also Total run a fuel distribution network for over 170 servos in Senegal. With no major production in the country most Petrol/Diesel would b sourced from other Suppliers elsewhere in Africa. REfinery is called SAR & has a 25k bopd capacity which Total run with Petrosen & another group.

As for exploration in the near vicinity of Senegal, Total operate in,

- 2 Mauritanian blocks (1 onshore & 1 offshore 'C9') &
- 4 offshore DW blocks in Cote d'ivorie (CI-100, 514, 515, 516).

Two yrs ago Total made the Saphir-1XB oil discv in block CI-514 with 40m net, 350m gross & 34API oil recovered which they jointly operate with CNR & PetroCI. They also farmed into CNR's South African acreage chasing Deepwater turbidites & fan plays in 2013.

What would COP's 30% b worth, ballpark estimate could b between USD 20-50mil per 1% in the current commodity Cycle, using Cobalt's Angola & Tullow's Uganda asset sale.  That's my take on this.

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DB,
Why would they stop drilling?

They could have drilled another of their prospects elsewhere, however if they r doing the connectivity testing etc its better to have no drill activity across the field over that test duration. Basically we r dealing with Pressure monitoring across a few Kms over a number of weeks, atleast.

For now Cairn's 1C-200 mmbbls is from data collected from SNE-1 & SNE-2, so they seem happy with what lies between those 2 wells as a start alongwith the rest of it. The main sand there tested 8k BOPD so this should b targetted as Phase-1 development in the future.

Remaining sands can b sussed out in due course as they'll need to work on Sands pinching out or sitting in any fault compartments etc etc that could lead to lack of connectivity amongst the sands. That's about it.

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In the meantime worth checking out the latest preso from WPL's presentation on Friday. Interesting few slides dedicated by PL to WAfr margin etc (skip to slide-69 onwards).

http://www.asx.com.au/asxpdf/20160520/pdf/437cfg4snfk8js.pdf