Hi Wasa/Phil, agree that PCL looks cheap at these levels. Have been grabbing a few more handfuls myself, of late.
Namibia looking very interesting, Tullow moved in north(Eco Oil), due to what they have seen in our EL 0037 3D, our processing has now been completed and have started on the interpretation. Believe Albatross prospect still looking to be our first spud. HRT wingat well next door has proved up, with live oil recovered. Believe HRT turned up at the recent Namibian 2nd Oil & Gas Conference and just laid out very important information on Walvis basin source rocks, previously keep tight and not released. Not my industry, but the best way l can describe is that PCL/ Tullow now have the data on the very prolific producing source rocks at Aptain and Albian levels, so if Tullow can find the reservoirs and seal at Albatross, look out. Looking for mid 2015 spud, PCL holding 30% in first drill, no cap on well.
Hi Phil, still believe L6 farm down offshore is still a way off, but happy to be shocked. l have been waiting for years for this, so a little numb to L6. Remember when l used to get exciting about the L6 farm down l could hardly grow a mo or beard, now l notice the other day l got my first couple of greys coming through and to make things worse, l notice a few juniors starting to spout out my bloody ears. For those who don't know, FAR's MD has been steering the L6 Bus, since 2006, through GOP//FLOW/FAR.
L8, still negotiating with Gov, but believe PCL have now joined forces with a major to chase L8 again.
Don't know who the major is, fact, but my gut is saying Tullow are back, might have something to do with the inboard Miocene plays, believe these plays didn't show up real well on 2D, back when Tullow where around in the Apache days, but 3D evolves these plays. Hence BG L10A 3D/Sunbird discovery. So some more time needed here and chuck in some luck.
What actually got me buying again was Crombec, in L10A/B, under the radar, sleeping mammoth.
BG's second well was to test an outboard play, but believe they have put it all on hold for the time being and relocated all there efforts, at Crombec after Sunbird results. Not sure if any of you fella's have looked but,
The Marlim Oil Field in the Campos Basin offshore Brazil has an analogous depositional system,
Marlin covers an area of 137sqkm and is estimated to have had 9 Billion Barrels of oil initially in place.
By comparison, our Albatross lead in Namibia is mapped to app 200sqkm (P10), but here weighs in the massive Crombec Lead which continues to be mapped. Crombec is a large faulted anticline covering 550 sqkm, with vertical relief of about 400m. Believe BG want more man power to throw at this and are divided, whether to attack the north or south of this huge structure. So more patients need here, meeting in Jan with BG and then hopefully a drill program to start in second half of next year??.
Look for farm downs in L10A/B, and chasing some past costs.
Hey Phil, what's your thoughts on the L9(FAR) Gov appro that is still not though? Thought the hold up was due to Vanoil?, but not so sure now?.
In offshore Kenya, Vanoil has a 10 per cent working interest in the highly prospective 5,110 square kilometre Block L9 alongside Dominion Petroleum Kenya Limited (a wholly owned subsidiary of Ophir Energy) and FAR Limited. This block lies directly south of Block L8 which hosts the Mbawa gas discovery made in 2012.
In January 2014, the Kenyan ministry of energy and Petroleum denied a request by Ophir to assign and transfer a 10 per cent interest to Avana Petroleum Kenya.
Vanoil has commented that this position is inconstant.
Vanoil acquired Avana back in 2013.
L6 Gov approv for Milio went straight through. So????. L9 expensive block for FAR, close to 12 mill for past cost on two huge 3D's surveys collected on eastern outboard, north to south. Gov bank guarantee ?? Say 5 mill and more 3D to collected inboard, before any drilling to start
P.S Like to know how FAR are travelling financially??
Happy to be holding PCL & FAR. Senegal, got the ears pinned back, hey on that ear thing, any chance one of you old boys have got any tips on controlling my juniors that have spouted ??,lol.
Shovel.
FAR Price at posting:
8.3¢ Sentiment: Hold Disclosure: Held
PCL Price at posting:
3.2¢ Sentiment: Buy Disclosure: Held
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