Chariot Oil & Gas Limited
Seite 1 von 3
neuester Beitrag: 21.03.17 13:02
|eröffnet am:||11.10.12 08:58 von:||lincoln6echo||Anzahl Beiträge:||53|
|neuester Beitrag:||21.03.17 13:02 von:||lincoln6echo||Leser gesamt:||24851|
|bewertet mit 3 Sternen
lincoln6echo : Chariot Oil & Gas Limited
11 October 2012 Chariot Oil & Gas Limited Acquisition of Offshore Exploration Blocks, Morocco Chariot Oil & Gas Limited (AIM: CHAR)
the independent Africa focused oil and gas exploration company, is pleased to announce that its wholly owned subsidiary, Chariot Oil & Gas Investments (Morocco) Ltd., has entered into an agreement with Maghreb Petroleum Exploration S.A. ("MPE") whereby MPE will transfer its 75% ownership and operational interests in two of its offshore licences, Loukos and Casablanca/Safi, to Chariot.
In exchange, Chariot will take on the work commitments and obligations of the initial exploration phase for each licence. This transfer remains subject to the approval of the Moroccan authorities before it becomes effective.
On approval, Chariot will hold a 75% equity interest in the Loukos and Casablanca/Safi exploration permits with the Office National des Hydrocarbures et des Mines ("ONHYM") holding the other 25%.
The Loukos licence is 1,925km2 in size and extends from the coast to some 50km offshore with water depths between 5m and 110m. The Casablanca/Safi licence is 3,500km2 in size and is similarly situated to Loukos in terms of its extent offshore with water depths between 5m and 165m.
Following approval, Chariot will be required to reprocess 835km of 2D seismic data within the Loukos licence and 1,200km of 2D seismic data within the Casablanca/Safi licence, a total of 2,035km within a six month exploration period.
Once complete, Chariot will have the option to move forward into further exploration phases which would involve the acquisition of 3D seismic data and the subsequent undertaking of exploration drilling activities.
The Loukos and Casablanca/Safi licence areas are excellent further additions to Chariot's existing offshore West Africa portfolio. Morocco has proven oil reserves and working petroleum systems ranging from the Jurassic to the Tertiary with the potential for the extension of the prolific Paleozoic systems of Algeria into the area.
Chariot will be targeting the potential of the Paleozoic and younger systems in these permits. The country also offers competitive fiscal terms, a supportive regulatory framework and an excellent state oil company in ONHYM which contributes to the overall attractiveness of the opportunity.
It is Chariot's intention to apply modern exploration techniques to the results of previous exploration work carried out in these licence areas with the aim of identifying substantial potential. Paul Welch, CEO of Chariot, commented: "In line with our strategy, Chariot has continued to seek out underexplored highly prospective opportunities with the intention of maturing them into drillable oil prospects.
The Loukos and Casablanca areas have been of interest to Chariot for some time and we are pleased to have these additional assets, which we consider to hold significant potential, as part of our broader West African portfolio. We look forward to evaluating and developing this valuable acreage alongside our new partner ONHYM."
lincoln6echo : Morocco / Cairn-Foum Draa, FD-1 Well dry
lincoln6echo : Pre-Close Operational Update Dez. 2013
Chariot Oil & Gas (LON:CHAR) has continued its momentum for developing its portfolio, according to chief executive Larry Bottomley.A pre-close operation update says that during the year, the company has adhered to its strategy of managing risk and applying capital discipline whilst continuing to develop and mature its portfolio of high potential assets.In doing this, it continues to work towards its goal of creating transformational stakeholder value through the discovery of material accumulations of hydrocarbons.
Bottomley said: "We set out this year to ensure that the company continued its momentum for developing its portfolio, at the same time as managing its risk and reducing its capital exposure through partnering. We have succeeded on each of these components, demonstrating our ability and commitment to delivering our strategy.
"In the coming year, we will continue to work within this strategic framework to enable us to build towards our long term goal of delivering transformational value to stakeholders. Such value will only be realised by the discovery of material accumulations of hydrocarbons which remains the focus of the company."
Wir werden sehen..
Vielleicht überraschend wurde heute auch von BP die Rückgabe Ihres 30% Anteils an Serica , 0047 im Luderitz Basin, Namibia mitgeteilt. http://www.euroinvestor.com/news/2013/12/20/...ense-interest/12634796
lincoln6echo : Morocco / Kosmos Energy
Kosmos Energy mietet für eine Offshore Bohrung im Agadir Basin, Morocco ein zusätzliches Rig. (Maersk, Discoverer). Die Bohrung soll im 1H2014 im Block Foum Assaka beginnen. Im letzen Jahr wurde bereits das long-term Rig Agreement für das Atwood Achiever Drillship gemeldet das im 2ten Halbjahr zum Einsatz kommt. Höchstwahrscheinlich im Block Tarhazoute. Eine weitere Bohrung in Morokko/Westsahara ist für den Block Cap Boujdour im 2H2014 geplant. Farm in Partner sind u.a. BP, Fastnet und ONHYM.
lincoln6echo : Morocco Citi / Jefferies Research
lincoln6echo : Morocco plant die Anzahl der Exploration Wells..
für dieses Jahr von 10 auf 20 Bohrungen zu erhöhen. Aber wohl nicht alle Offshore, sollte man meinen. http://news.yahoo.com/...ploration-wells-2014-minister-194159194.html
and ..reports in the local media of a significant gas discovery in the Essaouira region. Da könnte die Meldung von Longreach gemeint sein http://www.longreachoilandgas.com/press-releases.php?newsid=80
Chariot sowie auch Nachbar Repsol werden dieses Jahr wohl noch mit 3D Seismic ausgelastet sein.
lincoln6echo : Tullow Statoil takeover Gerüchte
...its major assets include the Jubilee field in Ghana, while it also has successful producing fields in Kenya and Uganda. It has a total of 68 producing fields and operates in 25 countries, including a presence in Norway. It incurred $2bn (?1.4bn) in capital expenditure last year. ...."Our high-impact, basin opening exploration campaigns will continue in 2014, and with wells in Kenya, Mauritania, Norway, Ethiopia and Guinea planned for the first half, there is much to look forward to," it said.
In Mauritania hätte man laut Drilling Program bereits im Prospect Tapendar Block C-10 bohren wollen. Spud Date Q4/13. Die Bohrung im Block C-7, prospect Fregate ist noch nicht beendet. Das Drillship Stena Drill Max ist noch vor Ort. Verzögerungen wurden aber bisher nicht gemeldet. What´s going on....
lincoln6echo : Drilling in West Africa 2014
Drilling in West Africa
The development of deep-water drilling in West Africa will benefit Transocean, as the company has seven floaters operating in the region. The demand for rigs in West Africa could rise as oil and natural-gas companies are stepping up exploration in the region to find oil in deep submerged sand crust to emulate pre-salt discoveries like in Brazil. Pre-salt is a geological formation that could contain oil and natural gas. A large oil field with reserves of around 250 million barrels or greater could be discovered in the offshore region of West Africa. A major explorer in offshore West Africa, Total (TOT), has two discoveries -- one in Gabon and the other in Ivory Coast. In Africa, Total has a presence across 16 countries, having produced around 700,000 barrels of oil equivalent per day, or boepd, in 2012. So, Africa forms an important part of the company's growth. In 2014, Total plans to drill two of the 10 to 15 pre-salt well in offshore Angola, West Africa. Total's exploration program in West Africa could further provide opportunities for offshore drillers in the coming quarters.
Moreover, in West Africa countries such as Ghana and Ivory Coast are competing to increase their oil output. Ivory Coast plans to increase its output to 200,000 barrels per day, or bpd, by 2019, while Ghana plans to increase to 250,000 bpd by 2021. Ghana is currently the fourth largest producer in West Africa. Either of these two countries planning to prop up their offshore exploration program for oil and natural gas is encouraging oil companies to invest in the same. So these regions provide further growth for offshore drilling companies. In 2014, around 14 deep-water rigs of Transocean are coming out of contract and the company estimates that in offshore West Africa 10 to 15 deep-water rigs could be required to drill. West Africa could be one of the potential regions where these rigs are contracted.......
** Chariot Oil & Gas ist drill ready in Mauritania und Namibia. Auf geht´s.. **
lincoln6echo : TLW Fregate 30m net gas-condensate and oil pay...
In Mauritania, Tullow commenced its exploration drilling campaign in August 2013 targeting new, deeper plays in the offshore Mauritanian basin. The first well, Frégate-1, in the C-7 licence, was drilled to a depth of 5,426 metres and has encountered up to 30 metres of net gas-condensate and oil pay in multiple sands and the data will now be integrated with Tullow's regional 3D seismic surveys. The well is being plugged and abandoned and the rig will move to drill the Tapendar prospect in Block C-10. This wildcat well has achieved an important technical breakthrough by establishing a new oil play in deepwater Late Cretaceous turbidites. Whilst encouraging, further assessment and analysis will be required before follow up activities.
The approval of a Field Development Plan by the Government of Mauritania has allowed good progress to be made on the Banda gas to power development. The Engineering, Procurement and Construction bids have been received and pre-award negotiations are ongoing with contractors. Commercial discussions on the Gas Sales Agreement and associated Power Purchase Agreements are ongoing and are critical to the final sanction of this project.
Net production from the Chinguetti field in Mauritania, which is a separate play type from the Group's exploration interests, averaged just over 1,300 boepd in 2013, which is in line with expectations.
lincoln6echo : Analyst Day: A Review of the Chariot Portfolio
A Review of the Chariot Portfolio
Chariot Oil & Gas Limited (AIM: CHAR), the Atlantic margins focused oil and gas exploration company, announces that it will be hosting an Analyst Day today for a group of sell-side analysts.
The event will include an in depth overview of Chariot's portfolio, providing detailed information on the Atlantic margin petroleum systems within its acreage, the Company's recent progress and the forward programme.
During the presentation, the Group will cover the topics outlined below:
Strategy and Progress
During the course of last year, Chariot repositioned itself from being a "Play Opener" to a "Fast Follower" within the regions where it holds acreage. This means that, by using its re-awarded and extended licence periods in Namibia, and its long exploration permits offshore Morocco, Mauritania and Brazil, Chariot has been able to continue the maturation of its portfolio whilst learning from the drilling programmes of its nearby neighbours. This repositioning has enhanced the subsurface understanding of the Company's assets, as well as the development of prospectivity and play focus. Offshore Namibia, this approach enabled Chariot to select a drill ready prospect in a proven shallower petroleum system as a result of the incorporation of information from third party drilling. In 2014 further prospects will be drilled by third parties in close proximity to Chariot's assets in Namibia, Morocco and Mauritania. The Company will continue to use its Fast Follower, low cost, early entrant position to integrate the information provided by these drilling campaigns with its own proprietary data in order to work up optimum prospects for drilling.
During 2013, the Company reprocessed, and used its in-house technical capabilities, to interpret 11,000km of legacy 2D seismic over its licences offshore Morocco. Whilst this work highlighted the giant prospectivity potential in the Rabat Deep and Loukos acreage, the team also determined that the Casablanca/Safi licence was too high risk to justify further investment and, in line with Chariot's focus on achieving the best balance of risk and return, the team decided to relinquish it. In Q2 2014 a 1,300km2 3D seismic campaign is planned for the Company's existing assets offshore Morocco (Loukos and Rabat Deep), in order to mature the identified high potential leads into prospects for drilling with a partner in 2015.
Offshore Mauritania, the team's ability to identify and develop prospectivity on its acreage received third-party endorsement through the farm-out of 35% of its C-19 acreage to Cairn Energy in August 2013. From this, in line with the Company's aspiration to carry out "zero cost" exploration, Chariot received US$26.0 million for the full cost of its 3,500km2 3D seismic programme on the block and additional back costs. A further data room will be opened following the completion of the Company's interpretation of this 3D seismic acquisition due in Q2 2014. Thereafter Mauritania is expected to be drill ready and the Company will aim to bring in an additional partner for drilling in 2015.
Integration of the Kabeljou-1 well results and third party drilling offshore Namibia enabled the Company to identify significant potential to justify a 2,000km 2D seismic campaign over block 2714B, which was completed in January 2014. Once interpreted, this 2D survey will provide the necessary data to help identify the most appropriate location for a 3D seismic campaign over the highly prospective shallower petroleum system within the block. Subject to securing a drilling partner, the Company will also be looking to test this shallower petroleum system in its Central Blocks which are currently drill ready.
Through the acquisition of four blocks in the Barreirinhas basin offshore Brazil in May 2013, the Group continued its path towards diversifying risk and balancing its portfolio. This basin lies conjugate to the Jubilee discovery in Ghana and is another example of Chariot's ability to access high potential underexplored acreage at a low cost with minimum work commitments. Furthermore, the acquisition of these Brazilian licences introduces the potential of a well in 2016 meaning that, subject to partnering, Chariot's portfolio offers the potential for at least one well per year for the foreseeable future. The Company is currently undertaking an Environmental Impact Assessment with the anticipation of carrying out an 800km2 3D seismic programme in 2015. Completing this 3D seismic survey together with the proposed 2014 3D survey offshore Morocco, will mean that Chariot will have fulfilled and exceeded all outstanding commitments across its portfolio.
In line with Chariot's established strategy, the specific timing of drilling remains subject to the completion of farm-outs and accessing the carried funding for these wells. While Chariot is determined to drill its prospects as soon as possible, the securing of partners takes time. On the Central Blocks the farm-out process continues and the market will be updated with its progress as appropriate. As mentioned above, a partnering process will be initiated in the coming months in Mauritania in order to secure a partner for drilling, and further datarooms will also be opened in Morocco and Brazil to accelerate these exploration programmes.
The Group remains debt free and as at 31 December 2013 it held cash balances of US$56.7 million (unaudited) compared with US$39.9 million (unaudited) as at 30 June 2013 and US$68.3 million as at 31 December 2012. The successful farm out of Block C-19, Mauritania, to Cairn Energy (Chariot (Operator) 55%, Cairn 35%, SMH 10%), which recovered the costs of the 3,500km2 3D seismic programme and other back costs incurred, resulted in the receipt of c.US$26 million in October 2013. As at 31 December 2013, c.US$16.7 million of the Company's cash balances were held as security against licence work commitment bank guarantees. As at 31 December 2014, this figure is estimated to be US$15.6 million.
Net cash utilisation of US$11.6 million in the year to 31 December 2013 comprised of;
· US$2.5 million on G&G/seismic processing in Namibia and Morocco;
· US$2.4 million relating to the acquisition of Chariot's Brazilian licences, the acquisition of associated seismic data and the establishment of the Company's business in country;
· US$23.1 million in Mauritania on 3D seismic acquisition and processing offset by the receipt of US$ (26.0) million of farm out proceeds from Cairn Energy;; and
· US$9.4 million on other G&G and G&A and US$0.2 million of net finance/foreign exchange charges.
During 2014 Chariot expects to spend c.US$33 million further developing its portfolio as follows;
· US$13.0 million acquiring and processing 1,300km2 of 3D seismic in Morocco. The majority of this is expected to be recovered during 2015 from farm-out back cost receipts;
· US$5.0m in Namibia, of which US$3.7 million relates to the acquisition and processing of 2000km of 2D seismic on its Southern Block 2714b;
· US$4.0 million in Mauritania of which US$2.3 million relates to the completion of the processing of the 3,500km2 of 3D seismic and US$1.7 million relates to capital gain tax on the Cairn Energy farm out;
· US$1.5 million in Brazil relating to G&G and Environmental Impact Assessment work relating to the upcoming 800km2 3D seismic programme; and
· US$9.5 million on other G&G and G&A throughout the portfolio.
All contractual licence commitments are fully funded through to the end of 2015.
There will be no further new trading information released during the event and a pre-recorded webcast of the Company's corporate presentation will be available on the website from 10.00 am today.
lincoln6echo : Shell jetzt auch in Namibia aktiv..
Shell übernimmt 2 Blocks offshore 2913a/2914b im Orange Basin, Namibia von Signet. Shell ´s Interesse am Orange Basin erweitert sich vom angrenzendem Süd Africa jetzt auch nach Namibia.
Siehe Grafik (2) http://www.energy-pedia.com/news/general/new-158112
lincoln6echo : new Board Members
liest sich gut...
William ("Bill") Trojan has over 36 years of industry experience, having spent almost 20 years at Shell in various senior positions which notably involved exploration work offshore Namibia. Bill's experience in West Africa was further enhanced in his position as Vice President of Worldwide Deepwater Exploration for Phillips Petroleum Company and he continued to develop this role following its merger with Conoco.
David ("Dave") Bodecott is an experienced geologist having worked in Angola, Ghana and Mauritania among other geographies over the past 40 years. He co-founded AIM-listed Rockhopper which won multiple awards for its successful exploration during his tenure.
Larry Bottomley, CEO commented:
"We are very pleased to welcome Dave and Bill to the Board. With the addition of these two highly skilled exploration geologists, the Board undeniably has a depth of technical experience which will enable it to enhance its decision making and strategic planning. Furthermore, their in-depth knowledge of the regions in which we hold acreage as well as their insight into the progression of exploration projects will no doubt prove invaluable to our technical and commercial teams as we seek to deliver the Company's goals."
NOTES TO EDITORS
About William Roger Trojan
William ("Bill") Trojan (60) has worked in the oil and gas industry for 36 years and has extensive experience in deep water exploration within the Atlantic margins.
Between 1978 and 1997 Bill built his career at Shell, during which time he held a variety of senior and managerial roles specialising in the strategic direction of exploration programmes, new business concepts, strategies and work processes to maximise value from the company's portfolio. The regions of focus varied worldwide including the assessment of the Angolan and Nigerian margins as well as offshore Namibia. He was also responsible for prospect evaluations of several giant oil discoveries.
Following his career at Shell, Bill became Vice President of Worldwide Deepwater Exploration for Phillips Petroleum Company in 2000. In that position he built and managed a new exploration programme focused primarily on West Africa, Brazil and the Gulf of Mexico. Following the merger with Conoco, Bill continued to specialise in West Africa where he was responsible for bid rounds in new venture evaluations, seismic and drilling operations.
Bill holds a BSc in Geology from Westminster College, Utah and an MSc in Geology from Oregon State University, Oregon.
Bill currently holds no other directorships, and in the past five years was director at Brenham Oil and Gas Corp (July 2010 - July 2011).
About David Hamilton Bodecott
David ("Dave") Bodecott (61) is a highly experienced geologist, having worked worldwide in the oil and gas industry for 40 years, including West Africa. Having co-founded AIM-listed Rockhopper Exploration Plc ("Rockhopper") in 2004, he became its Exploration Director in 2007 and built up a highly skilled technical team in preparation for the 2010/2012 drilling campaign that delivered the Sea Lion discovery and appraisal. Rockhopper won several "Explorer of the year" awards during that period.
In 2013 Dave left Rockhopper to continue his consultancy work, a client base of which he had established between 1981 and 2007. Most of his consulting work has involved new venture exploration and he has worked for Desire Petroleum, Dana Petroleum, Chevron, Premier Oil, Faroe Petroleum, Kerr McGee and Reach Exploration across numerous regions including Angola, Ghana and Mauritania.
Prior to becoming an independent consultant, Dave worked at Gulf Oil Corporation as Senior Geologist and prior to that at Arco Oil Producing Inc. He has a BSc in Geology from the University of Hull and an MSc in Petroleum Geology from the Imperial College of Science & Technology, London.
Dave is also a board director at Cumberland Logos (2004 - Present) and Cumberland Oil and Gas Ltd. (September 2013 - Present). His previous directorship over the past five years was at Rockhopper Exploration Plc (April 2007 - January 2013)
lincoln6echo : Morocco Cairn/Genel Juby Maritime Bohrung
After revelations confirming "the presence of oil" off Tarfaya, ONHYM first silent ... before discussing "heavy oil complex to operate."The National Office of Hydrocarbons and Mines (ONHYM) today confirms that drilling operations offshore Tarfaya have good "opportunity to meet a heavy oil column." But once again, those who began to dream of petrodollars will see their hopes dashed."No good quality reservoir"
However ONHYM said in a statement that the oil found on the site of drilling Juby Maritime 1 is "a more complex heavy oil to operate than light oil." ONHYM explained that the drilling did not find "a reservoir of good quality."
Exploitable oil off Tarfaya? "The drilling started on January 8 to reach the final depth of 3,835 m 9 March 2014," the source said. Located 38 km off Tarfaya, maritime Juby license, with an area of 4,481.3 km2, is equally owned (37.5%) by Genel Energy and Cairn Energy. The rest (25%) is held by ONHYM. As a reminder, the announcement of Genel Energy follows several others of the same kind as those of the Fastnet companies and Kosmos Energy, which operate the Eagle wells near Agadir and had estimated its oil potential 360 million barrels of oil . Often these ads are used by operators to raise money on the financial markets.However, ONHYM reassuring. The statement said that a significant drilling program onshore and offshore has been established, and concludes with an optimistic tone: "the Agency and its partners are confident and persevering."
"No good quality reservoir" .....2te Bohrung nach Foum Draa (Cairn/ONHYM/SLE/Serica) nun im Block Juby Maritime (Cairn/Genel/ONHYM) beendet. Primary Target is Middle Jurassic. Secondary appraisal of the existing upper Jurassic.
Nächste Bohrung im Block Sidi Moussa (Genel/Serica/SLL/ONHYM) mid-2014....
lincoln6echo : Morocco / Chariot new licence & 3D Seismic
neu hinzugekommen ist die Lizenz "Mohammedia Reconnaissance" mit 4600 km2. Im Gesamten besitzt man 3 Lizenzen mit über 16000km2 zu jeweils 75% Interest und ist Operator. 11000km2 2D Seismic sind ausgewertet. 1700 km2 3 D Seismic sind vergeben (Dolphin Geophysical) Start ab April ´14. Prospective resources 500mmbbls. Chariot plant für 2015 2 Bohrungen.
Interesant: Pura Vida besitzt 10900 km2 im Mazagan Permit. 3500 km2 3D Seismic sind ausgewertet. Nach 75% Interest gab es ein Farmout. Freeport McMoRan kauft für US$ 230mil 52% Interest. Pura Vida plant auch 2 Bohrungen im Jan 2015 und im 2H 2015. (5.3 billion bbls (mean)prospective resources.Die Atwood Achiever, neues Drillship unter Vertrag von Kosmos Energy soll nach ihrem ersten Einsatz (Western Sahara Kosmos/Cairn) im Mazagan Permit bohren.http://http://www.puravidaenergy.com.au/news_pdf/...ntation_final.pdf http://www.kosmosenergy.com/pdfs/...nergy-presentation-2014-02-12.pdf
lincoln6echo : RFC Ambrian - Sub-Saharan Oil and Gas Update 03/14
RFC Ambrian Company Analyses from Tullow Oil / Ophir Energy / Africa Oil Corp / FAR Ltd / Fastnet Oil & Gas / Chariot Oil & Gas / Pancontinental / Azonto Petroleum / Global Petroleum / WHL Energy
...our estimate of Chariot?s current fair value is roughly 3x its share price. We estimate that the current fair value of Chariot?s share price is 63p, which is roughly 3x higher than its 21p price on 26 February 2014.
...in our ?success? scenario we estimate that Chariot?s shares could be worth 289p by end-2014, while in our ?failure? scenario we estimate they could be worth 23p.
For our Current Fair Value Estimate:
In its Namibian Central Blocks, we have assumed that by end-2014 Chariot farms down 65% of its interest for carry on the first well (and back costs the company may be able to negotiate associated with the 3D seismic acquisition and processing which we estimate at US$10m), which we have assumed will target the Prospect B. We have used the company?s estimate for the size (450MMbbl) and Pg (22%) of this prospect. We also assume that the Pd is just 50%, reflecting the risk that a farm-down is not completed and that if a discovery is made that it is not taken to commercial development. We have conservatively not included any value for Chariot?s other Namibian Central Block prospects and leads. We have valued Chariot?s interest in Southern Block 2714B using what we believe is an appropriate Namibian farm-in multiple of US$5,700/km2 , reflecting the recent completion of a 2D seismic acquisition. Namibian offshore farm-in multiples have ranged from US$2,500/km2 to just over 11,000/km2 in the last few years. We have conservatively ascribed no value to Chariot?s Namibian Northern Blocks (home f the Tapir South-1 well) nor to Namibian Southern Block 2714A (home of the Kabeljou-1 well), although management believes this acreage is still highly prospective. In particular, the orthern Blocks? Zamba prospect is a giant potential sub-salt carbonate ?old trap? on trend with recent Angolan discoveries, with gross mean prospective resources of 375MMbbl. We have valued Chariot?s interest in Block C19, Mauritania, based on the US$26m price paid by Cairn to farm in for 35%. This equates to some US$6,100/km2.
..We have ascribed no value to Chariot?s Moroccan and Brazilian licences as only a little work has been done on them to date. We have used Chariot?s December 2013 net cash of US$56.7m and management?s 2014 guidance for the company?s G&A and exploration expenditure US$33m (and have assumed the company receives US$10m in back costs from the farm-out).
For our ?Success? Scenario Value Estimate. All assumptions are the same as above except: We assume that the Central Blocks?farm-out is completed on the terms assumed above, and that Prospect B is an oil discovery. We also raise our Pd from 50% to 80% for this prospect.
For our ?Failure? Scenario Value Estimate All assumptions are the same as current fair value except: We assume that the Central Blocks?farm-out is completed on the terms assumed above, but that the first well is a dry hole. In this scenario we assume no value for any of Chariot?s Namibian licences. In effect we are valuing Chariot at just our forecast end-2014 net cash plus the value of its interest in Block C19, Mauritania.
lincoln6echo : Bau einer Ölraffinerie in Walvis Bay
lincoln6echo : Tullow Mauritania
http://archive.crossborderinformation.com/Article/...=20140411# Schrumpft Tullow sein 4-Well Explorations Program in Mauritania auf 2 Bohrungen zurück ? Für dieses Jahr ist laut Bohrprogram die Bohrung "Tapendar" zur Zeit "in progress" geplant. Eine weitere die dritte Bohrung "Sidewinder" ist nur noch im Status "tbc" d.h. nicht bestätigt. http://www.tullowoil.com/index.asp?pageid=247 Laufen Tullow die Kosten davon ?? http://www.marinetraffic.com/de/ais/details/ships/235060864
lincoln6echo : Tullow Mauritania Tapendar "no hydrocarbones"
25 Apr 2014 Mauritania - well update
Tullow Oil plc (Tullow) today announces that the Tapendar-1 exploration well in the C-10 licence, offshore Mauritania, has not encountered hydrocarbons and the well is being plugged and abandoned.
Tapendar-1 is the second exploration well in Tullow?s Mauritania exploration campaign, following the Frégate-1 well in February 2014. The objective of Tapendar-1 was to test two targets of Miocene and Upper Cretaceous age. At the Miocene interval a major undrilled turbidite fairway was penetrated and encountered excellent quality, well developed, reservoir sands. However, these sands were water bearing at this location. The deeper Upper Cretaceous target tested a salt flank play, which at this location, did not encounter any sands. The well reached total depth of 3,752 metres and is currently being plugged and abandoned after which the Stena DrillMax drill ship will leave Mauritania.
Tullow has a significant exploration position offshore Mauritania. A variety of exploration prospects and plays, independent of the Tapendar and Frégate results, remain highly prospective. Data from the Frégate-1 and Tapendar-1 wells will now be analysed and integrated into the seismic data previously acquired across Tullow?s Mauritania acreage before the next well locations and timings are confirmed. Seismic acquisition in Blocks C-3 and C-18 will also continue this year.
Tullow operates the C-10 licence with 59.10% equity and is partnered by Premier Oil plc (6.23%), Kufpec (11.12%), Petronas (13.5%) and SMHPM (10%).
Angus McCoss, Exploration Director, Tullow Oil plc, commented today:
?The Tapendar-1 frontier exploration well was a bold attempt to open a new oil play in this area of Tullow?s highly prospective offshore Mauritania acreage which the Group has built up in pursuit of the next Jubilee-type discovery. At this well location, two targets of Miocene and Upper Cretaceous age failed to encounter hydrocarbons. Following these opening wells, we and our partners will now pause to analyse the data gathered from the exploration campaign thus far. We will then decide on the location and timings of the next wells which will continue to focus on exploring for conventional oil plays.?
lincoln6echo : Drilling recovery after the oil price decline..
?If crude oil prices persist below $50/bbl, there will be a dampening effect on oil-directed exploration and production (E&P) activity in regions of the world that are burdened with high break-even costs,? said World Oil Publisher Ron Higgins. ?These items include potential projects in the Arctic and other high-cost frontier areas, unfunded heavy oil projects in Canada?s oil sands, and low-margin shale plays in North America. We expect that offshore projects that have a long producing horizon will continue, as will activity in fields where capital costs already have been sunk, and operating costs are manageable.?
Given these factors, as well as analysis of proprietary surveys, World Oil forecasts the following:
U.S. drilling will drop 19.8% to 37,997 wells, from 47,402 wells in 2014.
U.S. footage will go down 20.9% to 315.1 million feet.
U.S. Gulf of Mexico E&P activity, particularly deepwater work, will continue at a lower level. If oil prices remain depressed for an extended period, fewer new projects will be sanctioned.
Canadian activity will drop 30% to 7,362 wells, from 10,513 wells in 2014.
Global drilling outside the U.S. will fall 6.8% to 52, 889 wells, from 56,725 wells in 2014.
Global offshore drilling will drop 8.8% to 3,060 wells, from 3,356 in 2014.
In the U.S., liquids-rich shale plays are expected to bear the brunt of low crude oil prices, because of high break-even costs. Texas will experience an overall 23.4% decrease in new well activity to 13,911 wells. Particularly hard-hit will be the Permian Basin of West Texas (Railroad Commission Districts 7C, 8 and 8A), as well as the Eagle Ford shale of South Texas (Railroad Commission Districts 1 and 2). Texas led the nation in oil production at the rate of 3.491 million barrels of oil per day (MMbopd) in November 2014. That figure may begin to fall in the latter part of 2015.
Including federal OCS (offshore) output, Louisiana produced 1.427 MMbopd in October 2014. World Oil expects the state to experience an overall 18.1% drop in the number of wells drilled to 902, although the southern portion, which is devoted primarily to conventional oil drilling, will hold up better.
North Dakota, which produced 1.217 MMbopd in November 2014, will suffer a 30% drilling cut to 1,663 wells, due to reduced activity in the oil-rich Bakken shale play. Oklahoma, which encompasses both conventional oil, and shale oil and gas production, is expected to suffer a 21% reduction in the number of wells drilled, to 2,708.
One of the few bright spots in the U.S. is Pennsylvania, which is the core of the giant, gas-rich, Marcellus shale play. World Oil estimates that gas-directed drilling in the state will actually increase 1.1% to 2,255 wells.
Internationally, E&P activity in Western Canada is being subjected to the same market forces as the U.S. Overall, Canadian drilling is set to drop 30%. Investment in Canada?s oil sands extraction industry is dropping, and shale operators in the Horn River and Montney shales are cutting back on drilling. The one bright spot is offshore, on the East Coast.
In response to declining production, Mexico is ending its monopoly and holding licensing rounds to encourage foreign investment. State oil company Pemex is expected to boost drilling 19.1%, to 593 wells. Throughout South America, drilling is expected to decline 1.2% during 2015, to 3,551 wells. A stand-out in the region is Colombia, which is producing about 1 MMbopd. In Western Europe, drilling activity is expected to reflect weakness in the economy, with an 11.8% decrease to just 480 wells, including declines in the U.K. and Norway.
Activity throughout Eastern Europe, including Russia, is expected to drop 2.7% to 8,281 wells. In Russia, there will be a 2% pullback in drilling to 6,867 new wells. In January 2015, Russian oil production rose to a post-Soviet record of 10.6 MMbopd, indicating the country has yet to feel the effects of sanctions imposed last year.
Due to relatively low lifting costs, oilfield activity will remain fairly robust in portions of Africa and the Middle East that are not adversely affected by internal strife or political activity. Africa, overall, will drill 10.7% fewer wells, or about 1,408, with the two largest oil producers, Angola and Nigeria, expecting reductions. With OPEC throwing down the gauntlet of not reducing production, drilling in the Middle East will drop for the first time in nearly a decade, falling 11.2% to 3,053 wells. However, activity in Saudi Arabia will remain nearly even, at 573 wells.
In South Asia, which includes India, the world?s fourth largest net importer of crude oil, drilling activity is expected to drop 7.4%, to 521 wells. In the neighboring Far East, drilling is expected to increase less than 1%, to 27,225 wells. The region is dominated by China, which is under pressure to reverse declining production from onshore fields and increase exploration activity offshore. In the South Pacific, Australia is on track to take over, from Qatar, the mantle of becoming the world?s leading liquefied natural gas (LNG) producer, despite struggling with rising project costs and high labor rates. About 84% of the region?s 285 wells will be in Australia.
lincoln6echo : OT: Apache hit brakes on shale
...the company is one of 19 producers that account for more than half of all U.S. production outside of Alaska. A universe of 91 companies is responsible for 81% of the output in that region, according to ITG Investment Research. That data suggests that a small group of companies have a lot more influence on global prices than they?ve had in many years, said Edward Hirs, managing director of Hillhouse Resources LLC.?It?s much better not to produce right now while oil is so cheap,? said Hirs, who teaches courses on energy economics at the University of Houston. ?You know it?s in the ground, so you wait until the recovery.?Oil companies from Exxon Mobil Corp. to Royal Dutch Shell Plc have promised spending cuts exceeding $43 billion. On Thursday, Total SA announced a net loss of $5.66 billion, its first since 2008, and said expenditures would be reduced by up to $3 billion. http://www.energy-pedia.com/news/general/new-162515
Apache Corp. 4qt Results. Fourth-quarter net loss of $4.8 billion to adjusted earnings of $404 million / cut off Rigs by 70% and 50 % off Frac Crews
Das Öl-Gas Shale Geschäft auch bei höherem Ölpreis also nicht profitabel ?
lincoln6echo : Analyst Day Chariot Oil & Gas
lincoln6echo : Chariot Corporate P. Feb´17
Schade das erst Anfang 2018 eine nächste Bohrung (RD-1, Morocco) für Chariot ansteht. Durch Farmouts an Eni (OP) 40%, Woodside 25%,ONHYM 25%, bereits voll finanziert. Denkbar ist aber das dieses Jahr weitere Farmouts in Morocco, Namibia oder Brazil gelingen. Man plant für 2018 min 2 weitere Drill´s in Morocco und Namibia.
We will see..
Cash Ende 2016 25 Mio $ Marktkap. 32 Mio $