"Increase drilling operating capability" Seems like one of the goals in our ongoing partnering process is to stay operator.Costs to drill "S" in Namibia are estimated to be as low as US$20m to US$25m. That would be US$13m to US$16m net to Chariot at current 65% ownership. If we want to stay operator with let's say 35% that would be US$7m to US$9m net to Chariot. In one of the latest farmouts in Namibia (Sept 17) AEC paid US$7.7m for 10% to PCL. [link] CEO:"We also have great pleasure in welcoming David Brecknock to the leadership team to increase our drilling operating capability which, with success, will enable us to realise transformational value. At the same time, we will continue to use our strategic discipline to develop our portfolio for long-term sustainable growth."Chariot has commenced preparations for drilling in both Namibia and Morocco to enable the Company to move ahead with drilling in a timely manner. This includes Environment Impact Assessment submissions, pore pressure analysis and detailed well engineering work on candidate prospects. The Company is also undertaking a contract strategy to identify appropriate drilling units, long lead items such as wellheads and tubulars, auxiliary services and logistic base for well services, supplies, helicopters and medivac. This process will be managed in-house, led by David Brecknock who will be joining Chariots management team. David has held a wide variety of drilling operations and management roles principally in deepwater drilling and has over 20 years of international experience gained with Enterprise, Shell, BG, Devon, Perenco and Ophir. David will be supported by Robert Mwanachilenga, Country Manager and Senior Staff Drilling Engineer, Namibia who was responsible for in-country support for the Tapir South-1 deep water well operated by Chariot in 2012."
Re: COS scenario Morocco.. Great! And all welcome no coubt.
Re: COS scenario Morocco.. definitely will have some drinks if RD-1 is a success
Re: COS scenario Morocco.. We should meet up for a dink one day. How about spud day on RD1?
Re: COS scenario Morocco.. I was thinking of a tier-1 farmout to recoup seismic costs on K&M prior to drilling RD-1.US$6m (amount we paid for 3D on K&M) for 25% should be achievable imo.(Woodside paid ~US$13m for 25% of Rabat Deep in 2014)According to Chariot's operational timeline we're currently in the well-partnering process, [link] however I would not rule out a tier-1 farmout to increase our cash position.
Re: COS scenario Morocco.. MMmm! I think you're being a bit overoptimistic at 50% Though to be fair is the drill is only $20-23m Then we don't want to give too much away. There clearly comes a point where its worth CHAR financing the drill. I'm sure its probably well worth CHAR financing the drill if the best offer is 30-40% after 40 its probably worht agreeing a joint venture?
Re: COS scenario Morocco.. - partnering process ongoing on our 75% owned follow on potential blocks - hope we will retain at least 50% until after drilling RD-1...
5 sub £60 sells Already this morning.Someone trying very hard to drop the bid and ask on low volume with drip red sells.
COS scenario Morocco.. ASX FAR just announced potential 800 million barrels offshore Gambia with a COS independently assessed of 55% chance of success (COS) , this is absolutely massive .The massively high COS is mainly attributed to the nearology success offshore Senegal with the same shelf edge play at their 500 million barrel SNE play which was discovered 3 years ago and is now being mooted Bp will buy out 30 % at circa $4 per barrel for undeveloped reserves.SNE in Senegal was first exploration drilled in 2014 at a 21% COS........it was announced as a commercial discovery and further appraisal wells were drilled and came in on track.RD1 in Morocco with a 770 million barrel target and a 24% COS , if successful will then bring into play not only a further 1 billion barrels in Rabat deep follow on prospects but also 1.4 billion barrels in surrounding Kenitra and Muhammadia which Chariot hold 75% equity in.The COS at all plays that Chariot has in Morocco will all be acutely rerated higher on what we all hope is success seen at RD1...The drill at RD1 is officially classed as a basin opener which if successful, not only due to Chariots position there but also with all the aces it holds surrounding it , will transform us of the scale...Of course there is risk like all explorers,however there are also of the scale rewards here if successful at RD1 which will move this IMO like no other on AIM..Massive game of chess being played here in Morocco...
Re: Namibia: 4th farmout in 5 months I expect risk capital to be flowing in over XMAS & NEWYEAR into 2018,getting more and more excited here - 2018 just a month away# 1Q18 Multi Billion Play opening wellATB
Re: Namibia: 4th farmout in 5 months sounds good TexPerhaps we should all hibernate for the winter and come back in the Spring when hopefully we'll see the SP being a significant multiple of where we are today Who was it that said 20p by XMAS. Really hope they're correct.ATBHF
Namibia: 4th farmout in 5 months July 2017: ONGC with Tullow[link] 2017: AEC with PCL[link] 2017:Total with Impact[link] 2017: ONGC with Tullow[link] our partnering process is ongoing and there are rumours out there that "Exxon Mobil will arrive in Namibia in the not to distant future!".[link] be drilling in 3 - 4 months time (March 2018) The 768 mmbbls Rabat Deep One well is fully carried by ENI Partnering is underway for another two wells in Namibia (2H18) & Morocco (1H19) All three prospects have the potential of being Multi Billion Barrel Play openers [link] lets make it 3
A better question would be - how much actual cash do we have taking away the money tied up in bank guarntees ?
Yep C Trader has just won the dumbest question of the year prize - Dear Larry are you breaking the law ? - Wow thats doozy CT
Re: West Africa hotting up. You've just used up your monthly allowance of posts since arriving here back in 2000. Hardly worthwhile I'd say.