I think this report for the Tower meeting is Telling, and important.
From Tower meeting
They are likely already at the first target on the well......
Namibia.
The elephant that they made clear attracted the board, and certainly Nigel Quinton. It's the 'jewel in their crown' and you can tell their is palpable excitement when hey talk about it. In a completely non-factual way and when you consider they will have some info by now, I felt they almost 'gloated' about Namibia and how they got in their early, looked at the data and were establishing themselves as a quality explorer. This is a good thing. This was not a presentation to attract funding, they don't need it. Short term spike on rumour, not worth it. No, this was a confident man proud of what they had achieved.
Nigel said that TRP had pretty much the pick of the acreage when they invested and they chose the block we have as the best there. He also joked that Tullow had been quite smart in jumping in next to them last September (at a premium), again very bullish. The money that has since gone in from majors and super majors is huge. For example, you'll know that Shell has recently gone in, they spent $54M, but they believe the commitment is well in excess of that.
Some quotes:
- No other company in the world has an asset like this.
- The WW1 basin is as large as 60 North Sea wells combined.
- Thick source rocks that are thought to extend beyond the basin and into deep water. Plenty of future money coming into the coast here.
- This is one of 3 structures that are the largest seen in the last 30 years.
- Repsol said: "where else can I find structures of this size ready to drill?"
- It was Repsols choice to have a tight drill and not TRP's, and Nigel pointed to HRT's success in keeping it tight until the end. About half the management team on the crew are Repsols own.
- Interesting one here as this has been debated. 3000m drill INCLUDES 1000m of seawater. There is only 2000M of drill in rock. By any estimations, they are definitely in Target one by now and would have had news prior to this presentation.
'THE VAN'
