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Look like everyone is waiting to see what is in the news this morning
jmho
and we are not going to give it away !
My guess it will make many here millionairs
jmho
wonder what this means
Could it be good news
jmho
The news is posted on the news service today
should get people attention
jmho
Just more bull shit
Man someone really loading up WDLF on the cheap !
My semi already loaded
jmho
::However the contract states they have up to 6 months.
This is nothing unusal , i have seen some were a year and could be longer so this is a nothing burger as far as i concerned ! Hect could be next week for all we know !!!!
jmho
We have quiet time for the next 30 days
maybe it great time to load more
jmho
why we not moving up with sister company news ?
News out , GOOD
PEL 87 Farm In...
https://clients2.weblink.com.au/news/pdf_2%5C02638879.pdf
WOODSIDE ENTERS INTO EXCLUSIVE OPTION ON PANCONTINENTAL’S STRATEGIC DEEP WATER NAMIBIAN BLOCK PEL 87 PROJECT
MARCH 1, 2023
Woodside and Pancontinental have signed an Option Deed for Woodside to enter the deep-water Namibia PEL 87 exploration project
Woodside will fully fund an estimated US$ 35 million, minimum 5,000 sq km 3D seismic survey and pay Pancontinental US$1.5 million in cash
In exchange for Woodside fully funding the survey Woodside will have an exclusive option to enter the PEL 87 licence and Joint Venture with 56% and Operatorship
To ensure Pancontinental retains at least a 20% interest in the project if Woodside exercises its option, Pancontinental has, for a consideration of US$1.5 million, entered into an option agreement with Custos Investments (Pty) Ltd (Custos) to acquire a 1% interest from Custos by paying Custos a further US$1million
Following exercise by Woodside of its option and completion of its farmin to the PEL 87 licence, Woodside will drill the first exploration well, through which it will carry Pancontinental at 20% interest
If the PEL 87 parties elect to drill a second well Pancontinental will have the right to either fund its 20% interest, or elect to have a 10% interest in the well carried by Woodside in exchange for transferring an additional 10% interest in the PEL 87 licence to Woodside
Pancontinental has a “back-up” right to convert its interest to a 1.5% overriding royalty interest on revenue derived from the sale of oil or gas produced from PEL 87
Woodside will, on exercising its option, pay Pancontinental a further sum of approximately US$2.5 million, of which approximately US$1.5 million is for the reimbursement of a portion of Pancontinental’s past costs
Background
PEL 87, covering an area of 10,970 sq km, hosts the large Saturn turbidite complex mapped by Pancontinental, on-trend to recent major oil discoveries made in 2022; Total’s Venus-1 discovery and Shell’s Graff-1 and La Rona-1 and recent Jonker-1 (2023) discoveries have proven a working light oil system offshore Namibia.
Shell has now commenced a multi-well drilling program with Jonker-1 near the Graff discovery, and Total is reported to be contracting two rigs to drill appraisal wells on, and nearby, the Venus discovery.
Chevron in 2022 announced an entry to the PEL 90 project (approximately 5,000 sq km) adjacent to Pancontinental’s PEL 87 area.
The Minister of Mines and Energy recently granted to the PEL 87 Joint Venture a second, one- year extension of the Initial Exploration Period (see ASX release of 5 December 2022).
PEL 87PEL
Woodside’s Exclusive Option to PEL 87 Exploration
Pancontinental is pleased to announce that its wholly owned subsidiary Pancontinental Orange Pty Ltd has entered into an Option Deed with Woodside Energy (GOM), Inc, a wholly owned subsidiary of Woodside Energy Group Ltd whereby Pancontinental has granted Woodside an option to acquire a 56% Participating Interest in PEL 87, in consideration for Woodside paying for a 3D seismic survey covering an area of at least 5,000 square kilometres within the area the subject of PEL 87 (“Licence Area”) at an estimated cost of US$ 35 million and also paying Pancontinental US$1.5 million.
Woodside will have a period of at least 180 days after the delivery of the seismic survey data to exercise that option.
If Woodside exercises the option then Woodside and Pancontinental have agreed to enter into a farmout agreement whereby Woodside will carry the existing joint venture during the drilling of the first exploration well to be drilled on the Licence Area after the completion of the seismic survey.
To ensure Pancontinental retains at least a 20% interest in the project if Woodside exercises its option, Pancontinental has, for a consideration of US$1.5 million, entered into an option agreement with Custos Investments (Pty) Ltd (Custos) to acquire a 1% interest from Custos by paying Custos a further US$1million. Pancontinental will retain a 20% interest during the drilling of the well.
If the joint venture decides to drill a second well then Pancontinental may:
(i) retain its 20% interest but must pay its share of that well;
(ii) reduce its interest to a 10% Participating Interest and have Woodside carry Pancontinental through the cost of the second well; or
(iii) at any time up to 60 days after the approval of any Development Plan, convert its interest to a 1.5% gross overriding revenue royalty interest.
Upon Woodside’s election to exercise its option, Woodside will pay Pancontinental approximately US$ 2.5 million, of which approximately US$ 1.5 million is reimbursement of a portion of Pancontinental’s past costs.
3D Seismic Survey
Planning is very well advanced for a minimum 5,000 sq km 3D seismic survey to be operated by Pancontinental under an agreement in which Woodside will fully fund the survey and will act as adviser to Pancontinental. Further details of the survey will be announced shortly.
Director’s Comment
Pancontinental’s Director Mr Barry Rushworth commented:
“Energy giants are jockeying for position after major oil discoveries by Shell and Total offshore Namibia.
Multi-well drilling recently re-started on these discoveries with Shell’s Jonker-1 discovery and Total is reported to be bringing in two deep-water rigs for drilling on, and nearby Venus. On- trend, Pancontinental’s PEL 87 has very high potential, with contiguous geology to the discoveries.
Woodside has the exclusive option to join Pancontinental and partners Custos and Namcor in exploring the huge Saturn Turbidite Complex mapped by Pancontinental in PEL 87.
Exploration is moving ahead quickly, with 3D seismic acquisition planned to start later in February this year.
Saturn has been independently assessed to have multi-billion-barrel potential, as first reported by Pancontinental in September 2018.
The deal with Woodside is a very good one for both Pancontinental and Woodside. The planned 3D survey covers a large area over Saturn and we expect very interesting results mid-2023.
If Woodside exercises its option to drill, Pancontinental will, including as a result of the option agreement we have entered into with Custos, retain a very healthy 20% carry in the first well, at no cost to Pancontinental. If a discovery is made, Pancontinental can continue with a 20% interest.
Pancontinental has strategic optionality, so that we can either fund 20% of a second well and carry on with a 20% contributing interest, or be fully carried in the well at the 10% level and retain a 10% contributing interest in the project thereafter by transferring an additional 10% participating interest to Woodside.
We have negotiated a further built-in “insurance policy” right for Pancontinental to convert its interest to take 1.5% of “sales point” oil and/or gas production revenue, with no production expenditure exposure up to the “sales point”. Pancontinental has no current plan to invoke this right.
Saturn is similar to Total’s huge Venus oil discovery. They are interpreted to have the same age reservoir rocks and similar depositional character, the same mature oil source rocks and the same regional sealing rocks at about the same depth below the sea floor.
PEL 87 and Saturn need further exploration, including drilling, to prove any commercial viability.
We are very grateful to the staff and officers of the Namibian Ministry of Mines and Energy for their continuing support in this project.
Pancontinental is an ASX listed energy company with a large strategic position in this major new energy play alongside Shell, Total, Chevron, Qatar Energy and now Woodside”.
About PEL 87
PEL 87 was awarded to a Joint Venture led by Pancontinental on 23 January 2018 for a possible total of 3 terms spread over 8 years, plus possible extensions. PEL 87 can be converted to a Production Licence under pre-agreed terms.
PEL 87 covers an area of 10,970 sq km, subject to periodic relinquishments which may be waived by the Government of Namibia at its discretion.
Pancontinental has mapped the Saturn Turbidite Complex, with a core area of some 2,400 sq km and an overall area of about 4,000 sq km. This very large and complex feature may host numerous large internal hydrocarbon traps, some of which have already been mapped on 2D seismic. None has yet been drilled.
Very good oil source, reservoir and sealing rocks have been identified regionally, and now proven by recent discoveries.
Pancontinental and Woodside plan 3D seismic over Saturn in partnership with Namibian partners Custos and Namcor, to define targets for drilling.
About Woodside
Woodside Energy Group Ltd (WDS) is a global energy company, founded in Australia. Woodside is an experienced oil, gas and LNG producer and has a global portfolio including quality energy assets in Australia and internationally.
About Pancontinental
Pancontinental Energy NL is an energy exploration company with exploration assets in Namibia and Australia.
Pancontinental’s market capitalisation is approximately A$ 83 million (1 March 2023). Pancontinental is listed on the Australian Securities Exchange (ASX) under code PCL.
Comment on this Post
I was thinking about selling 10 shares of ERHE at 10 cents to see if a short would take my ask then i said to myself heck no
jmho
Venus-1A, on Block 2913B, will be the first well to be drilled, using the Tungsten Explorer drillship, and is the first appraisal well on the Venus discovery.
Hey wonder why we are not seeing more 10 , ==50 ,===100 share trades anymore
my guess our short seller sees he has a problem , but that is my opinion
I could put in a sell order for 1,000,000 shares at .05 but i don't want him to have a heart attack
jmho
Bark Bark
.0126
VOLUME11.4 m
jmho
must be news out
I got Email last Friday , vote paswsed
volume already 14 million
jmho
.02 hell , maybe .03 yet today and my guess big volume 25 M
jmho
Look like another great day for INQD
could we see .02 today ?
jmho
TER
DEPTH (M)
EST. WORK
PROGRAM
INTEROIL INTEREST(1)
(SINTANA 49%)
PARTNERS
(Operator*)
PEL 82 11,464 260 – 2,460 $86M 10% Maravillosa (80%)*
Non-carried NAMCOR (10%)
PEL 83 9,890 250 – 2,550 $86M 10% Galp (80%)*
Carried NAMCOR (10%)
PEL 87 10,947 420 – 3,200 $35M 15% Pancontinental (75%)*
Carried NAMCOR (10%)
PEL 90 5,433 2,300 – 3,100 $90M 10% Chevron Namibia (80%)*
Carried NAMCOR (10%)
PEL 103 5,860 Onshore $700K 30%(2) Apprentice Inv. (90%)*
Non-carried NAMCOR (10
Dear shorts have a problem
called short squeeze soon
jmho
When and if the great news come out wonder how high the run will be ?
10X
20X
30X
or more , remember we have a low float and the big boys will want us on a bigger stock exchange
jmho
I see we can no longer see the trades on Investorshub
Is it just me or everyone else ?
jmho
Look like this horse is just starting to run
jmho
ERHE could be worth 100s of billion dollars
jmho
MJL could be worth tens of billions dollars
jmho
The shorts will throw everything they have at it trying hold it down
jmho
We getting good volume already in Canada and the USA
jmho
I can see it now , when the shorts have to cover they will tell their broker I DID NOT KNOW I WOULD EVER HAVE TO COVER THEM SHARES I SHORTED
jmho
INQD not broke doing just fine , just watch and learn how smart people make $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
I just mad i don't have more shares
jmho
Ucore having another great day
Just maybe we get news on the rare earths project China supply not good for USA
jmho
I still have my ERHE shares for sale , bring dollars per share
jmho
where the hell is the podcast
link ?
found it
could someone be disappointed , bids building and less than 1 hour trading left in the day
JMHO
Man check the boss other company
I expect the podcast to be beyond great news !
Come on WDLF run time
jmho
WOW is something big cooking ??????
and the day is not over yet !
short ERHE shareholders are so stuck with no way out !!
Time to pay up boys and girls you have a buying problem as NO shares on the ask !
jmho
Just wait till tomorrow things could get wild with the bulls out running
jmho
INQD getting stronger by the hour
jmho
Someone want INQD this morning !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
jmho
drilling
Kick Off Drilling at Venus Discovery in Namibia
Cision Canada
FR
AFRICA OIL ANNOUNCES THE IMMINENT COMMENCEMENT OF A MULTI-WELL DRILLING PROGRAM, OFFSHORE NAMIBIA
NEWS PROVIDED BY
Africa Oil Corp.
Feb 22, 2023, 02:50 ET
VANCOUVER, BC, Feb. 22, 2023 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. ("Africa Oil", "AOC" or the "Company") is pleased to note the press release by its investee company, Impact Oil & Gas Limited ("Impact"), regarding the imminent commencement of a multi-well appraisal and exploration drilling program in Namibia, following the Venus light oil discovery in Block 2913B (PEL 56). Africa Oil holds a 30.9% shareholding in Impact. View PDF Version
Highlights
Continue Reading
Map Showing Africa Oils Deep Water Orange Basin Interests (CNW Group/Africa Oil Corp.)
Map Showing Africa Oil’s Deep Water Orange Basin Interests (CNW Group/Africa Oil Corp.)
Related Documents
AFRICA OIL ANNOUNCES THE IMMINENT COMMENCEMENT OF A MULTI-WELL DRILLING PROGRAM, OFFSHORE NAMIBIA (CNW Group/Africa Oil Corp.)
AFRICA OIL ANNOUNCES THE IMMINENT COMMENCEMENT OF A MULTI-WELL DRILLING PROGRAM, OFFSHORE NAMIBIA (CNW Group/Africa Oil Corp.)
Multi-well programme in Namibia due to commence before the end of February, targeting up to four wells (including the re-entry of the Venus-1X discovery well, in Block 2913B), to appraise the Venus discovery and to investigate a potential westerly extension of Venus, the Nara prospect (formerly referred to as West Venus) on Block 2912.
Venus-1A, on Block 2913B, will be the first well to be drilled, using the Tungsten Explorer drillship, and is the first appraisal well on the Venus discovery. This will be followed by a drill stem test using the Deepsea Mira.
Upon completion of the Venus-1A drill stem test, the Venus-1X exploration well, also on Block 2913B, will be re-entered and side-tracked using the Deepsea Mira to conduct a second drill stem test.
Nara-1X, an exploration well on Block 2912, will then be drilled and potentially flow tested by the Tungsten Explorer.
If Nara-1X proves successful, the Nara-1A appraisal well could then be drilled in Block 2912 and flow tested.
Impact holds a 20% working interest in Block 2913B (PEL 56) and an 18.89% working interest in the adjacent Block 2912 (PEL 91).
Africa Oil President and CEO Keith Hill commented: "the Venus discovery, which according to Wood Mackenzie was the world's largest oil discovery in 2022, has opened up the Orange Basin as a world-class petroleum province. I am delighted that we are at the forefront of this exciting play through our shareholding in Impact, and a 20% operated interest in Block 3B/4B that lies on trend with the Venus structure. We are the only publicly listed independent oil and gas company with an interest in Venus, and our material Orange Basin acreage presents a very attractive opportunity for investors looking for an exposure to its potentially transformational upside."
Appraisal of Venus discovery in Block 2913B (PEL 56)
The Venus discovery is a world class light oil and associated gas field, located in the Orange Basin, approximately 290 kilometres off the coast of southern Namibia, and in water depth of approximately 3,000 metres. The well was drilled to a total depth of 6,296 metres, by the Maersk Voyager drillship, and encountered a high-quality light oil-bearing sandstone reservoir of Lower Cretaceous age.
Drilling of Venus-1A, the first appraisal well on the Venus discovery, will be located approximately 13 kilometres to the north of the Venus-1X discovery well and drilled using the Tungsten Explorer drillship. The Deepsea Mira will then be used to conduct a drill stem test at this location.
The Deepsea Mira will then re-enter the Venus-1X well and conduct a flow test. The objective of this programme is to further evaluate the Venus reservoir and deliver dynamic data.
Impact (through its wholly owned subsidiary, Impact Oil and Gas Namibia (Pty) Ltd) holds a 20% working interest in Block 2913B (PEL 56). PEL 56 is operated by TotalEnergies EP Namibia B.V ("TotalEnergies") who holds, a 40% working interest, and QatarEnergy and NAMCOR respectively hold a 30% and 10% working interest in PEL 56.
Exploration and potential Appraisal of Block 2912 (PEL 91)
Block 2912 may contain a highly material westerly extension of the Venus field. Operations by TotalEnergies during 2023, on behalf of the Joint Venture, are designed to explore and, if successful test, this potential extension of the Venus accumulation into Block 2912 and provide an understanding of the structure and reservoir quality.
TotalEnergies will commence drilling operations in Block 2912 during mid-2023. Exploration well Nara-1X will be drilled and flow tested by the Tungsten Explorer and, if successful, an appraisal well, Nara-1A, could then be drilled and flow tested.
Impact (through its wholly owned subsidiary, Impact Oil and Gas Namibia (Pty) Ltd) also holds an 18.89% working interest in the adjacent Block 2912 (PEL 91), where it is also partnered with TotalEnergies (Operator, with 37.78%), QatarEnergy (28.33%) and NAMCOR (15%).
Map Showing Africa Oil's Deep Water Or jmho
Could be interesting two day of trading for WDLF
jmho