Friday, July 24, 2020 1:06:22 PM
I see Delek Group still in preservation mode for 2020, and likely into 2021 even after their strong efforts over the past 3 months. It has been extremely tough on Delek and it’s major shareholder, Teshuva. They are both asset rich, and so far it looks to be working in their favor on terms although the market cap is continuing to wreak havoc.
Do I think the only working interest partners in the Tau Prospect will be Gulfslope and Delek, no. It will take several years to put the Tau into Production if there is a success on their current targeted layers M1 lower through M6. Who knows might be targeted layers M7, M8.... after a successful Tau-2 drill well. That seems to be the case with the Mahogany Field, which is analogous to the Tau Field.
Since the crisis, I think it’s going to take more than 2 working interest partners to tame this Sleeping Giant. The Tau could be what Gulfslope and Delek need to assist in a 2021 recovery.
I wish Gulfslope had gotten the Anadarko well started before the crisis. In Gulfslope’s filings they mention how their executive team has connections to other Oil and Gas companies, hopefully they can prove that to be true now.
Also, Gulfslope’s filings always mention “A deeper subsalt prospect exists in the Vermillion area Canoe field, for which the block was originally leased”. In addition, Gulfslope always seems to bump to the next SEC quarterly filing the Canoe’s completion of it’s “Calibration of seismic amplitudes, petrophysical analysis, reservoir engineering and scoping of development”.
Gulfslope did state on their last presentation that the Corvette Prospect in the Vermillion area is analogous to the Thunder Horse field. My take is Gulfslope sees something in the GOM Vermillion area, but they still need to receive BSEE extensions on the VR 375 block SOP and the VR 378 block primary lease. They already have potential access to a Platform on their VR block 376.
Gulfslope also mentioned the Tau Field is analogous to the Mahogany Field. Gulfslope has conservatively implied the hydrocarbon volume in place for the Tau Prospect to be around 400 MMBOE. The 6/2019 NSAI report on the Tau Prospect’s reservoir quality was good, and the critical down hole pressure should be effectively managed in real time by any MPD system.
In the end, I think this will all come down to Production, and I don’t see a RS until signs of that.
Wow, so far a total of $330 GSPE dollar volume.
Smith
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