Witnessed a lot of Sells hitting the Bid, which appeared to be on the decline until today’s closing price.
Possibly due to Delek Group stating the only Exploration on the table right right now is with their subsidiary, Ithaca Energy. Delek Group has a new presentation out, but no mention of N. America and the GOM just their golden child Ithaca and a few others. Delek Group plans to get a 50% partner for Ithaca Energy, then take Ithaca public on the London Exchange. Now and into 2021, Delek is about increasing revenue through increased production in the N.Sea and E. Med.
To me, for Delek to catapult into the future after the pandemic they need a discovery like the Tau Prospect and it’s potential 400 MMBOE of Recoverable Resources. Kind of like Delek’s Leviathan Gas field discovery years ago. I’m not clear if they see it that way.
Gulfslope recently removed their 9/2019 presentation from their website, and it has not been replaced as of yet.
At the next BOEM Lease auction in November, maybe Gulfslope bids on some of their terminated leases. I suspect there will not be much competition. Hopefully they get the VR block 375 back that had the Anadarko and Corvette Prospects on it, but they might night want it anymore. The platform on their VR block 376 lease which Gulfslope was going to use for the Anadarko and Corvette Prospects was in the direct path of Hurricane Laura, per the BOEM September 2020 Notice to Lessees (NTL’s) Map. I’m wondering if the platform sustained any damage. BSEE has issued a specific timetable to the parties responsible for the platforms in the direct path of hurricane Laura to inspect the platforms and report back to BSEE.
Gulfslope’s last years September 2019 presentation stated they had “25 Prospects Identified” and “9 Prospects Advanced”. Possibly Gulfslope could acquire some of their expired BOEM leases during the November 2020 BOEM auction with the insurance monies, or they might want to save the insurance monies for the Tau Prospect.
Gulfslope did state on their last 10-Q they were planning to drill the Tau in the next 12 months. I still think it will be after the US November 2020 election, and once crude oil pricing significantly improves. I see spudding the Tau no earlier than the 1st quarter of 2021, and possibly with an additional global working interest partner like Delek. How else could they manage it.
Smith
