RE:RE:RE:Exxons Pluma spills over to our Corentyne block?I am sure we will get an update from CGX in the very near future to clarify their position and go forward strategy. Some comments as we wait:
1. Using Tullow's wording to describe the synergy assoicated with Exxon's Hammerhead discovery(adjacent to their Orinduik Block):
"Hammerhead-1 is located approximately 7 km from the Orinduik licence boundary... Hammerhead-1 found material oil in turbidite channel systems. Our 3D seismic (data), which includes Hammerhead, shows that these channel systems extend up-dip into the Orinduik licence. We will now pick the well location for our first well on this licence and remain on track for drilling that well in the third quarter of 2019.”
There is great speculation the 'channel systems' of both Pluma and Haimara run through CGX's Corentyne Block. If this is the case, using Tullow's analogy, could have a meaningul impact on the prospectivity of CGX's corentyne block.
2. Through various publications sourced from Exxon/Hess - 3D seismic has been acquired over the very Northern part of CGX's Corentyne Block. Considered an industry norm where the overlapping seismic (~2km or so) is usually shared among the different block owners.
I would speculate that CGX either has this information or is in position to ask Exxon for the information. Putting in planely - would speculate these two organizations (Exxon and CGX) are talking to one another - as it would be in their best interest to do so. As Exxon referenced earlier this week, its important the Turbot area development is conducted in amaterial and efficient manner.
Great example here is the Jubilee field (offshore Ghana) - in terms of how it was eventually developed. Part of the field was located on Kosmos block and the other on Tullow's. Instead of both companies moving in their own direction, they realized early on it would be in their collective interest to develop the field together - across both blocks.
I would imagine these types of discussions are taking place. Make no mistake - Exxon has an idea of the prospectivity of the northern part of the Corentyne Block. They will have a better (more refined idea) of the prospectivity of the Corentyne Block post the Haimara drill.
Lots of news expected to be released this year - pieces of the puzzle coming together...