Post by
waitingstill on Mar 04, 2021 11:04pm
Drill plans
Very interesting that FEC only mentions the C drill hole and not the D hole. And FEC stated that they have a range of $40mil to $90mil planned for this hole. While CGX stated this...
"The Company expects, based on presently available information, that the total cost of the Guyana exploration program in 2021 will be approximately $90 million."
In addition, CGX stated that Kawa will be drilled in second half of 2021 while they made no mention of when Makarapan should be drilled.
Thus I conclude this. FEC/CGX plan only to drill Kawa this year definitively and FEC has put aside $90mil to drill that. This coincides with CGX mentioning only Kawa to be drilled in second half of 2021.
Makarapan has to be drilled by Feb 2022. So they have some time. I suspect that if they get a JV, they are going to drill both back to back. If they don't get the JV, they are going to only drill Kawa and wait on Makarapan. Not really sure of the timing because if they drill Sept/Oct, that would lonly give them about 3 months to spud Makarapan in time. But FEC was clearly focused on Kawa only and $90mil seems about right for drilling a 6500m deep hole in intermediate (350m) water depths. Too bad no one asked about Makarapan on the CC and got a specific answer.
At least we know Kawa is getting drilled. I sure hope these guys can secure a solid JV with a known offshore entity, preferably on of the majors already in the basin. That is what it is going to take to get our shareprice into multi dollar range. Parex not going to do it imo. Need someone big and experienced (I don't know Parex but I doubt they fit the bill even if they have the cash currently).
Comment by
ljmorin on Mar 05, 2021 12:20am
I think your still missing the part about these monies allocated are for the remainder and capital costs for 2021. The spread gives them many options. JV, Drill through different pay zones for testing and evaluation, additional well exploration close and options on the Rig. The important part is the money is allocated now and they have it to do so.