RE: RE: RE: RE: RE: RE: RE: RE: We're Burger King OilGold1,
Not sure if you or NeoM saw my original post based on the trouble you were having with Google? I asked the question about our geology compared to HRT's?
The Following is a post from the Chariot board:
HRT have issued their 4Q results presentation.The following matters are worth noting as far as a Chariot shareholder is concerned:
1. Chariot drilled six wells last year in the Solimoes Basin onshore Brazil and there were five gas discoveries, - not a bad success rate, unfortunately difficult economics for gas in the Brazilian jungle, but good exploration success rate.
2. HRT has confirmed three firm wells to be drilled, implication is that there could be a possible fourth.
3. HRT will drill three wells which are all different types of geological plays,in order to determine which type of exploration target works best. Thats why Chariot is waiting, so it can de risk following any HRT success.
4. The first well is Wingat, a carbonate reef platform (similar to Chariots Zamba prospect, but wingat has no salt seal) , with mean prospective resources of 772 million bbls. This prospect is directly on trend with Chariots carbonate reef prospects in its Central Blocks approx 25Km to the south. The COS is 27% and drill time is 60 days plus non drilling days.
5. The second well in the Walvis Basin is Murombe, 2.87 Bn bbls mean prospective reserves,a deepwater turbidite fan, probably of upper cretaceos age, similar to four such deepwater fans in Chariots Central licence area.Drill time 60 days also, even though it is targeting a prospect 1,000 meter deeper than Wingat, so that may be an optimistic drill time.
6. The third well is is the giant mooshead prospect, with 1.5 Bn bbls of mean prospective resources, targeting three stacked prospects with a Barremian prospect at depth.This is adjacent to Chariots Block 2714B block.
The market capitalisation of HRT is less than its pre drill cash values, so the market is assuming that all three wells will fail. If the average COS of each well is 25%, then statistically there is a 76% COS of at least one discovery.
The most important thing for Chariot is a discovery by HRT, but failing that the next important event is the confirmation of mature oil source rocks by HRT.
Marcio, has always been enthusiastic about Namibia oil potential, i would guess that due to economic failure of his exploration in the Solimoes basin , if he does not strike oil in Namibia, i think his days will be numbered as HRT CEO.
Best of Luck Marcio, Chariot is waiting on your success.
I tried to compare EOG's oil rock source formations in our presentation to the ones in items 4-6 above without any success. I'm not a geologist, but someone else on the board may be able to compare our assets to HRT's?