Yesterday, the appeal period for the $3 million 450km seismic survey of the Kavango Basin expired. I haven't read anything negative about it anywhere, so I think we will get the EIA very quickly and ReconAfrica can get started with it soon.
How important seismic is nowadays can be seen here (-> discord forum). BTW: ReconAfrica is using one of the best seismic survey systems !
auContrarianD — heute um 04:12 Uhr
You guys might like this. From “The Prize” by Daniel Yergin, Chapter 28:
...[Armand Hammer’s] persistence paid off. In the autumn of 1966, Occidental struck oil on Number 102. But this paled when compared to what happened on Number 103, forty miles to the west, subsequently called the Idris field. Occidental drilled right under the site of the former base camp of Mobil Oil, which had previously held but then relinquished the concession. The first well came in at forty-three thousand barrels per day; then another at a phenomenal seventy-five thousand barrels per day. Occidental had struck one of the most prolific deposits of oil in the world. It was the use of newly developed seismic technology that had enabled this puny California producer to find what giant Mobil had missed. With the discovery, said Hammer, “All hell broke loose. We became one of the Big Boys.” ...
...the Six-Day War left the Suez Canal shut, and so Libyan oil took on an even greater value.... [an] engineering firm, estimated that, on the basis of the discoveries to date, Occidental alone was in possession of three billion barrels of recoverable reserves, almost a third of the reserves discovered at the same time on Alaska’s North Slope! But what could not be done in Alaska—build a pipeline—certainly could be done in Libya. Normally, it would have taken three years to construct a 130-mile pipeline across the desert; but, force-paced, the line was built in less than a year, and Occidental was actually shipping oil to Europe less than two years after receiving its concessions. It was soon producing upwards of eight hundred thousand barrels per day in Libya. From nothing Occidental Petroleum had become the sixth-largest oil-producing company in the world...
justdon — heute um 04:27 Uhr
This was on wikipedia:
Proven oil reserves in the United States were 43.8 billion barrels (6.96×109 m3) of crude oil as of the end of 2018, excluding the Strategic Petroleum Reserve.[1] The 2018 reserves represent the largest US proven reserves since 1972.[2] The Energy Information Administration estimates US undiscovered, technically recoverable oil resources to be an additional 198 billion barrels.[3][4]
And Jarvie is estimating 120 billion barrels conservatively. This is blowing my mind.
Dragonballs — heute um 04:27 Uhr
The Permian basin in Texas I believe has hundreds of oil companies tapped into it. All owning plots of land. Imagine 1 company owning all of that and farming out and handling a couple of the best locations for themselves.
Stickarts — heute um 05:10 Uhr
Yes. At this point we are getting a discount for buying in advance. Many things could go wrong between now and the announcement. We are getting a cash discount in exchange for risk.
If/when commercially viable oil is announced (of unknown quantity), you will see a leg-up to $10, $20, $30 range. That’s when institutional investors will buy in en masse. They’re happy to see a 2x, 3x, 4x if all major risks are gone as it gets further proven and commodified. All of us here now are getting discounts to various degrees based upon when we entered the play. The longer ago you entered, the riskier, the cheaper. Some of us might see 100x, some 50x, some 20x if this thing strikes.