DNB skriver i sin siste oppdaterte analyse:

Line of sight to Hibiscus plateau production. With the delivery of the new
conventional ESP systems and extension of the drilling rig contract until February 2025,
the company is set to complete the workover of eight production wells at Hibiscus,
probably reaching plateau production as we move into 2025.

Det er det samme som jeg tenker. Håper de klarer det noe før.

Wake up call…. Total e trekker seg ut fra sør Africa og går all in i……?

Galp er vell portugisisk, og Brasil tidligere koloni, med samme språk, og ekstremt tette økonomiske bånd, så dette er et lysår fra overraskende. Det var minst 4 major budgivere , så dette lukter elefant suksess. Total E trekker seg ut fra sine glass-felt/planer i Sør Afrika, og hvor satser de da……

Upstream 1.8: « Galp wants big seismic shoot over massive Mopane discovery to cover Shell and Rhino acreage
Portuguese company's plan for major 3D survey indicates freshly discovered Mopane play extends south.
Galp Energia is seeking environmental clearance from Namibia’s authorities for a major 3D seismic shoot over its huge Mopane oil and gas discovery in Petroleum Exploration Licence 83, that would also extend into acreage operated by Shell and Rhino Resources.»

Upstream 29.7.: « ‘Too challenging’: TotalEnergies quits 4.5 trillion cubic foot South Africa gas project
Supermajor has exited the big $3 billion Luiperd and Brulpadda project due to commercial challenges
France’s TotalEnergies has decided to exit a gas-rich block offshore South Africa in a major blow to the government of national unity because the Brulpadda and Luiperd discoveries were "too challenging" to develop.

In a statement on Monday, TotalEnergies said it is exiting Block 11B/12B, following the earlier revelation that Canadian Natural Resources was also on the way out.

TotalEnergies, through its local arm TotalEnergies EP South Africa, holds a 45% interest in the block, while Canadian Natural holds 20%.

It is now likely that Qatar Energies will also exit Block 11B/12B, leaving local player Main Street - in which Africa Energy Corporation has an indirect interest - as the only stakeholder.

The supermajor said it is quitting because it would be “too challenging to develop and monetise” the gas resource for the domestic market.

TotalEnergies’ development plan was to pipe gas from the two deepwater finds to the Mossel Bay gas-to-liquids (GTL) plant — operated by state oil company PetroSA — that has been idle for some years due to lack of feedstock.

Additional volumes were then expected to feed an existing power station converted from handling diesel and, later on, to a new gas-fired power station.

However, wrangling over gas prices with government and PetroSA's decision to engage with Russia's sanctioned Gazprombank to revitalise the GTL plant, are understood to have been key factors behind the departure of CNR, and the exit of TotalEnergies.

Meanwhile, the company is also exiting Block 5/6/7 offshore Cape Town, high-risk exploration acreage where its holds a 40% stake and which has been a target for domestic anti-fossil fuel campaigners.

«Galp wants big seismic shoot over massive Mopane discovery to cover Shell and Rhino acreage
Portuguese company's plan for major 3D survey indicates freshly discovered Mopane play extends south

Published 1 August 2024, 12:15
Galp Energia is seeking environmental clearance from Namibia’s authorities for a major 3D seismic shoot over its huge Mopane oil and gas discovery in Petroleum Exploration Licence 83, that would also extend into acreage operated by Shell and Rhino Resources.

Galp said it has discovered in-place resources of 10 billion barrels of oil equivalent at Mopane, after recently competing two exploration wells, one of which was successfully flow tested.

The company plans to fire up a four-well appraisal drilling programme later this year to better define the resources it has discovered and boost its understanding of the sub-surface.

https://www.upstreamonline.com/exploration/galp-wants-big-seismic-shoot-over-massive-mopane-discovery-to-cover-shell-and-rhino-acreage/2-1-1685856

BWE har tatt en kalkulert risiko her og oppsiden kan bli betydelig.

Det er mye bedre sjanse for drivverdig oljefunn enn på kjøp av en Lottobong og vinne førstepremien der.

Resultatet kommer i oktober så det blir noen måneder å vente.

Forventningene til funn vil øke framover til resultatet kommer.

Tja. Ser på dette mer som en lottokupong enn noe annet

BW Energy completes farm-in and acquisition of securities of Reconnaissance Energy

BW Energy completes farm-in and acquisition of securities of Reconnaissance
Energy

(With reference to stock exchange release dated 17 July 2024 regarding Letter
Agreement to acquire shares in Reconnaissance Energy Africa Ltd. and 20%
interest in onshore exploration license PEL 73 in Namibia)

BW Energy Services Limited, a wholly owned subsidiary of BW Energy Limited ("BW
Energy"), has acquired an aggregate of 17,600,000 common shares ("Common
Shares") and 17,600,000 common share purchase warrants ("Warrants" and together
with the Common Shares ("Units")) of Reconnaissance Energy Africa Ltd. (the
"Company").

The Units were acquired at a purchase price of CAD1.25 per Unit, for an
aggregate purchase price of CAD 22 million or approximately USD 16
million pursuant to the previously announced offering (the "Offering") of Units
by the Company.. Each Unit is comprised of one Common Share and one Warrant,
with each Warrant entitling the holder thereof to purchase one Common Share at a
price of CAD 1.75 within 24 months following the closing of the Offering.

Following the closing of the Offering, BW Energy Services Limited owns
approximately 6.6% of the outstanding Common Shares, not including the
Warrants.

Consequently, BW Energy Rundu Limited, a wholly owned subsidiary of BW Energy,
has entered into a farm-in agreement with Renaissance Energy Namibia Pty Ltd., a
wholly owned subsidiary of the Company, providing for the terms of a farm-in
transaction, including the transfer to BW Energy Rundu Limited of a 20% working
interest in the onshore exploration license PEL 73 in Namibia.

10mrd er anslått for AVO1. Ryktes minst 1mrd på AVO 2 og AVO 3 også.

Alright. Takk for raske og gode svar. Så litt ut i 2025 KAN vi trolig ha det samme produktet (borret letebrønner) men dog ikke samme volumet.

Det er boret to brønner og Galp anslår oil in place på voldsomme 10 milliarder fat eller mer.

Har de borret på Mopane eller er det seismikken som budgivere byr på?

Kudu ble funnet i 1974 og Mopane ble funnet i 2024 så det flåsete svaret er at Kudu ligger 50 år foran. Mange har vært innom Kudu, men alle har kastet kortene. Det er naturlig at Kudu kommer først i produksjon, men skal ikke vedde på det. Majors har potensial til å drive funnene fort til produksjon slik ministeren i Nambia har vært klar på. Det kan jo også hende at det blir et samarbeid mellom BWE og majors. Virker som bruker veldig lang tid på tolkingen av seismikken, og når de trekker Kudu inn i onshore satsningen så vet jeg hva jeg skal tro. Det siste de har uttrykt er vel en letebrønn tidlig i 2025, men jeg vil se det før jeg tror det.

Dumt spm sikkert men hvor i løypa er Mopane vs Kudu?
Dvs hvor sikre er reservene og hva er tidslinjen?

Meget interesann nyhet Fluefiskeren , som du sier har Petrobas god teft.

Petrobras har lagt inn bud på 40 % i Galp sitt Mopane funn på nabolisensen til Kudu. Det er ikke så ofte de tar veien fra Brasil, så her ser de virkelig et potensialt. Går vi langt tilbake i tid hang Afrika sammen med Sør-Amerika og Namibia tilsvarer sør i Brasil hvor det er gjort gigafunn.

Som linket til tidligere har også andre majors vist interesse for denne blokken.


https://energycapitalpower.com/petrobras-namibias-mopane-discovery/

Rule one offshore; if it works don't mess with it...whoever made the desicion to go full new technology with new ESPs should be fired... but this never happens in Norway I have seen. There should be more accountability.

Q1 conf call: And second question, a bit from the slide here is, with all the organic growth initiatives you have in the portfolio now, is M&A a bit more off the table or are you still kind of actively exploring that as well?

The M&A activity. I mean we have a lot on our table are we still having appetite for M&A?

We are looking at lots of things that comes our way. People want to talk to us. We're extremely appreciative of that. And we will always look but you are right in the sense that we feel we have a very, very attractive portfolio of assets. But of course, if we were to find something that we would find even more attractive than what we have in our portfolio today, sensible, let's say, financial development is then to go for the most attractive you have, first, which is -- that's the normal -- that's a normal thing we will do. So yes, we're constantly looking at M&A opportunities.

Da blir det en installasjon av en konvensjonell ESP hver 14 dag. Med andre ord en 8 trinns rakett med en Grand Finale med boringen av letebrønn på Bourdon med boreriggen Norve.

Sounds very optimistic. There's no mention of any workouts being performed yet
In addition this will count as OPEX and hence reduce profit significantly which is what the market responds to

Den som venter på noe godt.............

Tolkingen av seismikken kommer nok som egen børsmelding. Dette må de si noe om senest på Q2. Den skulle ut i fra guiding vært ferdig for lengst.

Jeg ser den, er litt usikker på om det er riktig å legge til grunn ca. 30 000 fat for juli, og høyere for august, kanskje 35 000 fat. Basert på informasjonen fra Pen kan dette synes riktig. Uansett, for juli blir det igjen lavere produksjonskost og høyere produksjon, og dette vil bli ytterligere forbedret i august og månedene fremover.

Tvilsomt. Pen skriver «is expected to reach 40.000»

Skulle ønsket de kunne sagt noe om når produksjonen kom opp mot full kapasitet (jeg legger til grunn ca 12. juni, og at produksjonen på Dussafu fra da av har lagt mellom 35-4000 fat). Når de ikke har sagt noe legger jeg til grunn det de opplyste til myndighetene i Gabon.

Positivt at de har sikret leveransene til alle de konvensjonelle esp'ene og fått kontrakt med boreriggen Norve ytterligere i 109 dager.

Bourdon vil også bli boret.

Foreløpig ingen nyheter av tolkningen av 3D seismikken på Kudu.

Syns jo ikke dette er yberbull akkurat. Ting tar veldig lang tid. Gjeld på musd 600.

Og da var meldinger ute fra Pen og BWE

BW Energy: Q2 2024 trading update

BW Energy: Q2 2024 trading update

BW Energy will publish financial figures for the second quarter and first half
year of 2024 on Thursday, 29 August 2024.

Net production to BW Energy was 2.14 million barrels of oil in the second
quarter of 2024. This includes production from the Tortue, Hibiscus and Hibiscus
South fields in the Dussafu licence (73.5% working interest) and production from
the Golfinho field (100% working interest).




DUSSAFU

Production from the Dussafu licence was 1.41 million barrels net to BW Energy in
the quarter, an average of 15,570 barrels of oil per day. Production was
impacted by planned annual maintenance of the FPSO BW Adolo as well as the
situation with defective ESPs (Electrical Submersible Pumps). The annual
scheduled maintenance resulted in a shutdown of 21 days during May and June.
Work included tank-refurbishments as well as work on the boiler system, the gas
lift compressors and other general systems improvements. BW Energy completed one
lifting in the quarter in May of ~ 734,000 barrels net at an average realised
price of USD 80 per barrel. Production costs (excluding royalties) for the
period were approximately USD 29 per barrel. This compares with first quarter
production costs of USD 23 per barrel, reflecting the lower production.

The net sold volume, which is the basis for revenue recognition in the financial
statement, was approximately 940,000 barrels, including 32,500 barrels of DMO
deliveries and 173,000 barrels of state profit oil, with an under-lift position
of 341,000 barrels at the end of the period.

In May, the Company made a substantial oil discovery with good reservoir quality
in the DHIBM-7P pilot well, appraising the northern flank of the Hibiscus field.
The preliminary evaluation indicates an increase in Hibiscus gross recoverable
reserves (mid-case) of 8-12 million barrels of oil. The well will be drilled as
a production well later in the present program.

Earlier in May, the DHBSM-2P pilot well confirmed a northern extension of the
Hibiscus South field with good reservoir quality, increasing reserve estimates
of Hibiscus South. The DHBSM-2H development well has completed drilling and has
been completed with the first conventional ESP system. The well was handed over
from drilling to production on 25 July and will now start production after hook-
up and testing.

BW Energy has extended the contract for the Borr Norve jack-up, and the delivery
of conventional ESP systems including spares has now been secured, allowing all
previously drilled and completed wells to be successively worked over and
completed with conventional ESP systems. The contract extension is also expected
to include the drilling of the Bourdon prospect.




GOLFINHO

Production from the Golfinho licence was 732,000 barrels net in the quarter, an
average of 8,040 barrels of oil per day. Production was impacted by reduced gas-
lift compressor up-time and lack of gas production from the GLF-28 well. GLF-28
has subsequently been successfully restarted after ROV intervention, and work is
underway to improve reliability. A 12-day shutdown is scheduled for August on
the FPSO Cidade de Vitória, to undertake compressor maintenance and other
activities to improve production stability.

A lifting of 505,000 barrels was completed in April with a realised price of USD
90 per barrel, followed by a lifting in June of 500,000 barrels with a realised
price of USD 83 per barrel. Remaining inventory was ~385,000 barrels at the end
of the period. The production cost, excluding royalties, averaged USD 48 per
barrel.




OTHER NEWS

In April, BW Energy executed a sale and leaseback agreement with a Minsheng
Financial Leasing Co entity (MSFL) for the MaBoMo production facility on the
Dussafu Licence. The transaction added USD 110 million of net liquidity for the
Company.

In June, the Company issued a USD 100 million, five-year senior unsecured bonds
with a coupon of 10% per annum. The bond placement met strong investor demand
across Nordic and international markets and was significantly oversubscribed. An
application has been made for the bonds to be listed on the Oslo Stock
Exchange.

In July, the Company signed a Letter Agreement with Reconnaissance Energy Africa
Ltd ("ReconAfrica") to acquire ~16.8 million shares and ~16.8 million warrants
for a total consideration of USD 16 million in ReconAfrica's announced equity
raise. By participating in the equity raise, BW Energy will also receive a 20%
non-operating interest in the onshore Petroleum Exploration License 73 ("PEL
73"). This enables the Company to expand its footprint in this strategically
important energy region.




HEDGING, LIQIDITY AND DEBT

BW Energy expects to recognise a net loss of USD 1.5 million in the second
quarter related to the hedging program, of which USD 0.8 million is
unrealised.

The Company had a cash balance of approximately USD 244 million on 30 June
2024, compared to USD 150 last quarter. The increase reflects the net impact
from oil sold in the period, proceeds from the MaBoMo sale leaseback, the bond
issue, repayment on the RBL facility and investments. Investments for the period
are primarily related the ongoing Hibiscus Ruche field development program.

The Company had a total drawn debt balance of USD 589.2 million on 30 June
including the MaBoMo lease financing, the bond debt, as well as a USD 70 million
principal repayment on the Dussafu RBL.



For further information, please contact:

Brice Morlot, CFO BW Energy, +33.7.81.11.41.16

ir@bwenergy.no (mailto:ir@bwenergy.no)

Ja, og om BWE boren en brønn som leverer 5k fat/d så hanker BWE inn ca 30 musd per år på brønnen.

På et eller annet tidspunkt må BWE bore flere brønner for å opprettholde produksjonen, og kanskje gjør de det nå samtidig som de får undersøkt nærmere noe de ikke forventet.

Tror vi skal slappe helt av til vi får forklaringen.

Koster vel litt denne riggen også. Ca MUSD 20 i kostnader om den ligger på snittet av det som er meldt (rett under 190k/dagen).

Hvilken høy standard har BWE på Kudu? Meg bekjent har de ikke boret en eneste brønn der. Kun skutt seismikk.

Men jeg anklager ikke BWE for noen ting. Det har meg bekjent ikke skjedd noe kritikkmessig på Dussafu. Akkurat nå er jeg mest interessert i hvorfor de har bedt om nærmere fire måneder forlengelse av riggkontrakten.

Siste året har ledelsen i ReconAfrica blitt byttet ut til å bli ett sterkt og erfarent team.
Operasjonene i Namibia vil holde samme høye standard som BWE har på deres Kudu felt.
Den tidligere ledelsen har hatt dårlig rykte, mens den nye ledelsen vil vise helt andre takter og holde en meget høy standard på sine prosjekter.

Ja, dette er min tanke og.

De har 4 esp'er som skal installeres, og om de er litt forsinket og tar 2 uker hver så er det 2 mnd.
La oss si de e ferdig i november, da har de 2 mnd etterpå til å flytte riggen og bore Bourdon.

Men hva gjør de mens de venter?
Skal jeg tippe så undersøker de mer på Hibiscus Nordflanken.
De har nå trolig satt i produksjon den brønnen nå (med naturlig flow), og det kan være det er såpass interessant at de vil finne ut mer av hva som er der.

2q presentasjonen ble plutselig mer interessant.
Men det kommer vel en update snart som vil gi oss mer info.

Considering the recent successes upon drilling of prospects, I'd say this time is good news

Uff. Magefølelsen sier det er mer sannsynlig med bad news enn good news med denne forlengelsen. Tør ikke selge heller da det er så mye triggere + at day to day operations forutsatt tett på 40.000 fat/dagen fra Dussafu bør presse denne oppover 😁

Kan jo være noe med forsinkelse på leveransene av de konvensjonelle esp'ene og de trenger riggen lenger.

Det kan bety at de framskynder letebrønnen på Bourdon og i tillegg har et eller to prospekter til de vil bore.

Veldig bra og få oversikt av hva som finnes av olje på Dussafu feltet slik at en får en best mulig feltutviklingsplan.

Egentlig ikke. Alle selskaper skryter av ESG politikken sin uten at det nødvendigvis stikker så dypt. Borer man kan ulykker skje. Og fotavtrykket med veier, plattinger og vannforbruk kommer man ikke utenom uansett.

Som jeg har skrevet et par ganger før er jeg også bekymret for at de skyter leteboringen på Kudu fremover i tiden. Dette må de redegjøre for senest på Q2. Gjør de ikke det, vil det sikkert komme opp på Q/A seksjonen.

Den var overraskende. De har jo tidligere forlenget kontrakten fra august til oktober. Det burde jo ha vært lenge nok.

Så kan man spekulere på grunnen. Er det nye problemer på Hibiscus/Ruche? Eller ønsker man å bore flere brønner? Og i såfall flere produksjonsbrønner eller flere letebrønner/avgrensningsbrønner?

Since the end of last year the management of ReconAfrika has been renewed with a strong and experienced team.
Also as ReconAfrica operates in Namibia , they are required to meet the same standards set by BWE does for the Kudo Field.
BWE are confidend the ReconAfrica will carry out its drilling program in accordance with the highest environmental practicec.
ReconAfrica has a well established ESG program in the norhern region of Nambia which they operate .
They have provided communities with portable water by drilling 36 solar powerwater wells in villages.

ReconAfrica is an exciting opportunety for BWE to strenghen BWE posisjon in this strategic country and expand footprints in this important region.
It is also an opportunity to better understand the Nambian Basin and its geologi prior to BWE drilling program in Namibia.

Jeg håper dette kan berolige Fluefiskeren litt.

"In Africa, the "Norve" has secured a 109 days extension with BW Energy in Gabon.  This extension will keep the "Norve" contracted until February 2025 when it will commence its subsequent contract with Marathon Oil in Equatorial Guinea."
https://newsweb.oslobors.no/message/624153

Det ut som BWE forlenger kampanjen i Gabon.