The initial positive results from Glencore's and Afex Matanda licence in offshore Cameroon should if proved commercially viable have positive impact on the potential of both BLVN's onshore Bomono and the offshore MLHP-5 'Saple' acreage.
The Glencore/Afex Matanda well should be flow tested over the next couple of weeks.
BLVN's exploration director Ed Willet mentioned the significance of this Glencore drill in the audio from the March Interims (the Atwood rig went from IM-5 to Matanda) since it proves and connects up a massive hydrocarbon fairway stretching from Noble and Glencore's 'producing Alen field' in offshore Equatorial Guinea through to Bowleven's MLHP-5 'Sapele' acreage then through Glencore's Matanda and finally to onshore Bomono. See maps below:
Would make for one hel''l of a strong farm in/out partner for MLHP5 Cole, could this what Bow has been waiting to see the results of, who knows, maybe they already are on speaking terms, and lets not forget the people on the Atwood also know what lies beyond to some degree, I bet there has been some interesting brew time conversations...
Great find Cole, as ever keep up the good work, and also agree, those that constantly whinge would do well to sell the ferk out on Monday and save their sanity and ours...
There is more to the Sapele wells and MLHP-5 than meets the eye. MLHP-5 is a different geological environment to MLHP-7 where IM-5 was last drilled so successfully.
The Sproule report on Sapele / MLHP-5 suggests in place volumes of P50 1,164 mmbboe which is huge. This is for MLHP-5 alone and excludes IM,IE and IF in MLHP-7 (Sproule figures include aggregated discovered and undiscovered volumes). The Sapele wells on MLHP-5 have been discussed at length here however the substantial pressure inversions encountered in the reservoirs are as the BOD stated indicative of a laterally extensive, well connected reservoir system. Remember Sapele-3 was a 16km step out well from Sapele-1 the area is vast with every well in the block hitting hydrocarbon net pay. A redesigned well which can case off the different pressure regimes should see wells on MLHP-5 flow IMHO.
Interesting to note the following about lessons learnt from the Sapele wells taken from BLVN's presentation at the Capital Markets Day back in January 2012:
The Sapele wells are drilled in a geologically/operationally challenging environment.
Interbedded reservoir facies with shale source rocks.
Lower and Deep Omicron sandstone reservoirs are laterally extensive/connected and are marked by substantial pressure inversions. This was not known prior to the drilling of the Sapele wells.
The combination of pressure peaks and inversions create situations where the well is markedly over or underbalanced.
Underbalanced situation leads to influx and well control safety issues.
Overbalanced situation leads to formation invasion, damage, mud cake and mud loss to formation.
The overbalance situation in the reservoirs had led to compromise logging and testing results.
Logging environment very demanding, high downhole temperatures frequently exceeding tool ratings, differential sticking on longer tools also key issues.
Subsequent wells will be redesigned to case off different pressure regimes during drilling e.g. Sapele-3.
Sapele-3 drilled within budget and without substantial formation invasion.
Correct well design with the right equipment and get appraising Sapele MLHP-5... which is what Glencore have done in the adjacent Matanda block!
"The Matanda Block is situated in the prolific Gulf of Guinea petroleum province, one of Africas richest hydrocarbon zones. Numerous historical oil and gas discoveries have been made in the onshore area close to the block and the block itself contains two gas-condensate discoveries made by Gulf Oil in the early 1980s. More recently, significant oil and gas discoveries have been made adjacent to the block by Bowleven PLC on the offshore Etinde Block and by Victoria Oil & Gas PLC on the onshore Logbaba Block which is now being developed."
Currently drilling with the Atwood Aurora the same rig that hit the appraisal IM-5 well in MLHP-7 Glencore have found hydrocarbons next to BLVN's Sapele discoveries in MLHP-5:
Glencore bullish over results from Matanda in Cameroon
By Iain Esau 20 September 2013 00:00 GMT
Glencore, the London-listed conglomerate, has had positive initial results from a shallow water exploration well drilled on its coastal Matanda licence in Cameroon.
Also in Cameroon, the company is set to begin an appraisal campaign on its operated Oak oil discovery in the Bolongo licence on the continental shelf.
Alex Beard, head of Glencores upstream business, told investors last week that the high-pressure exploration probe in the Matanda licence is about two-thirds complete.
He added: It is clear there are hydrocarbons in some intervals we have been through.
The eponymous prospect has a pre-drill contingent resource estimate of 600 billion to 2 trillion cubic feet of gas plus 25 million to 125 million barrels of liquids.Beard said that if Matanda is commercial there is the potential to strip out the liquids and reinject the gas for later use as feedstock for a liquefaction plant, provided about 2 Tcf of resource is found.
On Bolongo, Beard said a four-well appraisal programme on Oak is ready to start either this month or in October, using the jack-up Atwood Aurora.
He said the 2012 discovery appears to be a simple, oil-only reservoir that Glencore could potentially operate the company is building up its operating capabilities.
Currently, Glencore believes Oak to contain between 28 million and 99 million barrels of oil.
In the second half of next year, Beard said a high potential exploration probe will target the deeper Isongo play beneath Oak.
Important message from the Financial Conduct Authority:
Posting inside information that is not public knowledge, or information that is false or misleading, may constitute market abuse.
This could lead to an unlimited fine and up to seven years in prison.
If you have any information, concerns or queries about market abuse, click here.
The content of the messages posted represents the opinions of the author, and does not represent the opinions of Interactive Investor Trading Limited or its affiliates and has not been approved or issued by Interactive Investor Trading Limited.
You should be aware that the other participants of the above discussion group are strangers to you and may make statements which may be misleading, deceptive or wrong.
Please remember that the value of investments or income from them may go down as well as up and that the past performance of an investment is not a guide to its performance in the future.
The discussion boards on this site are intended to be an information sharing forum and is not intended to address your particular requirements.
Whilst information provided on them can help with your investment research you need to consider carefully whether you should make (or refraining from making) investment or other decisions based on what you see without doing further research on investments you are interested in.
Participating in this forum cannot be a substitute for obtaining advice from an appropriate expert independent adviser who takes into account your circumstances and specific investment needs in selected investments that are appropriate for you.