Drilling now
Sintana Energy (SEI.V SEUSF) - Market capitalisation: C$410 million.
PEL83 exploration wells, offshore Namibia: 4.9% SEI interest. Resource estimate: 10 BBO original oil in place. Chance of success: not yet communicated.
Well funding: farm-out.
SEI was off a cent at C$1.10. The Mopane 1-A well was spud on 23 October 2024. This appraisal well is the first of an up to four well program potentially consisting of two exploration wells and two appraisal wells. This second campaign on PEL 83 is predicated on providing additional insights into the scope and quality of the Mopane complex. An inaugural two well exploration campaign that commenced in Q4 2023 resulted in multiple discoveries of significant columns of light oil in high-quality reservoir sands providing for an initial estimate of original oil in place of 10 billion barrels of oil equivalent. A drill stem test was also conducted resulting in an infrastructure constrained flow of 14,000 barrels of oil equivalent per day. The flows achieved during the well test reached the maximum allowed limits, positioning Mopane as, potentially, an important commercial discovery.
Deltic Energy (DELT.L 7RC0.F) - Market capitalisation: £4 million.
Selene exploration well, UK North Sea: 25% DELT interest. Resource estimate: 318 BCF gross P50 prospective. Chance of success: 69%.
Well funding: farm-out.
DELT went better to 6.75p. The company announced on 21 October 2024 that well operations continue on the high-impact Selene exploration well. The Shell operated well reached its total target depth of 3540 metres on 17 October 2024 and encountered a 160 metre thick section of Leman Sandstone with gas present throughout. The company says it will need to wait on further results from the logging and fluid sampling operations before providing a comprehensive update.
Reconnaissance Energy Africa (RECO.V RECAF 0XD.F) - Market capitalisation: C$255 million.
PEL73 exploration wells, Namibia: 70% RECO interest. Resource estimate: 3.1 BBO prospective. Chance of success: not yet communicated.
Well funding: placing at C$0.90 per unit, each unit consisting of one common share and one common share purchase warrant exercisable at C$1.15; and placing at C$1.25 per unit, each unit consisting of one common share and one common share purchase warrant exercisable at C$1.75.
RECO was lower at C$0.96. The company announced an operations update on 3 October 2024. Reconnaissance continues to make progress on the drilling of the Naingopo exploration well and has set its last casing point prior to drilling into the Otavi reservoir section. Drilling will commence in the coming days and RECO expects soon thereafter to penetrate the primary objective of the Damara Fold Belt play, the Otavi carbonate reservoir. The company plans to be drilling through October before reaching total depth and says it will disclose well results after analysis of the logs and any obtained fluids. Meanwhile, construction operations are proceeding on schedule to spud the Kambundu exploration well (Prospect P), which is expected to spud following completion of the Naingopo exploration well, which is targeting 181 million barrels of unrisked prospective light/medium oil resources or 937 billion cubic feet of prospective natural gas resources. Kambundu (Prospect P) is targeting 309 million barrels of unrisked prospective light/medium oil resources or 1.6 trillion cubic feet of prospective natural gas resources.
Companies and drills of interest - funding confirmed