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Hi Spike66, do you have any gist, rumours or update for us?
No mate… just what I shared last week. Hopefully, we’ll get an update from GBP which will confirm the present position on a) the licence extension b) expressions of interest.
All eyes on #gbp to get some proper business sorted, license extension and a farm out so we can get drilling please
Hi Spike66, I contacted the office to ask if they could update us. Perhaps you can do the same as well.
So we are now accepting that the Licence extension beyond September is important. Good that’s progress.
I do think Italy may progress quicker now that they are desperate for gas ..that’s a positive. Maybe they should focus on that.
I think the license is a done deal imho, I’m sure #gbp will let us know in due course the plan for action. Hot jurisdiction for oil we are operating in. Namibia will want all the proving up it can get
It’s a strong buy at $50 oil let alone $100, topped up yesterday holding a lovely chunk of these go north
Interest and volume dried up today. Even Afzal Valli not tweeted for an hour !
We need concrete news from the company about license and farm out and long term holder like me me deserve to be informed and wish we had a Colin Bird on board who gives shareholders regular updates
It’s golden isn’t it, peace and quiet
"So we are now accepting that the Licence extension beyond September is important. Good that’s progress.
I do think Italy may progress quicker now that they are desperate for gas ..that’s a positive. Maybe they should focus on that." Geowiz - 1 March 2022
So the GBP deramper for the last 4 years has become a GBP ramper ! Complete switch in one post after slaughtering GBP for years, unbelievable.
GLA
Low volume drop, traded 4 mill ish I hold 3 by myself, market makers causing panic, this will finish flat or blue
Investoroilgas
Play the ball, not the man.
Is he right, or not? personally, i wouldn't put much store in Italy ; too slow and that ain't changing.
So, licence ; will they extend? Have they done enuff 4 Namib to do so? namib cld relet if obligations not met.
Interested partners will know that and could play hardball over a deal ; OTOH getting in now with GBP rather than competing 4 a licence steals a march on rivals.
Problem is, we don't know.
We just have sit, wait, and see if the company will **** or bust.
My understanding is that if GBP want the extension… it’s theirs for the taking (rumour only… not fact). The scenarios being 1) with farm out partner on board… no brainer
2) without a farm out partner… does the news from Graff & Venus give GBP sufficient confidence to raise money for a self-funded 3D seismic operation in the hope that the results pave the way for a much better farm out deal in early 2023.
Also, I suspect that the Graff & Venus results have probably resulted in increased interest in the Marula option which is ready to drill. Namibia might well lean on a major to take up that option with a view to quickly proving up Walvis Basin with its shallower waters & thinner rock formations. Namibia will certainly want to know as quickly as possible just how far their game-changing black gold stretches and what is the most cost efficient way of getting started. Fingers crossed :)
Do gbp have the right to the extention? Or can a major come in and take it from them ?
Delito…. they don’t have the ‘right’ to the extension as such but they were confident that, if they wanted it, it would be granted… they said so in multiple RNS’s. Other companies, in similar circumstances, have also been granted the extension. The main reason, of course, is that at this stage in the 4 year licence, GBP have amassed enormous amounts of data and other information from the work undertaken which put them in the driving seat, especially with NAMCO having a 17% stake not to mention all of the tax revenues which Namibia would earn from a discovery.
It would have been reckless to extend the licence before the Graff & Venus results were known. Far better to secure the extension now that we know Namibia Offshore is gushing with massive amounts of oil. Namibia now knows that it has oil in The Orange Basin, she will be excited to find out as quickly as possible whether that is the same in The Walvis Basin.
On top of all of that, what signal would it send to other explorers if they saw GBPs licence being pulled away from them. They need confidence to keep spending money on their own projects. That confidence would disappear instantly if Namibia had refused the GBP extension.
Genhis15,
I think you will find the 'ball was played' first and then 'the man', a perfectly timed tackle in my books. You may not be aware that Geowiz has deramped GBP for the last four to five years on this chat page, to see him / her post such a volte face today was as I said unbelievable and amusing.
Some 22 years ago I had first hand experience dealing with Clifford Chance during an IPO, the CC lawyers were amongst the sharpest legal minds that I ever came across during my 30 years in the FS sector. I am therefore comforted that Peter Hill (a former Clifford Chance trained Lawyer) has left nothing to chance when it comes to options, extensions in the PEL legal documentation. But let's spin this around the other way, who would be wasting their time signing NDA's and visiting a Data Room if they knew that GBP would not have the PEL extended beyond September 2022 ? Surely, they would sit back and pick the PEL up after expiry?
I agree with your point on Italy, in the decade that I have been invested in GBP, we have been backwards and forwards working on the Italian Permit Applications, future GBP shareholder value is in Namibia in my view.
I don't recall seeing your username before, are you invested in Global Petroleum?
GLA.
Well said investor.
Investor/Spike
Thanks 4 replies. Interesting points. i would just observe in reply to "who would be wasting their time signing NDA's and visiting a Data Room if they knew that GBP would not have the PEL extended beyond September 2022 ?", that mb they could peek at the date and STILL wait for expiry. But mb not, I have no experience in these situations.
As for other posters, I have been watchimngGBP for mb 18m now but only drop in on the BB occasionally, s haven't picked up on posting history.
Fwiw i do not currently hold ; unusually for me I have been in and out 3 times ; equally unusually have been on the right side of the trade 3 times to. Normally i am a LTH, not a trader, but after each rise here I get nervous of a fall.
But GL to holders ; if it comes in it will surely multibag. if it doesn't.....
Genghis 15
Thank you for saying GL to GBP holders, much appreciated.
This is an AIM listed wildcat explorer, it may or may not multibag, but I have to say after being invested for over a decade it has been an interesting journey.
GL with your investments.