LON:TLW | South Grand Lahou - Testing The Western End Of The Ivorian Basin

17th Sep '09 by doverbeach

2 comments 2495 reads

After Venus, the rig is moving on to drill South Grand Laho in block CI 105:

- Tullow have 22%

- operator - Al Thani

- 14,580ft prospect

- testing Cretaceous fan play

As slide 15 on this Anadarko presentation shows http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MTQ3NjZ8Q2hpbGRJRD0tMXxUeXBlPTM=&t=1, SGL is at the western end of the Ivorian basin, which contains Jubilee etc in the East.

Anadarko's conference call yesterday had this to say about it:

- already know there is a working petroluem system there

- the Venus result doesn't affect this prospect directly - different basins - but it increases the confidence they have in their regional modelling.

- "same play type" as Venus

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About the Author

Doverbeach

Premium Member

2 comments

ManSiarad

17th Sep '09

db,

Ah ! Al Thani as operators (not that they have much - if any - experience in operating offshore, so I hope they're taking good advice...)

A UAE minnow, owned by a junior member of the Qatar ruling family who moved to Dubai years ago.

Up until early last year, they had onshore concessions in Tunisia, Senegal and Sudan (in the producing Petrodar consortium) as well as the Cote d'Ivoire offshore concession. They announced in 2007 plans to float on AIM (oil interests only - it's a diversified group) under the name African Arabian Oil Compony, talked about a price tag of around $ 500 million, IIRC, and retained Merrill Lynch to prepare for an IPO.

This fell through and they announced in late 2007 plans to sell/give up the assets.

The 4 Senegal blocks were allowed to expire in January last year. The 3% stake in the Petrodar consortium was sold (to a Kuwaiti investor) in March last year, for a reported US $ 500 million and their 80 per cent stake in one of the Tunisian concessions was sold in April/May last year to OMV. A couple of Tunisian blocks still left (I think - announcements are few and far between), but the Cote d'Ivoire block C1-105 is the main remaining Al Thani oil interest.

So South Grand Laho may be the last throw of the dice for them. If it comes in - fine. Either they sell up at a good price, or move on to drill other prospects before selling up later. If it doesn't come in, then I would expect the predators to start sniffing around VERY quickly. And that could lead to an interesitng bidding war as other companies who do NOT have West African offshore interests seek a way in.

Man Siarad

doverbeach

17th Sep '09

I was hoping you could supply some info on Al Thani, ManSiarad!

I hope they're taking good advice

From Anadarko's conference call yesterday, you would have assume that either Anadarko or Tullow were the operator of SGL! Al Thani weren't mentioned at all IIRC. And the rig goes on to another Anadarko prospect (in Mozambique) afterwards.

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South Grand Lahou - testing the Western end of the Ivorian basin

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Doverbeach

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