Pescod Hype...................
March 26, 2012 We've been following two high risk, high reward
plays now for quite some time, and they are Africa Oil
and CGX Energy.
The trouble with high risk, high reward plays is that
many of these high risk plays have about a one in ten
chance of success, even with today’s advanced technology.
So usually the high risk, high reward plays end up
in heartbreak, disappointment or whatever you want to
call it.
But every once in awhile there is a huge reward and
that is why people love to play the game.
We wrote an article just a few days ago about the
uncanny ability of Tullow Oil and its much, much higher
level of success in the high risk/high reward game and
the number of new basins they’ve discovered, particularly
in Africa.
So guess what, Africa Oil has a hit and its their Tullow
operated well in Kenya.
Today they announce an oil discovery on their
Ngamia-1 well in Kenya.
Tullow Oil is the operator with 50% interest and Africa
Oil holds the remaining 50%.
The well encountered over 20 metres of net oil play
and was drilled to an intermediate depth of 1,041 metres
and have been successfully logged and sampled.
Interestingly, according to the announcement, the
Lokichar Basin where the Ngamia discovery has been
made, is one of seven basins mapped in Africa Oil’s
acreage, and is similar in size to the 9,000 square km
Lake Alberta Rift basin in Uganda, Africa Oil reports.
Meanwhile, CGX with their Tullow operated well, the
Jaguar, probably won’t have their results until near the
end of July. It is a rather deep well and certainly expensive
and more than a few people watching Africa Oil will
wonder if Tullow’s magic will extend to CGX’s play.
Meanwhile, CGX’s other play, the Eagle, should have
results rather shortly.
We catch up with Kerry Sully, Chairman of CGX Energy,
for updates on when their two wells might be hitting
the target zones and sweet spots, and any gossip
he may have, but he simply says, tight oil status on both of the wells |
