Perceptive posters on the Ethiopian operations

A very interesting discussion going on at the Stockhouse forum board regarding the fact that Tullow said they would abandon the are if Gardim was a disappointment. Today (June 24) in the latest news update they stated: “Finally, the Exalo 205 rig is drilling ahead on the Gardim prospect, located in the Chew Bahir basin […]
Continue reading…

 

Davy view on Shimela

Davy View on Shimela Maiden well in Ethiopian Chew Bahir Basin hits water-bearing reservoirs but also signals some early positives DAVY VIEW While disappointing, the Shimela -1 well was a rank wildcat and, as such, a high-risk drilling event. Moreover, the well result contained some early encouraging indications that the basin has a working petroleum […]
Continue reading…

 

SEB´s take on Africa Oil after Shimela miss (from internal mail) May 23

Chew Bahir basin opener Shimela-1 in Ethiopia found traces of gas, but no oil. Pre-drill expectations were 47.5mb gross prospect resources but just 15% chance of success. Our risked value was SEK 0.04/share. No change to SEK 80 target. Operator Tullow says that outcome does not change risk assessment for the next Chew Bahir well Gardim-1, prospect […]
Continue reading…

 

Tullows operational update on Shimela and the Ethiopian basins

Well update – Ethiopia Tullow Oil plc (Tullow) announces that the Shimela-1 well encountered water bearing reservoirs. Shimela-1 in the South Omo Block, onshore Ethiopia, was drilled to test a prospect in a north-western sub-basin of the vast Chew Bahir basin. The frontier wildcat well encountered lacustrine and volcanic rocks including almost 100 metres of net […]
Continue reading…

 

Broker analysts guesstimates of share price impact (May 23)

Before market open in Stockholm this morning, there was a summation of different broker analysts on how the share price would be impacted. Merryl Lynch guessed a 2-3% decline, Exane BNP Paribas set it to 5%, RBC 3%, Pareto Securities 2-4% and then there was a late update where UBS said they guessed a 10% fall […]
Continue reading…