“We usually find oil in a new place with old ideas. Sometimes, we find oil in an old place with a new idea, but we seldom find much oil in an old place with an old idea. Several times in the past we have thought that we were running out of oil, when actually we were running out of ideas ... ”
Parke A. Dickey, 1958
Though Majors and large IOC's have been active in the area for 50 years, they have historically adopted similar, if not identical exploration philosophies, or minor variations thereof, that have perpetuated tantalising, but effectively negative outcomes. With its "new ideas in an old place" approach, the Capitaine Team has determined that these often have a simple “hiding in plain sight” explanation, and based on established depositional principles and proven, large, commercial analogues; the team has highlighted missed potential in poorly understood, sandy "turbidite" depositional systems where several, drill-ready, early development and step-out candidates have been identified. One of these objectives, with depositional similarities to both the Frigg and Miller Fields in the North Sea, has remained un-drilled for over 35 years!
Over the course of multiple farm-in evaluations, Capitaine team members have introduced new technologies, initially using 3D geocellular Petrel modelling to look at an early development candidate. Later work was complemented with seismic attribute methods to better evaluate depositional systems, and the influence of basin topography on palaeo-geomorphology. Drawing upon the comparative analogues elsewhere, the depositional settings and features observed, indicate that significant to very large commercial discoveries with a strong stratigraphic component will be found.
In 2008, a successful farm-in into the area was only stymied by the World financial crisis in early-2009. Other attempts followed, but none, for various reasons, came to fruition. Since 2018, the Capitaine team has been augmented with highly experienced, ex-executives from a "Major", who quickly bought in to the Capitaine ideas and play concepts. At about the same time, Capitaine was also in advanced discussions with the Directorate of Hydrocarbons, until the objective area was integrated into the Gabon's 12th Offshore Bid Round, [viz. Note #2]. Since then, the 12th Bid Round has been beset by difficulties and in the wake of the Covid19 crisis, has been postponed until the crisis is resolved and there is a return to normal industry activities. Nonetheless, Capitaine continues its pursuit of the area and in mid-2019, completed a full multi-volume Business Plan and in accordance with guidelines for the bid round itself, Capitaine has fully prepared bid documents, which are "ready to go".
In this uncertain climate, Capitaine's Board of Directors considers that Capitaine Energy retains a high likelihood of being awarded the blocks of interest, either through a delayed, final bid submission in (mid?) 2021, or possibly earlier if direct negotiations are re-opened [viz. Notes: Disclaimer, forward looking statements].
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