Capitaine Energy's ultimate quest is the establishment of a new Post-Salt, petroleum province in shallow water. The initial steps towards this objective will be: i) Early development appraisal and expansion of a proven accumulation, ii) Test of a large North Sea style analogue with excellent offsetting shows. Effectively only two, low-risk, shallow-water wells are needed to establish a much greater potential.
The national production profile [multiple sources] shows projected Capitaine Projects in green. Solid greens are early development projects in the Post-Salt, whilst the lighter greens are large, upside, step-outs and exploration tests. Hypothetical "BlueSky" projects in the Pre-Salt are shown in light green "open hatch". Early development success in the Post-Salt can be brought on-stream between 2022 and 2030 opening the door to at least four Post-Salt drill-ready objectives in Exploration Phase 1 (Years 1 through 4). All cases shown are mid-case with low geological risk (1:2 to 1:3). Combined these projects have the ability to halt Gabon's current production decline and abate its projected decline in production after 2022
In Exploration Phase 2, the Pre-Salt may be prioritised; however, this can only be realised with custom acquisition of new fit for purpose, 3D-seismic data. Evidence of thick, Pre-Salt strata is observable from regional, gravity data; also some oil recoveries in older wells have been fingerprinted to Pre-Salt source rocks. Any success in the Pre-Salt would be additive to a new petroleum province already established in the Post Salt. Dependent on the number of blocks awarded Capitaine's assessments suggest a 15-year, mid-case NPV10 valuation from $1B to $2B [viz. Notes: Disclaimer, forward looking statements]. In the wake of the Covid19 crisis ...
Capitaine is bringing more than just new ideas to an "old place".
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