More BLACK GOLD Found.

ExxonMobil Announces New Oil Discovery Offshore Guyana

 
March 30, 2017

Snoek well encounters more than 82 feet (25 meters) of high-quality, oil-bearing sandstone reservoirs

Well is located about 5 miles southeast of Liza-1 discovery

ExxonMobil continues to evaluate full resource potential of broader Stabroek area

IRVING, Texas – Exxon Mobil Corporation announced Thursday positive results on the Snoek well offshore Guyana, confirming a new discovery on the Stabroek Block. Drilling targeted similar aged reservoirs as encountered in previous discoveries at Liza and Payara.

The latest discovery at Snoek demonstrates the continued success we have achieved in this technically complex play, which is just part of the significant exploration province offshore Guyana,” said Steve Greenlee, president of ExxonMobil Exploration Company.

ExxonMobil affiliate Esso Exploration and Production Guyana Ltd. commenced drilling of the Snoek well on Feb. 22, 2017 and encountered 82 feet (25 meters) of high-quality, oil-bearing sandstone reservoirs. The well was safely drilled to 16,978 feet (5,175 meters) in 5,128 feet (1,563 meters) of water on March 18. The Snoek well is located in the southern portion of the Stabroek Block, approximately 5 miles (9 km) to the southeast of the 2015 Liza-1 discovery.

Following completion of the Snoek well, the Stena Carron drillship has moved back to the Liza area to drill the Liza-4 well.

“As we continue to evaluate the full potential of the broader Stabroek Block, we are also taking the necessary steps to ensure the safe, cost-efficient and responsible development of this world-class resource, which can provide long-term, sustainable benefits to the people of Guyana,” said Greenlee.

The Stabroek Block is 6.6 million acres (26,800 square kilometers). Esso Exploration and Production Guyana Limited is operator and holds 45 percent interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds 30 percent interest and CNOOC Nexen Petroleum Guyana Limited holds 25 percent interest.

ExxonMobil, the largest publicly traded international oil and gas company, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is the largest refiner and marketer of petroleum products, and its chemical company is one of the largest in the world. 

Statements of future events or conditions in this release are forward-looking statements. Actual future results, including project plans and schedules and resource  recoveries could differ materially due to changes in market conditions affecting the oil and gas industry or long-term oil and gas price levels; political or regulatory developments; reservoir performance; the outcome of future exploration and development efforts; technical or operating factors; the outcome of future commercial negotiations; and other factors. References to “recoverable resources” mean quantities of oil and gas that are not yet classified as “proved reserves” under SEC definitions but that we believe may ultimately be produced.

Original Post

Gov’t welcomes new ExxonMobil oil find

Source

The Government of Guyana has welcomed the announcement made today by ExxonMobil about the recent discovery of oil bearing sands in the offshore Stabroek Block at the Snoek well.

The government says it is satisfied with the steady and safe progress being made in the execution of the exploratory work programme and congratulates the Captain and crew of the Stena Carron for the continued good results of their endeavours. The news of another find offshore Guyana is a source of great pride and pleasure for all Guyanese, the government said in a statement.
The Government through the Ministry of Natural Resources, will continue to work with ExxonMobil and its partners in the exploration and development of resources in the Stabroek Block of the Guyana Basin even as it continues to engage and update the citizens and important stakeholders about the preparations for petroleum production, the statement said.

An edited version of the ExxonMobil statement from BusinessWire follows:

ExxonMobil announced today positive results on the Snoek well offshore Guyana, confirming a new discovery on the Stabroek Block. Drilling targeted similar aged reservoirs as encountered in previous discoveries at Liza and Payara.
“The latest discovery at Snoek demonstrates the continued success we have achieved in this technically complex play, which is just part of the significant exploration province offshore Guyana,” said Steve Greenlee, president of ExxonMobil Exploration Company.

ExxonMobil affiliate Esso Exploration and Production Guyana Ltd. commenced drilling of the Snoek well on Feb. 22, 2017 and encountered 82 feet (25 meters) of high-quality, oil-bearing sandstone reservoirs. The well was safely drilled to 16,978 feet (5,175 meters) in 5,128 feet (1,563 meters) of water on March 18. The Snoek well is located in the southern portion of the Stabroek Block, approximately 5 miles (9 km) to the southeast of the 2015 Liza-1 discovery.

Following completion of the Snoek well, the Stena Carron drillship has moved back to the Liza area to drill the Liza-4 well.

“As we continue to evaluate the full potential of the broader Stabroek Block, we are also taking the necessary steps to ensure the safe, cost-efficient and responsible development of this world-class resource, which can provide long-term, sustainable benefits to the people of Guyana,” said Greenlee.

The Stabroek Block is 6.6 million acres (26,800 square kilometers). Esso Exploration and Production Guyana Limited is operator and holds 45 percent interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds 30 percent interest and CNOOC Nexen Petroleum Guyana Limited holds 25 percent interest.

So even though an extremely large percentage of the value of oil and gold will be expatiated, Guyana GDP will skyrocket.  Would this result in a bad GNP/capita indicator for Guyana?  Meaning the country will not be as wealthy as it seems?

Django posted:
Billy Ram Balgobin posted:

Buy oil stocks now. They are beaten down.  Energy price will rise again. 

Billy,

Real Estate fuh me bhai,No stocks,I invested one time lost half of my investment.

REIT or Rental properties?? Individual stocks are risky.  You should not risk more than 3% of investments in stocks. 

Billy Ram Balgobin posted:
Django posted:
Billy Ram Balgobin posted:

Buy oil stocks now. They are beaten down.  Energy price will rise again. 

Billy,

Real Estate fuh me bhai,No stocks,I invested one time lost half of my investment.

REIT or Rental properties?? Individual stocks are risky.  You should not risk more than 3% of investments in stocks. 

I agree with Billy Ram but it depends on the price of the REIT. I picked up invest REIT dirt cheap a few years ago because they had some good holdings in the Canadian hotel market and I waited for years until some Chinese bought them out recently. Look for a REIT that is diversified or dominate their sector. at a good price. If I get CREIT at 19 dollars a share then I am buying.

 

Prashad posted:
Billy Ram Balgobin posted:
Django posted:
Billy Ram Balgobin posted:

Buy oil stocks now. They are beaten down.  Energy price will rise again. 

Billy,

Real Estate fuh me bhai,No stocks,I invested one time lost half of my investment.

REIT or Rental properties?? Individual stocks are risky.  You should not risk more than 3% of investments in stocks. 

I agree with Billy Ram but it depends on the price of the REIT. I picked up invest REIT dirt cheap a few years ago because they had some good holdings in the Canadian hotel market and I waited for years until some Chinese bought them out recently. Look for a REIT that is diversified or dominate their sector. at a good price. If I get CREIT at 19 dollars a share then I am buying.

 

I tried online trading many years ago and paid a heavy price. It hurts me up until this day. The first two weeks of online trading I made $3,000 trading Walmart.  I then got greedy and went for the high flying tech and internet stocks. As the prices kept falling I kept holding on for it to come back up.  I sold those that were going up.  I was naive about investing.  You cut your losses on a stock that is falling and hold or partially sell a stock that's rising.  The market will beat you faster than you think.  It's best to go with an index fund if you are not very sure of a company's stock.  If you invest less than 5% in stocks you can guarantee your losses will be limited to that amount of your portfolio should all of your stocks go to the bottom.  I heard some Guyanese in the US lost alot of money in the CGX some years ago.  

If the market drops it's a good time to pick up some quality stocks. I only buy bargain basement technology stocks that have stable patients.A few years ago I picked up Nokia at $2 a share because of their patients. If I get another bargain basement technology stock with stable patients then I will pick it up.

 

Billy Ram Balgobin posted:
Prashad posted:
Billy Ram Balgobin posted:
Django posted:
Billy Ram Balgobin posted:

Buy oil stocks now. They are beaten down.  Energy price will rise again. 

Billy,

Real Estate fuh me bhai,No stocks,I invested one time lost half of my investment.

REIT or Rental properties?? Individual stocks are risky.  You should not risk more than 3% of investments in stocks. 

I agree with Billy Ram but it depends on the price of the REIT. I picked up invest REIT dirt cheap a few years ago because they had some good holdings in the Canadian hotel market and I waited for years until some Chinese bought them out recently. Look for a REIT that is diversified or dominate their sector. at a good price. If I get CREIT at 19 dollars a share then I am buying.

 

I tried online trading many years ago and paid a heavy price. It hurts me up until this day. The first two weeks of online trading I made $3,000 trading Walmart.  I then got greedy and went for the high flying tech and internet stocks. As the prices kept falling I kept holding on for it to come back up.  I sold those that were going up.  I was naive about investing.  You cut your losses on a stock that is falling and hold or partially sell a stock that's rising.  The market will beat you faster than you think.  It's best to go with an index fund if you are not very sure of a company's stock.  If you invest less than 5% in stocks you can guarantee your losses will be limited to that amount of your portfolio should all of your stocks go to the bottom.  I heard some Guyanese in the US lost alot of money in the CGX some years ago.  

CGX still has interests in Guyana?

GTAngler posted:
Billy Ram Balgobin posted:
Prashad posted:
Billy Ram Balgobin posted:
Django posted:
Billy Ram Balgobin posted:

Buy oil stocks now. They are beaten down.  Energy price will rise again. 

Billy,

Real Estate fuh me bhai,No stocks,I invested one time lost half of my investment.

REIT or Rental properties?? Individual stocks are risky.  You should not risk more than 3% of investments in stocks. 

I agree with Billy Ram but it depends on the price of the REIT. I picked up invest REIT dirt cheap a few years ago because they had some good holdings in the Canadian hotel market and I waited for years until some Chinese bought them out recently. Look for a REIT that is diversified or dominate their sector. at a good price. If I get CREIT at 19 dollars a share then I am buying.

 

I tried online trading many years ago and paid a heavy price. It hurts me up until this day. The first two weeks of online trading I made $3,000 trading Walmart.  I then got greedy and went for the high flying tech and internet stocks. As the prices kept falling I kept holding on for it to come back up.  I sold those that were going up.  I was naive about investing.  You cut your losses on a stock that is falling and hold or partially sell a stock that's rising.  The market will beat you faster than you think.  It's best to go with an index fund if you are not very sure of a company's stock.  If you invest less than 5% in stocks you can guarantee your losses will be limited to that amount of your portfolio should all of your stocks go to the bottom.  I heard some Guyanese in the US lost alot of money in the CGX some years ago.  

CGX still has interests in Guyana?

I'm not sure about that.

 

Prashad posted:

If the market drops it's a good time to pick up some quality stocks. I only buy bargain basement technology stocks that have stable patients.A few years ago I picked up Nokia at $2 a share because of their patients. If I get another bargain basement technology stock with stable patients then I will pick it up.

 

While you are waiting for the market to drop you are losing on the gains the market is making.  Nobody knows for sure when the correction will occur. It will happen, but when?   If you waited 3 years for the market to tank while holding $50k in a savings account paying almost nothing then you missed three years of gains. If the market corrects and plummets 15% you are still ahead if you had invested and earned 20%. Market timing is difficult to do.  You are better off putting away in that common dollar cost averaging method and you will do just fine. 

This is the criteria that I use to select stocks. 

1. Am I getting a book value discount. 

2. Does this company have lots of debt.  

 3. Does the company have assets like a. Land b. Intellectual property c. Buildings.  

4.  The geographic location of the company's business, type of business and its competitors.

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