SOCO - Now's the time to wake up!

FWIW, Marine XI from Lundin's end of year presentation :-


4 discoveries remain undeveloped
10 prospects/leads identified w/ 2D seismic
1,200 Km2 3D ongoing -
primarily “pre-salt” targets
Key points:
”Marginal” discoveries potentially
commercial in current oil price environment

That's a big 3D survey. What's going to be really interesting in W.Africa after the acquisition hunt is complete, is what the industry makes of Soco's acreage from an explo hunter's pov. Fascinating that Sonangol is taking the largest stake in Cabinda North. I haven't followed their strategy closely but it seems to me a pretty significant move away from the modest non-operating stakes they're accustomed to. That must spell high prospectivity. Add in the DRC acreage in between that and Burren/M&P drilling just the other side of the Congo-B border where they've just opened up a new shallow play through the Loufica discovery and it looks like Soco will be holding a royal W.African flush, in prime acreage terms. Given that Toro have been chasing these W.African licences for several years, I imagine energy-hungry watchers will be seriously impressed at the portfolio gains made there. IMO, the nature of these tortuous negotiations should reflect a large premium in value. My feeling is that W.Africa will not be split off into a new company, rather the licences will provide for mouthwatering upside temptation alongside rapidly growing Vietnam/Yemen production, which any number of oilcos' will find irresistable. I definitely see next year's AGM as the last. That'll be a good'un I think :-)

Happy New Year all [including those on the Fool] :-)