Amira? Just a wildcat that CUX was fully carried. I think it was a 200-500mm bbl target.
I don't think anyone was "expecting" much from the well. Certainly no premium in the stock for it. If they hit, great, if not, on to the next exploration target. But, as you say, would be years before they could get cf. Still, it was a disappointment.
Tunisia has been a sink hole for exploration in the last decade. Almost all the majors have picked up and gone home due to very disappointing results.
CUX has one last Tunisia play remaining. The deep triassic test below Ezzouia etc. They have the option to get 50% of CAX's WI. CAX says it is a 3-5TCF target. The only question is if it is charged. Supposed to be four way closure, so it looks good on seismic. CAX indicates that well may be drilled next year, but CAX has told me they are negotiating with Tunisia to see if Tunisia will participate in the well upfront (rather than backing in later). WIth the latest failure in Amira, they just might convince Tunisia to come in on the basis that expensive wildcats are beyond CAX's financial capability.
For CUX, It's the new lands in WQantara and WManzala that hold lots of promise next year. CUX must be pretty confident about their seismic if they issued guidance of 70,000 boed, almost all of the increase was to come from this untested land. Perhaps that's why the stock has sold off. Too risky to assume they will meet guidance if WQ and QM aren't as prolific as they think. Personally, I think they actually have an good chance to beat that guidance. Some of the targets they are drilling are multi TCF stuff that's sandwiched in between their El Wastani fields and Apache's. And it's all pretty close to infrastructure. |
