I am a metals geo, not an petroleum geo, so have only a basic knowledge of oil systems. I do have some knowledge of oil in Uganda through previously holding HDR. I reviewed GBP a few weeks ago and decided not to buy. My reasons were:
The basin was very distinct from where the main oil discoveries were made in the Albert Basin. There were no wells drilled in this basin. Risk was therefore high.
The previous JV partner pulled out.
More significantly - if the area was remotely hot or even warm, other companies with greater knowledge of oil systems in the area and its potential would have been beating a path to their door.
GBP Price at posting:
12.0¢ Sentiment: None Disclosure: Not Held
