Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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What this lot say, and what happens, are usually poles apart.
Have a look back at the various RNS over the last year or so... these were all nonsense, especially the timings!!Misleading investors is their speciality.
4th Aug 2017 - "The rig is due on site by 30 September 2017 and drilling TLP 103 should take approximately 45 days to complete." [they were not funded to do this and did not have support from their partner - oh and no rig!!]
14th Sept 2017 - "It is therefore not anticipated that the rig will be available to AAOG until mid-December at the earliest."
"TLP 101 well where quotes for replacing the entire flow lines between the well head and the separator have been received and a work order will be issued, with the work being completed by the end of October" [October - haha}
26th Sept 2017 - "I want to be clear that we are fully funded to drill the new TLP-103 well in accordance with current licence terms" [actively misleading investors]
11th Dec 2017 - "AAOG is very pleased with progress on the licence extension and hopes to provide a further update on this before the end of the year" [NO UPDATE UNTIL MARCH!!]
"the Company is discussing alternative offers in place from other contractors in order to ensure that drilling can commence in Q1 2018" [Q1 2018 !! HAHAHA !!!]
19th March 2018 - "Drilling operations at TLP-103 are planned to commence in June 2018." [When they sent this, they knew the funding shortfall!!]
3RD MAY - "the flow rate immediately surpassed the previous rate of 35 bopd. The Company is now allowing the flow rate to increase gradually until it achieves the maximum level of sustainable flow. The Company advises that it is likely to take up to two weeks before the maximum flow rate is achieved and will update the market once that flow rate has been established." - [up to two weeeks - Haha!!]
IG
I thought they said on the conference call that the pressure in well 102 had a surprising high reading. they now say there is an absence of gas. Doesn't quite add up.
Thanks FredR
What loz has posted plus:
TLP-102
Well TLP-102 was opened on 17 June 2018 with a view to bringing the Well online. When the Well was opened, it was believed that heavy water was found to be blocking the tubing. As a result of this information, the Company decided to conduct a swabbing exercise and engaged Slick Line to carry out the work on a turnkey contract. Slick Line commenced work on 19 June.
Eight runs were made down hole and crude oil (with no associated gas) was recovered to surface. The oil samples appear to be identical to samples from TLP-101 and have been sent for testing. The Well requires two further runs in order to fully complete the work programme, which will be finished this week.
Due to the absence of gas in the Well, a pump will need to be installed. The Company intends to install this pump following completion of Slick Lines' work programme.
Based on the data obtained during the work, the Company's reservoir engineers now expect a minimum flow rate of 120 bopd from TLP-102 once the pump has been installed.
What's it say....
Didn't expect much from 102, but all good on the 103 front.
TLP-103
The Company has also received a notification from its specialist transport contractor, Ocean Transport, who are responsible for delivering the rig, SMP 102, from Port Gentil in Gabon to the Tilapia site, that the transport vessel, the Kota Bakat, on which the rig is to be loaded, is late in arriving and is now due to arrive in Port Gentil on 4 July. The Company will provide further updates in due course.
David Sefton Executive Chairman of AAOG said, "We are very pleased that the workover of TLP-102 continues to be successful, and in particular that, when brought into production, it will make a material contribution to the financial position of the Company. In respect of TLP-103, the late arrival of the Kota Bakat is frustrating, but the shipping is still imminent, and I look forward to providing a full update on the mobilisation process and schedule once the transport arrives in Port Gentil."
Update out