Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Things might be different this time around though...
Nothing really. It was quite stagnant for all of June, it was only when the results of testing were announced that it increased:
https://imgur.com/a/FeD2VqQ
Jordan on your response as I was not around at the time but what was the response to 'gas shows/89mtrs gross pay'
Did it affect the share price?
Thanks... Just trying to build a picture of possible scenarios and how the market will respond.
Thanks guys......appreciated
Hi Riddlers, I did my own calcs on the RNS last week, and using TE6 as a reference came to the below conclusion:
TE6: TMD 2640
Spud date: 20/04
1st Casing: 28/04 496 MVD (8 days)
2nd Casing: 16/05 1316 MVD (26 days)
3rd Casing: 24/05 2475 (34 days)
Completion: 02/06. Gas shows/89 meters gross pay(43 days)
TE9: TVD 3022
Spud: 17/10
1st Casing: 25/10 450 MVD
2nd Casing: 14/11
3rd Casing: 22/11
Completion: 1/12 (RNS 3rd Dec?)
Gemell1, working on the 30 - 45 day drills takes us to 17th November - 2 December for TD by my calcs. The petrophysical analysis could be 2/3 weeks where we would likely get news on what they have discovered (see below quick analysis on what happened with TE6 and TE7) . Testing would begin 4 - 6 weeks after TD we have been told and would therefore allow 6 - 8 weeks over all before flow rates in the event of a success case. It is difficult to be more precise as it is an unknown quantity all round. I have looked back to TE6 and TE7 and the timings advised for the testing are in line with what we saw previously:
Date / no of days after TD / RNS summary
TE-6
02-Jun TD, Sig't gas shows, rig demobilise & proceeding rigless ops to stimulate
20-Jun 18 Completion of wire line logs and drill logs, preliminary petrophysical analysis confirms gas bearing zones
11-Jul 21 Rigless ops continue, results sig't above expectations, stable flow rate despite only accessing 18% reservoir and no stimulation yet performed
18-Jul 7 Share price movement, rigless continues, sig't flow rate
08-Aug 21 Gas discovery and stablised flow rates
TE-7
07-Oct TD, sig't gas shows, rigless ops to follow
02-Nov 26 Initial unstimulated open hole well test of first 28% of reservoir
24-Nov 22 Post stimulation flow rates
Bearing TE9 in mind can someone please confirm our timelines please including 'probable results being disclosed?
What information are we likely to see in the RNS.
How and what is an RNS likely to say should we get an offer or is it more likely to see share suspension then RNS?
Appreciated and sorry if already posted?
Thanks............ gemell
They had done 145m in about 26hrs, from when the spud happened and when I visited on rhe 2nd day. That makes it 5.5metres a hr?!? If I'd noticed that on the day of would have questioned those 2 sets of numbers not making sense. I think Jason C had said roughly 10days till first casing point which backs up what someone else heard.
1st casing point is 450m, but this will also include the drilling, adding the casing and cementing. The drilling rate possibly also doesn't account for having to add additional 30metre length to the drill bit and the top drive every 30metres of drilling.
24/7 working. 2 shifts working 7am-7pm and reverse.
7-8metres an hr being recorded when they hit the clay and 10m per hr when going through normal expected earth... Of course the deeper you go the slower it is, as its generally tougher rock (more compressed).
Additionally they have multiple meetings a day, but obviously 2 to update each new shift of any issues / general status of the drill process.
I think you forgot about - coffee breaks - breakfast, second breakfast, lunch, afternoon tea, and dinner :-) - also casing , cementing , pressure testing, etc. Cheers 3uler
I am guessing they are working 24 hours a day? If so, 10 metres an hour equates to 240m a day. At that rate, we would get to TD in 10 days. Happy days. Except it will take 35 - 45 days. Oh well.
250SWB. :-)
When we were on site they were drilling at the rate of 10 metres an hour, that was through clay. When they hit salt the rate might change slightly. Certainly a change in mud is needed to a saline rich mud
A week tomorrow of course.
I read/heard that first casing point will be reached in around 10 days. So outside chance of RNS on Friday. More likely to be Monday.
dd Thanks.