I think it will take just under a year to secure and go through all the Health and safety practicalities out of the way, but the fact that Noble are still 100 per cent committed to drilling this licence, it would appear that they would not go down there for only Rhea, they would earmark certainly three other prospects before handing over to PMO to finish Chatham. Noble are as annoyed as Argos in the ER business , but I am sure we would want a rig fit for purpose and with the prospect of finding oil with the elements of the rig working properly. Argos and Noble should tie up the extension of the licence which expires in November in the next couple of months. Hopefully the POO will have recovered somewhat, which in turn will move the share more than if we struck oil in today's market. Noble are fully committed to this project have no fear.
It must be a great feeling for you to say "I told you so". Hope you have a great day. In terms of hammering others, just maybe we aren't all as smart as you and haven't the money to play the game. I'm sure you will now be buying in at this lower price so good luck to you. I have invested quite a bit and obviously the news which you said was obvious is a big blow but just try and remember that there are genuine PI's out there who don't have all your knowledge or money, but believe in a company that will come right in the end - albeit we will now have to play the waiting game. Noble have stated (and please don't hammer me if I have it slightly wrong) that they will continue their agreement with Argos after the farmout in terms of their overheads. From other BB's (and again if I am wrong) there are already plans to get another rig out to the area, but yeah a big wait but it will happen I believe - or maybe you can tell me different. Christ it would be nice to get the genuine people giving opinions rather than the rampers and derampers. That is not a slate on you personally as I have no idea how you are playing the game. I bought in at 7.5 and have no choice but too wait and hope.
Facts are you stated or claimed points not mentioned in RNS as being facts that were stated.....okay lets call it blatant fabrication of the truth then....sound bit better than lies despite being pretty much same thing. With respect your twisting of the facts and pom pom style hype has probably cost pi's considerable money.....that is not the manner becoming of any gentleman imo. Market deals in facts , investing money must be based on the same. I only came on here to post a warning to any of the old school out there who would take heed then your twisting had to be countered. I feel for any involved including even yourself despite above points, don;t like to see anybody lose in this game. Leave you to it now chief
congratulations dad your now famous for making an ar5e of yourself ;)) That's 3 calls/texts I've had from oil lads pishing themselves laughing at you stating material breach is usually served when they use too much cement or have loss of hydro fluid....both of which are pretty common in scheme of things and rarely reported to market outwith op's reports. So fair to say the kind of drilling you know about would be of the hanging shelves type.
I would be careful not to accuse people of leiing , I do not appreciate your boorish behaviour nor do other posters , we are all disappointed , but lets try and behave like gentlemen when a small setback happens. In hindsight with all the problems with price of POO timing might be just right. I am 63 years old and want this to happen as much as anyone but we must be patient a little longer.
Jesus there's just no stopping your lies eh.....FIG have NOT as yet extended the license it clearly states that Noble will APPLY for license extension.....there is NO mention of Noble sourcing another rig....please re read the RNS
Argos Resources Limited (AIM: ARG.L), the Falkland Islands based company with an interest in the North Falkland Basin announces that it has today received notification from Noble Energy (Noble), the Operator of Licence PL001, in which Argos holds a 5% Overriding Royalty Interest, that it is exercising its rights under the terms of a Farmout Agreement between Noble and Argos to declare Force Majeure.
Noble had been planning to drill an exploration well on Licence PL001 which was due to commence shortly using the Eirik Raude drilling rig, which is currently operating in the North Falkland Basin. Due to operational issues with the rig, Noble has cancelled the Rig Contract, leading, in turn, to the notification to Argos of Force Majeure.
Noble intends to apply to the Falkland Islands Government for an extension to the current phase of the Licence. The licence requires the drilling of a commitment well to move to the next phase.
In addition to the continuation of the Overriding Royalty Interest in the Licence, Noble have confirmed that future cash payments to Argos will be made which will be sufficient to meet the ongoing running costs of the Company.
A new Participation Agreement between the parties to reflect the various changes created as a consequence of Force Majeure will replace the Farmout Agreement.
They have ditched ER and Noble are seeking another rig, furthermore FIG have given them a further extension. This was always a possibility as I said in my recent posts In the current market this delay is no bad thing. We must be patient I m afraid.
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