thanks truthinbeer. anyway, below is the latest info on Georgia found from Oma, reputable poster in worldstock. basically heard nothing except all this time were delays. but could come anytime now...some was saying could well be by end of the month/sep,
RichTheNewbie wrote: > With all your digging have you found out anything about Georgia?
I've found nothing on line other than the delays Strait experienced with their first Georgia asset sale. Also that there is a process that has to be undertaken in the Channel Islands before a company can be wound up following its last asset sale.
Personally I hope it comes soon and creates a good base for the SP as I would rather stay invested than denied the opportunity for future returns through a takeover
Now that I am no longer sure about the deal I feel I am not so certain about the amount anymore, I would hope that it still goes ahead and in any case RMP will be due 20% less whatever their contributions to the drill remain. Certainly Bandy needs booting from his post for straight out non-performance. Is there an easy way to do this without incurring a big payout of his "contract"? Maybe we could start proceedings to sue him for his lack of any initiative. In other words, not doing his job and looking out for investors' best interest, He has been living off the fat of the lamb for too long.
Georgia is not a lost cause regards exploration and production. It is complex geology however and despite oil seeps all over the place, oil evident in exposed shale cliffs and presence of oil in turbidite deposits, no-one has made that big pay. Sure there has been significant deposits found but no-one has got it all to the surface in a consistent fashion. Pity because it is there for a company with the right techniques. I feel this will be with directional drilling and fraccing of CSG deposits. You would need to be a well funded, patient company. Back o RMP. They are best off out of Georgia, BUT where is the next project? The BOD don't have a plan. We need to be shot of the board or risk unplanned delisting on ASX. Now that is thought for those who would like to be shot of the ASX and Australian directors! Continue what RMP know how to do best, nothing at all, and it will happen.
The helium study was performed by Soviet firm Actual Geology. It's success is one for discussion but let's say the decision to employ Actual Geology was made by a BOD with no O&G experience whatsoever. Fronterra have not really had a lot of success. Maybe some early action in Ninotsminda where Jindal are now the license holder but are having trouble meeting their commitments as well.
FRR has been successful in Georgia. they found huge gas trillion cubic. I believe our licence in georgia potentially sitting on huge gas reserve as well, though we may have to do seismic to find the best location to drill. i recalled last time when the israel firm did the helium seismic, they said lots of hydrocarbon - must have been gas!!
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