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Loukos drilling was expected to commence by end of Q1 with a further update due - getting very very close to that timeline. We should get news this week even if it is to push back expectations on this element.
Loukos drilling starting I would hope provide a speculative position on the stock and lead to a little renewed interest. Having held this now (in two bouts) since pre Anchios drill, I would have to say that for a prospecting oil company, drilling is a few and far between activity to date. However I do think there remains a super positive outcome here but for the love of all things but most specifically my sanity and patience - DRILL!
Bold, which stock are you talking about?
+ imo rare earth bubble has burst.
20 + billion shares plus further dilution. !
theres only one thing coming there and it never ends well, ever, that is a major share consolidation.
Just had a sell off in KOD after on of the best RNS I have ever read. I hope the same doesn't happen here when news comes.... surely I'm not that unlucky.
For us the equivalent was the sell of on the back of the farm out announcement. The market is a funny place sometimes.
The Energean monies get closer and closer and so does Gaufrette drill news. Both imminent.
So undervalued and given the transformational energy arm was recently cited as worth 10p all by itself.
dyor
BP true but my sell won’t shift the price one bit!! Haha
I still belive its all down to investor trust on management, finance, coupled with risk.
It leaves us speculators.
Still find it very very interesting regarding our last two 6% ers, maybe as whimax (I think) proposed that covelis may have exited their 3% of 6% but that must have been removed by now so if there is no TR1 on a reduction that must only leave private investors OR not declaring a change in ownership, the risk of a fine for such could be minimal. I do not know how strictly this requirement is monitored or enforced? By the financial services authorities?
Not that it really affects the very potential positive of a successful onshore drilling campaign, but really clarity is required by the management of liquidity. That imo would as ever help.
GLA
Rgds Sft
The good news is it is far better the seller dumps out now, we don't need t dragging this all over the place once the real news flow starts. Good riddance to them, though we are ALL a pesky seller at some point lol !!!
The decision to sell was probably made by someone not close enough to understand or care about the fundamentals or near term price drivers. Could be that it’s O&G, or just a reduced smaller company allocation. Exit over time.
It's bizarre that someone is selling into this, given the short term news to come.. I personally think there is more to this rationale wise than meets the eye.. I suspect some form of sanction on the investment given the FO partners dual listing.. it makes no sense otherwise..
Oops, seems like the sellers was listening in
Ssssshhhh!
Cheers Jim/Bold
Rgds Sft
Feels like this is about to push on in a big way.
As per jimmy, Vivo energy chariots onshore mid /downstream partner and one of Morocco`s biggest suppliers of gas to industry will play a pivotal role in Loukos development.
Loukos development FID capex requirement for circa 10-15mmcfd per day should be in region of $20mm for CNG .
Chariot has a joint venture with vivo energy , for the sale of gas to industrial users , who I believe will look after the capex for cng and distribution .
Quick route to cashflow.
Jimmy
"i hope chariot can proceed with development on their own without loan and without partner"
You ask a good and relevant question there Suresh, I wonder who can confirm, speculate or guess for us?
We have some experinced oil men on here maybe BDC, IICB, Bold or Jimmy could "confirm"?
Latest speculation / guess was secure a loan against assets, I think?
Rgds Sft
Around 1/5th to 1/4 of what anything offshore costs. it is well within Chariots means to do this, along with all permissions and timelines being far quicker.
What are approx. development costs for onshore? my guess very low as compare offshore, i hope chariot can proceed with development on their own without loan and without partner, just phased developments and first phase pays for second phase and so on
Correct, we will only start paying for the rig when we accept it after audit and close out of any deficiencies. The rig will have to be fully rigged up for the acceptance audit/
Well they have not prepared the wellsite to use for some big BBQ, they ARE on with getting things ready to rock n roll, and for all we know they "could" be setting up on site as we speak, leaving the RNS to the point of actual spud, which is kinda what I would expect.
“Precise timing for the drilling campaign will depend upon rig schedule and further updates will be provided in due course”
So it’s not anything else holding up the drill maybe?
Morning Gooner, dont disagree with anything there.. you will note thought that majors and large independents never issue detailed timelines, they know the nature of the business and the multiples of variables dictate hugely on timing. The best you will actually get out of majority of those is using yearly timelines quoting the year ……I do actually have a certain amount of sympathy for the boards of small aimer`s like us whose shareholders want/demand to know timelines by the month or week .
We have been not been great in the past but so many things out of our control, we can improve though, I think we will.
I agree bold that it will make no difference when we drill as that isn’t in question it’s just not a good look. Would be nice every now and again for char to pleasantly surprise us and deliver wiithin their timelines.