Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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great post Rigs Usher - good point. My own take is that the focus for now will be 100% on the 150ft NPZ. Surely this makes most sense from a commercial point of view - BM confirmed we are still funded to complete the programme but I wouldve thought the top priority now will be establishing proven reserves from what we already have. We can always go back later for other sections of reservoir? G/L all CUMON BWYAAAN!!!!
Soops I've been thinking. 1. Why did BM downplay the top zones which altho they brought oil to the surface and have been so productive in Railroad may not even have been tested yet and may not be in the workover either. This in the context of an interview the whole raison d'etre of which was meant to be encouraging shareholders. 2.Is it because they have already decided that the better (in IPDS terms) Eblana 2 will be the one to exploit the top zones? I am no expert in IPDS but my understanding is that its forte may be in predicting the topmost oil columns more than what is a great deal lower? 3 One thing is for sure . Whether these top zones are further tested immediately or not they won't be ignored for CPR purposes. 4.Re the 26 "tight" zones when you think about it in the whole scheme of things isn't there likely to have been just as much loss in terms of project momentum than benefit in spending months to optimise these? Wood for the trees ?
Cheers mate, let's hope the team out there have a good plan in store.
Morning Roz are you well...
Usher .... I don't know the answer fella ... It would IMO to take what we can from this well and as quick as we can and start on Eb2 ... How they are planning that I don't know you know my saying there are no crystal balls in this game ... only the data on the logs know the answers. Be happy and as always be cautious ... :o)
Impeccable post Soops! Totally agree with all of that indeed. An interesting question that's just come to my mind is; Is the new Workover company likely to go over the 30 zones which Riley Paige did in order to flow the two producing zones better and also try to achieve oil from the 26 tight zones? This would seem like an obvious 'yes' answer but the reason I ask this is because BM said in the Proactive interview that RP worked quickly (definitely too quickly) doing a zone a day and said that normal companies can sometimes do a zone a month???....therefore if we're getting a 'very very large company' this time, then are they going to do the work in weeks?...or could we more realistically be looking at months to deter messing up the well again like RP did? Look forward to your reply mate. Kind regards.
Thanks Soops ,great post as usual!
RigSuper, excellent post. Many thanks and good to get the day off to such an optimistic start. I still think it would be preferable to have the ADR's in place before EB1 further testing results but, quite honestly, if it all works out as you suggest, I don't think I, or anyone else will complain. Sweet light crude will definitely be the icing on the cake as you say. We live in very interesting times!
Some good points guys ... keep the faith ... santa is coming ... ho ho ho. I cannot comment about the ADRs as my understanding of how it works is not great ... but my little bit of common sense tells me that it will have a big impact .... IMO .... I don't think you will see them until after Eb1 has flowed and an RNS comes to confirm that. Eb1 .... The appraisal well ... we are now in a better position than when we 1st started testing. As for the higher zones ... I still have this gut feeling they are the icing on the cake "but" maybe we won't see them perforated and flow tested on Eb1 .... So why ? ... Is this a very clever move by BM ? ... "If" ... I am right then it is ... From the last RNS .... I hate to bring this up again ... but we have to understand what its telling us and more important ..... why !!! Of the 30 zones tested, twenty six were formation water (or dry & tight zones) with some traces of oil, while two zones brought oil to the surface. (IMO = a tick in the box) [Make no mistake a major will ask the question ... "Did you test the "potential" lower zones"] The two potential zones were at the edge of the oil/water contact. However, a consistent natural flow could not be achieved. (but we can fix that) There was also insufficient time available to clear the productive formations. (we need to plan)(I would do the same) Nevertheless, two zones with Gross Formation Thickness of 380 ft (min. 150 ft NPZ) with average effective porosity of 19% (total porosity of 22 - 24%) were confirmed as oil bearing zones, and an initial low flow rate through the tubing to the surface was achieved. (Planning) The Company believes that flow was impeded by a high paraffin wax content and kerogene in the formation. Why no permeability figures ... well wax and kerogene will make the formation less permeable until after its treated ... easy as that ... data from the logs would show this. At 1st ... I thought they would go for the upper zones ..... and that's why BM is not saying much about them .... However .... I now think Eb1 will be completed soon and be very commercial .... target "lower zones" as above with some work. Eb2 .... will be a very fast drill 3 weeks tops ... targeting the upper zones they can see from Eb1 .... Resulting in 2 x good flowing wells .... Eb1 ... our "appraisal" ... well = "completed testing of all potential zones" .... ended up a good commercial well. Eb2 = Fast drill = sweet light crude = very commercial. Eb3 = Majors are banging hard on the door. Just my take on it guys .... think about it ... All in my opinion of course .... be happy .... I am.
Debug/Stefan, I agree that opening up the US market will have a significant impact on the SP. The potential demand from that massive market place can only push the price up quickly and strongly. However, we need two things for this to happen IMO. Firstly, we need an established and relatively easily accessable market in place for US investors ie. ADR's. Then we need strong positive news to create sustainable demand. I, along with many others, have always believed that it would be best to get the ADR's in place before creating the , hopefully, huge demand by releasing great news. For this reason i must confess that there is a very small part of me that wonders whether the RNS OF 3 weeks ago tomorrow was worded slightly less positively than it could have been and, dare I say it, the shallower sweet light crude potential zones, were not tested. Conspiratorial I know, but possible?? I would be very interested to hear what people think. "In order to win a war certain battles have to be fought in a certain way and in a particular order. He who rushes to win the first battle is in no way assured of ultimate victory." Anon. BM.....master tactician!
AGM at the end of August had the resolutions for BoD option approved / passed at the AGM. So..... 6 million shares to be issues at some point for the options. Now would USOP BoD really be loading up on the options at £6 per share? Doubt it very much. Will USOP BoD award these options at a massive discount to the SP? Hope not!!! Will these options have goals for the BoD to work towards i.e. higher SP? Whatever the plan is I would expect the BoD to announce some sort of share scheme plan before the SP gets motoring again on any positive news coming out of Nevada which it will do once Workover work begins again. What's people's thoughts on these options as I haven't seen or heard anyone have a decent discussion on this matter and it is a big deal to all USOP shareholders going forward.
Bid remains at 95p, ask £1.27
This is definitely the sort of thing we will see on the opening of a new market. Also note the significant pickup on local buys straight after this US trade. ADR's will impact us very positively on many fronts.
Totally agree with Debug about being surprised this hasn't been picked up on, some people think that ADRs won't have much of an impact, well it only takes a few trades of that size to have a very significant one!
Clever building projects on bb1
Always possible, but I think in this case we can probably rule it out. Yesterday's total trades were 6k less than this single trade. Also here were a couple of rather big trades today straight to the bid at 10k each which means someone was putting up large offers of the type we don't often see. Could be a coincidence, but given the size and timing I doubt it. This is quite a significant (positive) trade, I'm surprised people are not talking about it more.
Could he have dealt with yesterdays trades ? We will see tomorrow ....
Many thanx, I knew if I started talking to myself someone would take pity and offer some help. lol
I believe it's quite straightforward. People panic here and sell cheap, a patient Broker waits all day with a low BID and accumulates on the lows. They then apply a very big markup before selling direct to the buyer in the US just before close.
How does that work, more expensive in the USA, maybe someone will let us know.lol
Quite a wedge that!
And look at how much they paid!! 1.25 - 1.40 ukp big markup for someone.
traded in USA market.
Thanks for the reply mate and you're right as I recently just got a contract note come through in the last 10 mins for my order now being completed, was done in 2 batches which are not showing on the spreadsheet but may have been part of the 10,035 transaction at 13:19 on the spreadsheet. My orders were 2489 shares and 4432 shares both at £1. Many thanks
Hi USOPians, Just thought I would let you know that there's some 'off the book' trading going on in my opinion as I've got an order placed with Jarvis from this morning and I've just seen that part of it has been filled, but not via GXG. 2489 shares are showing as part of my filled order at £1.00 even though this is not showing anywhere on Debug's spreadsheet, and this has just been part-filled within the last 15mins or so.