Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Starchile,
the presentation states that P1 w location was chosen as it encounters;
'Stacked plays from Upper Jurassic mega bank and reef systems throughout the Lower Cretaceous' which means the well will encounter several targets (ie possible reservoirs which may or may not be connected - logging data would confirm). I'm not sure if the 10 highlighted sections on the diagram on page 11 are targets or just identifying different formation tops - the bottom 2 (ie base Aptian and PTD) most likely show where they plan in stopping drilling, ie a certain amount of metres below the base Aptian so they are not targets. However the presentation also states they have contingency to go deeper so based on what they encounter up to that depth they may believe there is another possible target deeper than this.
Stena Forth is a second drill ship that was anchored off of Gibraltar. Icemax went ahead of Forth and both ships will be in the port of Las Palmas for repairs before their mobilisation to their drilling contract end of the year.
PageofCups Stena is already at Las Palmas
CoMan: Welcome back. Clarification please.....with the caveat I may be using the wrong terminology. ............... Based on various written and verbal presentations (eg page 11 diagram, Aug 2020) I believe there are 10 potential reservoirs the Percy-1 exploration drill will go through at the same location. Any or all 10 could have oil traps of various heights or thicknesses that spread for miles. Is this correct? In other words, the one physical exploration drill will go through all +/- 10 layers over a period of a few weeks...in the same drill hole?
thx
Starchild
Stena Forth is on the move to Las Palmas and will arrive on the 28th September. Both Icemax and Forth will be at the port for repair work carried out by Astican.
the rig reactivation is expected to be comported by last week in November
not sure yet Willec - will keep an eye out on any movement
minimit - we have been doing this for a week or two any ideas when it will leave port?
Keep an eye on her from here : https://www.vesselfinder.com/?imo=9517575
Star, indeed. The rig contract agreement had said it could be one of 3 ships. That we have a reputable company in the industry apparently confirming that a ship (the IceMax) has indeed been allocated is interesing.
Under the terms of the rig contract, the announcement needs to be made by Stena over the next 5 weeks.
The “buy now pay later” model is a strong possibility. The large service companies have offered similar since the 2014/2015 oil downturn. This has been offered in different permutations from financing, deferred payment, production/profit sharing linked to enhanced production.
I have no doubt the well will be spud within the next +/- 6 months and believe it could be sooner rather than later.
Dubed: Excellent find on LinkedIn………….
‘Ultra-deepwater drillship Stena IceMAX has today departed Gibraltar and is bound for Las Palmas, Gran Canaria. The rig has new contracts lined up off the Bahamas and in Mexican waters.’ Source https://www.linkedin.com/posts/bassoe-offshore_stena-icemax-bassoe-analytics-activity-6711230855995498497-xrad It was posted by the highly reputable Bassoe Offshore international group of companies https://www.bassoe.no/ who have 30,000+ LinkedIn followers.
Stena Drilling is far from being a picks and shovel company. It is not ‘Snow White and the seven dwarfs mining Limited.’
StenaMax alone cost $1 billion to build, the fleet is worth billions, and the charge out rate is in the hundreds of millions per year when fully deployed. The annual financing costs, maintenance, repairs, crew and port costs for IceMax alone must be astronomical. $10m is peanuts in the overall picture, and even more so if you include Stena Sphere as a whole.
The key points to the above are:
1. A Stena ship WILL do the Percy-1 drill. All fingers currently point to the IceMax.
2. An RNS on 26/5/20 stated Stena has a 10% JV option in shares or asset level. This wouldn’t have been disclosed if it was untrue, unlikely or misleading, for example if Stena fell about laughing at the idea.
3. $10m is peanuts to Stena, yet currently a large chunk of change for us.
4. IF Percy-1 is a success, Stena will likely have options in the contract to drill appraisal wells, Percy-2,3,4 etc etc. The potential revenue in the future will be far from the original bag of peanuts.
Which brings me to an opinion I have never stated before:
Let’s say Stena does not want to do a JV. There is an alternative simple solution which is not rocket science: buy now pay later (3 years?) with delayed invoicing secured on CERP assets. Interest can be in the form of shares. If £/$1m and Percy-1 is a success, the ROI will be more than the debt owed. I voted for the CERP merger mainly because of potential access to capital markets loans/bonds to fund Percy-1. In the aforementioned Stena scenario, it would happen through the back door.
I have absolute confidence the BoD will negotiate the best funding possible for us. And we will read about it ‘soon’ in an RNS that will appear out of the blue.
IMHO. DYOR. Strong BUY.
Starchild
xxx