Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRoc. Watch the full video here.
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Read AK's statement, there's nothing untoward in there. Sonagol the operator has expressed the delays and the oil is present as has already been proven. Most people that have suddenly turned up here are just trying to spread fear. BTW, I topped up heavily this morning and wouldn't be surprised to see Sonagol overcome the weather and other problems to supply us with decent flow rates soon.
Sometimes one is an indicator of a company insider. They will need money after others have pulled out
When the multi ID's rock up it's usually a buy signal. Shonny, with his 1 post.
Red flags coming thick and fast here now.
You can only hope they are getting all there bad news out there at one go but are still serious about the rest of the Angolian side of things.
Seems like a rush to get news out - it also seems like a rush to get out on news.
My spread figure was from the information on here - Spread: 0.10 (28.571%)
Yes all bad news ...and the MMs are having their say .... what's next??
That's 18%
Ridiculous 28.5% spread luring punters in at 0.44p/0.45p or more when the sell price is 0.365p.
Now I'm just waiting for the Happy Easter rns
I've forwarded your concerns onto the company and Nomad ART.
And all bad news at that!! Hopefully positive news flow in the new quarter.
The production target on the presentation is 17500bopd, so that fits in with what was reported ?
Maybe the correct figure was 2,580bopd - and not 12,580bopd. Maybe it was a printing error. Maybe it was deliberate. 2,580 is sort of around the 'several thousand barrels a day' though maybe a bit low though 12,580 is wildly more than 'several thousand'.
The whole rise from 0.65p, where the share price was on the date of the TO-14 drill results, up to 1.35p looked to be totally ungrounded and false and now I can see the reason why the share price spiked as it did: false information
The Half Year Report is out today and there is a blaring disparity in the information regarding the TO-14 drill which I have been suspicious of for some time now.
The RNS dated 28th December contained the following statement:
"The TO-14 well penetrated the entire Binga reservoir section (~80m column) with potential pay zones seen in multiple intervals. TO-14, with a total depth of 781m, was drilled in close proximity to TO-4 as an offset well from the best historic producer in the original Tobias field; a well which produced at its historic peak 12,580 bbls/d despite only penetrating the first 8m of the reservoir."
What I could not work out at the time was how one well could have produced so much oil - 12,580bopd - when the whole field, which was I believe about 7 or 9 individual wells, only maxed at 17,500bopd. It didn't seem to make sense that if the wells were all averaging 1500 - 2000 bopd how one could be at 12,580.bopd.
In today's Half Year Report it now says:
" Following the completion of the TO-13 well, the operator at KON-11, Sonangol, moved the rig to the Tobias-14 ("TO-14") location, where we drilled near the most prolific historic producer of the Tobias oilfield, having reached several thousand barrels per day alone at its peak."
So according to the Half Year Report T0-4 actually only peaked at 'several thousand barrels per day' and not the previously quoted 12,580bopd. That is a lot of difference.
It looks to me as if the figure was deliberately bumped up in the December RNS and that is what caused the share price to go on its wild rise from around 0.65p to as high as 1.35p in January. It was also behind some of the wild flow rate production figures that were being bandied about on this board.
Naughty, naughty, naughty.
From the Chairman;
We believe that early 2024 finds Corcel on the verge of a material transformation, with the groundwork for these developments having been meticulously laid over the final six months of 2023.
Are we too assume the transforamtion is a liquated company? What a s!*t show the last two days have been. Is there any cause for hope here?
Looks like they felt they had to RNS the current status of testing yesterday so that they could talk about this in the half year report issued today (report should not contain any new information only a summary of what is known already is what I understand).
N
“Following completion of the TO-14 well, Sonangol moved directly to testing, before encountering a series of weather and logistical delays that slowed progress early in the year. Now, at the time of writing, formal flow testing has begun, and while engineering challenges have been encountered and have been frustrating, we remain positive, knowing we have encountered oil in the well and don't yet know its ultimate commercial prospectivity. While success is never assured in oil and gas, we look forward to continued progress on TO-14 leading to definitive results and then to the operator proceeding to test the previously drilled TO-13 well.”
——
Remain positive !
The news gets worse. Now their partners at Mt Weld have pulled the plug on any further investment in the project. Never a good sign of what is there.
Mt. Weld Update
28 March 2024
Corcel plc, (London AIM: CRCL), the Angolan focused exploration and production company, announces an update to its Mt. Weld rare earth element project, located 1.5km west/north-west of Lynas Rare Earth Element's Mt. Weld rare earth oxide mine, near Laverton, Western Australia.
Corcel's partner, Riversgold Limited (ASX:RGL) has informed the Company of its withdrawal from the Mt. Weld earn-in agreement, as part of a much larger tenement rationalisation process undertaken by RGL.
This decision will leave the Company with an 80% interest in the project, with the balance of 20% being held by Extraction Srl, an entity in which Corcel's Executive Chairman, Antoine Karam, owns 45%.
With the current and future shareholdings now clarified, the Company is assessing its options and next steps regarding further development of the project.
Corcel Executive Chairman, Antoine Karam, commented: "We thank our partners at Riversgold for driving Mt. Weld forward over the past year, including management of the initial drilling campaign at the project. While it is clear Riversgold's significant project rationalisation effort moves them to focus on other avenues, primarily lithium, it leaves Corcel with ultimate control of the project's next steps."
https://www.londonstockexchange.com/news-article/CRCL/mt-weld-update/16400834
Well at least we now know why they didn't release the flow rates before the conference (as many on here were confidently predicting). They haven't got any flow rates to release (as yet anyway).
"From experience I would confidently say that taking a long time to flow test a well is a sign that they are having trouble getting it to flow" No sh*t.
*Thinking", "maybe* - Have you ever held shares in the company?
On thinking about it, maybe that was 5 times less.
From experience I would confidently say that taking a long time to flow test a well is a sign that they are having trouble getting it to flow. No news in this business is usually bad news. They have now bought themselves some time but there is still no guarantee that this will flow at all, let alone at the high figures to meet previous production levels.
TO-13 might flow but from memory that well historically flowed at about 7 times less than TO-14.
It has been 3 months now, so perhaps they thought they had to?
Thanks Breq,
Great insight and explanation.
It makes you wonder why they didnt release an update when they had tested both the top and bottom?
Seems odd to issue an update on an unfinished flow test.