Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Let's see the amount to flow as stated mate
Well explained edgar, GG and others. It pays to read these RNS bulletins thoroughly and understand the motives. And if MCH is right, this will quickly look like a mere blip on the ladder. With all the wider media concern for gas suppliers and consumers, I have not spotted one word about the actual benefit that will shortly accrue from a "gas producer" - and a UK based one at that!
Duster
You should take a little time to read the RNS.
Very thorough detail in there of where the money is to be used and full update on Blythe.
Drilled to TD, Total Depth with the TD extended by 150m reservoir… sounds good to me.
Lower and upper completions run and now preparing for the clean up and flow test.
It’s all very clear and bodes well for the Blythe well
GG
I don't trust this BOD one inch.
Look how much there putting in 50k wowee few
Now is this to fund drilling because the present drill is Pants like the rest?? Not meeting expectations
Time will tell
Looking again at at the August presentation and reminding myself that there is a £65m carry on the farmout into phase 2. The raise today is about phase 3 assets. So a way down the track. For me, proper future planning of assets to bring onstream and with cashflow imminent perhaps the last raise needed?
Happy.
*BEFORE Q4!! Not Q1!!
Placing price is solid at 25p, it also increases much needed liquidity. Pleased to see management finally digging into their own pockets, my only gripe is why it took them so long.
Note that Blyth is completely drilled and going through clean up, dewatering kit being installed at Bacton appears to be the only hurdle left to first gas?
Given the therm spot rate, any takers on first gas BEFORE Q1 starts??
Have a read of the prospectus on the website.
The reason is understandable we knew they had the rig option. This is to secure it and CalE are 50% so it's our share. It's not for working capital. Probably right to try and accelerate while gas prices are higher. But it is exploration and the hub would need more capital if it proved viable so hard to know the balance between raise now Vs options post phase 1. But CalE will have had a big say.
Explains the brake on share price while gas price rose.
I think I broadly agree but it again shows that the old PI holders are not in the thinking but they still took opportunity to participate as a board in the subscription!
Not alot one can do as they have authority.
So all in all along with the update which so far is no issues at Blythe it will only have a temp impact. Never good to be diluted but you can imagine a queue of eager institutions snapping these up - bit more going to the big city boys and away from the long term holders.
also a more in depth commentary and set of financials released by FinnCap this morning
Looks like a good idea to raise funds at this price, supported by current gas prices.