We chatted to IronRidge Resources' CEO Vincent Mascolo who explains why the company has become a lithium explorer. Watch the video here.
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Separate RNS for rig drilling contract has been issued in the past. £450 ? Big deal.
Mike buck in his last interview with LSE stated that he dislikes not carrying through what he says he is going to do. I see no reason why Block xx would not be drilled if Mike Buck says it will.
Many on here were debating for more than three months whether workforce permits, drill permits rig mobilisation etc were all completed. Many of these questions were answered in the RNS's on the 14th May and the 25th May. I see no reason to send out an RNS at £450 a pop, each time a minor event takes place. So where is the problem.
Neither one of us know the availability of rigs really. If they have to wait till mid Sept to log all results ( which of course a farminee would want ) that gives them 2 weeks to finalize the contract (assuming rig is available ) and do all needed to start drilling Block XX.
Yep, if both Snow Leopard and Wild Horse strike, they will be busy here as this is the Massive prize. Farminees will also jump in. They can always do Block XX later. Still think PetroChina will Buy Out Block XX from us down the road while we develop Blocks IV and V with Super Major on board.
FreoDocker...........are you aware of the issues with Block XX ?
There are very good reasons to relinquish Block XX if they strike at Block IV or V.
I know what the reasons are. If you dont, you need to research MATD a lot more.
You wondered why I hadn't corrected a post. Apologies I have been at work and therefore I have not been able to read the LSE board.
I have read the post from 2010PM you were referring to and I appreciate 2010PM's opinion as a knowledgeable poster who does his research. That's not to say I always agree with it. Everyone is entitled to their opinion whilst facts are not available and IMO with the additional 200m at a depth of 3350m I believe we will still be drilling but nearing completion in 5 to 10 days. Leaving testing for each primary zone of 5 days each. Live testing will also be carried out as we drill.
Please don't assume I have 24 hour access to the bb to read the posts and respond.
There are 6 rigs in the blocks adjacent to Block XX and availability is said to be no issue. I think MB has time to wait for SL-1 results before pulling the trigger on the rig contract for Block XX, if that is what he wants to do......
If they pull out of Block XX drilling, then they have money for 3 appraisal wells at Block V (Snow Leopard) or at Wild Horse-1 as well if that strikes.
Of the 6 wells the present plan is :
2 for Block V (SL-1 and Fox-1)
1 for Block IV (WH-1)
3 for Block XX
Remove the 3 for Block XX and you can do a lot on any oil strikes in IV and V - which would add exponentially to the farm in value on any oil strike.
Anyway, just me thinking outside the box.
Why on earth would a exploration company relinquish a exploration licence just because they've found oil at a different location?
The block xx would be a bit less risky and IF PM struck gold or rather oil the farm in partners for XX would line up, probably paying at least 50% for the upcomming well.
Assuming that PM would not want to farm out after a strike somewhere else, they would at least look for a extention for a few years.
Sometimes one can only wonder...........................
Are you so emotionally attached to Matad that you can’t question anything ?
Could make sense but if SL is a duster he is running quite a chance of not having rig availability when needed.
This is RNS dated 25th June 2018
Seems quite clear to me. All four wells to be completed before the end of November.
"The drilling programme scheduled for Block XX remains on track. Contract negotiations with the preferred bidder to supply and operate a rig are in the final stages. Formal award of the contract is expected by the end of July. The selected rig is in country, is operating close to Block XX and is available from Q3 2018. Permitting for drilling is progressing and the first well, on the Gazelle prospect, is planned to spud in late Q3 or early Q4 2018. The target for the second well will be selected shortly, upon completion of detailed seismic remapping. The Company intends to complete both Block XX wells before the end of the 2018 drilling season, which ends in late November, and to retain the services of the rig to drill the Red Deer prospect in Block XX at the start of the 2019 drilling season. Red Deer has 48 MMBO of prospective resource potential in a basin which the Company believes to be stratigraphically analogous to nearby producing basins in Mongolia and northern China."
If you think out of the box for a minute............
Block V with a discovery at Snow Leopard-1 is worth XXXXXXX to a farm in partner.
Block V with a discovery and an appraisal well (plus Fox-1 to be drilled early next year) is worth exponentially more to MATD.
I did raise a question a week or so ago about maybe they will scrap the Block XX drilling if they strike at Snow Leopard-1.
The reason is that an appraisal at Block V is worth so much more to MATD than Block XX is.
Farm in partners dont care one jot about Block XX. BG farmed into Block Iv and V and were not interested in Block XX.
So - IF they strike at Snow Leopard-1, would it be so impossible they will scrap the Block XX drilling and go all out to appraise Snow Leopard and add lots more value to a farm in deal.
I think this scenario deserves some thinking..................especially when you consider Block XX still has some issues. If you don't know what the issues are I suggest you research more.
So perhaps MB is delaying the rig contract for Block XX until he knows for sure or not whether SL-1 is an oil discovery or a duster...................
Something to think about anyway, even if it ends up not being the case.
The question is really quite different. Based on the FACT that nobody knows what the status is: Is this going to affect your investment strategy - and if yes: How? Let this board know!
However, if that question's sole purpose is to scare investors and spread fear then I guess it doesn't deserve being taken note of.
Maybe the money would be better spent on an appraisal well at Snow Leopard...if they have struck oil. Planned into Q2 2019.
If Block V and Snow Leopard strikes oil...........maybe they relinquish block XX and concentrate on their oil discovery ? if they have one...........
Mess around with 30 MMBO or use the money to appraise up to 700 MMBO around Snow Leopard ? I know what I would do.........and Block XX would be gone on any oil strike in Block IV or V.
Lots of ways of looking at it.
They aren't due to drill that this year any way. They will be moving rig to WH after finished at snow leopard and then will be frozen out by the winter and will drill Fox in new year.
There is a podcast on the website where the CEO talks through timelines and expectations
If they have signed a contract why isn’t there an RNS ? They have been talking about sourcing a rig for Block XX since February and here we are at end of August and no word. 25 June RNS says they expected to finalize this by end of July. The latest communication on this was 10 July which is 7 weeks ago saying this would be done soon. And still nothing ! Doesn’t augur well for Block XX to be drilled this year.
When are we likely to get news?
Cheers florida your explanation but its really a chicken and egg situation right now that a lot of investors are playing.
Duster SL and buy at 5p or oil strike SL and forced to buy at 60p plus.
I would take the chance and buy now. seems low enough considering..
Agreed, WH is the main play here.
If it comes into line with low to mid range estimates, the SP will re-rate big time. If post SL we dropped even as low as 6p-7p, we could re-rate even form those levels all the way up to 20-25p if WH comes in IMO.
This is what makes this stock frustrating to hold at these low levels right now in the absence of news.
IABA - you might also consider wells 3 and 4 are seen by the company as appraisal wells with a 50% and 75% cos. In effect the first two wells are free, main targets 3 and 4 in Block xx. Each well runs one after the other with 3 and 4 partially alongside well 2, all to be completed within a three month timeframe. This sequence of events prohibits the share price decline and in fact enhances the new wells value as each well spuds. This price is based purely on the well it is currently drilling. WH will spud around the end of September with soon after Block xx on the Giselle prospect, at which point the price will be 20p plus. This may sound crazy but I have a tidy sum already laid with MATD and am awaiting SL to fail. I see the opportunity of buying more at 5p as a chance not to miss. I'm happy either way.
I'm here for the beast targeting 490m barrels of oil. Oil in the ground value of that size is 7$/£5.45 per barrel. Equates to £4 a share. £1 party if that beast comes in. Snow leopard is a bonus.
"It would be simpler & far less stressful to get in now in my opinion to cover both Snow Leopard & Wild Horse."
Mr P, I appreciate your positivity but you like to go overboard with the ramping bit - it would actually be far simpler and less stressful for newcomers to wait for the SL news be it good or bad, as there will be plenty time to get into this stock thereafter.
We will not re-rate 100% and will not drop 100% IMO but the SP will re-rate post SL and the games will play out again in anticipation of WH.
So there will be plenty of opportunity for newcomers to get in then.
We enter a nervous (exciting) period for some whilst others who can afford to sit out a paper-loss for at least until the end of the year or longer will stay calm.
It would be simpler & far less stressful to get in now in my opinion to cover both Snow Leopard & Wild Horse.
Below 9p for 6 fully funded drills. (1.5p risk per drill effectively is way i look at it).
Strike at Snow Leopard and this would spike +200% as punters scramble to get in for Wild Horse and Farm-Out.
Any drop and you won't even be able to get any decent Qty....knowing how fast this moves. You might not even be able to buy at your desired price on given day.
Super Majors waiting in the wings...
Thats exactly where we are now, volume is less than 1 million this morning. Those who are in are waiting, the more risk averse are waiting for news or a considerable rise in volume.....Day 52...
Captain - I thought realism is telling the truth, not continually lying and trying to mislead people.
As I expected, volume is dropping off now.
Those who want to sell have sold.
Those who have purchased have done so in the most.
Nobody knows if its oily or dusty.............just a case of waiting now..........unless there is a big volume spike of say 20 million shares or more on a single day.