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Everything was delayed previous for Stanley-4 for varying reasons then covid hit and delayed another couple of Months , then price of oil went crashing down.
imho they had to release the money and start again.
Lets see how Many of the interested parties Come to the table and who is up for Stanley-4 (we are! others may not!) who ever decides not to participate in Stanley-4 their percentages of the well is spread as well as the cost Across the parties that want to proceed.
The money for welch takes 28 days so should be in our bank 2/3rd week in June, this gives time to get negotiations/costings/ share of well percentages worked out to go for July drill.
We cannot afford to sit on our hands welch was a producing asset and needs replaced pronto.
In the mean time greater Stanley should be game on with Baja on the ground there as operator. John and Andy should be turbo boosting that now and explore that first well , get a drill in place to hit another zone that will produce more , they have all the data from the Stanley’s wells to Make an informed strike in the right zone, would hope news comes out on planning details for that soon.
Whilst John is in good deal making mode he should get Norseman off the ground and get them involved in a project that would allow us to make an exit of our capital in that share to add back into mosman funds to further mitigate any need for a placement further down the line.
The other hope is for the courts to open back up In the USA and in due process we get the money or assets to sell to recover our money for what black stone owe us.
This hopefully should be concluded in the next couple of months.
The final cash input possibility would be the sale of Our stake in arkoma that cost us heavily almost 1million dollars getting anywhere near that back in these times would be a bonus half that amount would not be that bad either tbh to put into Stanley’s and recover the other half through increased production in time.
So three alternate funding Possibilities in short/ medium term that might avert A fundraise way down the line giving the potential burn rate , again the bod have made quick clear they are running a tight a ship as possible , they are taking shares instead of wages , so capital costs should be at a minimum now.
Gla
Correction 14th Feb
I do not know why they cancelled in the first place its like constructions works are out there and these fields are in the middle of no wherw.. Understand the oil price nervousness.. We had until 20th June to make a decision..seems like a premature decision from the bod. We need to quickly get the barrels increase as we have sold Welch. From. The placing in Feb of £300k equates to aus 556k plus $300 for Welch converted to Aus$453k =Aus$1.09 million since Feb 24th to 20th May over 3 months we have burnt Aus$309k approx £166k so about £55k a month. So with no income at all and at this cash burnt rate we could last 7 months taking us to end of the year. Key is we have not sold any oil in May and instead stored due to negative contract prices. We further reduce Welch liabilities so potentially further saving. Arkoma they said we will not put a penny more. I know everthing takes time but we need to be proactive to ensure we are on top of our finances. Baja is the operator of greater Stanley so they should get the work overs done and possibly a drill to a new location its worth 20%.
Seeing greater Stanley wells are all ready part drilled must be looking at 3 days max for drilling.
So perfect time to do workovers on Great Stanley wells
I messaged John, he expects Stanley 4 to be drilled in July or August, depending on how long the coronavirus is a problem in USA and oil prices. I expect workovers can be done anytime.
Be nice to know how much we will up our % in the Stanley wells, this will be a big boost to our bopd.
I think that's been there a while, but hopefully not too much longer til they're in a position to update it further
Web page, not sure if this is a new update as no date,
Announcements
Engineering and design work on the Stanley-4 well has now been completed and a preliminary cost estimate is on place. Preliminary site inspection has been completed, and regulatory documents have been filed.
This well will follow on the success of the Stanley-1, Stanley-2, and Stanley-3 discoveries.