Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Keith
I hope we would get our monies back if they went elsewhere:
Advance payment to Star Valley --- To secure option to drill within an agreed time window and to carry out maintenance checks on Rig 101 ahead of planned drilling operations. £275,000?
Star Valley rig option secured as previously negotiated for MOU-1 drilling contract
In respect of the 2022 Moroccan drilling programme the sources of long lead drilling inventory have been identified and purchase orders are being issued to secure critical items, including four wellheads, to enable the drilling programme to commence at the earliest opportunity. The drilling schedule will be updated only when there is certainty on the dates of delivery of long-lead items, for the reasons expanded upon below.
Don't think the rig is the issue here, its all based on them finding a set of supa doopa well heads to withstand the "Michael Caine theory"! :-)
That one might be their Egypt campaign, different rig?
This morning update. SDX Energy Plc (AIM: SDX), the MENA-focused energy company, is pleased to announce the spudding of the MA-1X exploration well (SDX WI 67%), targeting the Mohsen prospect in the Exploration Extension Area of South Disouq. MA-1X spudded on 21 May 2022 and is expected to reach TD in approximately three weeks
*as long as it takes
Hi Keith,
Not for one second questioning your research or timelines. I would imagine that given the current climate the picture is forever changing for us and others like us. As you say our potential partner/buyer is the key here. I believe that what they have cooking will be unlike anything many have experienced. The potential upside here along with a sale or sales potentially agreed would be extraordinary imo. I believe that whatever can be done and is within the realms of possibility will be done. Naive perhaps but I’m happy to wait this out for asking as it takes. Market cap £30 million
My understanding was that SDX & PRD were both using the Star Valley One rig. SDX had announced two wells from mid April to Mid July, then three wells early September to late December. Thus the rig was available for PRD from mid July to early September, which was going to be very tight to drill MOU-4, -5 & -NE. The first SDX spud has yet to happen. I don't know if this delay is caused by supply chain problems with consumables and parts, or due to the Tenaz takeover putting everything on hold until the new management have reviewed future plans.
Whatever the delay, this is likely to have a knock-on effect to our window of opportunity. The details of our rig option have not been announced, I don't know if we have specific dates or a undefined time window booked, or just an unspecified right to drill 3 holes. I assume that SDX, PRD & Star Valley are going to have to agree a plan between them for the rest of the year, once both hiring parties have clarified their positions - both companies have major uncertainties which should be resolved by end July.
A further possibility is that a PRD partner with deep pockets may have access to a suitable rig & crew elsewhere, this could be shipped from the Gulf to Morocco quite quickly.
Different rig
Could we be using a different this time?
MEM
MEM
Might get the drill a bit earlier as SDX are having issues and takeover happenings so watch this space, update soon we hope.
https://www.lse.co.uk/rns/SDX/recommended-all-share-combination-uyjboyzxwavweuz.html
GLA
SDX plan 3 drills across Q3 and Q4, I am left wondering how PRD plan all their back to back drilling, with as yet un announced JV/Partners to provide Finance.
I am not being a negative Nancy - I am trying to be a realist, it is soon to be June, possibly no substantive news until July, I am asking the question every SH should be asking, how is this drilling plan, back to back, multi pad construction, logistics etc, all going to fit together with SDX, who have the cash to proceed.
Open to sensible, rational, thought out answers. Thank you.
MEM