Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Willy,
In the MoU of 26/11/2019:-
‘estimated that there is a substantial Oil Initially In Place volume of approximately 675MMboe.’
Last substantive paragraph in the RNS.
Straycat, you referred to forecast production levels at PJSC/Ukmaftinvest. I don't think i have seen those but like you have high hopes for their ability to develop the field. Has the company released this forecast or is there somewhere you can refer as to any projections?
In the circumstances I think that is an excellent full year performance, with 2019 production up 25% on 2018 despite a collapse in Q4 2019 production levels from VAS-10 which was 14% down on the prior year.
MEX-119 was spudded in Feb 2019 and by 8/10/2019:-
‘the well is producing at a stabilised flow rate of approximately 5.0 MMscf/d of gas and 193 bbl/d of condensate (1,070 boepd in aggregate)’.
Run these performance figures through the whole of Q4 to year end and MEX-119 production represented 26% of total Q4 MEX-GOL & SV production.
Put another way, it suggests that in the full year 2020, MEX-GOL & SV 2020 production will up 24% on 2019 full year figures.
And that assumes no further development work on SV-54, no more drilling in the SV field and no recovery of the disappointing current production rates at VAS-10. However, it’s worth noting that in his full year operational summary, Sergii Glasunov stated that:-
‘We look forward to further progressing the development of our fields in the coming year.’
Add to this a successful integration of PJSC Science/Ukrnaftinvest at forecast production levels (with OIP @ 675 MMboe) and imo you have a business transformed out of all recognition from the one we are currently invested in.
Yes it’s a very bullish outlook, but in the end I reckon 2020 could be a very interesting year for RPT.
Agree hold.but markets wont put full value of cash in market cap.not see much bounce coming in gas prices
Steve49 - MOU was only signed at end of November. How much of an update would you expect over December / Christmas?
Cash position has increased despite capex in a low price environment.
VAS field issue is with the courts, not much the board can do about that.
Operationally, the company has delivered
No news on the aquisition.cash position not as great due to poor gas prices vas 10 well giving issues.no resolve suspension vas field nearly year now. Been massive disappointment rpt since all the hype
Great update. Overall cash increasing by $3m with weak pricing. EV is around £25.3m which is very cheap. No debt too
Half decent update there. Anyone else have any comments?
Very slow on these board, huge cash reserves still despite drilling.
Sister company, JKX doing well today!
Finally moving up
Yes gas prices are low. However the company is diversifying into oil. Once the seller goes, the price should rise.
"The Company has undertaken a detailed review of the available data on the Licences, and has estimated that there is a substantial Oil Initially In Place volume of approximately 675 MMboe. The Company and the Sellers are to agree a work programme to appraise the Licences, which will include the drilling of up to three wells, subject to satisfactory results of each well."
If one of these wells hits oil we should be in a much better position.
Natural gas prices killing share price.