Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Chris - with the rate they burn through cash I think it would certainly be prudent to get a little extra.
There seem to always be delays and problems so I would feel a lot more comfortable if they had a contingency fund!!!
Oh it's your own internal estimate, not based on the actual numbers published for the CH1 drill then.
Well as already concluded, it all depends on if they sell the asset before any money is needed for the Q3 2022 drilling, so plenty of time. As I remember it the old BOD put in place the funding for NT2 via a placing 3 months prior to the spud date, so that would be about June/July 2022 for CH1.
Still comes down to sell or set up the funding for Q2 2022 with the drill Q3
Chris - £5 million estimate is to fund SCIR for the next 12-18 months.
Given the state of the world it would be very prudent of the BOD to put in place a good contingency fund.
Pure speculation of course, but IMHO better to do a big placing once rather than the drip drip approach that has done so much damage
Morning Frank and Chris.
Weather not too good but hoping for news soon.
Very busy so will look in as usual.
Talk this evening.
All have a good day and try to keep warm.
Morning Chris/Steve, hope you had a good weekend, the way I look at the situation here is they will get a sale and "Quick Joy" for some or the longer route but in the end will bring "Joy" so both are good reasons to invest here now or in the coming months depending on the strategy you are playing here GLA :o)
Oh Dan, the latest public info for the drilling costs is around $4 to $5 million, that's USD and not £ so £3 to £3.75 million and currently scheduled for Q3 2022.
Morning all.
Well nice to see we all agree on something, that the drilling of CH1 due in 7 to 9 months time is not funded. The BOD have of course repeatedly made it clear that they will fund the drill if the asset is not sold before hand. According to the BOD there are multiple interested parties.
So we are back to sell Ruvuma or fund for Q3 2022.
Thanks Matherdj
How much do you think they need to raise?
£5 million?
I think you are right on people’s timing. Recent one I was watching was BPC who raised several times in the run up and during the drill. The market cap rose but the SP fell.
I can’t see too much upside from exploration. Gas sale is still years away and the market is not there locally for more gas.
For me the drill is just normal development costs. SCIR don’t have deep enough pockets to develop it so the sooner they can get rid of Ruvuma the better. If I were the BOD and had an offer on the table for $10 or $15 million I think I would be biting their hand off. Makes me think there are no interested parties
There'll
I agree re the funding aspect mrc and most people will wait until that's in place before investing. The drill is both development and exploration with the second target. They'll be plenty of hype around that and talk of oil etc.
Hi Frank
Yes I am saying you are probably going to be wrong on that one.
A fully funded drill there could be some interest, though this is really a development drill as I understand, so minimal impact.
They already know gas is there.
Problem is that it is NOT funded.
Dan/Colin, you are correct on the bloody Farmout taking 2 years nearly it was a total nightmare for me and my investment, but you have to be truthful with yourself and say more has been achieve in the past two months than those two years by the new administration, I think you will also have to agree that the board will find the money for the drill if the Sale doesn’t happen, there is a question at what cost to the Shareholders but you have to also consider this new Variant not in Tanzania might scupper everything and why this AD might not be such a bad route after all, everyone loves a drill so if it does happen like HE1 the SP will rise esp if the resource is higher or are you saying I’m wrong on this one Dan/Colin, hope folks having a great weekend :o)
" It is a FACT that SCIR do not have funding for this years work programme."
More fantasy Dan, there is a little more than a month of the year to go....
Take a break m8.
Chris - you are asking nonsense questions. Not sure what you hope to achieve.
The evidence is there in the fact that this asset has not been developed and has not been sold (despite years with the for sale signs up).
The evidence for SCIR being exposed without having funding in place is there in the fact that it took the best part of 2 years for the farm out to complete. It is a FACT that SCIR do not have funding for this years work programme. So even if I am generous and say that the gov of Tanz will move more quickly, SCIR are still going to run out of money in less than 12 months IMHo.
Open your eyes and the evidence is there. You choose not to see it and that is why you are sitting on such a big loss.
"looking at your portfolio"... are you now claiming to have hacked my trading account and have some idea of my holdings Dan, or is this just your next out of your depth feeling/ fantasy in a what seems to be a long continuous line?
Like I said yesterday Dan, if you can provide some evidence that backs up your opinion/feelings, then I am all ears, Alas & after asking at least 5 times now, you fail to produce anything meaningful that provides any foundation to your feelings/opinions and thus as concluded they are just that.
Chris - you are speculating based on a feeling.
What you claim is evidence is just more speculation and meaningless warm words from government sources.
I will trust my feeling as yours seems to have let you down badly in the past, looking at your portfolio. Some real shockers in there - plenty of jam promises. Maybe tomorrow?
There you go again, squealed like a stuck pig about personal insults on this bb today and what do you do when we try to have a grown up conversation? resort to personal insults on the very same thread.
You can't provide any evidence to back up your "opinion" and thus one must conclude it is based on uneducated feelings alone.
Chris, zero point continuing this conversation
You are just making a fool of yourself
I will have to repost some of my views as your tactics seem to be to try and bury real discussion in complete rubbish.
Dan, you were squealing like a pig earlier about personal insults whilst posting and now we try to have a grown up conversation and one you clearly can't handle you immediately resorting to personal insults.
When you present some relevant evidence maybe your opinion (feelings) might have some validity, unfortunately you appear to be incapable.
You are asking me to provide evidence for an opinion, dummy.
Dan we used to use straw men in the mid 90's in management, well in proper companies that is, not AIM & never mind the most unregulated listings that you currently frequent ;0)
Back to the question and the 3rd or 4th attempt today Dan. So no evidence to provide then as to why the Government are not interested in developing their gas assets whilst they have the window of opportunity?
The question shareholders should be asking and talking about is if it's the right time to sell, accepting the development costs required to reach EPS.
Management speak?
Maybe google straw man LMFAO
I am alluding to you arguing with points which I have not made.
Sorry I assumed you had a basic level of education.
https://en.m.wikipedia.org/wiki/Straw_man
Thanks for the response Dan.
So clearly you can not present anything evidence based even after several requests to back up your feelings but would rather refer to some outdated mid 90's management speak about strawmen.
Thanks for the confirmation.
You are chasing down straw men again Chris.
You keep talking about this new government like they are the white knights!!
Scary stuff relying on government processes being efficiently expedited.
History is a very good guide to the future. Governments have soo much inertia. Making serious cultural changes takes decades if not centuries.
Dan, I presented you with links regarding the current Government attitude to developing gas in Tanzania, you keep referring to the previous Government, Cabinet and Energy Minister. Old experience is old experience. I invite you again and for the final time to present some evidence that backs up your opinion that the Government are not interested in developing their gas assets whilst they have the window of opportunity.
Like I have posted many times, it looks like a good time for a buyer based on the current Governments intent to develop their gas assets whilst they can for the benefit of their people. The question shareholders should be asking and talking about is if it's the right time to sell, accepting the development costs required to reach EPS.