Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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It just the same stuff on the solo web site FG, nothing happened there since 2011?
http://www.solooil.co.uk/our-portfolio/north-america/canada/reef-resources.aspx
Pre-2011
The Ausable Field in SW Ontario was at various times produced in the past by blow-down. The resultant removal of pressure within the reef during the gas blow-down creates the need to cycle gas in order to increase oil recoveries.
It marginal stuff.
? Is that legal or am i missing something .
This is odd . I was thinking therecwas something fishy about it last time this deal came up levant was only registered in july 2019 . Today they have a website .
Ontario Canada Assets Summary: Ausable Reef - Levant Corp 100% WI & Operator • 8 MMboe Initial Oil in place • Light Oil, Condensate & Gas Production • Robust Exploration Upside • 7 producing Shallow wells average depth 650 mt • OIL and NGL’s production based on Gas Injection (EOR) • 800 bpd of primary 45 API sweet light oil phase two • 200 bpd C5 (condensate • A full Guelph buildup of 100m (Guelph to Goat Island) • Base area of approx. 286 acres, crest 84 acres • Core porosities of >5% up to 97m thick, 3% for entire • Recoverable reserves estimate of 4.5 mmbbls • Complete surface production facilities
I was actually thinking about the reef deal the other day and wondered what happened to it . Personally i been here since the reef days and after say i thought we could try something there . This lavent desl is very odd and it was odd last year when i first come across it . I just think they need rid of it fast for some reason (no comebacks) . There maybe some news coming .
Looking more like a complete sale of Ruvuma sooner than later.
The only questions to be answered are how much is it worth and how much is someone willing to give us for it. Will be worth more after drilling but can the board wait much longer.
Hi Jack, for me it's simple. Is it likely that the asset will be worth a decent amount more during and post C-1 drill. The answer is yes, so unless they can sell with some upside compensation (unlikely) then hold on. It the bringing forward of the 3D by the Zubairs and the costs associated that have made it more difficult for the BOD.
CP, in an ideal world, what be your preference RE our tanz assets moving forward. A sale now or hang around for the CH1 drill? Im just struggling to see how we would get a good enough offer, and ive seen what the buzz and speculation does to the SP during a big drill. Cheers
“Completion of our ongoing Tanzanian assets sales process would mark a further major milestone in achievement of this strategy."
Seems quite clear.
https://www.proactiveinvestors.co.uk/companies/news/923736/solo-oil-enters-conditional-asset-sale-agreement-for-ausable-reef-923736.html
Part 1 will be completed next week so recovery on the way I feel, feeling very chipper now about both Solo & AEX, don`t get me wrong there will be bumps in the road but overall trend will be upwards starting any-day now and building hopefully :o)
Good afternoon Chris.
At end of Rns seems they are keen on a complete sale.
Hope all goes well tomorrow.
Their answers to some of the questions should be interesting.
Nothing has happened for ages and nothing regarding other acquisitions they were in the final stages of acquiring.
To think I originally got into solo because of the hipe over the reef project.
Paid 1.99p today’s equivalent of 40p.
Still here today having been forever averaging down.
One day!!!!!!!!
I think it was probably the right move steve, costs and licence liabilities etc now saved. Be surprised if they ever see any production from it myself.
Seem to recall we sold it for £1.
Seems we are now receiving a 1% royalty on any future production income.
Our board certainly drive a hard bargain.
To be honest they may as well kept it.