Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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The next well should be updated soon if they are to drill q1 and a cpr to follow.
Disappointing.
Both Exxon and WTE would have known this before releasing their results yesterday.
Doubly disappointing that we seem to learn the news from a local news agency website - that feels badly managed.
Anyway, on to the next one.
Pure conjecture, but what do JHI's shareholders do now - stick or twist? Three dusters despite all the knowledge about the geology and they must be feeling twitchy (I certainly am).
A couple of sentences from WTE's statement yesterday caught my eye - "in spite of the access challenges", meaning it's not easy to invest directly there, "subject to future drilling outcomes, there are likely to be some consolidation opportunities within the basin amongst the junior players, as exploration matures and in response to risk management demands of investor capital. For the moment Westmount remains the only US OTCQB and London AIM listed junior player offering exposure to drilling outcomes across 3 blocks offshore Guyana."
Not necessarily positive drilling outcomes?
Might JHI's owners want to start reallocating more of their capital and flog some or all of it to the market, through an RTO with WTE. They have already done a share swap.
Or ECO for that matter, or maybe WTE with ECO and spread some of that risk into Namibia also. Just thoughts..
Sapote-1 well results have been disclosed to the media.
Unfortunately it is not the result that we were hoping for. Oil exploration is a high risk venture.
The search for commercial crude outside Stabroek block will continue.
https://oilnow.gy/featured/just-in-exxons-3rd-well-at-canje-block-fails-to-deliver-commercial-crude/
thanks,
Celtics.
Bought some more - does not matter as they will strike black gold in one of them by the law of averages!! Patience is a virtue
Or they could have been fishing for the last week(s) and it will simply take longer to finish the drill, we'll find out soon enough!
Looks like some may have got excited through the target intervals.
Could hear tomorrow? Maybe or ......
Today marks 60 days since drilling started. If the Sapote-1 well failed to discover any hydrocarbons or was non-commercial, I would think that we would have already seen an update by now, given that Hassa-1 a nearby well was drilled down to the Santonian interval and reported non-commercial after only 37 days of drilling.
An update could be released at any moment by Exxon, however, I continue to consider that no news is positive news.
For reference, previous oil discovery disclosures made by Exxon for Whiptail and Uaru-2 were reported a few days prior to the Earnings call.
Disclosures are available here - https://corporate.exxonmobil.com/News/Newsroom/News-releases
thanks,
Celtics.
As are Joe and Jethro on Orinduik where WTE has a small stake.
And remember Tanager is a discovery!
Thanks, Celtics. Very useful.
Plugging in at $70 Brent, I make that 92p a share.
GLA
Quality post Celtics. Many thanks.
Some of you are trying to evaluate the economics of a successful well at Sapote.
WTE disclosed in RNS that Sapote is "potentially the largest prospect drilled on the Canje block to date".
JHI stated on an Investor presentation in 2019 (video on YouTube) that the Jabillo prospect targeted 1Bn to 1.2Bn recoverable.
Exxon have stated that Payara will develop 600 million oil-equivalent barrels.
https://corporate.exxonmobil.com/News/Newsroom/News-releases/2020/0930_ExxonMobil-to-proceed-with-Payara-development-offshore-Guyana
Hess have disclosed that Payara breakeven is $32 Brent (page 13 - https://investors.hess.com/static-files/0654cb7b-d66b-4e11-b03e-0b64afce0184).
I assume the following -
- Sapote prospect - Targets 1Bn oil-equivalent barrels
- Oil gravity for Sapote would be of a similar grade to Payara /Liza given the location
- Break-even = $32 Brent
- Royalty = 1% (disclosed in WTE presentation)
- Contractor Revenue = 40% (disclosed in WTE presentation)
- Oil Price = $55 Brent
- 1.39 USD /GBP
[(55 - 32) x 40% Contractor Share] - (55 x 1% Royalty)] / 1.39 FX = 6.22 GBP value per barrel
WTE holds 7.23% Equity in JHI and therefore 1.27% Indirect interest in Canje block.
1Bn barrels @ 1.27% = 12.7M barrels net to WTE on Sapote.
12.7M barrels x 6.22 GBP value/barrel = 78.78M GBP
WTE shares outstanding = 144,051,486
So value per share = 0.55 GBP /share
This does not take into account the time value of money /present value of cash flows.
thanks,
Celtics.
15.5p paid... joining the party?
dont know, but putting my dancing shoes just incase...
got a feeling we will join the party in the coming days or even later today...
GLTA
Aw rite then that will be the reason ah canny buy 5000 shares in eco..
Mug
Really. haha
scratching 34p now..
doesnt matter where the leak is, its the same boat, but eco as the volumes to open a big position prior to results, if one would try to open a big position here it will fly away..
all buys at eco are big buys with round numbers..
Is ECOa leaky ship perchance?
we're on the same boat...
LOL. This isn't the ECO board is it. Must be getting too excited. :D
Great to see this finally moving north. GLA
Both Exxon Total earnings call 29th oct may have to wait till then.
things looks good on the eco front, some big buys coming through, 33p just paid..
might be related to tomorrows tlw webiner update but if not then we're next...
Let's hope so donmac...!