The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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EchDelta, good IQ question, will you put it up? They will be answering by Monday.
Where are these equipment items?
https://twitter.com/DVH_Phoenix/status/1454061722327715843
Anyway,
Where are the deliveries that were meant to arrive this month?
Sorry, Investor Question of 29/07/21 NOT 29/01/21.
The last 2 paragraphs of GL's response to an Investor Question asked on 29/01/21:
... Again we go into this armed with previous operators’ experience and indeed a full audit of our programme by an Aberdeen based but internationally renowned engineering and drilling consultancy as well as the Lender’s own Technical Committee, manned by experts from a variety of backgrounds. We also have fully reprocessed seismic to guide us past any localised faulting.
Nothing in drilling is without risk – but in terms of basics such as where to drill (finding the most productive layer) & how to drill (and avoid sticking or hole collapse), most seasoned operators would see this as much lower risk, in fact, than would be the case on any relatively newly addressed reservoir.
"...from Oct 22 onwards..."
But ED, the thing surely is that it's impossible to "experiment" to much of a worthwhile degree of certainty with methods to increase production?
Yes of course methods can be modelled, and yes that modelling can be based on both latest available data, plus historic data from previous failed sidetracks - but quite literally the only way to gauge the success of any attempt is to actually make that attempt, cross your fingers and then see what the results are. (Otherwise, any sidetrack attempt drilled by any O&G company would be successful every time - and we all know that's nowhere near the case).
Which is why I keep banging on about the only important things being complete clarity on how much gas can consistently be got out of Sfby and from when. The first part of that question is now even more critical, given the revelation that ANGS has hedged over 5 mmscfd from Ct 22 onwards for 10 months... they're going to need that sidetrack to deliver, in my very firm opinion.
HITS
if you look at their planning and paperwork they are looking at 1-3 Sidetrack options.
Thing is the glass is there. It's brazen or suicidal to have hedged over 5mmscfd without actually having "experimented" with forcing more gas out the ground "faster".
So this begs the question what commercially sensitive data do Angus have not released to market regarding previously failed AND SUCCESSFUL sidetracks....?
Some sidetracks in the field HAVE BEEN SUCCESSFUL.
Let's not kid ourselves that this is a one way bet South and they can't get a successful sidetrack as the site has proven gas reserves.
I'm cautious and hope technologies can help extract more gas faster anyway.
Yes,
DrAim they have Aleph who may try and soruce £8m for Geothermal opportunities. That would of course be similar to that of Saltfleeby Gas project where there is an equity stump up too.
Whatever is happening, lets hope the value case towards First Gas remains positive. Constant updates needed now!
Geothermal has been getting more publicity very recently - cash must be needed to push this avenue for future development?
A cynic might suggest that the CPR was released to give the share price a boost before a placing.
Many posters seem to be of the opinion that a financing event has been in the offering for a while; the company should address this by either stating categorically that they do not need funds if gas flows by [state month here] or launch a placing with an open offer element for qualifying shareholders underwritten by the placees.
I expect the market would love some certainty and the share price would quickly appreciate.