Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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A quick re-cap of the guy who has just INCREASED his holding in BLOCK!!
About
Senior oil and gas executive with 40+ years of industry experience and 8 years spent as in various Executive or Non-Executive roles. Director and Chairman positions; 33 years’ experience at BP, the last 8 years of which were with TNK BP based in Moscow. Direct experience of developing and leading international oil and gas business activity.
Wide ranging technical and commercial involvement and specific expertise in business development and managing major projects. 20 years of commercial and business experience developing international gas projects in the Middle East, Asia Pacific and Russia. Extensive commercial knowledge and experience in the analysis, evaluation and negotiation for major oil and gas projects.
and what he and the rest of us are expecting to complete....
Block XIB covers 615 km2 and is the largest ever-producing asset in Georgia with over 180 million bbls of oil produced. It is located in the Kura Basin and is charged by a well-proven petroleum system. Production to date has been predominantly from the Middle Eocene. Only four wells have been drilled since 2009, three drilled pre-2017 by a former licensee and one, PAT-E1, in 2018/2019 by Schlumberger. Schlumberger's focus was appraisal of the natural gas in the Lower Eocene and Upper Cretaceous.
Block XIB benefits from 3D and 2D seismic coverage. The 3D seismic was recently reprocessed by WesternGeco and will be merged with that acquired by Block over West Rustavi in 2019. The Company's interpretation and understanding of the merged set will use production data and vintage and modern well logging information gained from the 233 wells on the block. The PSC has no remaining capital expenditure obligations and a remaining term of 14 years extendable by five years. The approved cost recovery pool at 31 December 2018 was US$103 million with a further US$30 million of expenditure incurred during 2019 to be added, subject to audit by the state. The PSC has attractive fiscal terms especially in the current cost recovery phase. We are inheriting an appraisal and development plan targeting gas initially-in-place of approximately 600 BCF, following the drilling and testing of a deep appraisal well completed by Schlumberger in 2019.
A state-owned underground gas storage project is located within the boundaries of Block XIB and is in close proximity to the 600 BCF structure recently appraised by Schlumberger. The Baku-Tbilisi-Ceyhan pipeline ("BTC") and South Caucasus Pipeline ("SCP") pass through Block XIB.
and
Exploration Block IX has an area of 1,925 km2 and is covered with 454 km of 2D seismic acquired in 2010 and 960 km of vintage 2D seismic. Block IX has 38 legacy wells, with two wells drilled in 2013 having oil and gas shows. There are several oil seeps in the block and numerous prospects and leads with hydrocarbon indicators identified on 2D. The addition of Block IX creates a balanced portfolio of significant exploration upside. Block IX allows the Company the option to evaluate and farm out some high-risk/high-reward drilling, offering scale for potential farm-in partners.
schlumberger options in the deal....
The Options are exercisable between 12 and 24 months from completion of the transaction, unless there is a change of control or general offer in respect of the Company, in which case they are exercisable immediately.
.......
Guess they must say that "just in case" eh!!!
I really do think big things are coming here with patty well and the gas from WR. The 3D results are going to be very interesting when announced.
Our day will come.
I can feel it is getting closer and we will be richly rewarded. Feel a little bit uncomfortable because ot is an Irish republican saying from.the IRA days but hey, the Troubles are over and whatever the politics, it's a great saying. It exudes confidence in the fact that patience is all that's needed and things will eventually turn your way.
(Still csn help being perplexed when highly respected o & g players pile in yet more of their readies and the price goes down, but c'est la vie.)
Just added a few more here...been quiet for to long i feel its about to change
buys at full offer into close - bodes well for tomorrow onwards.
Heading back to 3p, will it hold this time.
MP
Got a feeling Tblisi97 is right,they have connected the EPF.Too much interest to be anything else.DYOR.Stay positive,our time is coming...
2.7p just paid. Looking good.
3p + finish
12.5% up and moving - orders to fill - leaky ship -?
2.8 paid could be leaky SEA7
Only 2 mm's sub 3p ask
looks promising for news soon.
To that dyslexic traitor who sold his soul for £44.18, its not Santa that's coming knocking.