Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
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We have designed a rigorous programme promising rapid paybacks. The upgrade of production facilities will provide capacity for production from three new sidetracked wells. In Q4 this year we will sidetrack West Rustavi well 38, a neighbour and analogue to 16aZ. Two further wells, West Rustavi 30 and 3 will be sidetracked through H1 next year, and their associated gas discoveries tested. We will acquire a 3D seismic survey this year which will allow us to identify optimal locations for new gas wells and horizontal oil wells to be explored next year. We will also continue our ongoing workover programme at Norio, and have scheduled the field's well 60 for sidetracking later this year. The funds raised also give us the freedom to explore fresh opportunities: we are a young, ambitious company keen to apply the low cost, innovative drilling technologies we have deployed in Georgia to new ventures in the region and beyond. Today marks a major step forward for Block as we move towards our objective of becoming one of AIM's newest mid-tier oil and gas producers."
“Today marks a major step forward for Block as we move towards our objective of becoming one of AIM's newest mid-tier oil and gas producers."
Join us Captain. You and me be double winners for both Bloe and Matd this year
As it stands today 10m profits pa and over 12m in the bank. Mid tier here we come.
Nice to see BLOE blue. Obvious strong buy then.
So they have spent the money designated for W38, put the schedule back 4 mnths and yet raised £12m to accelerate production.
More to come on this story i feel.
Acquisition on the way...imo
Please share your thoughts parkez, or anybody else
The raise and the amount at that price is impressive. Hold on to these, been a busy morning with YU but maybe money from there will come back over here now. I know where my Yu profit went and i bet Spike was the same
Just gut feeling,
obvious something was not straight forward with the rig still being there...now they have moved
W38 back 4 mnths...wheres it going next...time is something you do not waste with these.
Maybe they reaaranged the sequence to do further analysis and technicals. Better to do it properly than waste funds and time imo
Looks like this is all about to explode...more news to come on many fronts..i did mention Acquisitions in my posts last night which opens up a world of possibilities never previously thought of here.
So all in all...…
Plenty of support shown by speed and full take up of bookbuild
Cash flow to ramp up production to 5000bopd (about £10.5m per month revenue)
Cash for aquasisitions
No debt
No other placing required as income revenue will build rapidly.
The only down side is....... i dont have enough of these shares!!!!!!!!
Spot on Big man, wait till PH gets interviewed to tells what's happening in more detail.
or you get the analysis and technicals done and while doing these you move onto something else...that rig imo will not be idle for 4 mnths.
They have raised a large amount in a short time...
of course just my opinion...
PH will want to keep the new backers happy with their investment... updates on all fronts will be in short succession to keep sentiment flowing and prove to all the promises made are not hot air... I bet they are already crunching numbers on buyout targets and they will be speeding up the storage capacity issue. Honestly its looking very very bright indeed for the coming months ahead chaps....My view is buy & hold.
I'm sure PH mentioned looking beyond in his last interview. Think the real reason for this funding may be cloaked but most people on here seem happy with it as does (according to SP) the markets
Watch this space CS
Ian sure another ph interview is on the cards very soon
Getting institutional investors in these current climates is a difficult task even at 15% discount!! They will want more for their money and they see great potential here and sounds like they were lining up!! Much bigger things to come and the II investors know it.... that’s all we need to know and I for one am really pleased! Happy to sit and wait to see what comes. Gla
Could we be getting a few tr1s now to say company holds x?
Yes plenty of 10k and above selling and that will continue all day as pi’s rush to buy. A quick return on a million £ will suit some will are not interested in the company and already have another 5 placings planned.
9 months window?
Or you could see it differently and see it at a massive premium as it wasn't at these levels a few months ago and things are being proved up and expanded now. So another way to spin it eh
Yes I have lost count already of the 10k sells. Those who piled in two weeks ago now need a 50 per cent rally just to break even. This stock could easily be an angs...up to 34p and now down to 3p levels as the excitement falls away. You can read folk who poured huge sums into angs at 20p plus almost screaming at the screen “come on” but of course it just drifts down because nothing much is going on. Most Oiler’s follow that pattern. I want below 12p to buy back ..,,otherwise the quick merchants will just flog their 11p shares to me for a quick turn. Reckon I will get it today or tomorrow
Thanks for explaining AJamesW