Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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A drill ship with 3 well options capable of drilling at Darwin. BP and Total opening up a new basin in the South Falklands on an already discovered 460 million barrels would be a quick money earner, if the new Argentine government are fine with it. They want better trading relations and need the UK at the IMF.
Which is bit dim looking at the scale of Brazil's oil reserves haha.
Good research PoC, I did not know that there are operations in that area.
Nigel, Valaris Renaissance DS-15 is contracted out to BP and Total for operations in Brazil until Jul 25. Two 160 day options and one 120 day option. See fleet status link.
https://s23.q4cdn.com/956522167/files/doc_downloads/fleet-status-report/2024/04302024-Fleet-Status-Report_FINAL.pdf
Thanks POC👍
Mr Cups, yes you are totally correct, thanks. What is the destination of the Valaris Renaissance? Initially it appeared to be heading South but may just be on a sea trial.
Either way I wish the Argentinians success with their various licences. Majors paid a fortune in the licensing round!
Rookie. It's about 900 miles north of Falklands. Sounds a lot but it's a geology on trend with Namibia. It was once part of the same continent of Africa before drifting to the South Atlantic. Same as the Falklands.
I agree. I wish to participate in any equity issuance. After 20 years, I don't want to be locked out of participating and diluted by a newcomer, or indeed the chairman at cheap prices.
OK Phil164 - your memory is better than mine.
How far in relation to BOR acerage is that POC?
Drillship Valaris D-17 is already on location offshore Argentina and is drilling the Argerich1 well. It arrived on 24/04/2024. The well is expected to take 50-60 days.
Check your facts buffit.....there have been two smallish cash raises in the last three years....we were included in the first...not the second.
" a cash raise will be needed by Q1 2025 at the latest. The concern is the last time small PIs were not asked "
I recall buying shares at 1.3p under the last cash raise, so presumably small PIs were asked.
Ok well firstly I dont think being heard is a ludicrous idea despite my own reservations about revealing holdings. Secondly as to cash the balance at end June 2023 was 2.4m and at the rate of cash burn then we have enough till mid 2025, however our year end is December and in order for the auditors to sign off the year end accounts the company has to meet the going concern test, ie have enough funds for the next 12 months, so a cash raise will be needed by Q1 2025 at the latest. The concern is the last time small PIs were not asked, if that happens again would I be ok with a further 100m shares to raise 2m plus?......probably....just.
The purpose is to be heard and I am confident that we can get to 5% of the company as one voice. 5% of the company aligns us with the bigger shareholders in decisions for the company. That's what it's all about, as for funding requirements your talk is insanely premature at this stage of the year, we have enough till 2025 and like all others here I am hoping for real progress at some point.
Certainly, have som Skunk
Salient Knowledge Usurps No 'Kinidea.
Drillship on location at Argerich-1 within 20 days, let's hope they find something. As for funding BOR is unlikely to let the cash balance drift below £1 mil. Sorry Gus, Howard's holding alone will defeat a few PI's.
Nige- you are a bit strange mate ? Whatever you smoke, give me some!
The working capital is sufficient until at least 31 December 2024 as set out in the fundraising circular. Cash balance at 30 June 2023 was $2.4m. Cash balance to year end 2023 will be about $2m, and appreciation of the pound against the dollar. Licence renewal is at the end of this year, and funding from a partner or finance incoming on the back of negotiations coming to a conclusion. Navitas will be completing FID this year by July/August so expect this will pave the way for BOR in monetising Darwin as the risk of investing in oil projects in the Falklands reduces. Navitas likely to farmin to BOR dependent on the additional partner entering Sea Lion with Naviats. A lot of moving parts being synchronised. It's coming.
Quite soon the company will need money, all you will achieve is to bring the placing forwards, thus diluting you.
A better idea would be to respectfully ask for an open offer and be prepared to fund your offer shares.
Hi Anth-Great, getting better. I'm going to create an email account which will be temporary and you will be directed from there to another one. From that email we can liase and confirm actual numbers, will look to get ti done asap
Hi Gus, count me in.
You should know how many I’ve got here. I’ll give you a clue in case you forgot. It’s a prime number lol.
Just Email the CEO and see what respond you will get rather than
Tedious Task....whatever you do , Best of luck....Cheers
Hi Gus0,
I can contribute 250k shares ( held in an ISA ) to the cause. A family member holds 910k shares in an ISA & is interested but non-commital at the moment.
Best Regards,
Buufit
p.s. I'll sound out my American cousin as well !
I’m at 1.5M shares gus. Sign me up.
More than I want to hold tbh as I added some into my Isa a few weeks back in the hope I could sell £10k from my ordinary account but I’m not selling them for this Bid price.
Hi Gus, I want to wait and see what the next update brings, and you are right to me shareholdings are private and I dont particularly hold with disclosing them, but I will say my holding is nowhere near what I might believe to be yours, or probably Anths either.