Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
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Daz, it's becoming quite clear that you have done 0 research on goudron.
Start when lgo took it over.
Don't rely on others.
Again, it wasn't a drill bit which broke.
I strongly suggest you read up on wireline logging tools.
Re insurance - didn't hear anyone complaining that they didn't have it for the previous drilling campaign. So that's another bs stick to beat him with.
You've got your shallow wells information, production and reasons for drilling wrong too.
"Perhaps if Ritson didn't take a gamble on his drilling campaign where the drill piece broke, and inevitably screwed the company in doing so.."
Ritson had a 5 step plan for goudron. He followed it. It wasn't a drill bit that broke, contractors got a radioactive logging tool stuck down the hole.
There's an important word in that last paragraph, which goes in no small way in explaining the extra monies the company had to spend to try and rectify the situation.
Shit happens. It's a high risk exercise.
Ritson was more than entitled to drill a well in that spot. Possibly would have done it sooner were it not for the $2m 2k bopd bonus payment lgo would have faced.
Those that moan about that lost well situation and blame ritson have no purpose investing in junior, cash strapped oilers.
Daz if "We're gonna be flying next week" is not really ramping, then I don't want to see you when you really get going :-)
Daz, regarding your other question "Ramper?!?!......Are you able to demonstrate where I have ever ramped before, or was that just a tactic to falsely portray me, or anyone like me, as an investor in denial?"
No it wasn't an attempt to falsely portray you. For example here you are ramping away on the 9th Apr, although there was plenty others to choose from.
Daz "with results coming next week, and a hint at something seismic in which to shift the SP northwards, folks have less than one week to jump in, with a potential huge rise through the duration of the pre news countdown. Blue skies ahead fellas....can't wait to see what'll happen once the news is announced. We're gonna be flying next week!...."
Daz, the shallower the well, the less the reservoir pressure which drives the production. So a shallow well in that part of the world will be lucky to get 150 bblsd. So more than an educated guess, I'm afraid, its the laws of physics.
Daz, can you define what you mean by "work out". I would say a very , very good result for SWP would be 150 bbls-d in the first well. But sorry to say even that best case scenario that will not get you close to a 500 MC company in 3 years, even if you drill a few of these a year and we assume (wrongly) that each has a 100% CoS.
So yes you are also being delusional with SWP.
good post
Daz, production dropped by over 10% . If that is described as "slight" then I don't even want to see a "moderate" reduction.
Leo has missed this target by a country mile. Implying he missed this deliberately because oil prices were not favourable, is nonsense. And it is something I can't understand about rampers. It is your money and your investment, you only hurt yourself by hiding.
Do you agree he will miss his "500 million MC" in 5 years by an even larger margin, given that after 2 years it now stands at 23.5 ?
Daz - "LK is already producing oil, which has actually increased once he took over."
It's true that production has increased since the last days of Ritson but there's something people overlook when they proclaim that LK has increased production. Goudron requires constnt well workovers to keep the oil flowing. Stop doing workovers or minimise them to save costs and production soon falls off a cliff. In the final year of Ritson he was unable to carry out much of this well maintenance because BNP-Paribas were in control of finances and they only allowed minimal well interventions to keep the oil flowing sufficiently for them to recoup the money that LGO owed them. Given the funds that LK has at his disposal I believe that Ritson would be more than able to achieve the current production numbers.
LK hasn't worked any miracles and he has struggled to reach the production targets that were hinted at when he first arrived. He has funds available but is currently in cash conservation mode and is limiting the number of rigs being used for workovers as they cost real hard cash to operate. So he balances cost against production so as to maintain his claim of being operationally cash flow positive.
Note what he says in this latest RNS and you can see how he managed to hit his 1000 bopd target at the end of December.
" Lower production was due to significantly reduced well work activity. A single workover rig was utilised continuously in Q1 2019 compared to up to 4 units simultaneously in Q4 2018"
When LK talks of cash flow positive you have to remember that this is at the operational level. Overall the cash balance in Q1 reduced by US$540,000 from the start of the quarter despite generating cash from operations.There is a quarterly cash defecit that has to be bridged to avoid an inevitable future funds raising exercise of some sort, be it placing, loan or via some other mechanism, all of which are likely to impact on shareholder value. LK seems to be hoping that the SWP will provide that boost to production that will bridge the gap. It may well prove to be successful but as in all things of an exploratory nature the chances of success has to be viewed in the context of industry norms.
I think CERP is sailing close to the wind but that's just my opinion. SWP is an unknown and until one or more drills have been carried out we can only speculate on whether or not SWP is going to be transformational or not. I hope that talk of a possible acquisition outside of T&T is a viable option and not just a diversion. CERP may fly high but has to be careful not to fly too close to the sun or it may suffer the same fate as Icarus. GLA.
start producing oil you knob ,,, getting tired of your to morrow ,,, ritson was really bad are you next in line