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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From what I understand Jethro/Joe is under review with independent third party and Hammerhead is with the Exxon development team.
I am sure there has been no defined RNS new yet.
My opinion on Eco's(booked) assets are net positive; The problematic stance of TLW have muddied the waters somewhat for clarity on the next drilling campaign on Orinduik so yes it leads me to think of the 100-plus% success rate Eco&partners have achieved (plus takes credit for Hammerhead overlap). GL to all what ever way you stand.
EAS10
Absolutely not, if you look at the messages I was simply responding to someone else who'd mentioned their commerciality. This is from looming at market discount and transportation costs.
The extractability of the oil has been flagged as strong by the company and it seems Exxon have no problems making Hammerhead a producer. With 350m barrels found and a further 700m close by, it certainly has the scale.
Have you given up on any RNS about meeting and a 2020 drill so you go back to commercial nature of Joe /Jethro?
Proselenses
We will see what is indicated, Joe and Jethro will not be prioritised for CapEx spend in current partnership framework. The oil can be transported. Number of wells is dependent on the viscosity and mobility of the oil which again we shall see.
I didn't say there would be news last week, I suggested the meeting was in February - I didn't say an announcement would be immediate.
It is apparent the partners can proceed without Tullow.
Time will tell as I say on this share.
IJWT - I think you are making the grave mistake of trolling the internet and trying to find different links and put them all together to make Joe/Jethro (in your own mind) commercial.
Think simple. Mobile or not, how many wells would be needed to extract the resource ? Given the API it will be massive amount of wells needed - making the Capex needed enormous. How would you transport this highly acidic oil ?
There is no offshore field in the world producing 5% Sulfur oil.
When the main operator of the field is disappointed - take that as its not economically viable to produce. They know. Its all about the return.........if you have to invest 5 billion dollars to extract oil that will generate a net profit of 1 million - thats a bad investment. You can go all other the world and hail it is "profitable" but the simple fact is nobody will invest in it as the investment needed compared to profit possible is just not attractive.
You were promising blue sky and fabulous news coming last week - it did not happen. No news at all for nearly 2 weeks from your "massive meeting and great news coming" event.
Guyana EPA now requires, as per Repsol recent news, a proper EIA before anymore explo drilling and this requires public hearings and long delays - you dismiss this as just nothing.
Pretty much everyone agrees Joe/Jethro are not going to be developed as the investment case is very poor due to low API and very high Sulphur - you argue against this with the help of Google.
At some point you have to consider are you trying to persuade yourself and generating some alternate reality when in fact its all much simpler ? Shares are shares - buy them, sell them, buy them, sell them - do not fall in love with them.
The Jethro/Joe complex is quite commercial by my reckoning. Knocking $10 off per barrel.more than covers the extra cost if transport (for instance via Chemical tanker to Antwerp for arguments sake) and the extra cost of refining.
The company has been clear about the mobility of the oil, the gravity being decent. The heavy oil can be refined and sulfur removed at a facility like Antwerp (which is not unique). It was redeveloped specifically to remove sulfur from fuel in light of the IMO regs.
The fact any acquiring company would value it less per barrel should allow them to hit the IRR they need.
Given the other developments due in the area it is going to be a major global producing hub.
As for the rest of the field, it should be drilled some point - soon the timing will become apparent.
At $1.50/$2.00 for the Tertiary prospects that is 2.5-3.5x the current SP alone. It is also a discount of 60-80% on a cost per barrel acquisition and covers more than half the market discount per barrel (10-15% if I recall) just on acquisition cost difference. Making the economics stack up much more strongly on actual development.
Maybe TLW were too keen to write down Jethro/Joe complex! The discovery's look glorious compared with Marina-1.
I guess everyone has the right to change their mind. Maybe we will need to wait till March 15 or maybe not.