Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
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6 months gone by and down 30% (fact) and Minch cant even say anything to lift the price a bit to give market some certainty - I wonder if the geologists team came on and said "look there is not certainty AT ALL - your best bet is TAI as you sniffed 2% there but the rest is guess work and high risk and low probabilities - the Oxford thesis is flawed in a fundamental way." Minch> “Well we cant tell the market this!!” Geologist reply>“Well go get a cheap drill with what money you got left and go back to TAI and try your luck but thats all that you can do” - im probably wide of the mark but hey - time for a cold beer.
Both He1 and Noble have undertaken extensive background studies, seismic, ERT, MSS etc on Rukwa.
TAI is our best prospect and so it makes sense to just focus on that. A disovery here either proves up the Rukwa basin and unlocks all prospects or makes it less likely that Rukwa is viable.
Theres no point in hyping up the share price any more because it all rides on the drill. He1 have been quietly getting on with making it happen.
is the reason why they waiting 2 weeks before they begin the final 20% of the audit programme because they waiting for the spare parts to arrive first? This is my assumption - anyone know why they took a two week break after completing 80% of the audit?
The expat drill crew were de mobbed while the repairs were done it said in the last RNS.
Likely they are back there or heading back there very soon. Kenyan elections might have dictated travel times
One day we will get an RNS with a 100% audit complete and time lines etc
the SP will open 50% up
thats my hope
I agree ap, I suspect the few bits that needed replacing had to be sourced so hopefully they will arrive soon, be fitted and audit completed.
Like no1 said we will open 50% up and slowly rise until spud.
that is all our hope :)
ADC rig audit 80% complete - key components have been tested and operated successfully with no unrecoverable critical faults identified to date..
Probably recovering, and if the audit includes a good shake down I guess you would want such faults are rectified first
ok great - so next week we kick off with remaining 20% audit. No reason so far to believe it will fail - I understand it is pretty much sorted just need to ensure all new parts are checked and working as new; then we get a sign off and transportation of the drill to TAI -- wow - September is going to be wild - lets hope that this audit is successfully concluded and we have a good as new drill ready to roll (and on good terms with the cash side of things) - any ideas on the probable terms of payment for this physical drill, the parts ordered and the Tier 1 drilling team labour - and how much?
@thetriplestar
It depends on what deal He1 strike with the drilling company.
It's no good sumising at this moment in time, only DM will know the full details and this will be revealed via a RNS in due course.
I guess you need to trust He1 to deliver the right deal for the shareholders and the company.
Onwards and upwards.
@Latorre, Is DM like a gambler like us ;)
Is Tai a gamble being wild cat, the CoS being increased by the house broker Or do they know something ?..
Did they drill that pinch out while they were waiting for a reading, gas flows up Or simply dress a miss as useful a pinch out,?
have a read of BNL, 3 wells drilled in Q2, shallow wells 1000-1200ft, .. sounds like our phase 1...
Rig looks lighter than our Predator but still oil & gas, drilling ~6 days plus testing
No aiming for 3 holes/quarter., estimating $300,000 per dry well, US$10-15mm for a concentrating plant 98%, no liquidefiction..
So it can be done, and we did have almost US$10mm beginning of the year...
Typo for Void
Two Typos ;)
@dia2belts
" is DM a gambler like us"?
We are all gamblers, including DM, we all gamble to make more money, but having some in depth knowlege can help in the decision making process.
Obviously we are not privy to that information, we make it up with snippets of news/information and then come to some conclusion.
Do they know something? Well let's put it another way, why have they taken on some more experience in this field in the last few months?.
They will get the rig sorted soon and I reckon they do know something, but then again, I will say that because I'm a gambler.
Onwards and upwards
@Latorre
Enhancing the BOD, AIM companies do that all the time especially to support the share price ;)
Just realised , BNL are using ft, not Metres but still the mobile rigs may mean lower drilling costs
If that image of the rig BNL are using, is the one that drills the shallow drills, it looks to be an Epiroc RD20, 2008-ish
https://www.oceandrilling.co.uk/en/products/view/217
we seem to be holding up well.
Dai
Two typos, yer avin a larf:)
I only have two hands, my friend;
hence, ceased counting typo’s after ten:) lol
@Latorre
Thank f#ck, he’s not giving diarections,
otherwise, Tie, maybe hi-di-hi, bi bi,
if knot, tits gotta b hear sumwhere:)
No offence intended my friend, just in the zone,
you know me, can’t freaking stop, once going:)
Take care both
Something brewing and it’s not Dai’s beer:)
Hope so.
I will be a millionaire
DD13, US Gov funded Renergen S Africa...
If we have the resource there will be funding, probably a little extra since Noble look to be using Chinese companies.
US set up a funding body to compete with Chinese overseas funding
Not saying US will be the funder, but its there for the right projects
@DD13, All this green stuff is an act, Govs want constant growth, so you dont want things that last, you want a throw away society..You want production, to fill the landfills with short life goods, make repairs not worth while, and use lots of energy.
Technology seems to be about being connected, always on...Going cashless, Money always works, but not plastic..well it did when you had mechanical tills..
People talk about a collapse in demand if prices exceed certain levels, why is that not the case with our domestic energy?
@Void, tonight I am drinking Probably the Best Lager In the World, Export so even better, probably ;)
Anyway look what I found when doing some TXP homework..But its not TXP
"substantial helium presence in the stack"
Its not twitter either, or Porky
Void, Cold beer at Worms head
https://www.youtube.com/watch?v=eYK3D9EGIP8
Void, beast and the beauty,
https://i.guim.co.uk/img/media/248a45230fd120d195da9fcdf2e46c900a97f0d7/97_291_2479_1636/master/2479.jpg?width=620&quality=85&fit=max&s=aa8f9f8a2cba8db41ac0eff0551572fc
https://preview.redd.it/hw7eordkrk081.jpg?width=640&crop=smart&auto=webp&s=3a90a21e9b041dbe420a6eb17727033b478bcb82
Void, Raquels knee, checkout the hand, thats seen a hard life..
I wonder if the photo is about Raquel or the contrasts