Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant. Watch the video here.
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As I see it : the current market cap (~£15 million) just about covers the cash in bank, kveijke and recent small production deal. Vellocete drill is not priced in and almost a free hit - successful drill result could be a company maker in terms of reserves and possible further £30 million from JAPEX joint venture. It is this gearing that now makes it such a fascinating drill. It's risky, but upside potential is huge.
However: LBE is no longer a one trick pony. Thanks to JAPEX everything now in place to allow it to become full cycle E&P company. The Norwegian tax breaks make exploration a tax free hit. Which in theory gives LBE multiple opportunities to hit a bullseye (... with Norwegian gov collecting tax once production begins). If you believe in the model then you need to stay invested for the exploration periods.
The ideal scenario would LBE using the £100 million finance facility to purchase existing production before Vellocete results announced. You to have wonder if they already had assets in mind before signing JAPEX deal?
Always risks with exploration, its also where you can make a fortune or lose a fortune.
If LBE start of with a win it sets up a very exciting 2024
Probably best to avoid AIM shares altogether Scarlet, if you have a low risk appetite. Nothing wrong with that - protecting your capital keeps you in the game. Drill focussed AIM O&G is high risk high reward. However, regardless of the outcome of the Velocette drill, LBE should provide capital growth if you're willing to stay invested for a few years, thanks to the JAPEX deal. IMO, of course.
So not good odds then tbh . I wait to see what the result
worth the risk if u bought below 10p like many but not at this current share price , I have seen too many oil/gas company shares drop like a stone as a result of fail ( which is majority of the time)
30%
But this was my buy in a red sea!
08-Aug-23 09:28:36 29.20 3,404 Sell* 29.00 29.50 993.97
Have they given a % chance of success ?
Wondering what the sp will be if it fails
oil drilling more often fails then finds enough oil to make it worth while
Thanks Dai
In the tread, 1st post by Paul
Whilst we wait:
The well is located on Eggakanten in the Norwegian Sea, approximately 47 km southeast of the Aasta Hansteen field. The shortest distance to land is 187 km. The sea depth at the location is 475 meters MSL. The activity will be carried out with the semi-submersible drilling rig Transocean Norge. The earliest planned start of drilling is 1 August 2023.
The purpose of the exploration well is to investigate the hydrocarbon potential in the Intra Nise 2 formation in the upper Cretaceous sand layer (Velocette prospect). In the event of a discovery, gas/condensate is expected in the Velocette.
The well is planned to be drilled as an S-shaped deviation well with the hole sections 36" x 42", 26", 17 1⁄2" x 20", 16" x 17 1⁄2", 12 1⁄4" and 8 1⁄ 2" in the main well, as well as a sidetrack with 12 1⁄4" and 8 1⁄2" hole sections. The sidetrack is included as an option, and will only be drilled if hydrocarbons are discovered and the gas-water contact cannot be demonstrated in the main well.
Well testing (DST) and core drilling given a discovery are planned. The main purpose of the well test is to verify reservoir properties and flow profiles of hydrocarbons in the Intra Nise 2 formation.
The duration of the operation is estimated at 50.8 days if the well is dry, and at a maximum of 117 days if hydrocarbons are discovered, including well testing and drilling of the sidetrack.
The well will be permanently plugged back and abandoned after the end of the operation.
Where?
Here is a great info about the drill, courtesy of Paul
Anyone know the duration of the drill?
Must have finished its previous job earlier than anticipated. Well spotted.
The 17th July rns stated spud in september
She arrived a few hours ago with supporting vessels and spud should be imminent.
The only surprise is that anyone is surprised.
It'll be of little consequence to the prospects of the SP, best not to wind yourself up over it.
We could do with an activist investor like Tom Winnifrith here. Anyone remember his recent attack on "Andrew 'Piggy' Austin" after a similar (alleged) act of swine-like self-enrichment?
They've given themselves 3 years to get the share price above 50p? Please somebody tell me I'm wrong?!
Completely agree, using their positions in the company to not be negatively affected by the IPO drop from £1.
Unfortunately other investors who bought in then are not in the same 'boat'.
First disappointment I've had since investing in LBE, I think it is greedy and self-serving. They see this going to 70p+ and want to benefit (at the cost of diluting current shareholders) If they actually want to be aligned buy off market with the rest of us, that along with their ridiculous salary is surely enough.
Business wise LBE is on the right path and truly think that will be reflected in SP & MCAP pretty soon but today as said below has left a sour taste for me.
> When the IPO was £1 it’s a disgrace to be honest.
Generally I tend to agree... These options simply replace previous incentive schemes which were previously at much higher price (£1.5-2). However : the most important thing is that management interest remains aligned with that of share holders.
Unfortunately we are where we are - lack of funding meant that LBE had something of a false start to life.
Helge will also have lost out as an initial investor at £1. Its not ideal - but if they can build on the impressive JAPEX deal then I don't grudge them future success as part of that ride. Closed period will have prevented the management from loading up at recent low prices.
Rather than whinging about the option prices, they are still well north of where the sp is now, pi’s have the opportunity to buy in way below…!
Https://factpages.npd.no/en/wellbore/pageview/exploration/drillpermit/9896
The game is rigged.
Yet more wholly undeserving snouts in the trough...