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no mention of SCDI - so you saying SCDI as operator has no say then? Think again.
"The Facility's initial capacity will be in excess of 700 tons per day with the potential to expand as demand increases over time." The above is out of date - 20/4/2016 RNS "Upon completion, the Facility will commence operations on a 24 hour per day, 7 day per week basis, with a processing capacity of 845 tons per day which represents an increase of approximately 20% from the 700 tons per day originally contemplated" Why would they have increased production capacity? Contract demand? ps 90 days since 20/4/2016 has been and gone.......we must be close on that update...
big timber, re offshore - indeed, that was always the stated plan (fancy a JV with a barge service company) from RNS "The Facility is designed to be easily scalable should Tabasco county see the increase in drilling activity that is anticipated by management. Furthermore the products and services offered by the Facility can be expanded to include handling waste from off-shore drilling platforms and eventually be expanded to recycle the hydrocarbons and water recovered in the remediation process to manufacture drilling fluids and drilling muds. Mayan Drilling Fluids will be engaged in environmental remediation services, which will include, but not be limited to, the remediation of oil based mud drill cuttings. The Facility's initial capacity will be in excess of 700 tons per day with the potential to expand as demand increases over time. The pricing model being implemented by Mayan Drilling Fluids contemplates pricing in-line with similar plants in South Texas where prices range from $60 to $100 per ton. Geographically the Facility's location in the city of Comalcalco is in the heart of on-shore oil and gas activity between the city of Villahermosa, Mexico and the nearby port facility. It is anticipated that the location will give Mayan Drilling Fluids a competitive advantage by reducing the distance that oil and gas operators will need to transport their waste for remediation. Longer term the proximity to the port facility will allow for potential addition of barge service to treat cuttings from offshore platforms in the shallow water Gulf of Mexico and the Company contemplated recycling oil for use in manufacture of oil based drilling mud."
The cash for lm21/lm22 is ring fenced, if GCW and RRR go ahead with these NCT will be outvoted and have to stump up the cash, they have no control over when these wells are drilled. Helpful is filtered, got tired of the MXO warrants every time MXO increases by 1%.
From SC update RNS - so they have said, it is all about getting a better understanding of the field. Has the location of LM22 been decided? It looks like still a moving target - but if workovers are providing better data surely the project partners will want to ensure that they have the best location to spend $800,000+. If I were sharing that cost I'd like the best available data. If that means workovers where NCT get the edge, all the better for negotiating. Must keep in mind that SCDI is the operator and they are in ones in control. "Finally, it is worth mentioning that a certain number of the recompletion projects, LM#19 for instance, were undertaken in part to obtain additional information about reservoir quality in different parts of the field, to be used in planning the location of future wells - including LM#22."
Don't you think the 4 parties, NCT/SCDI/GCW/RRR might think their unspent "committed" LM21/22 monies might be better spent now on workovers given what they now see at LM14? (Assuming SCDI/NCT are happy to negotiate) After all they have many more workover targets identified; as previously mentioned in the RNS when they worked over LM19, the data from that is helping positioning LM22 drill. Surely more of these workovers gives a better picture of the SC field; and based on that plans change. That has been demonstrated already. RC has actually positioned NCT very well here. See Helpful's post yesterday, it explains it very well. Short n curlies.
You are assuming that LM21/22 proceed near term; with permits still not applied (nothing on Sonris) do you not consider that plans may have changed in favour of very cost effective workovers? Not saying LM21/22 won't happen but it looks very much (as cash is tight) that they will not be priority. About cashflow right now and directing investment where NCT can get immediate and potential very good returns, i.e. LM14. "Northcote's net share of costs associated with these activities is approximately US$500,000 - including the impact of carried interests, the net cash requirement falls to approximately US$300,000, all of which will be funded from existing cash resources" I am also hearing that LM14 has caused quite a stir in SC gas interests. NCT holding 52% revenue interest put them in a very strong position if someone wanted to negotiate. Who says NCT will be picking up their (significantly less) proportion of $450K cost? The RNS didn't say that, all it said was the estimated cost. "It is estimated the total cost of this initial work will be less than US$450,000. Gas sales are expected to commence after completion of this work." Wonder how much cash is being generated right now at the Remediation Plant? Plenty of ways to skin it, imo
Revise my estimated cash shortfall up to £500k from £300k in light of yesterdays announcement of the cost of gas lines and longer than expect lag in getting the gas to market. Would expect any raise to be before the new rumoured directors take charge as they will not want to be associated with the placements of current management. A sale of part of SC to GCW is also a possibility but considering the last deal they may not be as keen to proceed.
all buys so far, 2 V 1 a few taking position maybe for news next week, imo
peters - I am not expecting it to be quiet very much longer; there will be plenty to discuss very soon imo SC news yesterday was material and when the rest of the jigsaw is revealed even more so; just my opinion of course....but there is plenty to see even without enquiring of the company.
Been quiet on this BB lately, well yesterday. A bit of news would be helpful to keep up spirits!!
https://northcoteenergyresearchblog.wordpress.com See still down, a bigger update (in addition to SC gas news) is being worked on imo (although not an official blog, RC has referenced the blog before as a very good source of information and research for all things NCT). In the past the blog has always been taken down for updating. I believe it will up and running next week i.e. I expect news : )
Northcote agrees gas sales deal at Shoats Creek Share Gas is a bonus for Northcote at Shoats Creek Northcote Energy Limited (LON:NCT OTCMKTS:NRHCF)) expects to increase production from its Shoats Creek operation in Louisiana by 450% through a new gas sales deal. The agreement, with Enerfin Field Services, runs for three years and will see the Lutcher Moore#14 well tied into new gas lines. http://www.proactiveinvestors.co.uk/companies/news/128757/northcote-agrees-gas-sales-deal-at-shoats-creek-128757.html
Yes, got to take that into account.. But I'm sure RC knows where this is going now... if / when he goes, he will want to see NCT grow and if he's a 'normal shareholder', see his investment rerate alongside the rest of us....We may even hear from him on this bb??! Or back on Twitter :-)) And if he is just below 3% and buys on open market, then. TR1 comes to mind.. Joining Blingbird!
And just for clarification, by my calculations RC current shareholding is below 3% - in keeping the company alive this last 6 months he also has taken a dilution in his % shareholding, like his fellow shareholders.
Briarbank - if RC had gone it would have to have been announced. He is still a director today but I think we are in the transition of handover. These things take time particularly if it has been planned for a while which I believe is the case. imo
"a large amount of stock seems to be being sold......" It's being going on for weeks as I pointed out a few times. Notable as many of the trades were around 0.026p levels which for any normal investor would surely be loss making. Crew here weren't overly keen to talk about it imo.
Peckham - you're correct - 3% is irrelevant as he is still a director of the company. Any sales or buys need reporting.
Blingybird / think you're spot on / he's not offloading as NCT is on the verge of major change. Not forgetting he's invested over $300K in NCT and down more than anyone here. He like most need a serious about turn. I recall a conversation I had a while back and he made it clear that if someone could grow the opportunities he has created better than he could he would step aside. I suspect that point may have been reached - RC in my book is foremost a deal maker, putting the building blocks in place and recognising the qualities of others who might be better equipped to take the business streams to the next level. A great quality in an entrepreneur to recognise that. Let's see what transpires.
Almost certainly left company as CEO. Clue? Noticed that recent RNS's do not include his name, when at the end of every RNS reads "For further information visit www.northcoteenergy.com or contact the following"................... That said if no longer a director he can sell. But as a "substantial" shareholder > 3% he must inform co. and RNS generated titled "Holdings in Company".
If rc was selling it would have to be on an rns, as he is still on the bod, you can't keep that kinda info in the background. Imo.
Literally zero volume relative to current shares in issue in these last few weeks / see what happens soon when news breaks - ie full operational update on a number of fronts, interesting will more than an understatement imo
With randy over the years taking shares as remuneration don't believe he will be off loading now while sp is down
I think Tuesday will be the day we are told what's happening. A new month, a new start, and a new market cap!!
Interesting that RC has disappeared but a large amount of stock seems to be being sold......mmmmmmmmmmmmm IMO.....buys seem to be being matched by sells at the moment.....the good news is.......it can't last forever.....