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Sp seems to moving north nicely up 6.9 %
Per recent post ....
http://environmentclearance.nic.in/timelineA.aspx?pid=IA/GJ/IND2/238854/2007&type=EC&proposal_id=41233
Company has confirmed this should now push GPCB across the line. Game on.......
yes looks promising for switch on fp!!!
Good finding fp, seems to align well with “imminently”
Time to turn the taps on.
The Gujarat Pollution Control Board (GPCB) is expected to approve the re-commencement of production on the Cambay field imminently. All necessary operational preparation, including system integrity checks and safety system validations, has been undertaken to allow for an immediate re-start of gas production from two wells (C-73 and C-77H) upon receipt of GPCB approval.
It seems are brokers want to drop the sp just as we’re about to launch lol
Looks good. Gla.
I think EC has been granted http://environmentclearance.nic.in/timelineA.aspx?pid=IA/GJ/IND2/238854/2007&type=EC&proposal_id=41233
Gas prices to double in April will help
"It is being estimated that domestic gas prices from regular fields will double in April 2022 (from the $2.9/MMBtu increase in October 2021) to $6/MMBtu, and would further increase to $8/MMBtu in October 2022."
https://www.google.com/amp/s/www.thehindubusinessline.com/opinion/the-disconnect-in-the-indian-gas-sector/article65186531.ece/amp/
So, provided we can be cash positive from production in a few weeks they shouldn't need a further raising.
Plus the refrac raising, which presumably is ring fenced.
Found it. Jssper calculated the monthly cash burn at around $300k. So at the end of March there will be about $500k left.
They had, $1.4 million left at the end of year. Can't remember what Jasper said the cash burn was but they must have run through a fair bit by now. Presumably the raise for the refrac must be set aside for that.
Meant to add, or maybe not if the production gives enough cash flow quickly enough.
Yes oilman. That's pretty much the point of doing the refrac on 77h before drilling any new wells. To demonstrate that (hopefully) the new techniques give a dramatic increase in flow rates and enable oilex to get much better jv terms. The original plan under Joe was to dig two more vertical wells.
Roland's plan is a much cheaper way of proving up the well. With it now looking like 6 months before refrac results they may need some more cash to tide them over.
Around this over the past 6 months todays RNS gave a large dose of realism to many. Given the extended timelines I’d say another fund raise is distinctly possible, let’s see
;0)
Zag…. New company now. They’re learning. And as shareholders we are entitled to voice our opinions to them directly. I have and know many others are too.
74% of the shares held are in PI hands. Use our voice collectively.
Probably requires subscription, but basically very upbeat on prices going up in 12-18 months from. Seeing will still be a while until we hopefully are “in this game”, sounds all very promising.
https://nam12.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.ft.com%2Fcontent%2F9f4a133b-a367-4c40-bfb7-5fc01ac70265%3FsegmentId%3D6faa8072-922c-4fbf-5b33-45a1342b0cc3&data=04%7C01%7C%7Ca36d9a1dbf9942cd765008da077918b1%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C637830513923042413%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000&sdata=pknKW8pMGCV%2FP3%2FFKLMlQB5bljcE8NIt34IE0MuICqo%3D&reserved=0
Fair enough Jasper, but it seems everything is an after thought.
Yep, agreed
Thanks Jasper, appreciate the update. Yes, we can’t expect it all to become perfect overnite. It’s indeed a start. Sounds like you’re doing a stellar job as it is. Happy to join forces if you see need for it to push something harder. Just let me know.
Zag… I wrote to Vigo last week and copied in Roland, regarding how I think they needed to improve their comms strategy and socialisation of the OEX story. I got a decent reply and they agreed with my thoughts. They tell me they have a clear strategy going forward. It’s interesting today that they have tweeted themselves on Twitter more in one day than they have for weeks on end. It just so happens they have retweeted one of mine, which I see as a positive and not a negative. I think all shareholders agree they need to up their game. Let’s hope they continue to do so.
I think we all agree they could have done better comms. So rather let’s all pass on the same message and eventually it will happen. Personally I’m quite pleased with the update, factual and clear. Delays are part of the game, if we can call the tap turning that. We’re in a volatile market in many ways atm. Yes, I agree that if it was to drop further might be time for further top ups. Atb
We could still get the approval this week
Be interesting to see the flow rates
Big party in India hope it’s Friday