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Makes you wonder does it not how the previous application by AEX came to nothing, no announcement that it was rejected or required modification, well not until Monday the 27th April RNS 2020 that is.
"Under the terms of the extension the Company, through the Ruvuma PSA Joint Venture, is committed to perform the following works during the extension period:
· Acquire 200 square kilometres (surface coverage) of 3D seismic (min. expenditure of US$7 million)
· Drill the Chikumbi-1 exploration well (min. expenditure of US$15 million)
· Complete the negotiation of the Gas Terms for the Ruvuma PSA with the Tanzania Petroleum Development Corporation
· Using the data gathered from Chikumbi-1 and the seismic acquisition, prepare and submit an application for a Development Licence for the Ntorya Location area.
I think it was about 2 years ago that I asked CP if it was called a 25 years licence because it took that long to get it. Still waiting.
lol, could be Bucks, all depends on how quickly this export pipeline gets built by total and of course the gas export.
I'd like to see more involvement in Helium 1.............!
not necessarily an RTO........... but more, and Airships..............? is that real........?
All the best (have a good W/E all ........... :()
Point taken.
Speculate to accumulate.
So spend £5 million to earn at least an extra £50 million from a complete sale.
With helium one ipo drilling etc we could have a huge war chest in a matter of months.
I haven’t of course forgotten the promise of a special dividend.
As with everything here we shall have to wait and see.
Afternoon steve
Well the board have been handed the golden fleece with the AEX/Zubair farmout now completed. What they now do with it sets the future for all shareholders here as does any price for securing a deal.
As always my take is to drill C1 and 3D (Total cost to SCIR £5.1 mill, about the same as the available loan facility)and then wait for the 25 year development licence. Why? because the asset sale price will be worth about 10 times more at least and will exceed NR's $100 million.
Helium - One Global, we need to see this IPO/RTO complete on favourable terms for SCIR, I expect the money invested on this asset by NR to give a poor return until post drilling.
GL, the lights are green at last, can the BOD get the car into gear?
I am as confused as almost everyone else.
The board have a strategy lots of big plans for the company.
They have sold off a couple of old assets at an overall loss spent lots of time and money on an aborted deal ( gas price now higher than last October).
They have changed the company name.
IMO an awful and embarrassing list for two years hard graft.
Still not at all impressed given the boards credentials.
Maybe next week it will all change but I fear new name same old company.
Steve I think that statement was meant to be an alternative to the Ntorya production; I certainly got the impression that production was to come from "new" as then unidentified acquisitions? On the assumption that they would no longer be a part of the Ntorya JV by that time.
Though I will admit that was just my interpretation.
CP Agreed. 40mmcf/d / 6000 = 6,666 Boepd. 140MMcf/d / 6000 = 23,333 boepd
Using the conversion 6000cf gas = 1 barrel of oil.
So some very pertinent points to make or questions to ask as SCIR entire share is at maximum 25% of 23,333 (5833 boepd)
Afternoon Chris.
They originally stated 5000 bopd and quickly raised it to 20,000 bopd.
They then said we would be mid cap within three years.
They have less than two years to keep their promise.
Even the aborted one days deal was only just over 2000 bopd.
At the amount they were going to spend on the aborted deal we would be looking in excess of £300 million investment to acquire a 20,000 bopd production rate.
Could be the 20,000 bopd equivalent includes Ruvuma and helium one production.
Roll on Monday.
Good job there is an a before Shell AA ;0)
The numbers they quoted appear completely unattainable in the time frame. To put it into perspective, Ruvuma with all 8 wells producing is expected to produce 25,000 boepd Gross to the JV. How SCIR expect to achieve 20,000 BOEPD within the next few years is beyond me.
These are reported experts in their field, no-one forced them to make these claims, if not for Ritson we would be a shell.
Can’t really knock the board, look at where the world is!! Little old solo still going. The sale of ruvuma unlocks the potential of the board.
To achieve that sort of daily output they would require very large acquisitions spending in the hundreds of millions in the process.
Twenty maybe thirty million for Ruvuma where’s the remainder coming from.
I can’t be many shareholders wanting to invest any more here unless they are going to get a good return.
One thing is for certain Steve, they don't deserve an easy ride come Monday.
They also predicted 20,000 boped in the same time frame, up until now 0
Steve, I don't know why they made that claim in the first place, its a tall order to fill.
They will certainly have some awkward questions to answer.
Absolutely nothing to enhance shareholder value in two years.
No income and millions spent in fees etc.
Their strategy forward may be of interest regarding sale of Ruvuma stake and forthcoming helium one ipo.
As for being a mid cap company by March 2022 maybe someone should ask them if this is still possible and if so how and when are they going to do something about it.