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Im wondering if they are planning to use the gas from 103 to increase the pressure in those wells to improve the oil rates. I seen it was mentioned that they were thinking of installing a pump in 102, but this could be another use for the flared gas that 103 could produce.
I’m thinking we would get news on the mengo next, then market shuts and then I hope the next one would be for the wireline logs and license renewal.
Once they have that they could complete their raise going for the lower levels Denjo / Vanji at a much improved level if all has gone well.
The broker note estimates where based I believe on 4 years production so would increase if they get the renewal through for the 20 year license that has been mentioned.
My understanding is :-
Companies that have no assets except cash have 12 months to invest their money before their shares are cancelled.
However PREM would have the Circum shares held so they have an asset other than cash.
Looks like its moving now on that site
The Company looks forward to being re-admitted to AIM on 9 April 2018 under its new name of Coro Energy plc with an issued share capital of 716,809,735 Ordinary Shares and an anticipated opening market capitalisation of �31.4 million
There is a General meeting on 29th March, that would be when the name changes if/when all the resolutions pass.
Missed the key bit- As they are giving the dividend option it would get taken up no issues, if i was them i would be aligning the rig contract with the raise and LICENCE with providing the actual drill dates. I think that would get the interest back again.
That support though is offtake agreements really, if you hit a certain target then they will provide access to funding/credit and more importantly they would have access to the oil at no risk to them The shares in issue is key for the ability and level at which you can raise. How much share wise would 10mil cost for AAOG to raise at say 7p. As they are giving the dividend option it would get taken up no issues, if i was them i would be aligning the rig contract with the raise and proving the actual drill dates.
Haha can we also include:- Smallest amount of shares in issue when they hit oil. Pays the biggest dividend after hitting oil
It has been known that Sillaro has been in decline, here is the info from PO valley for it: for possible upsides later:- Production started to decline in late 2014 and an in-depth technical and reservoir review identified and prioritised two core initiatives to increase production, revenue and profitability. The work plan involves two phases: Phase 1 - Recomplete Sillaro-2 to increase production to ~ 50,000scm/day Phase 2 - Re-drill and side track the Sillaro-1 well to access the Miocene levels which is expected to increase production rates to ~ 80-90,000scm/day Financing for the above is envisioned through the combination of a farm-out and equity. The Company is targeting to progress these initiatives in 2H2015 and 1H2016. In the meantime, rigless interventions and further studies on the reservoir have been carried out internally resulting in a significant increase to current production which is currently averaging ~ 35,000scm/day On Saffron site- The Sillaro gas production field is currently producing at limited rates from one of its two historic production wells. The field still has unproduced gas from its Pliocene reserves and also from the deeper Myocene levels. The plan for this field is to secure a farm-in partner to drill a side track well from the existing production area to access the deeper Miocene reserves and Pliocene levels which have been identified but are not currently completed.