Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
*#Bish##~Bash !#!# OUCH !!!!.
BadA, quite simply i see what the company is doing, with very limited cash resources they are turning our 40 year old well shod Santa Cruz fields into a much healthier and more productive operation by upgrading the surface infrastructure, now thats done its onto intervention and workover works resulting in more production which our surface infrastructure can now cope with.
No doubt if we had pots of cash this would have been done in a fraction of the time, unfortunaley we dont have pots of cash and its taken a long time.
in answer to your question i am not Parsons and i am not paid by ECHO, i am simply an investor that would like to get his money back, i will be more than happy if i can get to that point and i am quite willing to wait.
I think most investors realised that introducing 4 billion shares would create a bit of turbulence, i expect this to last for a while before we stabilize and get back in the driving seat with re-opened and worked over wells resulting in higher production, this turbulence is nowt to worry about, it was expected, if anything its an opportunity to load up.
We hear a few posters telling us this is a lifestyle company, utter rubbish, MH bought Santa Cruz late 2019, SC was at the time a group of 5 oilfields all mature and run down, months after the SC purchase Covid hit the world, like most oil companies we had to throttle back production, like many oil companies we ran into financial difficulties, debts to pay and less oil and gas wanted by the market, since the Argentine opened its borders early in 2021 we have been in a constant state of upgrading the surface equipment in Santa Cruz, these surface works are a must if we intend increasing production, we are at the end of these surface upgrades and now entering the exciting part where we bring back into production 30 previously shut in wells, then we have numerous wells that require workover, followed by Campo Limite which was put on hold April 2020 due to covid and no doubt the financial constraints Covid brought with it.
The recent debt for equity deal, debts due 2032 and decreased interest rate does mean several billion more shares but it also means we have cash to spare on increasing production.
We are building a new company with a new future, seems its taking too long for some investors and some posters that are not invested.
My thoughts are that by 2024 we will be approaching 50 million a year turnover, happy to wait and in for the end result, seems others want a quick result but that will not happen.
Excellent news, now we have control its onto stage 2.
Interoil our junior partner have just released the production figures for November.
Link below.
https://www.interoil.no/?page_id=13&year=2022&PressReleaseID=2896802
Great opportunity to average down, now we have to wait for ECHO to get stuck into these workovers and numerous other projects, as i said before, 2024 this will be a very different company, maybe that wait is to long for some, not for me.
Taking control can only be good news, ZIOC was always a long term play but it seems closer after this latest development.