Adam Davidson, CEO of Trident Royalties, discusses offtake milestones and catalysts to boost FY24. Watch the video here.
3 others on the board also had 33% vote against them but not enough to remove them. Was this part of the AF rebellion that didn’t come off and had to resign?
Also both special resolutions 11 Pre emption rights (issue of shares) and 12 share buybacks were rejected. So the company can not do much until next vote in May. Unless an EGM is called.
I'm not sure what goes through his head to think these things are a good idea.
His responses to questions on the presentation were nonchalant. They have messed up 3 wells in a row and the fourth is also looking like requiring further remedial work. Things are only going to happen when they have the cash come in so why pay huge salaries. The only thing that'll save them is an increase in Oil and gas price. And even that might not be enough.
Yes. That’s how I understand the casing as well but not heard it called a cement squeeze, as it’s usual for them to cement casing in place. I guess with the damage they’ll need to ‘squeeze’ it into gaps where there’s damage like you said.
Do you think they’ll run any down hole inspection processes prior to completing?
They also didn’t update on the federal 28 testing they are doing. Although think most of that was in Q3 anyway.
State 16 has been fairly dormant for months now. Even the outstanding permit for it hasn’t moved either. That’s drill and pipeline.
Has the potential for development drilling as 16-2 was only a short lateral anyway.
Thanks Ezhik I did wonder why they would cement the tubing in place. I thought it may have been to hold it in place under pressurised loads. But as you say packers and centralisers would guide the tubing over the length of the well.
So would they perform the cement squeeze on the casing before reinstalling the tubing?
Completely understand about the pressures they are facing down hole and the need to be even more cautious
The tubing is also cemented in place. Not sure how strong a cement that is. Would think it's more to stop movement and maintain wellbore conditions rather than any structural cement.
I've read of companies that have tried to pull old tubing and pipe. Think they also use dynamite (but may be thinking of something else). Several have failed and ended up with downhole junk and had to side track. I'm surprised they have taken this long and are still persevering with removing the tube as I mentioned before. Although the insurance may not have covered them for a side track.
Non Op:
Revenue up due to increases in volume. But income actually down on last quarter.
Good hedging rates helped, although oil/ gas price also recovering.
More wells online in October to maintain volume while others naturally deplete.
Participation in ten new interests. No timeline given for completion of these. Suspect 2024
Paradox:
Further acreage and empire building...
State 36-2 still not ready for test. No timeline given.
Majority of incident costs recovered. No indication of actual cost so far verses recovered.
Nothing on when further shares to be issued or progress on facility or infrastructure. Paradox basically still waiting on the test (and permits). Which looks like late September/ October now...
Presentation is up on the investor meet platform if you half hour of your life to spare.
Their basic plan is that they will only spend on exploration what they make in production. When commodity prices are low that doesn’t give them a lot. Slight uptick in prices will help them this month.
Want to:
acidize N-2 to improve production rates.
Sidetrack W-1 to complete
Drill 2 new potential wells in Sabria
All the above require partner approval
Are investigating potential in moftinu
Romania was supposed to be more lucrative but government taxes and loyalties stemmed that. Still been a good investment return.
Will mothball and move moftinu facilities if/ when gas runs out in that area
Moftinu facilities worth more than MCAP in scrap value!
Looking at potential to perforate other smaller gas zones in existing wells to eek out all the available gas.
No buybacks as shareholders voted against it at AGM
Still disposing of abandoned Canada assets
Can’t remember much else as was cut off before the end.
There was a $4.5m rework cost in Tunisia that has eaten into that cash.
The 400boe/d+ they are hoping to get from N-2 should replenish that. Although the acidizing cost will need to be offset in the short term.
At least the oil and gas prices have increased slightly lately.
The Sabria N-2 well is currently flowing to surface and is dewatering in line with behaviour the Company has observed in other wells on the Sabria field. Subject to the progress during the dewatering phase the company is considering acidizing the N-2 well to enhance the flow performance of the well. The Company's engineering analysis estimates that a successful workover and recompletion will initially increase gross production from the Sabria field by approximately 420 boe/d.
I think well was supposed to produce several hundred a day and that was net to SENX. They have a 45% working interest. They may not have included it as not part of the lift that happened and only been online for a bit.
No change in production other than reduction in commodity prices means they are getting less.
AF no longer listed on the RNS. Has he finally gone?
Still talking about the same stuff as six months ago. Do they have any clear forward strategy? Or are they going to run out of money?
TC, tell that to the TXP investors this morning who had nothing but a Q2 report.
The Q2 results and reporting period are only for April, May and June. There is no requirement to provide details of current works. But hopefully an Operational update will happen, as it has been a month since the last one.
They could just provide a Q2 results update next week with no further information about work in the Paradox a bit like TXPs update this morning which had nothing about their two major catalyst other than a short line from the CEO.
Think we are slipping past my mid August deadline for testing now anyway....