Member Info for ART123

I don't hold any shares here. I am just watching.

As far as I am aware there is a 7 or 8 hour time difference between the UK and USA- however it seems to have taken TOM 70 or 80 hours or more to inform the market of such important developments.

The closure order was enforced on 14th May. Allowing for the time difference it was probably not possible to inform the market on the 14th - even though Greenfield would of probably been aware of the danger of such order.

But even so why was this announcement not made yesterday!!!!!!!!!!!!!

The market would have been informed weeks or months ago if the testing was a success. It obviously has not worked out.

Maybe it will be better if the closure order stays in place and brings this expensive waste of time to an end.

At the moment the management are refusing to face up to the facts. The process does not work due to the cold weather and they have not been able to get production to the required level.

This has already taken weeks and months longer than forecast so it doesn't take much to work out that the test just hasn't worked out.

Maybe it's time to stop throwing good money after bad and to swallow their pride and walk away from this project.

Looks to me like the testing has failed due to not working in the cold weather. They just don't want to admit it at the moment having chucked so much cash at it.

Not to worry as I don't think it was ever going to be viable as it was far too costly a project @ $185M or thereabouts.

Not to worry as TOM are apparently going back to the (also failed) TurboShale project shortly.

So the 4 DUC Wells that were due to be completed in May - which was the next important newsflow - are now due to be completed by the end of July. That looks like two months later to me.

Some slippage here. Even though the management claim that the completions are underway ahead of 'earlier operator forecasts' they are actually going to be completed later than the forecasts shareholders have been given.

According to the placing RNS "The four DUCs are scheduled to be completed in May 2021 and production revenues are targeted to be received by August 2021"

but today the news is "In addition, the Company reports that completion operations are already underway on its four S-Bar and Feehan DUC wells, ahead of earlier operator forecasts. It is expected that all DUC wells will be subsequently tied into infrastructure and achieve first production by the end of July, with Zephyr expected to receive monthly revenue payments for production from all five Whiting wells by September 2021."

With long delays due to Covid and poor drill results - 2 holes out of 4 with nothing to report this could drop a lot further. 10p - or less?

https://westsussex.moderngov.co.uk/ieListDocuments.aspx?CId=764&MId=2713&Ver=4

https://westsussex.moderngov.co.uk/ieListDocuments.aspx?CId=764&MId=2713&Ver=4

Can anyone confirm whether there will be a link to the remote Planning Committee Meeting tomorrow. If so what will the link be. Thanks in advance.

You'd think this old nutcase Sanderson would at least bother to produce from HH-1 at even a modest 200/300 bopd as they did for the first year or two of this eeexxxttteeennndddeeeddd well test if only to pay for the equipment they have bothered to buy instead of just leasing it.

The man, Sanderson, is a total liability. The sooner he's gone the better. Unfortunately, he doesn't look like he's going to quit, however much he's not up to the job.

Don't get too excited. I may shut up soon - and then it'll be back down again, as it was this morning despite the news.

Two years down and only another ten years to go and we can have a PFS. In won't take that long, you may say but at the current rate of progress it will take all of that - unless the majors pull out in the meantime, which is always a possibility with the lack of interest so far.

That worked. Stir it up, get them all buying and then I can sell at a higher price. Works every time - suckers, especially as no-one else seems to want to buy here at the moment, hence the falling share price.

Given that the existing historical drill results are between 6 metres and 28.9 metres wide at an average depth of nearly 200 metres it is not going to be a lot of gold.

Of the 70 historical drills only 15 are included in the presentations. The rest are obviously at lower grades and widths. One hole could hit big or miss big.

Well it sounds like just one hole to me. I should read the last paragraph too. Here it is:

"Drilling Update
Drilling work has been progressing well. The Company currently has two diamond drill rigs at the Anzá project, the first of which commenced drilling operations on 15th November 2020.
To date, three holes have been completed and the rigs are currently well advanced on the 4th and 5th holes. Over 1,100 metres has been completed of the planned first phase of 2,400 metres, and over 1,000 samples have been submitted for analysis.
However, the Company has been informed that Covid-19 related staff shortages at the ALS laboratory in Lima, Peru, has resulted in a substantial increase in expected assay turnaround times, especially those related to fire assay, which is the primary assay method for gold. It was originally anticipated that assays could be returned in a matter of weeks, but current schedules suggest turnaround times of well over one month.
Given the time that samples have already been in the laboratory, it is expected that complete assays for the first hole should be available by the end of this month and results from these will be communicated to the market once they become available."

It clearly says 3 holes have been completed at roughly 400 metres per hole. It also clearly says:
"It is expected that complete assays for the first hole should be available by the end of this month and results from these will be communicated to the market once they become available."

Let's hope the share price multibags when these drill results are announced.

We could see a repeat of any of the previous drills in the Anza APTA resource - take your pick these are just two of them:

Hole 11: 6 metres from 213 metres at 18.26g/ton
including 1.5 metres at 72.30 g/ton

Hole 29: 11.9 metres from 183 metres at 10.57 g/ton
including 2.1 metres at 40.25 g/ton

I reckon enough gold to make a nice bracelet and definitely enough to ensure the share price multibags several times over - unless it's done that already on the strength of the first drilling here since the farm-in over 2 years ago - in which case it will probably fall back to levels more reflective of the slow progress.

Or maybe the share price will multibag. I'm just not sure really. Maybe I'll have a gamble on it multibagging. Nothing to lose really.

Oh, look, it's going back up now. Quick better buy some more - don't want to miss out.

Oh, I've just bought more at this bargain share price. Or maybe, not, if the share price has multibagged already over the last few months.

It's going back up now - don't miss it.

Don't blame me for the subdued share price. Maybe no-one wants to hear Brad do the same presentation as in December.

This could go anyway when the results come out. It could rise a lot (unlikely - see below), spike a little on the day (sell on news), or even fall.
The 2,400 metre drilling isn't due to complete until February and these imminent assays will only be for the first 400 metre hole. I think the drill is in APTA which has already been drilled extensively and most of the target zone is only 10/20 metres wide so the assays for just one hole are not going to be very exciting. There have been 70 holes drilled historically and not all have hit gold. Announcing the assays for one single hole is very hit and miss. If the grades are big, so what, it's just one hole and it might not be more than a few metres wide - enough gold to make some personal bling and nothing more - and if they don't hit the historical mega grades - which were only in about 6 of the 70 holes drilled so far - then it'll be back down to the placing price promto.

Reactions to drill results are variable. Xtract recently multi-bagged but the drilling was planned to extend the known resource and even ended finding a potential new discovery, hence the excitement. As far as I know OMI are just boringly drilling more holes into an already established prospect. Serabi Gold on the other hand announced assays of 60.06g/ton, 38.89g/ton, 27.12g/ton, etc etc today and the share price has done nothing. Much the same m/cap as here, while XTR's was much lower. The lower the m/cap the more the potential rise.

It's all a bit of a gamble really. Big rise or no rise; small rise or a fall - could be any of these, but it's certainly not a given that the share price is going to go ballistic over one hole - and certainly not after two years of waiting for this outfit to drill anything at all. And certainly not when the share price has 10 to 15 bagged already from last year's lows on the prospect of this small drill campaign.

Any rise these days is sold off quickly and the SP falls back. I think all the money here was made by the LTH's who bought in between 2p and 5p and then saw the price rise to 30p/40p. There's not much profit left here at the current share price.