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I think that most posters here were expecting it to flow, though there was always a huge variance in the predicted rates.
It looks like Jennings are going to be the only winners here with the guaranteed purchase of their now converted warrants.
No doubt someone will twist this around to make it look like everything is okay and it is still going to flow. It might - but then I may well wait to see confirmation and flow rates in black and white before chucking any more in here.
The whole thing has stunk the whole way through as they have taken so long to drill 2 very simple 800-metre-deep drills and then carry out a simple flow test. So far they have spent just a week short of 7 months to do just this.
As I have said several times along the way, I hate to think what sort of a bill CRCL and the other partners will be sent for 7 months work. It will be huge.
Also we don't want to expect to hear anything from Mr Karam - he is far too aloof to waste his time speaking to shareholders so it is now back to a game of trying to guess exactly what the f*ck is going on.
Well they haven't said that it doesn't flow - or not in plain English - but then they certainly haven't got it to flow as yet, despite trying quite long enough. Maybe in another 3 or 6 months they will work out how to get it to flow.
It is a complete and utter farce.
Operations Update:
"Testing of the TO-14 well continues following significant weather and equipment-related delays earlier in the year. Reactivation of the fractured carbonate reservoir has been challenging, however there is continued focus on engineering solutions to flow test the well from the most prospective zones identified during the drilling phase.
Continued engineering work is being conducted to identify solutions to flow both TO-14 and the yet untested TO-13 well. The Operator is following through with the completion program for both wells with continual updates to the program based on new information obtained with progression of the engineering work."
It doesn't make any sense - none of it. It's just garbled nonsense.
What a disaster. And I saw it coming the way they took so bloody long to drill a couple of 800-metre wells and then to carry out a simple flow test. It doesn't look like they can get it to flow at all - but then the same bunch who took that long would hardly be expected to get any oil out would they?
Maybe today's RNS should have been released on the day of the Investor Meet presentation. It seemed very odd to do that formal presentation without any new 'news' at the time. That would have made much more sense and might not have 'crashed' the share price back down so fast as happened today.
Yes, 30th June 2025. We are currently in 2024 as far as I am aware, so the borehole doesn't need to be drilled for more than a year from now and as we all know with this share anything can happen - or not!!!
It would appear that CSS - Cambridge Sleep Science - is worth far more to ROAD as a sold asset than as a holder. While a purchase order is fine, the sum of cash involved is not very large and won't make any difference to the revenue balance sheet while funds from a full sale will make a lot of difference to the new business.
Sorry, I've just noticed that the drilling date is 30 June 2025 - I had automatically read that as 2024. Lots of time and no need to worry for now.
'In order to retain the full 300 km² licence area without any future partial relinquishment, the Company must now commence drilling the Loxley-1 appraisal borehole no later than 30 June 2025.'
So they will need to raise some funds to pay for the cost of the drill. Does anyone know how much this is going to cost? Only problem is the already tiny m/cap.
Where is the link to this info?
Here it is:
https://twitter.com/OrosurM/status/1772157601574498768?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet
Plus this:
https://twitter.com/OrosurM/status/1772158993445888114?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet
Flagstaff TV usually do the podcasts with Brad George and I see they have already posted here today - see Analyst Comment at 10.53 am - so I would expect that a podcast is in progress and will be released either later today or tomorrow and hopefully this will answer any questions and make things clear.
I mean podcast rather than presentation. We had one of those - presentation that is - back in January which saw the share price as high as 4.55p. Just a simple podcast would be good enough for now and might be enough to get the share price rerating back up from the current low.
More like:
The last RNS sounded too good to be true - and it was as it turned out.
As for not even bothering with CT4H well testing, despite claiming that it was producing approximately 600 barrels of oil before being shut in again to allow all efforts on site to be directed towards the remedial repair works on the CT1H well. That sounds suspect too. Are they incapable of doing 2 things at the same time? M/cap about £600K.
It appears to be 'production thresholds' and not 'exploration threshholds' so unless or until this gets into production there is nothing to pay.
'The proposed consideration set out in the letter of intent is a net smelter return royalty of 1.5% and cash payments of up to US$15 million payable upon meeting certain agreed production thresholds.'