Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant. Watch the video here.
The last RNS left a lot of questions surrounding the viability of this rig getting to site on time. The following interview said he1 were out there working on it. 3 weeks on and not a peep of news. Im sorry but we deserve better. Each time they've gone silent its been bad news, loose contingency plans made, silence then same again.
They have had the seismic data and drill target since March and zero progress has been made.
They have had 6 months working on this rig to alleviate any export problems. They led investors to believe the audit was the final step. Here were are 3 weeks later.. not even an honest update as to where we are or whats expected to follow.
Shambles
Its torture watching the weeks pass by and deadlines come and go, rig isnt being mobilized this week. Earliest the rig can be at rukwa is the second week of december now.
Its never going to happen in time. What a **** show
Wow I really got you guys going ;) of course theyre doing their best to get the predator rig moving, hopefully it works out.The truth is that the other rig may present a better option or fit timelines better. The very mention of it in the RNS suggests they are considering all options. They are professional and will make the best choice for the company, their wallets and ours by default. Everyone wins if the project succeeds - believing anything else is just poppy****.
I am still considering selling half my holding that I added recently if we get into next week with no news as I do believe it will be plan B and Q2 then and I need some treats for christmas
What if the survey showed that there is poor resevoir and trap and that all our other prospects are worthless.. what would they do.
Drag it out and string it along until a competitor drilled in the hope they hit the gas and we can sell our "prospects" on. This might be why we havnt had the details of the seismic or anything for that matter
Have to say I agree. No mention of a logistics challenge until after the audit. Talks of a backup rig in the wings Q2. No contracts signed for anything.
We have very little. While we have been ****ing about Noble have raised further funds and will have multiple 3d seismic mapped targets and more money than us to drill them.
Absolute shambles and I can see us going under if we fail to drill. Noble will take all of the glory if they make a discovery, and all the media attention and offtake agreements. We will end up selling licenses to Noble for pennies
If no news Early Nov im contemplating selling half my holding and getting back in before the May drill
This kenyan rig has always been a red herring to keep the share price buoyant, like the containerized rig before it. Im waiting for an RNS very soon to say drilling in Q2 2023 with the rig coming with the Baker Hughes equipment from southern Africa. Contracts all signed.
With a date set and contracts signed I will be happy enough.
The current Baker Hughes project (assumed to be Invictus Energy) has turned out a bit of a duster so far, they have another well planned but if they decide to redrill the first hole then we will have a knock on wait for our Jan/Feb deadline.
Keep waiting persian and you will miss the boat. Your choice completely
They're not issued until wednesday
Believe me guys within a couple of weeks there will be no space on this board for talk of other stocks or deramping it will all be talk of chance of success, derisk strategies and SP predictions for discoveries.
This could be the biggest under the radar opportunity in AIM right now
If it was as simple as that there would be no message forums for stocks & shares.
We come here to discuss what might be happening in the background, offer support, celebrate when things go well, share ideas and moan occasionally when we feel the team aren't communicating well or feel we need more info.
All of the above is ok
Very true, for now we wait. Patiently as ever with a hint of pessimism but hopeful.
I have a lot resting on this, perhaps too much.
Never drill a good prospect they say. We have stalled long enough though. I do hope they get a solid plan soon, its been a torturous wait.
Im certain that they are confident in the geology at Tai to give them the best chance of a discovery.
In terms of getting a drill organized, it has been so frustrating for shareholders. To have to delay 2022 our discovery year to waiting for a rig to pass audit to now hitting problems with moving it. The Baker Hughes deal isnt signed off, Jan/Feb is looking troublesome and we have the problem of ever diminishing funds.
If we dont sign this rig and get it to site we are no better off than we were at the start on 2022 and with much less money.
Im tired of it all, trapped in all year and even been convinced to buy more on promises they havnt delivered on. We were promised start of drill plan, value accretive newsflow, Baker hughes etc etc
All we have right now is a rig we have invested time and money with problems in getting it out of Kenya and a near all time low share price. Its not good enough
Im not going to lie, I'm totally fed up.
We get promised and drip fed - only for further problems to be revealed then left without any newsflow and timelines ticking away.
This rig is supposed to be getting to Rukwa before the rainy season mid November and it takes 4 weeks to get there so time is up for that plan already
I try my best to stay off the crack these days.
Jokes aside this isnt a conspiracy, Helium One chose to start calling this rig our preferred rig several weeks ago now and in the latest update they chose to divulge we have a backup rig and that the process to get the original audited rig out of the country isnt straight forward. We were led to believe it was a given once the audit passed.
The reason they have chosen to divulge this is in my opinion that there is a very real chance of us not being able to get this rig to Tanzania in time.
Its exactly the same as when in an RNS they started labelling " future drilling campaign" and when they kept reiterating that downhole services would dictate the drill start date even when 2022 was supposed to still be viable.
We just want to know where we stand. We arent children - I think total transparency is always best to manage expectations. If they believe there might be an issue in getting the rig in time, rather than write an ambiguous statement in an RNS. Address what that means in an interview and what affect it will have.
Something doesnt feel quite right about this rig and the mention of export letters and the like.
They have been working on this for months since the interview with David and Mike Williams. The fact that the latest RNS mentions that the required letters arent forthcoming and mentioning a backup rig indicates to me theres a serious problem.
Cluff geothermal who own the rig had a huge lawsuit and sued the Kenyan government for billions. They lost but I can imagine they arent exactly playing ball with the export procedures.
Shareholders need to know whats going on
So the idea is that the British investor is a smarter, more scientifically minded type who grasps the long term appeal of such a commodity and and graps the technical side.
Just wait until they meet Muscles dragging his knuckles - I cant wait
I agree, the wording changed before the last update when they started referring to this as our preferred rig. Perhaps the backup rig is the one being used where the baker hughes equipment is coming from. A friend of mine suggested it could be coming from the big Exalo oil and gas drill happening in Zimbabwe now.. it started a few weeks ago and is due to conclude December.
The timeline fits. I think the company is Invictus but let me check.