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My understanding is that the predator rig can run 48ft sections of 4-24" casing to whatever depths the drill is capable of - is that not how it works?
I think they will likely drill, wireline and test the lakebed and then case. Then open hole drill the red sandstone to the Karoo.
They could case all the way through the red sandstone if its looking problematic
We will fly then.. its only porous sandstone.
They will want to be extra careful to avoid any collapses but it looks like it wont take very long at all.
Back at the end of March they were tendering for cementing services and environmental impact services.
Someone else said that they had a friend who worked in camp setup services and that tenders had been arranged for that and that it was all pending the signing of the rig
1300m @ 20m per day is 65 days for the main karoo drill target? Seems a long time
Say 300m for the lakebed target is 15 days.
Thats 2 months of solid drilling for tbe 2 targets at Tai assuming the lakebed target isnt stacked above the karoo target ( assumed not)
Say we need to be wrapped up by the end of Nov and assuming wireline etc can run alongside drill plans then we need to start drilling early October at the latest really.
I dont think this references a "discovery" in the the O&G technical sense ( wireline, stem flow etc) rather discovery of a potential resource.
Obviously im excited for drill news next but can't wait to hear about the new lakebed closure at Tai and the drill plan
News is coming soon im sure
So we know its likely that the JW/DSE is Cluffs and that they are obviously open to selling it or doing a deal.
For what its worth Mike Williams as 2 contacts with Cluff Geo on Linkedin
IMO it all looks promising. Looking forward to see what deal has been done if indeed our intuition is right
Drill rig will be announced in the next few weeks. Its likely only a 72 hour drive from the drill site.
Pre drill share price will be 20p+, spud will be October.
Chance of success is very high, so much more so than last year - they essentially know a discovery is there.
From the many people ive been talking to my guess is that we have hashed a deal with Cluff geothermal to service and make operational their predator rig currently in Ethiopia. We will maybe be using it in return for making it operational and more desirable to buyers having had recent refurb and use OR writing in a purchase or extended rental deal upon disovery at Tai.
At this price, these shares are a steal.
Its been a tough hold, it really has but dont lose faith and sell yourself short at this late stage
This share price movement doeant feel lime a company announcing a drill in the next couple of weeks.
Im bracing myself for the worst here. If they dont get the drill they had better have a contingency plan for next year all ready to go or a shallow drill for this year.
Crunch time for the company and investments is upon us. In a few weeks time it will be all systems go or failure IMO as the 8 months wait til next drill season will kill the share price and leave the company with no means of raising funds
I have lost my marbles today
Hope you're right ... fingers crossed news soon
Its been over 4 weeks since the operational update.
Share price is truly awful right now and I understand markets are what they are.
There just doesnt seen to be anything positive - we dont feel like a company just about to announce a drill contract and embark on an exciting drill campaign. Rather it feels we were strung along from the Q1 'when where who, what, with' and we still havnt got answers. Its gone from we have 6 news targets to drilling just the one old one and it doesnt even feel like they are going to do that.
Its now Q3 in 10 days with a scrapyard drill plan, about $6 million dollars left if lucky, licenses due for renewal.
Unless they somehow pull a rabbit out of the hat I fail to see how the company can move forward. Share price will simply collapse and we will have no cash left.
Its an unbelievable situation that they have backed themselves into after last years drill fail.
I wont sell at a loss after holding so long but I genuinely fear I might never see my money back right now
This years financial markets are pretty dire.
Last year we were deep in a Covid Pandemic.
We will drill again this year and expectation will be high .. again, if not more so and this will drive the share price north pre drill. I see 20p+.
Not sure about a drill share but I do see that Noble will be needing a drill. I see Noble as competition rather than a partner personally.
We will all see soon enough
We had none of this due diligence last year and stripping the rig with Mitchells.
We are hiring a third party company to audit the rig - surely if we were hiting the rig + associayed specialist team as a package - we would trust them to audit and test their machinery.
Im pretty sure the crew wouldnt have been part of the Texas container rig either had that come off.
Perhaps we have hired a drill team in to operate the rig for us. EPIROC / ATLAS COPCO have a big presence in east africa with offices actually in Tanzania, they must provide training or be able to help with sourcing drill engineers familiar with their drills.
We still might just be hiring it from the owner - but performing the audit and service as lart of the deal. If it was fully serviced, audited and used recently then it makes it more attractive to prospective buyers.
It might actually be EPIROC / Atlas Copco that we are dealing with for the purchase / rental arrangement.
Buying the drill would still make sense for a helium 'discovery' company as we are now labelled
Lower price and keep Eyasi & Balangida for me. I have a feeling we are aiming for disovery 2022. Sure that up with multiple drills next year, flow testing, cap production wells. Produce some new reserve estimates and then offload to the highest bidder. Then off we pop to the other areas and repeat.
Total market solutions interview on 1st of June said "we have sent a drill rig inspection company" could just be wording.. leaves it a bit vague.. all we know is that in the next few weeks we should hear something
Thanks for explaining that Josh.
Time will tell how it all pans out - either scebario will be good for us shareholders
Couldnt they secure this via a long term offtake agreement.
Also with regards further exploration - we will need to be drilling a hell of a lot of holes in our 4500km2 - next year we could tackle our 6 prospects in Rukwa for a fraction of the cost with our own rig
It may well not be that rig.
I see your point about seals etc. I do however see sense in purchasing a rig and even if the cost to fully service such a rig exceeded the cost of the rig itself - the ability to drill multiple holes next year at cost price would be fantastic.
If the intention is to take this right through to production the I see sense in it. We have many holes to drill in Eyasi and Balangida also
Having read some posts over on telegram people have noted that in the RNS on 24th May it was stated that helium one had contacted a drill rig audit company. ( hopefully it was contracted not contacted and was a typo)
In the total market solutions interview ( paid) it said the 100 tonne rig was booked and being assessed ( present tense). So we can assume thats been underway.
As for a rig purchase - I could see this being really worthwhile. DM said it was a 950hp rig, a guy called Tom of on telegram was convinced this was the rig we were going after to purchase
https://www.jeffweber.eu/for-sale/drilling-rigs/for-sale-atlas-copco-predator-rig-selfpropelled-exstock-950hp