Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
This is the information for me that got me thinking there could well be good newsflow over the next month and it comes from the RNS.
Future production guidance for 2023 once asd3 comes online.
2023 exploration JV announcements.
Jamaica JV indicative offers to come.
From RNS:
The development drilling planned in the first half of the year has the potential to have a positive impact on production levels in 2H 2023, and full year guidance will be provided once the results of the ASH-8 and ASD-3 wells are available
· 2023 Egypt work programme consists of two firm wells, and eight workovers, with the potential to add additional wells to the programme later in the year:
- 1H 2023 focus will be on development drilling and optimising production from existing wells through low-cost workovers
- Two firm development wells are planned: ASH-8, which has now commenced drilling, and ASD-3, which is looking to build on the success achieved with ASD-2 in 2022
- The potential for additional drilling in 2023, which is likely to focus on exploration, will be finalised with JV partners once the results of the ASH-8 and ASD-3 wells are available
· Farm-out campaign for the Walton Morant licence, Jamaica, continues to accelerate with the appointment of Energy Advisors Group ("EAG"), a Houston-based M&A advisory group, targeting US companies and investment funds. Process is ongoing with indicative offers due Q2 2023
In agreement with sea7 and I believe Jono believes the company is still undervalued also. Dogfather is ramping and misleading over revenue asd2. Immediately I thought only 22% of that is to UOG. That said, as Sea7 has said and Dog father says it seems undervalued with Asd3 production hopefully adding a big increase in production and revenue, plus hopefully good news due by end of June on Jamaica farm out/JV and sale of Maria can still happen.
Lots of imminent Newsflow could see the SP/Market cap increase. To what? We will have to see how this plays out but I am a holder
Tower’s most recent review of the Thali block prospectivity (announced on 27 April 2023) has applied an upgraded attribute analysis of the reprocessed 3D seismic data which Tower obtained in 2018, using the AI-driven Paradise® workbench software from Geophysical Insights (www.geoinsights.com) to identify the following aspects:
Oil pay sweet spots in the reservoirs;
Areas of potential increased gas risk or presence of gas caps more clearly
This study was completed with a particular focus on the location of the oil and gas elements of the reservoirs in the Njonji-1 and Njonji-2 fault blocks which were connected to the original NJOM-1 and NJOM-2 wells drilled by Total.
The Paradise AI workbench analysis yielded higher resolution of the PS9 (Sup) and PS3 pay zones in the Njonji-1 fault block which has both confirmed the additional volumes identified in Tower’s previous estimates and also substantially de-risked them. The analysis also provides better resolution of the PS9-R1 reservoir in the Njonji-2 fault block, including identifying an additional potential oil leg below the gas encountered in the NJOM-2 well.
The analysis has also de-risked the prospective resources associated with the proposed NJOM-3 well allowing for the optimisation of its drilling location.
Based on the results of the Paradise attribute analysis the following update of Tower’s internal resource and risk estimates for the reservoirs connected to the NJOM-1 and the NJOM-2 discovery wells has been generated. The latest company estimate of risked PMean recoverable resources is now 35.4 million barrels. The changes from previous internal company estimates can be summarised as follows:
Risked PMean recoverable resources in Fault Block 1 increased from 10.5 to 12.9 million bbls;
Risked PMean recoverable resources in Fault Block 2 increased from 4.1 to 4.9 million bbls;
Risked PMean recoverable resources in South Fault Block unchanged at 17.6 million bbls.
This new information will form the basis of an updated CPR to SPE/PSMR standards in due course.
Drilling Programme and Facilities Installation
Preparations are under way for the drilling of the NJOM-3 well and discussions continue with rig owners and operators with the aim to secure rig availability for a drilling date in the second half of 2023. The NJOM-3 well will target the contingent resources of the Njonji 1 fault block (and the PS9 reservoir in the Southern Njonji fault block) with the aim of converting some or all of these resources into 2P reserves in the event of a successful drill stem test (DST) establishing flow rates from the reservoirs.
Once drilled the NJOM-3 well will be logged and a Modular Formation Dynamics Test (MDT) run followed by a DST to ascertain a test flow rate, recoverable volumes and other reservoir characteristics. Assuming that these steps are successful, then the NJOM-3 well will be suspended as a future production well, and facilities will be installed under a Provisional Exploitation Authorisation (PEA) to commence production. A multi-well drilling programme will be undertaken with the drilling of an addition three further production wells with the objective to deliver first oil from the Thali licence in late 2024 if possible, while continuing reservoir testing via a platform and Mobile Offshore Production Unit (MOPU). The design concept for the platform and MOPU is intended to allow the drilling of additional identified prospects on the Thali licence including at Njonji while production is underway from the Njonji-1 and Njonji-2 reservoirs.
I wouldn’t expect it to fall below the placing price and for me the fact they’ve now got funding towards the drill in Cameroon any news to confirm
Drilling commences plus also extra funding approved and also any news on Namibia and you would think it’s only up from here. The way I look at it is with the extra shares coming in £4m m/c is around 0.05p so that’s like 0.1p before the placing and the company is in a much better position. I thought 0.1p was a steal considering the m/c went to around £12m at the start of the year. Any positive news on the drill and a spud date plus any sniff of a JV or resource upgrade in Namibia and this could easily go 200%.
That would be only 0.15p like the old 0.3p before the placing and back then there was talk of 0.5p on positive finance news from Cameroon.
I’m positive on this eventually coming good. Your not telling me the assets TRP have are worth £4m
News on Balcombe and news on the evaluation of acquisitions. Lots of things happening in the background. I can sense it. News due imo related to other business. Not just about Saltfleetby now. Saltfleetby is an absolute game changer for the company and will allow for growth.
I think this will be one of them delayed market reactions… SP will tick up in the coming days imo. Bargain basement this with positive cash flow generation , gas storage, news on other fronts can land imminently
I bought in immediately today below 4p. Great news going forward. Thought it might get above 5p on the proposed finance package today alone. This time last year this was at 10p per share but now in a healthier position. Onwards and upwards for BMN
Buys or sells though?
Can someone post the link for sp angel sp forecast?
Towards revenue!
That has secured £600k for revenue for 2023. (£300k for the sale and £300k licensing deal)
Yeah, I’m optimistic a rerate will come. Announcement due on products alongside final results in May. Also going off the proactive interview last week with James he mentions they will continue to expand the sales team. Clients are all repeat customers, once they use the services continue to use cornerstone. The Q2 caution was dampened in the interview with James saying they’d rather be seen to over deliver. They are quietly confident in revenue growth continuing through 2023
News to come probably this week:
Tr1 confirms Lombard out.
Confirmation £0.5m revenue received.
Contract for Longterm supply of gas contract applied for by 30th April.
Plus maybe news on financing or more Information on the investor interested In injecting cash and an asset into the business.