Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
*endure = ensure
No.. the problems were there.. mentioned on proactve interview.. but the drill stopped around time we expected r1r2 to be hit.. no relation really..
From now into november, we only need update telling us that drilling is going smoothly with no terminal problems.. the oil is there.. just need to endure no more operational issues...
I believe a simple update via rns or podcast telling us that no issues with the ground, as with first attempt, might get the sp back up into the previous range of over 11p or so :-)
I think that cash levels are maybe closer to 13 to 15mill quid postdrill..
But we wait for official confirmation..
That would be about 3.5 to 4p per share level..
Add say 1 to 2p.. about 1.5p for the other project potential, and quite possibly it gets to the 5 to 5.5p level.. over a more longer stable period.. relatively soonish..
Potential positives relatively soon..
Shell/total now drill 2 wells in sthern namibia.. sth of kudu gas deposit i believe.. any success might give char a positive tickle as char can backin to 10% of its previous sthern namibian block.. granted.. its nrth of kudu.. but still its in that part of namibia offshore, so some slight kick to sp might happen if shell/total have success...
Going beyond.. the neighbouring many wells in brazil are supposed to kick off in 2019.. there is quite a few according to char presentation.. just trying to find out when exactly they will be occurring..
As well as that, i guess its now for char to farmdown the 2 morroco prospects to get them drilled by summer of 2019 or so..
There does appear to be potential for taking back money put into char at 8p levels, over the course of the nxt 6mths..
I was previously vocally opposed to Dave Walls Performance Bonus Scheme..
However today i topped up at the close and intend on taking uo my entire rights issue..
DW has answered the critical questions..
Time to get going with the job at hand and get the sp back uppetty up :-)
I do now hope he gets his Resolutions passed...
There is a decent chance they have 4p cash levels if the real cash cost of the drill is significantly less due to less than half the time required for the drill than planned...
At another 1 or 2 p for projects and it could quite conceivably rest at 5p and above some time soon..
We need to find out about the activity of neighbours in nearby acreages.. cos these things could also give it a lift..
I believe that sthern namibian tenement they dropped.. i believe they did similar deal with namibians as in mauritania..
Thanks for questioning me.. cos i will check this again.. if i havent got it wrong then its in one of sept or june presentation or physical june presentation..
Will look into it cos am trying to find info on the brazil drills too.. in the neighbourhood.. i understood theyre supposed to rollout in 2019..
Wellll.. i am trying to understand when those numerois neighbouring brazilian drills are supposed to happen..
Shell will be doing their 2 sthern namibian wells now.. so if any success it might have a smallish positive effect on char with its 10% backin option on a sthern namibian tenement..
Would be good to understand the actual cash saved from forecast prospect s cost to actual cost, seeing the whole operation will take less than half the time that was planned for...
Anyone have any idea when those neighbouring brazilian drills will get rolling ?
I guess that in namibia if shell gets something half decent.. down sth.. it may give the char sp a little kick upwards due to their 10% backin rights in the sthern namibian tenement..
Farming down to 20 to 25% net now is best for preserving current cash on a failure scenario.. It would still leave circa 100mmbo plus on a success case.. I was hoping they would do the farmout before results of first well are known.. Farming out after a success of first well to cover second well costs, would be silly.. cos they could easily capital raise at much much higher levels or do a roghts issue to very happy holders... Either way.. it does appear a bit strange now.. in regards to farmout.. there doesnt appear to be much reason for it to not have been done if it was going to be completed for prospect s... i imagine they wouldve told us that theyre in final talks stage.. but nothing so far... Looks like its a roll of the dice on the prospect s having oil :-)))
Well the loan term sheet is contingent on 100mill service contract and shorecan bringing another 66% of the final trafigura loan amount (either 20 to 33mill or so).. Therefore i would think that the loan can only be closed off AFTER official service contract is delivered.. At that time.. would expect 2p levels...