focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
On reflection perhaps this silence is reasonable. There are a number of things going on with the board. The 36-2 decision on how to proceed. The gas processing plant. The pipeline for export. Tieing in the new acquisitions. The plans for drilling this year. The implications of the financial expenditure for the year. I think a presentation though promise May have slipped down the agenda.
Reading through the last statement from the company there is a great deal of clarity of the situation. Though timings are vague. RNS would be required for:
The purchase of the remaining Paradox from RSOC.This is expected by the end of January 2023.
This would then trigger the issue of the first tranche of shares to be issued.
The second tranche would be triggered by the contract being awarded for the processing plant.
So no contract yet and assuming no work is being done on the plant yet. Therefore, processing of gas may not be possible.
36-2 is to conclude drilling in January 2023. Still another 15 days possible.
16-2 an expectation of early January. Possible any day soon.
Full update due early in the New Year. Vague but still true and what is early?
Wells to be sunk in:
March 2023 Cane Creek
July 2023 White Sands Unit
October 2023 White sands Unit.
Hopefully, a clear pathway with success but still a long road ahead.
Thank you for attending and reporting.
The fact that we are awaiting approval of the permit has no impact on the continuing testing of the site. The funding from other sources does require some commitments to them to gain further understanding of these plays. The testing can continue and analysis performed. Whilst at the same time drilling is continuing on 36-2. Once the permissions are granted then the process of readying for extraction can begin. The oil has been there for a long time but extended extraction has rarely been attained. This has been a very long time to wait from Rose days so a few months more for 16-2 is acceptable.
Those who invested in Rose under the previous management have experienced a virtual wipeout of capital. However, the crazy schemes of the past are now history. This area has been notorious for failures of drills despite the presence of oil. The area has seen many failures. Yet this newer management has shown more drive and determination to achieve what had proven difficult. The diversification into other drilling areas through buy-ins has proved positive. The amount of “skin in the game” from them is encouraging. The real rise in the share price will come with production not the sinking of the drill. The company has made all the right noises but the next few months are crucial to delivery. Good luck to all.
Laser has pointed out. Around midday tomorrow ans arrival in Rotterdam on the 26th.
This arti cle quotes the long departed Stobie. So old it may be a historical artifice.
If you are new try to eliminate some risk. One way might be sell enough Hur shares at some stage to recover your initial sots this could then be put elsewhere. When to sell is a personal decision. However, if yo do recoup your initial stake you can have some satisfaction of knowing that your remaining shares are free. Best of luck.
See laser on ADVFN.