Tim Watts, CFO at Shield Therapeutics #STX presenting at our Life Sciences Investor Briefing Watch Now
I'm particularly interested in the Oak Dam. Some info here
It was a new approach to interpreting exploration data that led, in November last year, to the Oak Dam copper discovery, near our existing Olympic Dam operations in South Australia.
We used advanced geophysics modelling to reanalyse existing drilling data.
With improved data acquisition technology, we were able to obtain a set of much more granular data across a more targeted area.
Imagine searching for a needle in a haystack but with the help of a strong magnet.
We are currently running a second round of drilling to further define the mineralisation of the area, where we have encountered copper grade intersections as high as about 6 per cent along with gold, uranium and silver.
" drilling of a well towards the end of next year" (Spain)
Don't know whether you guys follow Hotcopper or have even done any homework on Petrel Energy. They have THE worst reputation on the asx and by their shareholders. All you will be doing is putting your hands in your pockets feeding this lot with nothing at the end! That's why there is no interest here...those guys are absolute clowns. Do some homework!
"Schuepbach Energy has changed its name to Tarba Energía."
"Tarba Energía, for which an investment of the order of five million euros would be necessary."
Calidus� Managing� Director� Dave� Reeves� commented,� �These� metallurgical� results�
feasibility� study� to� evaluate� the� development� options� for� the� Klondyke� Project.�
Attractive� resource� grade,� geometry� well� suited� to� open� pit� mining� and� simple� ore�
processing� with� high� gold� recoveries� and� low� reagent� consumption� could� underpin�
so if Spain is so great why did Petrel and Schuepbach go into Uruguay first...which is almost a failure as Schuepbach have packed up and not paid their share of the 4 well drilling programme, which to date they have drilled 1.5 wells and spent over $20 MILLION DOLLARS!!!!! Don't be fooled by the pretty seismics, projections and O&G Certifications. Cap raise after cap raise, lack-luster communication by management...you'll have your hand in your pocket more than the drill will be in the ground! Oh, and holidays, nice long extended holdays....they love a good holiday! Do some serious DD beforehand. Latest move ANOTHER cap raise $4.5M. From almost 5cents down to 003 as I type.
Use of Funds
The proposed use of funds raised from the Offer under several scenarios, is outlined below.
� Full subscriptions received of $4.5m � the Company will 100% fund further drilling of
Cerro de Chaga-1 to target depth, or if the fault cannot be cleared, drilling of Canada
de Fea -1 well ($2.9m), pay creditors ($1.1m) and 3 months overhead ($0.5m).
� Half subscriptions received of $2.25m � the Company will pay creditors ($1.1m), 3
months overhead ($0.5m) and pay rig standby costs of ($0.65m) whilst a partner is
� Less than half subscriptions received � the Company will pay creditors to the extent
possible and continue the partner process. If the partner process fails the Company will
commence the sale of its project assets to cover unpaid liabilities.
� Partner is found � depending on the level of contribution from its partner, the
Company would propose to first pay its creditors ($1.1m), then meet its share of the
drilling of Cerro de Chaga-1 or drilling of Canada de Fea -1 well (which will depend on
the proportion of the project taken up by its new partner) and ongoing overhead costs,
and then buy back the ORRI. If funds are received from an incoming partner for drilling
or back costs that exceed short term cash requirements, the Company will undertake a
Low Estimate (P90) Prospective Resource BCF 95 Original Gas in Place 318
Best (Median) Estimate (P50) Prospective Resource BCF 360 Original Gas in Place 720
High Estimate (P10) Prospective BCF 992 Original Gas in Place 1418
As foreshadowed in the Quarterly Report, SEI has continued to work on reconciling differences
between the recent core test results and those undertaken when the well was drilled in 1956. This
new and consequently more reliable data set including further log analysis has significantly
enhanced confidence in the understanding of the resource potential. This is evidenced by the
reduced ratio of resource relative to original gas in-place (OGIP).
Mr David Casey, Managing Director of Petrel, said: �while it is somewhat surprising that the new
data has yielded lower porosities for some samples ultimately leading to a decrease in OGIP, we
are very pleased by the enhanced understanding we now have of this reservoir. Despite the OGIP
estimates falling by about half, this greater confidence is reflected in the fact that the ultimate
resource estimate (P10) has only fallen by around 24%.