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Take a look at the latest tweet, it expands on the next stage of drilling and just talks about plans for the basin, no mention of mou2. If anything it alludes to a new well which will need planning and funding. I mean seriously look at the gap between mou1 and mou2 - I think you will be in for a long wait
Give it a couple of weeks and get back to me on that. For now all hopes lay with MOU-1 testing which from what I have heard ahould have already started. I will buy back in at a premium should the testing prove positive as I feel the basin overall could be successful. However its not somewhere I want to leave my money given the track record of the guys in charge as I pointed out last week
All I know is that an operational hot rig with crew is a hot commodity right now and the reason I sold is that I dont think it will be hanging around unpaid for much longer.
The RNS just now is suspect, why excersise now if good news is coming. These will be sold asap ie thursday. You can all call me whatever you want, I have no ulterior motive. I am letting you know how I see it and have acted accordingly.
I agree, I sold my holding friday. No signs of any testing and no signs of any drilling and they are approaching the stage they will have to surrender the rig or pay to keep it there. Demand for rigs is at an all time high and it will be off to another project.
Wow, I wasnt expecting to be up on my holding just yet!. What could be the reason for the buying? Mud arrived and continuing drilling or testing of the first hole commenced. With any luck we get news this week!
Rigs are in pretty high demand, I can think of a few companies that would want to contract a rig in Africa right now. As long as it doesnt affect our plans I see now issue as long as we get get MOU-2 finished or decide to shift to testing MOU- 1 instead. If the rig lives in Morocco it will be back in time for the next round of drill plans once commerciality is proved and cash is raised to do so. With any luck we will get a clear plan soon then. Never thought id say this but proud to be a "predator". Good luck all
I bit the bullet and bought a very modest holding.
So if they are flow testing MOU-1 soon and they manage to get MOU - 2 finished I figured its worth a shot.
When they mentioned the rig is staying in position free of charge - how long can that last? Im slightly concerned about cash burn if they start getting charged.
Also I take it that once MOU-2 is drilled the rig will be relinquished for a period of time?. Will it stay in country ready for later in the year on hold or get work elsewhere?
I'm looking to add more when I get some answers to these questions and we get a news update on direction
Can anyone estimate the current cash position?
Just a hunch. Miss Blaisse kindly spoke about a preferred rig in the agm and that although contracts had not been signed and she couldnt put a date on it stating it would be soon. Im assuming the rig isnt local so transit time will be a case of months. Another point is that they chose to bring the agm forward and swap the ceo before. I can't understand why they would set that up without positive news to follow quickly. Add in that she is travelling to Tanzania in the next few weeks, what would be the purpose of that if no rig had been organised.
The ceo talked about wanting to test both wells to spread costs of bringing wireline in. Now the plan is to bring wireline in for 1 well which to me sounds a bit unsure of the future of well 2.
Id rather just hold to see a plan moving forward and see if that second well is getting finished or not. It cant be cheap holding that rig on site
Thanks - just had a good look through.
Please dont shoot the messenger but to be testing MOU - 1 next and suspending MOU-2 suggests to me that money is tight and they need to get the positive results from the first well to raise cash.
Talk of the mud taking months to sort and that MOU-2 missed the target by 50m suggests that the rig is contractually finished now with no cash to secure a second well at MOU-2.
When do you think the plan will be released as an RNS?. Will be get news of a downhole contractor being appointed for MOU-1 and abandonment of MOU-2 with plans to redrill later in 2023/2024?
Just came across predator oil & gas and have a few questions
1. When will Mou-2 drilling start again? If not feesible have we got any contract to keep the rig on or will we let it go?
2. Are there any further wells planned after this one?
3. When will wirelining start on the first well
3. What is our cash position and will we need tk eaise to finish drilling MOU-2
I was expecting more from the meeting. Its safe to say the cluff/predator rig option is off the cards now. We have a preferred rig in place and talking with several contractors but no idea who or where they are. Its been 2 months nearly since the last rig fell through. To be negotiatiating a rig through all of Q2 with a loosely aimed drill in August just feels like a let down.
New face, same excuses. 9 months of burning cash minimum before the drill means another fundraise for sure "Never say never", "we should have enough money" "only have funding for prioritising a single hole"
No official news yet but just saw this over on telegram
https://www.google.com/amp/s/www.standardmedia.co.ke/business/amp/article/2001466051/geothermal-drilling-firm-faces-sh186m-costs-after-losing-case
Cluff case dismissal confirmation & export ban lifted. Surely this means contracting of the rig is happening very soon. Excellent news I think you will all agree.