Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
Good to finally have some certainty. We know now a drill will happen and a successful discovery will give us a substantial lift. My main unanswered question from the RNS is will the drill also test the HRZ. DW implied previously that any drill in the conventional will also test HRZ but there is no mention of this today.
Interesting article here about a small cap who are behind us in terms of progress.
https://smallcaps.com.au/xcd-energy-eyes-alaskan-oil-prospects-new-strategy/
I thought this was revealing.....
“What I’ve heard on the street in Alaska is that Conoco believe it knows which clinoforms (stratigraphic traps) work in this play across Alaska so the good thing about that is that we’re on one they’ve already discovered oil on and are developing now” he added.
Do CoP believe they know whether the geology on our acreage will work? Maybe so.
I'm excited by what's ahead now. I didn't think we'd receive news until mid month earliest as the last we knew there were two stages in June - final approval and then preparation of documentation. If the final approval was in the first week and documentation has been happening since, we could well see news in the week ahead. We could have an approved deal right now and just be waiting for a signature on the prepared documents.
This is exciting times for 88E holders, to have support from a larger company, to de-risk our search for oil and have industry investment at last. It's one of those defining steps in the story. Good fortune to all, I look forward to the analysis here of the deal, whenever it may land.
I must admit, I thought viscosity had been confirmed by IW1. This was from 15th Feb 2016 Announcement:
· Majority of 272,000 Acres Mapped to be in Thermal Maturity Sweetspot
o Resultant Low Viscosity Vapour Phase Hydrocarbons Modelled to Flow at Material Rate Given Porosity and Permeability Results
Obviously something went wrong with that analysis - still, we're in a better position with more information now than we were then.
Interesting - looks like you can extract Bitumen but ours would be too deep to be economic
https://www.sciencedirect.com/topics/earth-and-planetary-sciences/bitumen
Also - "Solid bitumen, also referred to as solid hydrocarbon, is frequently observed during microscopic examination of kerogen. In contrast to vitrinite and liptinite, solid bitumen is not a kerogen component but rather a product of generation from the kerogen that has flowed into pore spaces within mineral grains"
https://www.fool.com/investing/2019/05/20/conocophillips-ceo-addresses-the-elephant-in-the-r.aspx
"Because of that, the company will focus its energy on filling up the first two M&A buckets. That means doing small deals to buy neighboring properties in that region and completing larger bolt-on transactions when those make sense."
Sorry if posted before but Erik Opstad and Jade up to business next door to us at Yukon.
http://www.alaskajournal.com/2019-04-17/indy-drill-oil-point-thomson
Resolution 4 is ratification of the previous placement, it's not a new one.....
5. RESOLUTION 4 – RATIFICATION OF PRIOR ISSUE OF PLACEMENT SHARES 5.1 Background
On 9 May 2018, the Company issued 460,811,112 fully paid ordinary shares to participants of a placement to professional and sophisticated investors (Placement). The Shares were issued under the Company’s 10% placement capacity under ASX Listing Rule 7.1A, which was approved by Shareholders at the annual general meeting held on 18 April 2018.
Resolution 4 seeks Shareholder ratification pursuant to ASX Listing Rule 7.4 for the issue of those Shares.
Just looking at the pre drill Winx presentation again. As I read it the Torok formation (which we're yet to reach) is 500ft thick with stacked objectives, compared to Seabee which is 40ft thick with one objective, so still time for a consolation prize. The ambiguity seems to be whether we reached Nanushuk 4&5 or the RNS was just regarding 5. The depth reported seems to support the latter which means it's still to play for. Regardless it's not long to find out and we could still see many sellers who will regret the decision.
The degree to which this share is sentiment driven should, at some stage, play in the favour of LTH's who have the tenacity to stick in there (or even top up) during the bad news. The faint hearted follow the crowd but we're part way through the smallest (to us) of 4 projects. If you've done your research and you invested predominately on the basis of the IceWine acreage (conventional and unconventional) then nothing's changed.
All in my opinion.
Interesting to see Cluff's share price had fallen a little just before the deal was released to the market. Also that they'd had an exclusivity announcement back in November - we could see similar in advance of an FO.
I was just looking at ConocoPhilips 2019 Operating plan which they released December 10th. This section caught my eye:
"The 2019 operating plan includes activity targeting several high-impact opportunities, notably:
Appraisal drilling of the Willow discovery in Alaska;
Continued multi-well pad appraisal drilling in the emerging liquids-rich Montney in Canada;
Multi-well pilot tests of new completion designs in Eagle Ford and Delaware;
Exploration drilling in the Louisiana Austin Chalk;
New major projects in Alaska, Europe and Asia Pacific; and
Expected year-end 2018 resource base of 16 billion BOE at less than $40 per barrel WTI cost of supply.
“The 2019 operating plan follows a successful year in 2018 in which we achieved key strategic and operational goals well ahead of schedule,” said Ryan Lance, chairman and chief executive officer. “As we head into 2019, we plan to keep capital flat, increase our payout target, and deliver high-margin production per-share growth. This plan is focused on executing a consistent, balanced capital program that continues delivering predictable performance from our base business, as well as early-stage investments in attractive opportunities that can add low cost of supply inventory and drive sustained future returns."
I thought the mention of 'New major projects in Alaska' and 'early stage investments in attractive opportunities that can add low cost of supply inventory' sounds encouraging.
Hopefully not long until we know who's stayed in the data room - fingers crossed for a partner of CP's calibre.