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They’ve got 15 days to submit. Not sure what happens after that.

I see TETE have been unable to file its Annual Report

https://app.quotemedia.com/data/downloadFiling?webmasterId=90423&ref=318114491&type=PDF&symbol=TETE&cdn=1adb1f6b5e4b5e3fac8d9ca4aef7a28f&companyName=Technology+%26+Telecommunication+Acquisition+Corporation&formType=NT+10-K&formDescription=Notification+of+inability+to+timely+file+Form+10-K+405%2C+10-K%2C+10-KSB+405%2C+10-KSB%2C+10-KT%2C+or+10-KT405&dateFiled=2024-02-28

Well, apart from the 400k, 2 x 300k, 2 x 200k 😂

Or rollover, or transfer. The fact that the timestamp is identical makes me think it’s not 2 sells

From the companies own presentation last year, the breakeven point was three years down the line.

Capex for the first three years was $85 million, revenue for the first three years was $85 million.

That was at a cost of $10 million per well, so after eight wells at least.

Appreciate the now looking at horizontal & vertical wells and some workovers, and the fact that the first $20 million is being paid by the JV partner, but we will still need to find another $25 million to contribute before we break even.

I still can’t find anything that says a horizontal well is only twice as effective as a vertical – the lowest is a multiple of six, which would give us around 700 MSCFD

Anybody with O&G experience shed light on the expectation of 2mmscfd from a vertical well compared to 4 from a horizontal?

Just reading up on it and keep seeing H-wells providing multiples of 6-12 times a vertical well. Hoping this isn’t another example of over-promising…

I guess they’re doing both to see what works best. Bearing in mind this is going to be a 30 well program (ideally) it’s best to know immediately at the beginning.

Our Market Is currently a little bit over the £10 million we will effectively be getting Via the JV (US$12.5 million), so it’s a no brainer at this price

Thanks - didn’t think to check there.

What kind of production do you think we will get from vertical wells? Would 2 vertical wells match a horizontal well? Will they do a vertical well with a view to then drilling out horizontally afterwards?

Trying to figure out how much we’ll be taking from these wells as revenue/profit, to see if the free carry will generate enough profit for us to be self-sufficient for the rest of the drills. Half of all revenue for these wells will be clear profit for us after all.

If they were expecting to be self-sufficient after 2 horizontal wells, it’ll be interesting to work out what the break-even point is for 1H and 2V wells. If it’s the same point then we shouldn’t ever have to raise funds for further drilling.

Gordon, could you point me in the direction of where they said this about 2 vertical wells, please?

TIA

Does feel like this is the bottom. People will start to come back in as we head into March, awaiting the GOI approval.

Just taken some at 0.1135p, have another order ready at 0.1p as well, but not expecting that to be hit now.

We only have today and tomorrow to be in it until the 7 days pre-test window closes:

“Final preparations including completion of the mobilisation of the rig and as well as remaining services to the Hickory-1 location is expected to be completed over the next 7-10 days.

Once mobilisation of Rig 111 is completed and rigged up at the well site, the Company will provide a further update on commencement of flow test operations.”

Scot, I pulled the info from the Quarterlies so there aren’t any line items as such. This is how I read it:

31/10/23 Quarterlies -

“Exploration and evaluation expenditure of A$2.1M (June 2023 quarter: A$15.5M) predominantly related to final Hickory-1 drilling payments as well as planning and permitting costs for Hickory-1 flow test program.”

Whilst there’s no breakdown, the costs for Hickory would be expected to be minimal this far down the line. Assumed 75% for Flow Test (US$1.02M)

“30/1/24 Quarterlies -

Exploration and evaluation expenditure of A$2.8M (September 2023 quarter: A$2.1M) predominantly related to Hickory-1 flow test program and Namibia farm-in payments.”

The only farm-in payment will be the 1st instalment of US$0.28M (A$0.43M). So the majority (all?) of the rest will be flow test costs (US$1.54M)

Numbers are subjective of course, hence “up to” in my comment, but they’ve certainly spent some of the costs associated with the flow test programme

Don’t forget that they’ve already allocated funds for the Flow Tests (possibly as much as US$2.6m) out of the published accounts over the last 2 quarters. The G&A costs are only a little more than that for the full year, once we include revs from Longhorn.

So, even if they have to cover the USD$1.7m owed by Burgundy, they are fine for another 12 months, barring further exploration costs. And they will get another 12.5% WI

Yeah, or you think you’ve placed an order for £3k in a micro-sp share that you end up buying 3000 shares by mistake worth £12, plus a £9.99 fee - been there, done that 😂

All trades must be published

Must be a hell of a buy for them to delay it so long 🤔

Got this back from the Cruz project engineer earlier:

“Cruz is currently planning on moving a rig on the Dalton on Saturday 2/17 from approximately 7 to 10 a.m. The road would only be closed as long as it takes to get a few impassable loads from Deadhorse to ~380 M.M. on the Dalton Hwy.”

So it’s all systems go for next week!

Soulec - there’s a slight update re dates in the Quarterlies from end of Jan 👍

Joint Venture Funding

On 5 December 2023, 88 Energy announced it had received US$2.0 million in funds from Burgundy as part settlement of the US$3.745 million in unpaid cash calls (represented by US$3,452,967 in relation to outstanding cash calls due plus interest of US$292,505).

The Company via its 100%-owned subsidiary Accumulate Energy Alaska, Inc (88E-Accumulate) also entered into a further standstill agreement with Burgundy on 5th December 2023, providing additional time for Burgundy to cure and pay the outstanding funds due of US$1.745 million by 31 January 2024. As at the time of this announcement Burgundy has not paid the remaining funds outstanding. The Company understands Burgundy is in the final stages of securing funding, with Burgundy requesting an extension of time until 15 February 2024 which the Company has agreed to. Burgundy understands there will be no further extensions and that non-payment by mid-February will require Burgundy to transfer to 88E-Accumulate 50% of Burgundy's working interest (approximately 12.5% working interest) in all of Burgundy's Project Phoenix's Toolik River Unit leases (Transfer Interest).

Burgundy will also (within 5 days after 15 February 2024), sign and return the Hickory-1 flow test AFE at the working interest level post the Transfer Interest. If Burgundy has not made payment for its share of the flow test AFE cost within six months after the due date of the AFE cash call then Burgundy will transfer 50% of its remaining working interest in the Toolik River Unit leases, post the Transfer Interest.

The Company maintains its rights under the joint operating agreement (JOA) should Burgundy not be able to pay any future cash calls, including exercising the option to require Burgundy to relinquish its working interests in Project Phoenix and the joint venture.

I couldn’t remember what was paid to get the 55% from GSPC. Just had a look back and it was only USD$2.2 million.

I guess we are a little bit further on than we were, but I’m struggling to see the Multi million pound benefit to SYN that people are talking about.

If the farminee are spending £10 million per well, they are gonna want an arm and a leg from us.

I can see any lump sum payment being in the hundreds of thousands, rather than £1 million plus. I can also see any profit sharing being heavily weighted to them until we start paying our way.

It may be that they just want to see the ability to raise funds, but the idea is that we will be on a free carry for the first year,

So so there would’ve been nothing to stop them, raising the headroom in November (or just using the new years allowance).

It feels like these are linked, especially as the addendum was confirmed just after Roland was in India in January.