Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
"Accordingly, if such a company does not make an acquisition or acquisitions which constitutes a reverse takeover under rule 14 or otherwise fails to implement its investing policy to the satisfaction of the Exchange within twelve months of becoming an investing company in accordance with that rule, the Exchange will suspend trading in the AIM securities pursuant to rule 40. …. “
When does / did the 12 month suspension clock start ticking?
McDoog - best post on this BB for a long time. I spent many years working in Saudi and many lesser developed African countries. Invested a very large (by anyone’s measure) amount in Kefi, and with eyes wide open. TK is going to happen - I’m in no hurry. Given my experiences in these challenging countries, I know that you need the patience of Saint to progress any business. Harry is likely even more frustrated than the despondent 10% flippers on this BB.
Itzagamble - I have read your Wednesday 15.23 post several times, but I’m not understanding the maths.
You said “ approx. £21.5M which equates to approx. 0.03399 per share”. This I don’t understand.
My thinking is…….The current market cap is £3m, so if PPF is fortunate enough to reap the full £21.5m in next five years, we could expect the market cap to approx x7, ie, todays .55p SP increases to 3.85
Over the last few months, the general daily trading pattern for Kefi shares is blue till mid afternoon, and red into close. Too predictable to be natural trading pattern, so have to assume somehow manipulated? Maybe MMs attracting sellers early during day, and bargain buyers into close, and rinse and repeat following day. I feel very positive about Kefi, so regularly wait to scoop shares after 4pm.
Paul / Lonny,I have a very nice proven geological analogue model for the Guercif licence, and in particular the slumped mud unit encountered in MOU2.The Central North Sea, Captain Sandstone fairway is a Cretaceous elongate structural trough, very similar to the Rifian Corridor (Figure 3 of CPR). A number of large produced fields have been discovered in the stacked sandy turbidites that flowed axially (similar to Figure 5 of CPR)) along the trough - Blake Field, Goldeneye Field, Hannay Field, West Rochelle and East Rochelle Fields. The real similarity for me, is that a number of slumped ‘chaotic debrites’ have been drilled / mapped, and these represent the final ‘capping’ abandonment phase of the trough fill. These chaotic debrites sit above the proven turbidite discoveries, and have been shed from the Halibut Horst that forms northern margin of the Captain trough (very similar to debrites slumped off southern margin of Rifian Trough - as in Figure 5 of CPR). These chaotic debrites are slumped mud bodies containing entrained sand, and sound very similar to the slumped mud unit encountered in MOU2. Captain Sand fairway has been one of the UK’s most prolific petroleum systems.Lot of into in public domain.
I suspect they stopped logging at shallower depth than planned, because there was a real risk that the very expensive wireline tools would become permanently stuck and irretrievable. Seen this happen many times in my career, and wisdom is to err on side of caution in such situations.
Every Mud Engineer, on every well drilled within last few decades, has a mobile mud lab with him designed for constantly testing and adjusting mud chemistry - the expertise is at the wellsite.
Looks like they will have to change out the mud system, which basically involves circulating all current mud out of wellbore and mud tanks, and replacing with new mud. Not a complex job, but will take 1-2 days.
What I don’t know is if the replacement mud is already at wellsite. Maybe they are going to test MOU1 whilst the correct mud is delivered.
Above is based on my own extensive wellsite and well management experience. No geological negatives in the RNS (if anything the opposite), just the usual operational surprises and challenges.
Im just about to get on a plane, but mud-rock reactions whilst drilling are common. In the North Sea there is a very sticky layer of 'smectite' mud, for which they have to change chemical balance of the mud to prevent the 'sticky' reaction. The MOU2 Mud Engineer will now do chemical tests of the sticky facies to work out how to adjust the chemical balance of the mud, so that drilling can proceed. Not an unusual drilling event. As for the facies, looks like they have encountered more sand than expected, and the top seal is definitely there. Got to go!
For some perspective, in the last few decades, Ive experienced the two following extreme outcomes:
1. Ive been involved in drilling three production wells, operated by Supermajor EP companies, with superb technical teams, into the middle of different huge producing oil fields, and we encountered no reservoir. Totally unexpected outcome.
2. Ive drilled a few commitment obligation Exploration wells, that were incredibly high risk (eg, GCOS 10%), and they proved to be discoveries that massively exceeded expectations. Totally unexpected outcome.
There is no such thing as certainty when predicting Mother Natures ebb and flow over the last 12 million years. All we can do is get comfortable with optimal irreducible risk prior to drilling. Im feeling comfortable here, but eyes wide open to potential surprises.
On 13th January, I posted - “ Earliest I would expect an RNS is later part of next week, or even week after. Once TD is reached, I suspect PRD will want to 1) evaluate LWD logs, 2) review results with ONHYM, 3) Agree way forward with ONHYM, 4) Agree RNS wording with ONHYM, all before releasing an RNS.” I think next week is most likely for an RNS.
I have Nige filtered, so don’t see his posts, but if there is a debate on reserve and resource definitions, here is link to the official definitions https://www.spe.org/en/industry/petroleum-resources-classification-system-definitions/
There are loads of good summaries of resource definition out there on Google. Here is link to a nice easy summary slide set. If short on time, just look at slides 4, 13 and 15 https://www.gljpc.com/sites/default/files/Understanding%20Contingent%20Resources_1.pdf
If you look at amplitude map on slide 9 of this PRD presentation, it looks like the MOU1 well encountered gas in same amplitude body as MOU2 (amplitude response actually lot stronger at MOU2), hence SLR Consulting who wrote the CPR consider the MOU2 gas essentially discovered, hence the ‘Contingent Resource’ classification of MOU2 volumes.
https://wp-predatoroilandgas-2020.s3.eu-west-2.amazonaws.com/media/2022/09/Proactive-Presentation-Final-8-September-2022-LATEST.pdf