The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
Consistent edge up on smallish buys......any large or consistent buying and this could move very quickly......
Thanks guys .... having delved further with your help it was indeed the Ntorya-1 drill in Feb 2012. The well was drilled to 2500m with Aminex, Tullow and Solo as partners and had no gas shows (it was anticipated that it would be found at 1800-1900m). Tullow dropped out and Aminex and Solo carried on and found a 25m gross interval of gas bearing sandstones (in 2 sections - 3m at the top, 16m below) at 2660m.....only 160m deeper from when Tullow pulled out...... thoughts were that Tullow were looking for oil, knew that only gas had been found and let the other partners carry on. With the way the world has moved on since gas is now obviously of much more interest.
Subsequent testing found the upper section flowed gas at a maximum rate of 20.1 million standard cubic feet per day (the equivalent of 3,350 barrels of oil per day) and an estimated 139 barrels per day of 48 degrees API condensate through a 1" choke. The lower section (5 times bigger!) was never flow tested.
I think my connection to oil was that oil shows were found around 3000m in the 2010 Likonde-1 well drilled in 2010, 14km to the north of Ntorya-1.
I have been in this share a looooooonnnggg time! All this Twitter talk of potential oil in our licence reminded me of a situation regarding an early drill (Likonde-1 or Ntorya-1 maybe) around 2010 in the Ruvuma but unfortunately I can't remember the details. I think it was either Total or Tullow that drilled a well, supposedly reached their TD target, they abandoned the drill then another operator came in, drilled a further 50ft and found oil! Does this ring a bell with anybody......apologies for the ramblings......just shows you should take notes on your investments!
Just a reminder of the potential of the Ruvuma basin from the results of the NT-2 appraisal well (March 2017):The overall results of the Ntorya-2 appraisal well have ‘substantially exceeded Aminex’s expectations’, according to a statement from the company’s CEO Jay Bhattacherjee.
Ntorya-2 was drilled in the onshore Ruvuma Basin of southern Tanzania, on the Mtwara License which is governed by the Ruvuma Production Sharing Agreement.
Limited test flow rates with a 40/64” choke produced ‘dry, high quality gas’ at an average stable rate of 17 million cubic feet per day, or 2,833 barrels of oil equivalent per day.
“Now we have the potential for a commercial development project in the Ruvuma Basin,” Jay Bhattacherjee said.
“Ntorya-2 is currently being suspended for future production…the Ntorya-2 test clearly supports our belief that there is a considerable gas basin to be exploited in our Ruvuma onshore acreage which we are looking forward to developing,” he added.
The well was drilled to a final total vertical depth of 9,169 feet. At 8,507 feet, the well encountered a gross gas-bearing reservoir unit of approximately 167 feet.'
Jay Bhattacherjee, CEO of Aminex, commented:
"A tripling of resources in the Ntorya appraisal area is clearly excellent news for shareholders and partners and highlights that the Ruvuma PSA is a basin that is of national importance for Tanzania. We continue to work directly with the Government to gear the near-term work programme to fast track production to both local industry and ultimately into the national pipeline."
Is that taking into account we are only due 80% of the settlement?
Pressure building up nicely here whilst awaiting seismic results over Ntorya gas field - 'Aminex, with a 25% non-operated interest, is carried throughout the ongoing work programme to a maximum gross capital expenditure of $140 million ($35 million net to Aminex) and the carry is expected to see the Company through to the commencement of commercial gas production from the Ntorya gas-field, currently scheduled for the end of 2024, at zero cost to the Company.'
.......and what's our MCap............£9m!!! Can't buy on Barcs.....and I'm not surprised!
Always good to have the potential value of the operation brought to the attention of potential shareholders: 'Each milestone specified in the Consultancy Agreement represents a significant step towards developing the proposed multi-billion dollar Coal Project and Power Project.'
Who remembers those glory days where the SP was fluctuating around the £2.00 mark.....with all that talk of a £10 buyout...............ah yes! The amazing thing about this share is how few shares there are available even after all these years.......the management have always been conscious of trying to keep share dilution to a minimum although this latest announcement will obviously have some effect on that but, as stated in today's RNS, 'The Board is acutely aware of the potential dilution arising from the Consultancy Agreement. However, in the opinion of the Company, the value of the services provided by the Consultant is expected to significantly exceed the fees incurred if successful. Accordingly, the Board has concluded that entering into the Consultancy Agreement is beneficial for GCM and in the best interests of the Company's shareholders as a whole.'
Interresting line indeed.....can't buy on Barcs.....
....and the most astonishing thing about GCM is that, even after all this time, there are only 187m shares in issue.....when it moves, it moves quick.......
Volume today was way above normal, inc. some very hefty trades of £65k, £53k, £37k, £84k and £66k....with a total of over 12m shares traded according to London Stock Exchange (av. no. about 250,000!). ........could this be linked to Barapukuria coal being used again in the local power station and a need for more supplies? There is no doubt that Bangladesh is having significant problems with generating enough power and its still using imported diesel and LNG at huge cost to the country
What is so important with SAE is that they have Government support…… both from Scotland (£2.5m loan announced April) and the UK (15 year cfd contact announced today). SAE are the world leaders in tidal energy and the Government are seemingly right behind them and expect them to be around for quite a while……
Today's announcement is obviously very important for the Company within the UK .......and it surely must give SAE international credibility with its projects in France and Japan and elsewhere........... with green energy being towards the top of most countries agenda the potential here is absolutely enormous........
Can now buy at 10.50....sell at 10.30..........looking strong
Price moving up but still can't buy............
Lucky to buy.....nothing available again........
Can buy now at 9.98.....and as regards selling, you get a higher price for selling £1700 worth compared to £50 worth.......a little strange!
Can't buy anything......and a '1' trade for the believers.............News tomorrow?
Can't buy a bean.......