Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Yeah thanks for that - I hadn’t seen. Just looking at the drill costs for Eco share in Guynana at the bottom of page 13. Is that now saying it’s going to cost Eco $10m a well or am I missing something? Thought the Total farm in was supposed to cover 3/4 wells?
Not a chance that Gil would accept an early offer of £200m. He owns 4% of the company and knows what it's potentially worth - well north of that. Guyana is looking very exciting and I'd be surprised if the CPR was anything below 2 billion barrels so 300 million net to Eco with a great chance of success (think Exxon drills have been 82% successful in Guyana so far). Will be an interesting end to the year in Namibia as well I suspect.
Eco are operator on Cooper block currently and have until March 2020 to drill. Imagine they'll wait as long as possible to drill in Namibia or until there is a first commercial discovery. Eco have a much better chance of a find in Guyana where they are only 6km up dip from massive the Liza discovery. Of course, if Tullow or Chariot make a discovery in Namibia before the end of this year then I think things will get very interesting very quickly for Eco there.
For now, I'd rather they played the percentages in Guyana first for the higher share price as will need more cash at some point. Just need to get Total that last batch of data for the farm in and get things moving.
Pace of progress is a bit frustrating (probably largely out of Eco's hands in Guyana) but can't be long now.
I'm not sure it's fair to compare the delay with the data to the cost of the wells prediction. They should be able to fairly accurately predict the cost of the drills. The data could have been delayed for a myriad of reasons. Increased prospects identified / reserves will take longer to process. Tullow is also the Operator and probably has ultimate say in how / when data is released, not Eco. Who knows whether Tullow or Total has internal politics to consider when releasing the data. Maybe Total asked for time because there technical team is incredibly busy. Shouldn't just lay all the blame automatically at Eco's / Gil's door. Either way, we were talking 1bn barrels initially on the block, but given Gil's answers in some of the podcasts I've listened to, I wouldn't be surprised if we were looking at double that now or more! Not long to wait now on the CPR anyway.
https://www.youtube.com/watch?v=A7sVw4F1R0A
3:20 - 3:50 minutes in, Gil says in this interview he expects the well to cost between $20m - $25m and Total money will be enough to cover 3-4 wells.
Does anyone know what kind of resources we're hoping to find here at South Ramadan?? Below is from the report. I presume SDX are only funding 12.5% of the $23m stated. Haven't really heard / seen much about it. At South Ramadan, a development well which is up-dip from one of the previous producing wells in the field, will be drilled either early in Q2 2018 or late Q3 2018. The actual spud date of the well is dependent on rig availability. Total cost for the South Ramadan work programme in 2018 will be approximately US$23.5 million, which includes some platform remediation work and a well work over, both of which are dependent on the success of the development well.
Still not update on whether we will be able to drill the Kylmene well once the $10m received. Supposed to be a prospective 400m barrels. Why haven't they even mentioned that in the update? http://www.tethyspetroleum.com/investor-relations/events-calendar/event/14
When are we going to find out of we lost just some or all of our interests in Tajikistan having defaulted on our share of the work programme? Will we have enough money to drill the Kyleme well in Kazakhstan once the remaining oilsol share conversion completes? That could be a game changer but we don't seem to have had a proper operational update for ages!!!!
Yeah I'm invested here, it's my only holding now. Heavily down like most people I imagine. Question is whether to salvage what we can or stay with it - imagine most people will just ride it out now. Death or glory and all that!!
Well as far as we know Nostrum have pulled out, we've defaulted on their loan, defaulted on our work obligations in Tajikitstan so could lose that license. Olisol said Tethys were not responding to their proposals which Tethys rejected and who knows what's happening with AGR! Sorry but I am struggling to find the positives from the last month or so. Hope there is some positive news around the corner but does the news flow recently really suggest that will be the case?
Since exclusivity ended with Nostrum and still no news. This must be a serious mess??!!!!
This is astonishing!! Pope have rejected an offer, then allowed us to default on our Tajikistan obligations which completely undermines our negotiating position. Could have at least put in the $1.2m to see the deal through otherwise what's the point in the rejecting the offer (poor as it may have been). Looks like another solid week at the office for the board!
How have they not concluded a deal yet?!! Do the board not realise the situation they've now put us in!
http://www.proactiveinvestors.co.uk/columns/the-pay-zone/23350/the-pay-zone-oil-price-amerisur-resources-and-tethys-petroleum Just the four announcements from Tethys this morning, pretty much par for the course as well. The news didnt look good as the company has not paid its bar bill at the Bokhtar PSC in either September or October and thus CNPC and Total have required Tethys to withdraw from the JOA. I am led to believe that this was of a ‘procedural’ nature only and that the a farm-down of its interests has been under discussion. Last week the Nostrum transaction didnt go through as 19.1% shareholder Pope AM had to and didnt agree, since then there have been overtures from Olisol and the return of AGR to the fray. As I understand it, despite the rather terminal wording of todays announcement abut bill paying, all is not completely lost. The board are apparently still in the ‘strategic process’ and must be with two or even more interested parties one of which would mean a Papal conversion…