Member Info for cperkin

Back to the 60's, twist and shout!

A sniff of gas and or oil and this could easily multibag from here, seems worth a punt.

GL

If that's bad then go do one ;0)

Ruvuma reminder

GIIP (Mean unrisked) 3,024 BCF
Mean risked recoverable 1990 BCF

Now that's an asset.

Morning steve, yes I agree. It was a hell of a surprise them announcing the end of the 2021 drill campaign, they clearly need a bigger rig to drill the deeper Karoo targets and that is going to be more expensive. HE1 would have been better to retain the services of someone like NR who has drilling experience in Tanzania imo.

I see WEN now have over $20 million in the bank from gas production in Tanzania, on the list of possible Ruvuma buyers?

Very true AA, one of the many previous avatars of the current reincarnation (goodness knows how many others it has) said it was a terrible deal and so we must have been lucky to dodge it. I seem to remember endless posts about it at the time similar to the ones saying sell Helium-1 @7p when the bod managed to sell most in the 20p range.

Excuse me whilst I get my white coat.

Not an expert but that was my expectation Hepseal as I thought that was one of the main outcomes of LWD. Like you I was surprised to read TD almost as a foot note to the RNS today and wondered if they had only just hit TD hours or minutes before?

Logging whilst drilling, expect some Net Pay numbers very soon, surprised they did not update us today tbh unless TD was only just reached today of course.

"The well placement has been optimised to maximise hydrocarbon recovery and the time to drill and the execution risk have been optimised with detailed engineering. Rotary steerable systems and logging-while-drilling will be deployed, which are firsts in Georgia."

Can't be long :)

Excellent news ref TD, now they have been logging whilst drilling so I guess we should expect something on initial logging soon?

GLA

Morning steve, my tomatoes are the same, green on the vine and not enough sun to ripen them, feels a bit like SCIR.

Deal due to close + Ruvuma action.

18 August 2021
"As announced by the Company on 30 June 2021, tendering for the acquisition of 3D seismic has been completed and APT awaits approval from the Tanzanian authorities for the issue of the seismic acquisition contract. It is still expected that acquisition will commence in the third quarter of 2021.

Hi steve hope all is good. HE1 has been some ride and it's not done yet. Looks like they will need a more substantial rig for the next drill phase in 2022?

Reminds me of Killi in terms of paying G&A, a good start but not enough by a long shot. I don't see how they can finance their 30 million deals ambition without the sale of Ruvuma. 3D approval expected September as per the RNS, more drift or bang on?

Unfortunately this just adds to the perception of the BOD being less than forthright when it comes to communications, they were all over us with twitter when the last vote was in progress with drill updates and yet nothing since. The August target must have included the relevant contingency of around 20% and they have over run. That is no reflection of the final well results but it does create costs above those included in the contingency.

The drill bit will not lie and I hope when it comes soon it is good.

Sure it's not just a site issue maqsood7, it has been going on for weeks, you make a post refresh the screen and then can't see it, go in on another device without logging in and it's there.

Sites bugger3d

Running late it seems, although the day is not done yet.

Come on BLOE!

From the Wed, 28th Jul RNS Number : 6765G

"The Company will now commence drilling the horizontal 8 ½" reservoir section of the well. The well is expected to reach total depth in August, at which point Block will provide a further update."

GLA

Last I read, the Gov and the Majors are supposed to conclude GSA terms during September, not saying that won't drift but it would be a very positive sign after the 2 year extension licence for the JV here.

Well not quite how events unfolded really as there are two main issues they have had there, one of the BOD's making and one that they have no control or influence over in the main asset in Ruvuma.
Item 1 $30 million asset deal that the bod backed out of during the crash in natural gas prices. The BOD wasted shareholders money with their non delivery but all the costs.

item2 Ruvuma, it has been a matter of waiting for the Tanzanian Government to approve the farmout, issue the extension licence and now approve the 3D. However during their watch the asset has increased from 2TCF to 3TCF.

So I think your comparison is weak and in fact the down turn here has unfortunately been much larger.

Anyway, not impressed with either BOD personally and would rather not have another day of negative posts, so will leave it there.

Drill results please!

No worries ballard, I expect the GGL investment will conclude not long after the Holidays during September, which incidentally is when more news on the big asset, Ruvuma is expected.

Last day of August next Tuesday.

From the Wed, 28th Jul RNS Number : 6765G

"The Company will now commence drilling the horizontal 8 ½" reservoir section of the well. The well is expected to reach total depth in August, at which point Block will provide a further update."

Expected any day.

The EAG investment has been completed as per RNS Number : 7183J on the 25 August 2021.

We are now waiting for GGL investment to complete

Nothing major happening there till 2022 either and then it's uncertain on what they will need to spend, seems they will need a bigger more expensive drill for the Karoo?