The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Try this link from the local Teesside press - Lithium refining and Lithium Hydroxide production hopefully going to be built on Teesside.
https://www.gazettelive.co.uk/news/teesside-news/jobs-hope-teesside-eyed-site-23913814
Independent Oil & Gas
IOG announced yesterday afternoon that it had completed its farm-out with CalEnergy Resources and taken the FID on Phase 1 of its Core Project. This is a substantial portfolio of assets containing 410 BCF of 2P +2C reserves and resources across six discovered UK SNS gas fields.
The completion has triggered a number of key milestones in the progress of this long-awaited project not least the farm-out to CER thus bringing in £40m of cash to IOG but also starts the £60m carry of IOG’s Phase 1 development costs.
Perhaps more importantly for some it also kickstarts the initial repayment of debt to LOG by some £17.1m of non-convertible and they have in turn converted £10.9m of debt into 135m new shares in the company, these shares are subject to orderly market restrictions for 12 months. Th e remainder which is the 2018 19p convertible plus accrued interest has been restructured into long-term, unsecured, non-interest bearing loan notes convertible at 19p into a short 61m shares.
With the €100m bond raise IOG is now fully funded and partnered up to deliver shareholder value which is forecast to deliver over £0.5bn in pre-tax cash flow net to IOG. Still to sort out is CER’s option to acquire 50% of the Harvey licences, a decision has yet to be made whilst the well results are still being analysed.
So, the Core Project gets underway with only the OGA hurdle to pass now which should be a formality. This has been a long time in the making with at times some mountains that needed to be climbed but one way or another it has reached base camp, fully funded and ready to go, who’d have thought eh? Onwards and upwards for IOG, now the hard work really starts, but shareholders can be satisfied that it should be a rewarding journey.
This is no village pond - it's huge !
Sarisu is the largest lake in Azerbaijan (not counting the Caspian Sea). This natural reservoir, with an area of about 65.7 square kilometers, a length of 22 km and a width of up to 3 km, is located on the territory of two districts - Imishli and Sabirabad. Places in which the lake is located, it is difficult to call tourist, but it is of great interest for wildlife lovers. The shoreline of Sarisu, consisting mainly of wetlands and swamps, attracts up to 350,000 migratory birds in winter. This is a real expanse for fans of bird watching. In addition, the lake is rich in various fish and is used for fishing.
Morning SEA7 - I believe that we are now compliant with SOCAR re: the field 25 licence/lease ? Is there a 6 month flow period required above approx 460-500bopd to be fully compliant ? Sorry, can't find the figures. Be good to tick another box. IMO.
Well done guys for those who kept the faith. New strategy a big success and quickly onto C30 which if successful will de-risk this share massively. Agree that ZEN need to manage it's communications much better as the first RNS re: flow rates at C37 was too negative and perhaps should have waited until confirmed flow rates, as the SP got hammered? IMO.
I'm no expert on liner hanging systems/cementing but after doing a little research Schlumberger seem to be 'top of the list' and as their cementing equipment was on site is it reasonable to assume it was their liner ? In which case you would have to say that Zen is unlucky for such an outcome using the market leading O & G service provider ? Is there any comeback in O & G, I would assume not as it's not a finite industry, too may variables. Could be completely wrong ,but assume we'll find out sooner rather than later. IMHO.
Couldn't agree more SEA7. Pathetic market reaction. Should be noted that ZEN has made mistakes in the past but it appears that they had Schlumberger in to do the the cementing/casing/liner process, the leading O & G company - what more could they do ?? Their luck will turn - this is a good outcome 40% increase in revenue and lots of real well data that will be so valuable going forward. IMHO.
Hi Resourcehunter - couldn't agree more, best Interview he's done. Looks and sounds very confident, get these 2 wells successfully completed and flowing and perhaps he'll get the SP to where he says it should be and that's in the 20's not 3.5p ! Looks like a change of plan from the geological results coring etc and the planned ZEN 01 may actually go to Zardab and talk of horizontal wells under the untouched 80km2 'marsh' area. Well worth a watch. IMO Good luck all.
Many thanks AGEOS, a very welcome overview of the Well 37 geology. I always look forward to reading your detailed assessments of the vary varied geology that ZEN are very fortunate to have. Certainly moving in the right direction now with the new rig and drilling crew but don't forget the two geological studies that have been completed, a 'game changer' for a new strategy and moving away from the poor quality old Soviet well's, for the moment to the more modern later wells. IMO
I'm on the IG platform and you can definitely trade ASX shares on there as I have Calidus and another Aussie share on my watch list - hope that is of some help if your platform won't let you. Been here for 18 months, looks to be coming together nicely.
Hi Sarge - if they didn't do any drilling in the well (C37) shouldn't production be greater than 5bpd as it's been cleaned out and surely the obstruction that was drilled out would have been restricting production from the well ? I seem to recall a number of 70bpd before it dropped to 5bpd but can't find the info in black and white, I maybe mistaken though? IMO.
Hi SEA7 - I believe that the Robotics personnel will be on site for a minimum of 6 months - from the RNS 5/09/18
'Robotics has confirmed it will provide its highly experienced drilling personnel for a minimum of 6 months as part of the aforementioned agreement.
This gives me much more confidence for when we finally get the drill bit turning. IMO
AGEOS/INTHENO - many thanks for your insight/interpretation on the geology of C37. You've been badly missed with your valuable technical knowledge, hopefully you will continue to post on ZEN to keep us geologically informed ? Thanks once again.
Seriously impressive piece of kit - looks fit for purpose and not before time. Appreciate it's taken longer than anticipated to get it rigged up but first assembly for the Zen crew, patience is required. We've had our share of 'false dawns' and have not been the luckiest operator to date. Looking forward to the drill on C37 with a younger/stable well bore and plenty of accurate well data from the logging - hopefully the geology data turns into plenty of the black stuff ?? IMO.
Many thanks Captpat - great broadcast. SZ says production in the second half of 2019 !! BA finishes the broadcast and he uses those imortal words 'fully funded' !! Full steam ahead, they appear extremely confident - a must listen to broadcast. IMHO.
Many thanks Sorb - 2 great finds. That's the most positive I've seen BA in the 2 years I've been invested, looking like the cat who's got the lithium !! Progressing very well on all fronts, would like to get the bulk sample results asap to glean the processing plant design optimization and the metallurgical feedback. Assuming we are/can be funded by our chinese friends (which looks a given) we will be lithium producer in the near term. Just my opinion DYOR.
You have to give credit to BA for this appointment, Steve ticks all the boxes having just brought in an Australian lithium mine and also has extensive experience of working in Africa. Sounded very knowledgeable and confident in developing Kodal into a productive miner. BA was eluding to SC for the funding of the project. Game-changer in my view, to get this into production (assuming the Mali government 'play ball' which it appears they are eager to do) ?
In the BRR interview Steve mentions about getting Kodal into production FIRST, so it is a race ?? All IMHO.
Zeb - yes I believe the upper cretaceous is predominantly limestone (actually fissured carbonates), no sandstone so little or no chance of sanding up hence the eagerness to get to these resevoirs and they all so have very good porosity. Just my opinion.