Blencowe Resources: Aspiring to become one of the largest graphite producers in the world. Watch the video here.
For my pennies worth, Schlumberger are exiting license ownership as a matter of revised business model. You could say we had a lot of drilling and seismic work carried out for $1 :-). But do agree this tax issue needs sorting.
You wouldn't want to be out of this over the weekend ;-)
Reserve based lending, it's one way of generating cash without dilution. I believe the company will aim for expanding the horst and revisit TE2 and SBK wells.
ID71, read the broker notes on exploration upside, 34p I believe.
Thanks Ducati for backing up my memory, ID71, personally I believe 30/40p is the new quid in the next 3 years. News before end of month.
RS, sound didn't leave down hole pressure gauges at TE10 for fun. From memory the issue was water ingress which bi heard could be pushed back with gas pressure build up but someone else could clarify that.
47.5% of $2.5 billion dollars plus exploration, cheap as chips, fill your boots, billion dollar upside :-P
PS, don't think we can go as low as minus 1 :-P we are sat at 2.5 prior to contacts being signed to commence phase 1 project.
Personally I think one good exploration well we are sold
We have nearly 3 x the amount of shares / warrants now so I would guess around 25/30 p with industry discount. That's 1 TCF in the ground, approx 550 bcf recoverable.
Working off memory DC, the COS on the horst te6 and 7 was around 33%, you will never get higher than 40% due to the metrics of the calculation. The failed drills at te9 and 10 were downgraded to 15/17% after JPs share trading plan.
1 BCF gas flowed during TE7 57 day test with various stoppages for choke changes. The video is on YouTube if anyone doubts it.
Eric, going back to BM study on the horst, less compartmentalization than anticipated, approx 80 bcf recoverable per horizontal well. So any additional wells will be required at the latter part of the LNG project so cash in the bank and we will own the kit. Also all partners are responsible for their portion of project costs like for phase 2. Their is a plan GLA.
Eric, te7 will support LNG, read the report, additional well are needed for the pipeline and once FID is signed all partners are required to fund their percentage of development work.
From my fag packet calculations, with the new additional shares the horst has a value of 17p ps. So additional high cos exploring around the horst (te2, sbk) could get us into the 30/40p range, just going to take time.
SH, I have speculated multiple LNG stations before. I don't think we have enough current gas reserves to warrant a $200 million 20" pipeline, so either farm out and go exploring again, high cos targets close to the horst or maybe scale back the pipeline to a $100 million 12". But Graham has a plan and watching the video the phase 2 project appears further along than I expected.
PS, no harm in differing opinions and good healthy discussion is always welcome but most investors here are buying more to averaging down.....not up.
Give it a rest PS and use your spare time more productively, there are lots of companies out there with no cash profits that are worth billions, it's down to long term business strategy to deliver. Expect farm out of East Morocco to find more reserves to justify the phase 2 pipeline project. Hold / Buy or just move on.
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