Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
The last time there was an article on GGP from Wahoo Finance it was deservedly ridiculed by those on this BB. The article below is a bit better informed:
https://uk.finance.yahoo.com/news/buy-greatland-share-price-today-094145289.html
You are right ToblerRone. I held MATD since White Horse days and was disappointed when their 1st Appraisal well was a dud. I sold off most of my holding a month ago & moved from oil exploration to the Australian gold exploration / appraisal minnow that you mention. It has doubled SP in this period and has plenty of promise for the remainder of the year.
Sadly, MATD is not in a good place right now. The Heron development needs a lot more clarification. The hard part is that I have confidence in MB, having worked for him in another difficult geographic jurisdiction. I could jump back in here later this year when the storm clouds have lifted. Good luck to those who stay the course.
Redleader1 - SomewhatGullible is correct. I have accounts with Hargreaves Lansdown. I sold £50k worth of GGP in January & put most of the proceeds straight back into my wife & my ISA accounts. £20k max each account before end of tax year. I'm pleased I filled our ISA's as the gain has been significant in the last month. Look at my Share Chat on member info, if you have time.
See you all at the AGM in December, I hope.
Just put my wife's 20k ISA money on GGP. 968,130 shares at 2.0645p. 15:57 pm.
A bit painful because I sold at 1.83, which was a small profit at the end of last week. My guess is that it will be more expensive to buy next week.
For the record, that sell at 11:29am was mine. 2.75 million shares for over £50 grand. The funds will be transferred to 2 x ISA’s and invested straight back in GGP. This is only a portion that I’ve held for over 2 years. We all deserve to see this SP take off in 2020. Thanks for the research Paddy & the hardcore. I’ll return to my anonymous observation position now.
Excellent AGM summary, JerryS. We must have both been asking the BOD’s similar questions after the meeting ended at 10:50am.
One other point that Gervais covered was the history of Havieron acquisition and the fact that a final payment will be due in the form of shares to the group that GGP bought the license from. This payment will be due in the event of a decision to mine.
Next years AGM should be a humdinger of an event. We’ll all have to go for a lunchtime drink. I hope PaddyG can attend next year. He might have taken early retirement after a Greatland windfall!
Gervais inferred that Kraken was the No.1 target in Scallywag and Goliath was the interesting feature in Patterson East. I didn’t bother asking how many rigs & how many holes would they put down next April. He did at least confirm they have funds in the account to drill the 1st campaign at Scallywag.
aandi - Regarding the AGM.
I have attended for the last 2 years & intend to be there this year. It will be a full house & there were some high profile individuals in the audience last year.
One point I would make is that as soon as they confirm the date - Tuesday at end Nov or early Dec - send an Email to your investment nominee to say you would like to attend. Most shareholders are with nominees specified as Substantial Holdings in the GGP Annual Report. I’m with HL & others will be with Barclays, HSDL, etc.
Your nominee needs to notify GGP that you will attend. There is basic security and someone will check you off as you enter. There must have been over 50 attending last year and it will be difficult identifying the stalwarts of the LSE bb unless we all wear a gold tie !!!
The minimum time for a well completion and initial flow period is a week to 10 days. This will enable the reservoir engineer to see whether it flows under reservoir pressure or whether stimulation or a downhole pump is required.
Oil sampling is not important: It is the same oil as PetroChina, next door. Stimulation has always been a likely necessity. I believe that MB stated in a presentation that the Block 19 wells nearby are stimulated. The process is standard & would likely be a HCl acid wash and block squeeze, possibly at fracture pressure.
The most important data is the surface & downhole pressure data alongside flow rates and choke size. At worst, flowing pressure could decline and not build up after the well is shut in.
My understanding, from information released from Soco & PetroChina, is that we should be hoping for a rate of 300 bopd and that the well will need to be recompleted with sucker rods and a beam pump at surface. Look it up on Wikipedia!
I put in a trade to sell 2,400,000 shares mid afternoon & was pleasantly surprised when I immediately got an offer to buy. I let it go but then put in a sell limit above 2.4p valid to end November. That should cover the next news from Havieron or Firetower.
At some point before the AGM this SP has got to move into new territory.
All wells have electric logging runs at Total Depth, whether they appear to be a dry hole or have oil shows. There is unlikely to be any difference in time frame before an RNS announcement. If oil shows look promising, it would involve additional logging runs, such as taking an oil sample for testing and finally a long seismic test that enables optimisation of 3-D recorded data to predict formation tops in future development wells.
People trying to claim significance on when the announcement is made are mistaken. It may be released next Monday or later next week. The timing has no operational significance.
macd_91, I’m with you.
I’ve 40 years upstream experience in drilling & completion operations. I also understand exploration geology, which is mainly why I am invested here since last year.
My trump card is that I worked for Mike Buck when he was GM in Libya. I can assure everyone that he goes to great lengths to ensure no leaks of information get out from the wellsite to the market. He is unlikely to agree to any kickbacks to government kingpins as that is a road to ruin.
It is hard to explain sp movements sometimes but my feeling is that AIM is a roller coaster ride where you have to hold on tight. I am planning to hold MATD until the end of this drilling season. Any oil discovery may look encouraging on wireline log interpretation and flow sampling but the only real commercial proof is well completion and production flow test. DYOR.
Angus can not definitively claim that they have isolated the water producing zone after setting the bridge plug.
Their wellbore diagram of April 3rd is a useful presentation. Unfortunately, Angus’ website is down, so I offer a non-independent view source:
https://drillordrop.com/2019/04/03/angus-energy-gives-details-of-work-to-find-brockham-water-zone/
Angus have identified the water zone using a wireline run resistivity log. They have successfully completed the ‘simple solution’ of setting a bridge plug in the wellbore above the water zone. Job done? I don’t think so. Analysis of results for presentation to partners could involve a review of sonic/ acoustic log data recorded much earlier. Experienced oilfield rightly believe that water shut-off using a bridge plug is a proven solution. They are correct for conventional reservoir rock but the Kimmeridge shale produces from a fractured matrix and there are very few people in this country who know about blocking water flow paths in unconventional shale production.
For those who have an interest in the geology detail, I recommend the following cross section 5.2. Brockham and Balcombe have similar geological sections.
http://www.southampton.ac.uk/~imw/Petroleum-Geology-Weald-Shale.htm
It is clear to me that there is a risk, in a reservoir that relies on oil production from a web of micro-fractures, that once you shut off the path of least resistance to water flow, there may be numerous other fracture paths behind the perforated steel liner that by-pass the plug in the wellbore.
Finally, to a Twitter comment from J.T-P on 4th February, that really got me puzzled. He said that the water pressure was 200 psi higher than the oil reservoir. This information comes from pressure gauges run on slickline or a formation test tool run on wireline. This should ring alarm bells. Brockham has a water re-injection well, BRX-3, that had water injected at high pressure into the Portland formation which overlies the Kim. Pressure injection can open up a natural fracture system, both in the Portland and into the Kimmeridge shale.
Angus have to go ahead with an extended welltest as it is the only way to prove whether the water zone has been isolated and that water breakthrough will not occur in time through the fracture system.
I sold my Angs holding in early Feb at a painful loss. The s.p. will only rise once definitive proof is shown that water is not present after the welltest flow cleanup.
Agree with youngba, although also no desire to be called a troll . . . .
Christmas Tree installation is a legal requirement at this stage with a perforated ‘live’ well. It is not confirmation the water influx has been isolated or that there is assured long term oil flow from the Kim. The only way this will be proved is with a long term flow test. I urge caution and restraint in pi’s expectations. The progress in operation stages reminds me of events in Dec. 2018 and delays over Christmas.
They will be moving a welltest equipment package in after the rig has left the site - end of this week. There will need to be wireline / slickline work with a lubricator on top of the Xmas tree. They need to pull plugs set in the tail & top of the tubing string. After that, they could run pressure gauges downhole to get early information on whether the over-pressured water zone has been isolated.
Ultimately, it is flowing to surface that will answer the question of water cut. I will not be buying ANGS again until that question in answered.
A final point I would make, that very few have raised here, is the nature of Kimmeridge oil production. Unlike the sandstone interval being produced at Horse Hill, Brockham depends on connectivity through micro fractures in a calcareous shale payzone. They may have set the bridge plug near the bottom of the previously perforated interval in a transition zone determined from wireline logging. However, the connectivity of the fracture system can not be determined by the best sonic / acoustic logging, in my view. Any overpressured water influx that has been contributing to production in the last test can possibly straddle a mechanical bridge plug in the wellbore and continue to flow through the fracture zone behind the perforations and into the production tubing, once the flowtest resumes.
Time will tell and preliminary flow results that are announced may not be the end of story.
Scallywag to the west of Havieron, Paterson prospect, has been touted as high copper potential.
https://greatlandgold.com/wp-content/uploads/2017/06/PatMagTen-_with-BH_06-11-17.jpg
The latest info on the Greatland website says little about this regional target. I understood from the AGM & subsequent RNS announcements that Blackhills & Scallywag are going to be drilled this year. The programme may have changed if all coring rigs are allocated to Havieron.
I was at the last AGM with bhargav and met Mr Wharmsey. Apologies for my early re-appearance as I did say I would lie low for 6 months. Nevertheless, I still hold a few OMI shares, so I am in a position to comment. I agree with bhargav’s opinion. It could be a long wait before there is any news of a drilling campaign. This share holding is a bottom drawer asset in the meantime. I don’t like being almost 70% in the red but I will continue to hold.