Member Info for extrader

Hi Careful,

Last post Thurs 17:17. If you go there and click on his name, you get a list of his prev posts, most recent re CMD. See Weds 1820 for a flavour.

HTH

Hi all,

Hat tip to laserdisc in another place.

Key points for me , re 'perched water' (caveat : as I understood them ):

- water can't be detected just from seismic, it was only identified by chromatography and logging while drilling. It could theoretically have been isolated during the completion phase, had they not done DST + barefoot (DR T acknowledged a 'lack of understanding' of this issue at the time). Isolation can be used in future wells not only to segregate water, but also to bypass less productive fractures and 'cherry-pick' the more productive.

- it would theoretically be possible to isolate retroactively, would need rig + intervention, would cost $ 30-40M + shut-in cost , would need both wells shut in for safety reasons.[Ed.: from other comments re cash constraints/priorities, this seems unlikely at present ].

- re suggestion / Q of draining the perched water by aggressive 'suck' (choke manipulation, not ESPs) , this is 'a possibility under consideration', the problems being (a) there's no way (per Dr T) of estimating possible volume and (b)possible complication of connectivity with 6Z.

- as to data 'showing it's perched water', Dr T said because it was 'resident' at time of drilling and because of 7Z's behaviour after shut-in : high water cut, dropping suddenly as water came from above 7Z (?); also , barely 1/2 deg C of temperature differential, compared with roughly 10 deg C at shallowest OWC .

Lots of other Q +A , most heavily qualified by 'present circumstances', understandably.

HTH and ATB

Hi Aberdeenman,

…""China has the biggest $ stockpile, by far..."

Yes ! and if you think your $$$ are likely to be debased through QE, MMT and other means of dealing with coronavirus and economic after-effects, it would be logical to switch to 'hard assets' that represent a real store of value.
Some people talk about precious metals, but commodities/essential consumables are probably more practical, or - in the developed world - 'resources' such as utilities and key industries/businesses.
There's a reason why governments everywhere are going protectionist about 'opportunistic ' bids....

ATB

Hi daltry,

Including any dealing costs, a round £ 5,000 each.
But I suspect you knew that ! ;->

ATB

Hi all,

Sounds as though the IMF aren't fully on board yet : from Africa Intelligence

…"Stressful times for Denis Sassou Nguesso's financial advisors ahead of IMF meeting
On 5 July, the directors of the International Monetary Fund (IMF) are due to decide whether to resume loans to...."

I recognise that the Chinese are a law unto themselves and won't necessarily wait on the IMF, but they MIGHT use/ be using them as a negotiating tactic (eg we'll do X , Y and Z ....but as a condition precedent to any deal, you must square things with the IMF...).

And this would have to be done or in process before the July meeting.

Let's hope that things are coming to a head.

ATB

Hi E_AL,

Pls reread the RNS : .."announces the AWARD of shares to Hurricane's executive directors in relation to their 2019 BONUS awards...."

Not only 'not paid for' - which I agree MIGHT be taken as a gesture of confidence - but the shares represent the 1/3rd of bonus that they chose to take in shares ie 2/3rds in cash.

Puts a slightly different complexion on the matter, I would say.

ATB

Hi Veteran 10,
AT replied last Monday to my email, (paraphrasing) he said that the team was v busy and hoping to get an update out to shareholders soon, also that - having taken steps months ago to reduce cash burn - ZIOC was in good health from a finance perspective and in no desperate need for funding, though they'd also update on this soon as well.

HTH and ATB

Hi Dive centre,

I think you’ll find that the bonds Don’t / won’t track the shareprice, for a couple of reasons : they pay an assured income, unlike the shares; and they rank ahead Of shares in any claim on the company’s assets.
Have a gander at PMO s / price relative to its bonds....

ATB

Hi all,

Good to see SRT putting up £ 100K for 400K shares in the placing.

ATB

Hi Aberdeenman,

It's NOT DRC....but RoC (as the article that you quote says).

ATB

Hi allthatguff,

Good news ! Article concludes that these steps were precondition for IMF debt negotiation deal to be implemented.
There may be other preconditions, but this is an important one for other potential lenders.....

ATB

Hi Caterham7,

Neither, unfortunately ! Although our local mills (private and co-operative) have produced gold-winning oils, winning in Athens, Israel and...New York (?)…

ATB

Hi stz,

Just checking in to give you an update on the olives , since I 'get' that you enjoy living vicariously : post-harvest, I've now been doing the bi-seasonal prune and then sorting the offcuts : fire-starters, kindling, sticks and logs.

On looking in, I see that you've explained your ongoing ZIOC posts thusly : " If anyone wants to know why I post on this forum, it is because I want to make people aware of what is written in previous rns statements from last year. .."

Having an idle moment, I looked back and see that , so far this year, you've posted on 10,11, 12, 13, 17 (x4), 19 (x3) and 29 Jan, then 1 (x2), 14 and 21 Feb, then 01 and 2 March, all 'making us aware'....

I note in passing that you've previously been unstinting in providing this service also to people interested in EUA and SOU.

Whilst admiring your public-spiritedness, somehow, I don't think that self-isolation is the challenge for you that it is for most of us....;->

ATB

Hi Genghis,

My thought was that - it's all very well being lowest cost producer, but - if you have to export most of your production and (apart from Tapline and a couple of other overland routes) all the vessels capable of shifting product are already laden (incl. with your own production), it doesn't matter what you produce, you can't actually deliver it. 'Hoist with your own petard' comes to mind.

Another thought : What price somebody closing the Straits of Hormuz right now ? The US, the Russians and the Iranians - to name but 3 - might not be totally distressed …… and whether it's misdirection, maskirovka or use of proxies, all 3 have form.

ATB

Hi Ty1976,

Google is your friend !

https://aim-watch.com/articles/price-monitoring-extensions-explained/

ATB

Hi stz,

" There are only so many times you can repeat the same ... over and over and over and over again before people get sick and tired of it. Like a broken record player repeating the same thing over and over and over and over again. …"

Oh, the irony !

Hi all,

Closer to home, here's a well-reasoned argument to put UK news in perspective : most deaths are 'with' the virus, not 'from 'it....bit like prostate cancer, actually …;-<

https://www.spectator.co.uk/article/how-to-understand-and-report-figures-for-covid-19-deaths-

ATB

Hi Veteran 10,

From memory, Xstrata agreed to pay somewhere north of USD 100 M to advance the project, in return for its 50% + 1 stake.
As with ZIOC, most of that expenditure will have been written down/ off in its books, so the carrying value ( if any) in acquirer GLEN’s books will be minimal.

ATB

Hi 2020zioc,

'The BoD are in at higher levels vs today' : at the time of the IPO , for 22odd million shares IIRC, the Directors sold another 22 odd million, thereby recouping a large %age of whatever they'd paid out as venture capital. They haven't bought any shares since then, to my knowledge.
'They invested a lot of money from the IPO...' Yes, the PI's money, not their own. And then Xstrata's money , in return for Xstrata getting a share of Jumelles.

What ZIOC is bought for may be broadly linked to its perceived 'worth', but depends very much on who/how many potential buyers there are; whether they compete or agree a 'buyer's strike'; whether they have the ability to frustrate/frighten off another prospective buyer, etc etc.
It's not difficult to imagine a combination of interests that might get together and make ZIOC an 'offer it can't refuse'.

And you can't necessarily count on GLEN for protection : read up on how Glasenberg stitched up MIck Davies over GLEN's merger with Xstrata that turned into a takeover...

OTOH, COIDIC's 'project management' involvement gives some cautious grounds for optimism that at least we're moving towards the end game....The present global disruption may bring it closer.

Famous last words...
ATB

Hi lynthip,

I’m afraid you’re anchoring. The BoD didn’t pay anything like the IPO price, that’s what they SOLD at, to get a chunk of their ‘seed capital’ back...
The only relevance of £ 1.56 + is if you believe they are concerned about the IPO subscribers (about 10% of shareholders) making a profit...

ATB