Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Stop talking about 'weak sellers' it's a pathetic expression. People buy , sell, hold, abstain to suit their own needs. I bought at 0.9 and sold at .26, made almost 200% in a few days, does that make me a weak seller, or is a weak seller, someone that has seen an opportunity elsewhere and wants to release funds or is it someone that has lost faith or no longer believes in the ramping bs? and is actually brave enough to sell up at small loss? What about the weak holders that cling on to something because they are too swollen headed to admit to making a mistake and then keep the things until they become worthless and then console their egos by saying they are long term 'real' investors and its a long term hold. When you sell yours, what will you be? A weak seller or a weak holder?
They haven't actually been specific about what the problem is. We could speculate all day as to what may have gone wrong with the hydraulic system. Pump--if it is a separate pump to that driving the rotary. Directional valve--wont send the hyd oil to the roughneck. Control valves passing oil and not sending signal to the directional valve. Somebody forgot to top up the oil, Whatever it is, is is just a mechanical 'thing' that is repairable. Mud circulating will possibly cake up the well bore and once they get the rig fixed, they may have to run a scraper--maybe not, just musing and saying it so that folk dont go into meltdown if it becomes necessary. There could be a short term trade if the SP tanks--pity I have no spare $$.
Mls. on a positive, the news will answer any questions of doubt about the ability to pay. This payment will be up there on top of the priority list as non payment would be suicidal for the golden goose. Good they've paid tho matey.
Included in the new directors is Andrea Cattaneo from Zenith Energy. Zenith have some Italian Gas Assets, maybe the idea is for Cattaneo to assist with licences from the govt or for Zenith to buy them. Whatever it is, it will be for his benefit and not shareholders.
There is always production during commissioning--unless its a 'pre-commissioning' activity without any product being run so it is likely that Prem are accumulating whatever it is they are producing.
Heid. They are indeed a beautiful thing--and nothing else sounds quite like them on full chat in a dive. They don't do that anymore because of the age of the components and huge cost to maintain and repair (unless the pilot misbehaves himself and ignores the rules) but even on half throttle they are poetry in motion. It'll be a talking point for you when you are out celebrating the success of BCE down at the RAC club!.
D2B. Who knows why the ROP is going so slowly other than the drill crew. But I would say, they must have a good reason for it. Could be Hard rock, burned out drill bits, having to run all the way in and out to change bits. It cold be that the Muddy engineer has added too much weight and the rig is struggling with the torque on the string. The rig may not be performing quite as well as its 'nameplate' suggests that it should, they ay have encountered high pressure and then the muddy engineer would have to adjust the weight/viscosity to control it. If the rig was running at say 70 or 80% capacity, they may want to keep quiet about it as it's their own rig, so to say they ae drilling ahead might be entirely the truth but the reason behind it may not be so transparent. Who knows, but so far, all bets are still on unless anything truly negative hits the newswires. tbh, I think any serious news would have leaked out. Gluck next week 'n all.
I think that they said the rod pump would be installed sometime during October (If my memory is correct), that doesn't mean anything other than they will install a pump. It does not guarantee 250bbls a day as the 250 is the limit of capacity for the pump and not necessarily what they will run it at. They could easily run it at 100bbls a day and gradually build up over a period of time that suits the company to the 250 or whatever the pump manages to produce (230-260) .
I can confirm also that drilling ROP can be painfully slow when the formation changes, the pressures encountered are high, there have already been a couple of 'kicks'. The mud Engineer has got the weight and viscosity all wrong !. 😁 The torque on the drill string is killing the drive and rotational speed and the bit is virtually ineffective. Mentioned just for the benefit of Anelka. We/I have had a section of drill pipe +/- 30ft in the hole for half a shift before having to stab another length of pipe into the string, so the drilled depth over 12 hours was around 50-60ft. Mud Engineer---now that is a job that I would have liked to have pursued---just about everyone else does their work for them :). Someone does the mixing (Rousty), someone else takes the samples and measures the viscosity at regular intervals (derrickman), someone else tells the engineer how it is affecting the torque and ROP. (Driller) All they do is say--just add a bit more Barite and we'll see how it goes. --- Only kiddin'