GreenRoc Accelerates their World Class Project to Production as Early as 2028. Watch the full video here.
Not me buying IO. I’m waiting to see if they raise and continue on for another year. £900 k raised in Q2 won’t last to year end so expect a top up. If that’s done before Total announce a mobilisation that would be the time possibly. What price for the raise though 0.25? 0.2 ?
Why are they still quoting this Gustavson CPR in RNSs when it’s clearly done before the 3D and years out of date?
What are they trying to achieve representing the blocks in this way? Dear o dear .. just give folks up to date production numbers.
The interview does not say they are working on a CPR
It said that there’s a lot of abuse directed towards CPRs bla bla.. that’s usually cos they use some rinky dink auditer nobody’s ever heard of. If they get a decent report from Schlum or GCA confirming numbers it’d make a big difference. There’s no plan here. Just another example of misinformation filling the communication void.
Sells and SP dropping again
The only thing that can bring back credibility here is an independent audit (CPR). No one believes the noise anymore. So, what’s the production profile, what’s the 3D reserves look like and what’s the audited cash flow forecast. Gaffney Cline or RPS etc can say.
All exploration cos are punts to be fair.
The chance of exploration wells coming in is rarely more than 30 %. So there’s only a 1 in 3 chance or so of finding gas in the next well for eg. And then there’s commercial risk even if there’s a discovery. It’s always a punt.
The future is looking bright? Only if the next well discovers commercial gas. If #1 was dry (gas shows usually I’d euphemism for dry) why would the next well have a chance? And what is that chance now the results have been reviewed?
We all need convincing on this?
How does drilling a dry well ( ok gas shows) help find another prospect? Surely the 2 and 4 prospects were already identified on the 2D seismic? And they drilled #1 because it was the best of the 3? Anyhow do we know if they have the cash to take another punt ? Or do they need to raise first?
This is clearly not turning a profit on 200-300 bopd
It’s imperative they get something decent out of the next well. May be a long painful road ahead as they can’t afford any more drilling without revenue increasing significantly, $ 5.6mm won’t last long once that’s gone then what?
It would be a dull board if everyone was in complete agreement about everything
No independent CPR and very little information coming from the company means plenty of speculation I’m afraid.
Key facts are $5.6 mm left in the kitty and Q2 oil production was down to 282 bbls/d. Next well key in order to demonstrate profitability. Now or never.
I’m not knocking it, simply saying it how it is.
If you think I’m wrong then correct me.
282 bbls/day declining not sure how quickly but not a disaster, therefore new well needs to come in at or above expectations to support mkt cap. If there was more information and less hope, ramping and conspiracy theories this might be doing better I reckon.
‘During Q2 2021, the Company produced 25.7 Mbbls of oil’ ..25,700/91 days = 282 bbls per day. For all blocks WR, XIb etcPlus some gas..As I say this rate is what you need to focus on as you can be sure it’s all that matters to potential buyers.Not sure it’s super bad tbh just a bit average.can it make them money at 75USD?
My maths give me 282 bbls per day on average total for Q2 with a steady decline.
It’s not great is it?
Could be worse suppose but they do need some strong sustained production from this next well to get this moving up.