Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRoc. Watch the full video here.
I just got the below from a reliable news source, but don't see it in the RNS, at least not on this site, am I missing something? Tks
On 21 March 2024, Touchstone Exploration Inc reported in its 2023 financials that it has entered into an agreement to sell its interest in the onshore Trinidad Basin's Coora 2 Block. The buyer was not named. The decision to sell the asset was made after operating expenses were higher than the corporate average and due to extensive work commitments. Following completion and approval of the transaction, Touchstone will reduce its 2024 work commitments by three wells and three heavy workovers.
Agreed, existing production provides a nice floor for the SP, even though it is not where it should be, and there is so much potential upside, numerous reasons to be optimistic as the year progresses, and potentially good news coming very soon...
No major "new" news as far as I could see though
I guess they just deem that it doesn't meet the criteria for RNS issuance requirement. Or maybe a bigger RNS is imminent into which they will insert this smaller news too - but the total silence recently is not helping...
SDX Energy has been granted a modification to its Rharb Occidental petroleum agreement, located in the onshore Gharb Basin, effective from 18 January 2024. Whilst details have not been disclosed, the amendment relates to changes to the company's work programme and bank guarantee for the current exploration phase.
The licence was originally awarded to SDX Energy in September 2017 on an initial four-year term. It is located between the company's Lalla Mimouna Sud and Sebou licences, with these areas acquired following the purchase of Circle Oil's Moroccan assets in January 2017. To date, the company has drilled nine exploration/appraisal wells on Rharb Occidental, with six commercially viable. Additionally, three production licences have been carved out from the permit, comprising of Beni Malek Sud-Est, Gaddari Sud Ouest and Al Harati Sud. SDX operates Rharb Occidental with 75% equity, in partnership with ONHYM (25%, carried during exploration).
SDX Energy has been awarded the onshore Beni Malek Sud-Est production licence, as a carve-out from the company's Rharb Occidental licence, located in the onshore Gharb Basin. The 0.84 sq km block is valid for an initial two-year term, as the company looks to bring the Beni Malek Field online, followed by a 25-year production phase and a 10-year extension option. The discovery was made in the north of Rharb Occidental back in early 2020, with the Beni Malek 1z NFW (1,551 m TD) encountering gas in the Miocene-aged Upper and Lower Gebbas sandstones. Estimated recoverable resources are 0.9 Bcf. The field will be tied-back to the company's other gas fields and infrastructure in the Basin, with a c.10 km pipeline likely required.
Beni Malek Sud-Est is the third production licence to be carved out from Rharb Occidental inside a year, with Gaddari Sud Ouest and Sidi Al Harati Sud awarded in early 2023. The original 1,343 sq km Rharb Occidental exploration permit was awarded to SDX in 2017. Since then, the company has drilled nine exploration/appraisal wells, with six commercially viable. More recently, the junior outfit has undertaken a strategic review and is doubling down on its investment in Morocco, with an ambitious aim to become a 'hybrid energy player'; essentially an expansion into renewables, synergising with its core gas assets. The company operates Beni Malek Sud-Est with 75% equity, in partnership with ONHYM (25%).
See below my earlier post from 09/01 regarding the most likely bidder, chimes with a Maestro comment. I personally think the delayed progress is purely due to Egyptian bureaucracy, I don't think Morocco is under discussion with these guys...
Reported elsewhere today [09/01] that the buyer of both SDX' Egypt entities may perhaps be "state-owned Russian firm Zarubezhneft... On 26 September 2023, Zarubezhneft was pre-awarded the North El Khatatba block in the EGAS International Bid Round 2022, which surrounds SDX's South Disouq assets."
It depends when you bought in. I have been in for a few years and don't see any chance of breaking even, nevermind making a profit on my own investment BUT there is certainly a strong case to be made for the SP recovering to a multiple of today's level, and rather quickly, once Egypt is finalized, nevermind any further positives from Morocco. I mean maybe 2x or 3x in the short term, not 10x, but I will take that!
Reported elsewhere today that the buyer of both SDX' Egypt entities may perhaps be "state-owned Russian firm Zarubezhneft... On 26 September 2023, Zarubezhneft was pre-awarded the North El Khatatba block in the EGAS International Bid Round 2022, which surrounds SDX's South Disouq assets." Just a rumour, and kinda doesn't matter, but there you go.