Member Info for gogsthelogs

Don't know if the real churning will start next Monday 19th Dec. but SP has coped fairly well with the Raise so far.
820m shares in circulation from then, but I suspect that there will be news next Monday through next week to get this going upwards.

Yeah Kevin, I was hoping for the announcements :-
Baker Hughes Deal firmed up
Exalo Contract getting signed this week
Haulage contract done
and Civil Contractors arriving on site pre-Christmas to strip or level the site ready for pad stone or mats to be put in place!
RNS's coming soon hopefully
GLA

See his suitcase sitting in the corner of the screen, in the ProActive interview!
Time to get out there and get this DONE David!

Potentially contracts could be signed with Exalo and Baker Hughes next week before the Christmas break, and if so there will be plenty of overtime in the Invictus camp once the rig is done on existing hole, dropping the rig and preparing the equipment for haulage in early January! Fact they have gone for the Raise now would encourage the board to get on with the Q1 plan.

So where will the SP be at 9 am tomorrow???

LW
Think there was a figure of $5m talked about at one time for the initial drilling plan ? But drilling to over 3000 metres doesn't have any correlation to our meagre 1200 metres

From the twitter pictures of the Haulage Trucks, this is Transcargo Haulage Contractors Yard, who employ >600 staff, operate in 11 countries in East/Central Africa, and have a wealth of documentation experience for border crossing and goods licences, so should be up to the task.

They have the trucks, let's hope we get the rig and supplies to put on them, hopefully in early January, in time to transport onto the newly prepared Pad at Tai!

IG

"Exalo meanwhile just wants their drill in action earning money for them. There could be downtime for the rig through January but maybe normal between jobs for them"

There will be no downtime between end of drilling for Invictus Energy and Spud at Tai.
Will be flat out work schedule to dismantle, load and haul to Tai for rebuild to start drill hopefully in mid to end February. Would be impossible to fit in another drill project/location in that timescale. Those critical weeks will be built into the Drill Contract Costs.

Regarding a raise, the SP is 20 - 25% higher than it was a month ago, even with the annual accounts released and highlighting the cash burn/loss declared to end of June.

I would calculate the monthly cash used since start of July to be a lot less than the 6 months Dec21 ($9.6m Cash held approx.) to June22 ($4.9m Cash held), which was approx. $4.7m spend for that period, and included cost of surveys and analysis, etc. and work in progress from earlier to be paid for in that six months, perhaps even settlement of invoices disputed with Mitchells?
$200,000/$400,000 per month since then when not a lot happening, other than Rig Audit (paid for by owner?) would mean approx. $3m/$4m left at start of this month.
Exalo and Baker Hughes will be aware of this but presumably have calculated that a raise on news of mobilisation will cover their bills for drilling and services respectively, or they may be happy to take equity as part of any contracts they sign.

Really think the bad stuff is behind us now, and news going forward will be positive for us.

Dai
Seems a long time ago since we were trawling the US for the Rig option from a global player, but hopefully the Exalo Rig is the One.

When I was still in business, many years ago we had a contract from a Utility company to provide new high security fencing around a new wind farm sub-station. Deadline to finish was 4 weeks. Fence was on first 3 months of a 12 month programme with late delivery penalties, and hey-ho 48 months later we got the go ahead to start. Farmers, Newts, Council and several others all had their own spanners to chuck in, so I have always been sceptical when it comes to timelines and programmes around any project.
I have a £20k Toyota Hilux Pick-Up lying in the yard doing very little other than depreciate, so have just booked an appointment with WBAC to sell it and drop the proceeds in here?
Although I did like the following presentation by Atlantic Lithium last night, so maybe spread it out a bit?
Good luck all!
This will be done before the end of April

ITV
The presentation showed a Project Programme Chart with the projected timescale for putting the Mast up in February, and Drilling in later half of February, through March.
The nature of project programme timescales is that they are designed to give guidance, but 99.9% of the time there is slippage in the timeline, so I think January drilling is a non-starter now!

GLA

Dai
No, don't remember it, must have been away! Was it positive, negative, or what?

Dai
The matting is the only way to get a working site operating through Dec/Jan/Feb and possibly into March/April
Will be expensive, but in relation to further delays draining the kitty, then must be a live option.
F3 Group are a good looking company with plenty of ability to deliver road and site solutions through out Africa, and were the only one I could find that could deliver, unless they use a global company, but with bigger costs?

Baker Hughes. ??
Matting Contract ??
Rig Export ??
RNS. Next Tuesday 22nd Nov.22 7am

Keith
Hope your family are all safe and well, having to endure those barbaric conditions inflicted by the coward that is Putin!

Next piece of the Jigsaw?
This is what we need for the Rig and Logistics to operate in the wet season at TAI

CBRM from F3 Group in Jo'burg, S.A.
Portable, re-usable, recyclable, mega deck, durable base and trackway access solutions.
No matter what the ground conditions are, Composite Base Rig Mats™ make the perfect temporary protective surface for turnarounds, heavy-duty roads, and staging or work areas.
The global leader in access solutions, first world services out of South Africa with patented technology.
CBRM commercially off the shelf rapid access solutions are specifically designed for our global customers.

Temporary modular composite mats for sale which provides a high traction surface to gain access to, or recover equipment from, hostile environments including clay, drift-sand, forests, snow, marsh, mud and sand. With rapid deployment and quick connections, the applications are endless.

Rapidly deployed, CBRM pitch protection composite matting can be joined together to form various lengths, multiple work areas, or complete work sites. Designed with durability in mind,these systems support constant traffic, extreme climates and repeat reusable deployment.

Benefits of using Composite Mats
1
Environmental
Composite Base Rig Mats’ – composite mats; have superior protection & environmental characteristics. The composite mats help protect sensitive ecological areas, they do not rot, absorb contaminates or inert foreign substances
2
Durability
Composite Base Rig Mats’ – Composite mats provide safety for heavy equipment and stability even-in uneven and unstable terrain under extreme weather conditions.
3
Lightweight
Composite Base Rig Mats’ – Composite mats are much lighter in weight than wooden matting systems, composite mats are much lighter and easier to move around during implementation and disassembly. This reduces freight costs substantially to and from various job sites.

The world’s strongest rig mats
825 PSI, 580 Tons/m²
Power companies around the world use similar systems to work on their utility lines in sensitive wetland areas.
Composite Base Rig Mats™ have been used to transport massive 450-ton cranes and transmission poles weighing in excess of 150 Tons across standing difficult terrain and standing water.

Thanks for that AP
So it looks like one of the pieces of the Jigsaw is just about on the table now at least, although not connected to the others still to be confirmed. Will this give HE1 the push needed to ready the site with matting to allow the site to operate in wet conditions? Hope so!
Then we need the Rig and its ancillaries on the road with documents in place.
Could be an RNS coming sooner than we think.
GLA

AP

I know the rig has nothing to do with our Predator, just remarking that it was Ironic that there Rig was moved from TANZANIA in May to Zimbabwe.
So how long will the potential 3 wireline processes take on the existing hole, the deepened hole and then the new drill hole, AP?

Ironic or What!
Look where the drill came from!

Invictus firms up Baker Hughes drilling deal
Invictus Energy has signed a binding well services contract with Baker Hughes for drilling in Zimbabwe, following a capital raise.
By Ed Reed
26/05/2022, 7:49 am
Invictus Energy has signed a binding well services contract with Baker Hughes for drilling in Zimbabwe, following a capital raise.
The Australian-listed company signed a letter of intent with Baker Hughes in February. This covers the company’s two-well programme at the Cabora Bassa project.

It expects to begin the first well, Mukuyu-1, by the end of July.
Baker Hughes will cover services including cementing, mudlogging, wireline, drilling fluids and mud engineering, tubular running, finishing and abandonment, directional drilling and logging, liner hangers, drill bits, reservoir technical services and project management.

The Exalo Rig 202 will carry out the drilling work. It will arrive in Zimbabwe in early June from Tanzania.
Invictus managing director Scott Macmillan said the deal with Baker Hughes was “another significant milestone” for the company.
“The basis of well design has been completed and the well pad construction for the first well in the drilling sequence, Mukuyu-1, is progressing well. The Exalo 202 rig is expected to start its mobilisation in the coming days once it is released from Tanzania,” he said.

“We remain on track to spud the first well end of July,” he said. The company is also working on selecting a “second well location”.

Cash money
On May 23, the company announced a private placement to raise around $12 million, through the issue of 60mn shares. It has estimated costs on the first well to be $9mn. Another $2.3mn will go to working capital and $0.7mn to fees.

It should complete the private placement before drilling begins.

Invictus up 200% on gas shows at frontier Zimbabwe well
Australia’s Invictus Energy (ASX:IVZ) has reached total depth and found “multiple zones” with gas shows.
By Ed Reed
14/11/2022, 7:07 am
Australia’s Invictus Energy (ASX:IVZ) has reached total depth and found “multiple zones” with gas shows.

The company reported evidence of a working petroleum system on November 10 and provided more information on November 14.
The share price of the Australian minnow has rocketed, from A$0.1 ($0.06) on November 9 to around A$0.34 ($0.23), a 200% plus increase.
The Mukuyu-1 well reached a total depth of 3,618 metres. Invictus, which owns an 80% stake in the licence, has said it may deepen the well to test more areas in the Lower and Upper Angwa formation.
“We have had further encouraging signs from the Mukuyu-1 well since drilling recommenced with multiple zones encountering elevated gas shows and fluorescence in our Upper Angwa primary target,” said Invictus managing director Scott Macmillan.

Finding hydrocarbon charge in the Upper Angwa reservoir validates the company’s subsurface model. It also demonstrates a working hydrocarbon system, he continued.
“We have continued to observe elevated gas shows and fluorescence through multiple reservoir intervals in the Upper Angwa until TD was called, and we will now acquire the necessary wireline data whilst the borehole conditions are still conducive in order to evaluate the zones of interest observed to date,” Macmillan said.

The next step is comprehensive wireline logging. This will include formation pressure and fluid sampling. The company will run sidewall cores and checkshot surveys, the executive said. These have “the aim of confirming the presence of moveable hydrocarbons in multiple zones”.
Invictus has also found heavier hydrocarbons the closer the Mukuyu-1 has come to total depth.
The company provided no potential resource numbers on the well. In July, Invictus said it may hold as much as 20 trillion cubic feet of gas.

Baker Hughes may be there for some time to come!

One or two being spending their pocket money at 6p in the last few hours.
If a big buy comes in this afternoon, it will light the fuse!