Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
$29M severance and ~$100M in Exxon shares, plus a seat on the board. He is 71yo.
I still need to see tanks being filled. It could be because they are covered for future produced water storage (increased freeboard requirement for open-top tanks;
True, it may be easier for US pension funds etc, to access US-listed stock. Some have restrictions against buying penny stocks; perhaps this may explain the 1:200 change ratio. If my math is right, US HoldCo should trade for $16.69.
I'm wondering if recent issues with ASX were a contributing factor. Any insight?
What are the thoughts on TBN delisting from ASX and moving to US?
https://investi.com.au/api/announcements/tbn/718cf80f-d2b.pdf
@BlooBird, you are correct. Also, things in Oz cost more, and the government is here to help.
But if you look at the big picture, there are few deposits of that scale and quality worldwide (Frasnian shale in Algeria is better, but nobody has heard of it for a reason - Sonatrach is a cluster). The US pool of capital may have a bit of an ice crust at the moment, but still the deepest. We've seen with Origin's divesting Beetaloo that big boys are happy to pay more but for de-risked play.
Build it and they will come.
Half of that $60B will get the Beetaloo gas flowing East to Curtis Island LNG trains (six there) and North to Darwin LNG with enough to spare for another LNG train at Darwin, and a shiny new roof on the historic Daly Waters Pub
Dick may need to spend a few months w/ BS
Marcellus, not Permian.
Dick did very well for himself at Petrohawk. He may enjoy reading Collins' book 'Good to Great':
"…we expected to find that the first step in taking a company from good to great would be to set a new direction, a new vision and strategy for the company, and then to get people committed and aligned to that new direction.
We found something quite the opposite.
The executives who ignited the transformations from good to great did not first figure out where to drive the bus and then get people to take it there. No, they first got the right people on the bus (and the wrong people off the bus) and then figured out where to drive it."
If frac ops start sometime mid Q4, IP30 won't be out until Q1-24.
Would appreciate take from any CFA here on the balance sheet https://www.investi.com.au/api/announcements/tbn/012fecdb-393.pdf, especially part of keeping rigs on the books after writing it off. That CFO is worth his weight in gold and certainly deserves $1.249MM compensation - he pulls the miracle keeping it afloat
I am not negative on FOG or Beetaloo prospects, but they are a non-operating partner with a company that doesn't do a good service to its shareholders, IMO. Working to raise the tide - shareholders would need to plug the leaks if want their boat to be lifted by it
BB, sorry to break your illusion, but the rigs did not limit the ability to drill 3-4km laterals. In-country Venita Rig 106 or Ensign 963, 965, 970, 971, 754 (drilled T1) can do this. It rests with financing capabilities and the drilling team.
What FlexRig 3 allows is to do it faster - only important when you are factory-drilling. Buying three rigs (to sell them at a discount) and signing the take-or-pay contract may break the company, among other larges. Or cause shareholders to revolt.
FOG demonstrated that slickwater can be placed at a vertical (single vertical frac, ~40 bpm) Shenandoah 1A well. Origin put 11 hybrid stages on A1 (3 clusters/stage). Regarding SS1, it's a new territory; they would have to learn from scratch, and I'm not convinced one well and ten stages are enough.
Spudded. Disappointing announcement. No SNV-1 after A3H; only 1000m horizontal section and frac in H2-24. Well cost ~40% higher than EEG well w/ >2x longer lateral
https://www.investi.com.au/api/announcements/tbn/29bbac8b-d3c.pdf
• Tamboran has successfully commenced drilling of the Amungee NW 3H (A3H) well in 38.75 per cent owned exploration permit EP 98 with the Helmerich & Payne, Inc. (H&P), (NYSE: HP), superspec FlexRig® Flex 3 Rig.
• The A3H well is being drilled from the same well pad as the Amungee 2H (A2H) well, which was drilled in the second half of 2022 and intersected the Mid Velkerri B Shale at 2,413 metres total vertical depth (TVD).
• Drilling activity is expected to take approximately 25 days, including a 1,000-metre horizontal section. A stimulation program is planned for the second quarter of 2024, following the end of the Northern Territory wet season.
• Learnings from the recently drilled A2H and Shenandoah South 1H (SS1H) wells are being incorporated into the drilling and stimulation programs.
• The drilling and cementing portion of the A3H well is expected to cost A$14.4 million (~A$5.6 million net Tamboran). All parties are participating at their full working interest.
TBN is up 20% (small volume) to 15 cents AU. They may have spudded A3H; the rig move is ~150km.
That's from May 17th. Two wells (A3H and possibly SN1V) are planned. I'd be surprised if the FlexRig 469 stays busy aftet that, given drilling activity levels at NT and the official start of the wet season in 9 days.
Fun factoid - A2H drilled to 3883 mMD (1275m horizontal lateral) in 38 days, using Alice Springs-based SilverCity Rig 40 that pulls single drill pipe (long trip times). Triple, most powerful in Straya superspec FlexRig 469 took at least 46 days to drill 4300mMD (1074m lateral) at Shenandoah South 1. SS1 had a pilot hole; takes longer to drill, log, plug it & kickoff from. Also Shale B ~700m deeper (shouldn't matter much for super-spec'd rig).
@Gonoles, not a lot of fluid testing info was disclosed, other than suspicion of bacteria contamination (that would stink; they'd know straight away in the field from H2S presence).
While contamination likely had happened, I doubt this is a root cause of the "skin". They also do not detail type of the skin they have - hard to distinguish from the pressure and rate transient analysis. I haven't heard of anyone using H2O2 for bacteria remediation at these temperatures; I'd check corrosion very carefully. Some niche applications of hydrogen peroxide are outright spooky https://www.worldoil.com/magazine/2000/may-2000/special-focus/hydrogen-peroxide-applications-for-the-oil-industry/
Other metal peroxides or oxidizers may be a safer choice.
The good thing is that oxidizer for bacteria may also work on other types of damage.
Interesting that TBN hasn't announced the completion of the lateral drilling (announced by FOG on the 18th but could be as early as ~Fri, Sep 15th) but recycled an old release of the vertical hole in their Twitter and LI accounts. They do not think highly of market participants' intelligence, by looks of it
As per "Beetaloo Basin Site Tour Presentation," production results will be in Q1-24, subject to weather and equipment availability (understand they are aiming for ~40,000 HHP; don't ask me why).
I'm puzzled why drill short lateral with the rig that would of taken ~two extra days to go to 3km, and why frac half of the shorty when 2nd frac fleet mobilization will cost just as much. The only plausible explanation I can think of is capital preservation and perhaps unwillingness to care you, FOG free-riders, any more than they contractually obliged. "High-grading" lateral to pick the best spot to frac can be done, but at the expense of any future frac; no sane engineer would do that. Quite a disconnect w/ announced goals.
Chevron strike in Western Australia is of no consequence. NT gas will eventually flow out of Darwin and Gladstone LNG terminals. As for the political stability - it is very stable in its unpredictability
The black spot is likely a mud cuttings pit, lined w/ plastic and not yet filled w/ water.
Drilling Velkerri should be fast; I am surprised they haven't announced a new drilling speed record for the wells drilled between 3000 and 3200m TVD