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SML upgraded JORC to 10,800 tonnes of copper is apparently significant. How much copper is at Musonoi? SML market cap £23mil.

https://twitter.com/MacaPaca666/status/1116222416265596928?s=19

The outstanding royalty from El Limon is a little bit less than $3mil plus we have Para shares and warrants.

Again from the update in January

Following completion of the work-overs at Morris #1 and Montsanko #1 it is proposed that Attis will mobilise equipment to the Edwards, Garrison and Ritchie-Talley (previously wells within the Austin Chalk well package). Again, the purpose of the operation will be to test fluid flow and origin, service and/or replace downhole equipment, service topside equipment, and, return the wells to production.

On FH there is a legal dispute. The last update was that we going to do a deal on it. If there was no one after it then we wouldn't be able to do a deal on it.

I have no idea where we are up to on the legal dispute. Last I saw it was listed for early April but not checked up on it.
This was the last update from January.

Stockdale and Austin Chalk (to be known as the Austin Field) and Zink Ranch, identified as the core assets with Forest Hills classed as non-core - Mayan to seek exit (a full table of wells is provided below)

https://twitter.com/ParaResources/status/1115970013272391682
Looking like it is going in the right direction. Continuing operations at Gold Road, new faces and further exploration for higher grade ore.

RRR has shares, warrants and a Royalty.

DYOR

There was three separate conspiracies to get control of the company without having to buy the shares. As part of that there was a sustained campaign to undermine the company and the board by systematic spreading of rumours and malicious complaints to AIM, the NOMAD and the FSA.

Both Orslega and I were getting unsolicited emails claiming variously the company was a fraud, that they didn't own the wells, that the wells were no good, that the company had over paid for the wells, that the company would never produce any oil from them..... it was non-stop. If it was coming out to us then it was being sent out to other shareholders. The signs are that similar activities have started up in recent weeks and I am pretty sure I know who is behind it.

1. ZR is a genuine asset that other parties want to get hold of.
2. FH is a genuine asset that other parties want to get hold of, hence all the legal jiggery pokery
3. Austin is not as good as the other two it would seem but nonetheless it will be shown to be a good asset in due course. The key here is the size of acreage. There is scope for new drills and side tracks.
4. We have the carried forward losses: which are worth more than the market cap
5. We have the listing and the ability to raise capital/issue shares in deals.

We just have to wait and not let people nick the company. If you want to take over a company and control then you have to pay a premium. I gave one of the parties my price last October but it turns out that they don't have any cash. Quell Surprise!

DYOR

You are welcome but as has been pointed out, you should do your own research. It is much better to read through everything yourself and then come to a view.

Fingers crossed!

Well they have 7 wells to go at. They said they would work over Morris 1 and Montsanko. They didn't say that they were going to work over the other 5 but why would they not just have a look at them to see if they can put them online without a workover? If they can put them online without a workover and then decide later what work is required why not do it? What we need is production whether it is purely from putting the wells on test or working them over or drilling side tracks or new drills.

I have met Thom Board and he knows what he is doing. Operations are not dictated by RNSs, if they get on the ground and they need a slightly different set of actions then so be it. As I have said things happen on wells and the operator has to deal with it as they see fit. By now Thom Board and Attis should know exactly what they are dealing with at Austin.

Look at LM20 from a few years back. Initially it wouldn't flow, then it flowed but with lots of water, then it flowed great but they had to shut it in whilst dealing with permits and when they restarted it the flow rates were variable. Eventually, it was put on hold because too much sand was produced and too much water: that well cost a lot of money.

I have always preferred workovers compared to new drills: we won't get spectacular results but we should get steady profitable worthwhile results. It seems likely to me that Thom Board will propose a schedule of works over a few months to optimise production. A big question will be: should the company refrack the horizontal wells? Refracks are fairly expensive but they might be on the agenda in a few months time.

DYOR

It might mean that something is happening in Indonesia.

As I said...
https://twitter.com/CoryGroshek/status/1115751135921487876?s=19

Back again? It wasn't me that had you banned. If you are who I think you are then maybe you should have a look at the "house rules".

That was a hypothetical about the results and I thought it was 7 wells but the same point holds.

Better to do 50 bopd across 3/4 wells than just 1 well. That was a mistake they made on LM20: spent all the money drilling it then Louisiana wouldn't give them a permit to put it online, then they had to sort out linking it up to the battery farm and then they got it to flow only intermittently.

Same with the wells they working on now. There is a lot they can do to the wells to improve production, I doubt that they have done most of it. For instance they could go down and refrack the horizontals. So if they come out and just say we have got 50 bopd across 3/4 wells and say nothing more then investors will think that is the best they can do on them and price Mayan accordingly.

I would like them to confirm what they have done to get whatever results they have got so we can judge how far they can go with the Austin wells. The same applies to ZR and any work they have done there.

One of the bad guys who was trying to convince me last year that the company was a busted flush did admit that one of the wells did originally flow at 400 bopd: I am not suggesting that it could do that again but there is no reason why it could not be refracked in the future and produce a decent result.

DYOR

Sorry but I take a different view: I would like to know what the current flow rates are on each well, what they have done to get that flow rate, what else they can do to further increase it in the short term and what can they do in the medium term.

For instance if they have done a full workover, addressed every single issue, tweaked everything to within an inch of its life and they getting 10 bopd out of a well that is quite different to getting 10 bopd and BTW we can do these things over the next 3 months to improve flow rates.

If they are getting 50bopd from 4/6 wells and can double it over a few months by spending $40k/$50k that would sound pretty good to me.

As always things go wrong on wells and they need to be looked after but these wells have been largely ignored for years: so it may be that there are some surprises.

The main thing is we have production and stop burning so much cash.

Fingers crossed.

DYOR

True and I agree. Maybe they are getting a lot done and want to tell us all in one go. Thom Board knows what he is doing. Fingers very crossed.

It never happened on ZR because the BIA shut everything down in Osage. Cr*p timing and no-one understood how long it would take for the BIA to sort its act out.

Getting jiggy with it. $64.24 looking so much better for Mayan. Fingers very crossed.

DYOR

Cue the trolls about how IG is wrong and it can't possibly be true. Another one to add to the list.

At least they have moved on from the" it can't be true that RRR has the licenses and even if they do have the licenses they will never get any metal out" to "even if it is all true AB will still waste the money".

It must be a really painful adjustment process.

DYOR

They offered it, I didn't say they would pay up.

It is still going on now. Certain people are not happy that they haven't got their own way. Given the timing on postings recently, I am pretty certain that some posters are linked to the same people. Perhaps they need to be a bit less obvious.

The carried forward losses are worth a multiple of the market cap but only if monetised. ZR will be shown to be a gem in due course but will need capital spending on it. There is a guy next door working a very similar asset and getting a great result.

Austin will be fine in the short term and when we have the capital to spend it could be another gem.

For the record I had people offering me serious money to vote with their proposals.

Anyway, we are nearly there in my view.

When the company updates us we will have a better view.

DYOR

It costs a lot to run an AIM listed company: Chairman, CEO, two NEDs, NOMAD costs, accounting function and legal counsel and that is before you do anything.

I was with Gneiss a few months back and their view was that £500k pa was about the bare minimum.

These wells produce a lot of water, we might be talking about pumping 200/300 barrels a day on each well 24/7 it adds up.

I don't think they will be able to say or want to say we are at break even. Given the past track record they won't want to give a hostage to fortune but we can draw our own conclusions.

As long as we have made progress, we can see that Thom Board knows what he is doing and we have a forward plan I will be happy.

DYOR