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Hi Staypositive - Simple answer, I don't know, below is a few possibilities I listed before.
Possible shortage of funds but would have thought recent oil sales should have covered that unless funds needed for unexpected remedial works elsewhere.
Labour force working on unexpected remedial works elsewhere.
Drilling Rig not available or needing repair.
Reappraisal of which well to drill next based upon up to date results and performance, but they were still saying KRT-45 very recently.
I agree 100% with your sentence - "For the record I did and do think the Project 1 drilling campaign is a good move so I am disappointed at the apparent sudden stop."
All the best.
Hi Thordon, from the recent Q3 RNS:
"Post period, the Company completed the evaluation of bids for a Competent Persons Report on its Lower Eocene and Upper Cretaceous gas reservoirs (Project III) and has now awarded the contract to RISC Advisory. The CPR will be shared with potential Project III farm-in partners, in due course."
IMO I would assume preparation of the CPR and subsequent consultations will take a fair amount of time so I am not necessarily expecting any Project 111 news very quickly.
What I was expecting, as I have said several times now, was some news on the Project 1 drilling campaign??
Something does not seem right here, why are Block not pushing ahead with drilling the additional Project 1 wells and sidetracks as they said they would??
Lets not forget this years Loan Facility was for a term of 18 months, commencing 2 February 2023, at which point the principal is repayable in full.
Thanks bits, as I suspected but not what I wanted to hear, so the big question is why are they not drilling:
Possible shortage of funds but would have thought recent oil sales should have covered that unless funds needed for unexpected remedial works elsewhere.
Labour force working on unexpected remedial works elsewhere.
Drilling Rig not available or needing repair.
Reappraisal of which well to drill next based upon up to date results and performance.
As you can see I am clutching at straws here.
Hi Bits - This is probably where you were looking anyway but this is more or less where I believe the location of KRT-45 is:
41.60939 44.89492
Approx 350 metres north west of KRT-39
Identified on google map by large purple blob and two smaller white blobs.
Regolith - Although not quite the same I have a similar view to you - IMO there was a clear intention to start testing on or before 16th October but that strategy was interrupted because either PRD or the Other Party then decided for whatever reason that it more important to agree the MOU first. Lets not forget that the Other Party could be calling some of the shots as well. Also, Trinidad may have affected the time scale a bit as well.
Further to the debate on the likelihood of testing having started I have copied below an extract from Nick North.s recent post regarding satellite images:
"Latest satellite images of the 19th compare the the ones before the last RNS (images from the 4th) seem to show some changes at every pad."
Livescores was developed by Tim Scoffham in association with Quanta Media Group.
From half year report RNS 27 March 2023:
"As previously announced in the annual accounts to 30 June 2022, the Directors assessed the recoverability of the convertible loan made to Quanta Media Group (a £414k loan intended to fund them through their pre-IPO phase) and made a provision in those accounts against the whole amount. As anticipated, Quanta failed to make repayment of the loan on 31 December 2022 as originally expected. Discussions continue to resolve the matter, and although the Company provided against the full value of its loan to Quanta in FY22, the Company remains hopeful that a significant portion can be recovered and will advise Shareholders accordingly."
Hey, guess what, the Director of Quanta, Andrew Deeks, now has a new company, E Tec Global Ltd - sounds impressive.
Good find Bobbby - I was just about to post something on the lines of your first sentence but you beat me to it. It seems pretty clear to me that the Geothermal possibilities are being looked into, presumably this will become clearer when the CPR is published.
Still a bit baffled though why we have heard no news on KRT-45 ST.
"....and was more than misleading I reckon.......! :( FACT:)"
Not necessarily deliberate though.
The first RNS stated that there was a clear intention at that time to start testing by a certain date providing equipment arrived on time,
As we know testing did not start, but the reason then given was because of the preference to finalize a potential MOU before testing starts, The MOU situation probably evolved after the issue of the first RNS so the parameters changed.
Good morning Chesh my old mate.
You say - "Lots of peeps made excuses up when the date passed.............!"
Actually the company gave a reason, i.e. they were working on a "potential" MOU and there was a "preference" to get this sorted prior to testing. Note the words "potential" and"preference", I take that as meaning if the MOU is not forthcoming shortly they will revert to Plan B and commence testing.
Lothbury - No problem, I can see that now - of course you are totally correct that if the BOD released timely updates it would reduce the amount of speculation, so why have they not issued any recent updates? - we can only speculate!!!!!!!!!!!!!
Bluepun - Livescores / Sportlocker
Go down to the bottom of the futbol365 page where it says All rights reserved 2023 Mobile Streams and click on "Terms and Conditions" and hey presto, the link with Sportlocker.
LiveScores was launched in Argentina, Mexico and Brazil.
Your comments about EFC does not make sense, you don't have to live in Africa to buy an EFC NFT.