Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
It isn't clear that Sound has primacy of call over us for the rig. Nor is it for Chariot as far as I'm aware.
The PA needs signed and boD need to be definitive on risk of it not being so if they feel there is any.
Is the end April Sandjet availability aligned to signing and has the correct gun and operating team been procured in advance.
For SV101 do they have a timeline.
Simple straight questions they should now be able to answer.
Not withstanding above, government entities cam be horrendously difficult to deal with.
If there is more gas than Moroccan authorities believed then there may be alot of backroom negs requires but there is sufficient time for this to have been sorted by now.
For all of the WhatIfs - the Sandjet availability for end April indicates this is when they expect to have Amendment agreement signed by to bring in country.
If they can't do it by then it looks very foolish.
Conspiracy theories don't really wash about oil majors delaying little old PRD so they can't get their slice of the billions when we have a liquid traded share with a MCAP of £45m and falling!
Spoke to a friend who is ex Schlumberger for c.15 years all over the world. They have used sand jetting multiple times and based on description of the clagging, they thought Sandjet was eminently sensible.
However, if not done soon I could have converted my own fossils into fuel in the intervening period.
People are probably still happy with the potential risk vs reward but capital has a time value and the longer the timelines are stetched it also has an opportunity cost.
Money was raised in Sept to test and PH.2 was scheduled for Mar/Apr in the full knowledge of the need to get Ageement IV signed off so any further deviation from this begins to call competence in to question.
Appreciate the company has to deal with local bodies but they should also have these ducks lined up in a clear schedule.
Hopefully the purpose of Thur is to tell us what this is for Guercif and not just to blow T&T trumpet.
Perhaps they'll get Kate M to announce testing once she has finished with Photoshop
HBob
It's all well and good having Delphic pronouncements about the bidders being known but the truth remains we haven't satisfactorily tested. The BoD need to have ducks ina row to do so and be prepared to update on where Agreement IV is come Thursday or incur some peoples displeasure.
Alas I cannot make it now as have another engagement in the City but really a proper plan and schedule should be in place.
JWBellamy
You're posting as I'd expect from a J Beadle if he was still alive.
We are £35m MCAP, about yo have $20m cash on balance sheet and a carry worth up to $216m from one of the largest Majors in O&G globally.
This is an exploration share, they are never going to be a producer without partners. They have that now.
Total have the benefit of their local discoveries and how the seismic looked there and will have looked to see how this is similar to Ecos acreage. They've seen enough to give Eco and Acrica Oil significant carry and become Operator of the licence. Quite how you think that isn't worth the current MCAP is frankly daft in my view.
I'll be adding significantly here (for me) over the period up to drilling results.
It's quite natural for.OHNYM to flex muscles on new agreements. As/when/if there is a commercial find it gives them a bigger chip to play with at the table.
The ultimate impact on us as shareholders is likely to be negligible but their share of royalties and carry will likely move some in the even of a Corporate Action.
There will however be enough language in the agreements to protect t PRD, around not to be unreasonably with help, areas length agreements, related parry transactions extension based on discharge of required duties/exploration activities etc.
PRD are happy they have completed all required of them, although it occurred late in the day so I'd not expect any issue. Even if agreements stated 5 Feb and weather meant 10 Feb such adjustments are often permitted in contracts and default provisions don't kick in immediately but have cure periods etc so there is likely to be no drama in that regard
The cash is quite an important bit, Eco is less at the mercy of other parties in terms of activity in Orinduik.
This should hit 30p + before the drill but the time to completion and time to actual drilling is some time away yet. Good to see the team get a win.
If they're drilling major targets, 6.25% of the first drill could be much more valuable than 15% of Joe/Jethro was considered to be 3.5 years ago.
Porters
The recent note from FD&P suggests results are hoped around late April.
Given timing suggested for MOU-5 this would likely see Sandjet results coincide with drilling results. Believe they have signed for the SV-101 rig in late Q1/early Q2.
GRH has indicated if you want to do M&A have as much value proven at the time as you can. Obviously they have to prove value exists for there to be any interest but aligning the timing of the outcomes would seem sensible in this regard.
Not suggesting the bumps in the road have been part of a grand plan but fortuitous happenstance may have made it feasible. Least it will be fortuitous if there is gas there!!!
Oily it isn't a threat, its a joke.
Get over yourself.
OilyFred
I feel when many meet you they might have a desire to become The Boxer.
To continue your theme, The BoD may not Keep the Customer Satisfied but I think we are Homeward Bound to whatever the results will be.
However, their customer is more OHNYM not shareholders.
Warning to those sensitive to speculation, some incoming.
Based on the Fox Davies note, Sandjet testing results are potentially expected end April.
Working back they need kit on site and team booked.
Additionally, MOU-5 scheduled for April/May.
As GRH alludes to this gets many of the ducks in a row for results simultaneously/in close succession.
I would imagine come the presentation on 14th March - company prob hopes next agreement with Morocco is signed and the activity schedule for upcoming drill and testing is finalised.
This would give a 6-8 week window following meeting for testing and drilling to occur.
Excellent post BRV - there can often be negative surprises. I still think back to holding Eco until the hundreds of millions of barrels proved be heavy and sour.
Was on a free ride but still a sore one.
Fwiw with various intervals I'd think SJ should work in some of them at least to show is if gas is commercial.
Only have here what I don't mind losing though as geology is never nailed on.
Do take comfort from BoD wanting Sandjet from the outset and it isn't just a knee jerk to the explosive perforating issue.
Ford 707
Given there are multiple intervals and wells I'd be very surprised if all were clagged beyond reprieve with drilling mud.
Like you say the company believes Sand Jet will do the trick.
Only four of the several zones were tested in Phase 1 as rhe company seems to have taken the view up sticks and get to Sand Jet we have fulfilled what was required.
My understanding is Sand Jet results could be in as little as 6 weeks then all the navel gazing will be over and we will know definitively if it has worked and how the 99.7% gas shows flow.
Like many have said, the wells were overpressure on drilling for a reason.
Given the drilling cost a sidetrack is unlikely to be ruinous expensive to plans if required. I would guess it will not be based on comms.
There may be alot of people with a red rose in their lapel and carrying a copy of The Times.
Nigel
For CNG, believe it is a relatively simple construct and could be raised on the back of income from AG contract once HoTs are formalised either via debt, equity or through AG upfront cash for favourable sales terms.
As for FEED, we will not be the operator when/if such decisions and information is required. We may have a stub but will have sold out. Think the BoD would realise and OHNYM probably insist that of the reserves extend beyond CNG plan and into gas for grid/export that a greater level of technical input will be required.
So a panic raise is not on the cards and if one is required for above reasons it will not be significantly dilutive and much value will already have accrued.
There is still appetite to lend with MoZ LNG and AMUR GPP attracting tens of billions in debt funding relatively easily.
Nigel
For CNG, believe it is a relatively simple construct and could be raised on the back of income from AG contract once HoTs are formalised either via debt, equity or through AG upfront cash for favourable sales terms.
As for FEED, we will not be the operator when/if such decisions and information is required. We may have a stub but will have sold out. Think the BoD would realise and OHNYM probably insist that of the reserves extend beyond CNG plan and into gas for grid/export that a greater level of technical input will be required.
So a panic raise is not on the cards and if one is required for above reasons it will not be significantly dilutive and much value will already have accrued.
Fully funded for Ph.2 and Mou5- there was always expected to be time between phases and Mou5 to be in April/May.
Expectation of cash to agree CNG deal funds any explrn might require.
Just Google the event and you can register fairly easily. Have just done so as hold Arrow in the risk fund too.