Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Some may recall these statements from the RNS in March 2022. I wonder if our Asian exploration company are now liking what they see? And maybe ready to take over the reins?
“Agreements
The Company is pleased to announced that it has signed Confidentiality Agreements with a company based in the United Arab Emirates and an Asian exploration and production company to evaluate the exploration, appraisal and development opportunities in the area covered by the Guercif Petroleum Agreement.
Separately the Company has signed a Confidentiality Agreement with a company in the downstream sector in Morocco to work together to optimise the potential market for gas from the area covered by the Guercif Petroleum Agreement. “
I am more than intrigued about the line in the last RNS.
"Accordingly, Novum Securities have received firm orders to buy 18,000,000 existing ordinary shares of no par value in the Company at a price of 10.5 pence each."
Now currently we have no idea who these firm orders were for, but what if they were from a very interested institution? Further, what if "said" institution has now also been buying on the open market. I do not buy the logic that the recent transfer of shares are being flipped.
What if Paul only raised what they needed too, in order to drill back to back and basically said to "said" institution, you can have 18m shares at 10.5p, but if you want anymore then they'll have to be at whatever market price dictates.
If my theory is correct, and I am not saying 100% it is, then these shares plus more may just be going into safe hands on the basis that they have seen or been told about the 'race to the finish.'
Wishing you a continued and speedy recovery Caterham. Life brings us knocks but it’s how we fight back that counts.
Your contribution to this board, as you can probably tell from all the posts, is so incredibly valued and welcome.
Stay in touch and hopefully very soon PRD will be paying us some very nice rewards.
Can I draw everyone's attention again to the extract below from the superb "Sleeping Giant" post on Reddit. Please note GRH's comment about the lens structure NOT being separate. Read todays RNS very closely. Sit down and re-do the calculations. Oh my.....
The proof is in the pudding:
There is more in his posts, and I only provided a few examples. One last example... which I think is also very interesting and makes me wonder how much information/data he has in his desk drawers?
While I was posting the picture with a sandstone lens - above in Section 11: Net pay estimates, it reminded me of something.
Unfortunately, I don't have the time to search out the original post, but for curiosity & in general:
Early last year, PRD issued an RNS talking about what they believed could be a lens sand structure or something to that effect. It was spoken about after.
The seismic analysis returned that it would be isolated and sit separately/higher than the main lower body of sands - Not continuous.
GRH posted on the BB soon after that RNS. He said he believed that the ‘lens’ structure was not separate. Or another way- The sands from MOU-1 to MOU-4 would be continuous... i.e. connecting the two wells. I believe there were a few persistent posts.
The implications of this on the potential size and volume of the structure could be significant.
PRD then released an RNS after more seismic analysis had been done, which confirmed this to be the case. Continuous lower sands. RNS below.
RNS-2021- JUL-19
"MOU-1 delivered a result that allowed us to de-risk the MOU-4 Target whilst unexpectedly validating the pre-drill seismic "bright spot", related to the presence of gas, as being attributable to the western limit of the MOU-4 Target and not an isolated target as previously interpreted above what was thought to be the pre-drill MOU-4 Target equivalent section.
Https://twitter.com/BrokermanDaniel/status/1666777203462291456?s=20
Up 4% overnight on precious little volume. Been a few PR interviews with Mario from Conrad recently opening stating bid offers by end quarter 2 and GSA to be signed in same period. News flow could land any day on these and EME have already stated in last RNS, that if price is right they will look to divest their interest to fund Topaz well, in drilling weather window Nov 23 - May 24.
Https://twitter.com/lonny1971/status/1664517343127523328?s=46&t=ujXM_Bl2CwkWFoCeBiJtWQ
Other stand out content from the interview :
1. Resource increased by 75% and still further upside
2. Singapore want less reliance on coal and want to double gas production by 2030
3. Mako has discovered gas and lots of it - over 500bn cubic feet
4. Mako will be tying into an existing infrastructure (simple project economics)
5. 15 year resource
6. Start off by producing 120 MMscfd ramping upto 150 mmscfd
7. $300m project costs, cheap in comparison to other offshore projects
8. Stable government for negotiations for the GSA
Very low downside risk. Huge potential upside.
Https://twitter.com/Conrad_Asia_/status/1659429671816011781
A must listen! Mario talks about the GSA contract value being worth in excess of AUD $6bn. Project development costs $300m, to be funded by a sell down of licence from 76.5% to 50%. Do the maths 26.5% for $300m. Thats $11.3m per 1%.
For EME holding 8.5% of Mako that puts a value of $96m or £77m as of todays exchange rate.
If they manage to get a full sale of the licence away thats approx 10p per share. We are told offers for Conrads sale of 26.5% will be by end June. This could get very interesting soon.
I had some email dialogue with TK last week. They will look to divest their interest in Mako if the “price is right.” We know this per recent RNS update. They may be dragged along via the “tag and drag” clauses as part of the licence agreement. The intention if a successful sale is to use the proceeds to advance drilling of Topaz. The weather window for this is Nov - May. We will know this quarter(by June end) of what the submitted bids will look like. I asked the question about potential value to EME and suggested a figure of $20-30m. I’m awaiting a further reply on his thoughts on that. Just thought I’d share.
Re-rating to commence