Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
Has just been released: https://ml-eu.globenewswire.com/Resource/Download/950f20c4-9f15-4060-8eba-3e53385bde08
Argentina - operations
A number of exploration prospects have previously been identified within the boundary limits of the acquired concessions areas. However, Interoil has only recently acquired these assets and is still in the process of reviewing their hydrocarbon potential.
The Campo Limite structure is one of the exploration projects from the previous operator. Roch S.A., spudded the Cli-x1001 exploration well prior to closing the transaction, Interoil continued with the drilling program. Three intervals with interesting potential were found, one in the Springhill and two in the Tobifera formation. The well has been cased and Interoil is defining the completion program to evaluate those intervals in due course.
The Company made the required filings for the approval by the Provincial Government of Santa Cruz of the assignment of the participating interest acquired in the Santa Cruz concessions. Such approval is still pending. The same applies to the acquisitions performed in these concessions by other parties to the JOA, IOG Resources S.A. and by the Echo Parties, which assignments are also pending approval.
Following the COVID-19 pandemic, the restrictions imposed by Government and the impact on the market, oil production in the Santa Cruz concessions was closed due to absence of demand and anti-economic prices. While gas production and sales have continued, the improvement of the oil market conditions for crude of the Santa Cruz concessions have been limited. As a result oil production and sales continue to be adversely affected and at minimal levels.
Given that ECHO aren't giving any information, you can get some good information in the Interoil prospectus released this week. It shows charts showing production rates of the Santa Cruz assets etc
https://www.interoil.no/wp-content/uploads/2020/08/Prospectus-26-August-2020-Interoil-Exploration-and-Production-ASA.pdf
Have noticed that the production number from Interoil for Argentina appear to be gradually going down:
https://www.interoil.no/?year=2020&page_id=13&PressReleaseID=2351571
The board really need to start delivering something positive instead of just dilution / asset shuffling / pipe dreams... Yesterdays raise probably coincides with the end of the directors salary/fees deferral period... It also doesn't go unnoticed that none of the directors have recently bought any shares... The last share buy was for a small amount by Martin Hull after a large unexplained cash bonus when he was only in the company a few months.
This is the CGC release from last week (translated):
I am writing to you in my capacity as head of market relations for Compañía General de Combustibles S.A. (the “Company”), in order to inform you that, on July 15, 2020, the Company signed with Echo Energy Plc. (“Echo Energy”) an agreement under which Echo Energy will cease its 19% participation in the Exploration Permit over the Tapí Aike area (the “Permit”), with effect from April 1, 2020, and assign to
Company said percentage (the “Agreement”).
Under the agreement, the Company will assume 100% participation in the Permit, which was granted by Decree No. 775, in the
framework of the tender of the Institute of Energy of Santa Cruz N ° 01/17.
Likewise, the Agreement foresees that, subject to compliance with certain terms and conditions set forth therein, Echo Energy will have the option of re-entering the area participating in the drilling of a well in the Permit sub-area called “Travesia de Arriba” (the “Well Relevant ”) and acquire a
19% participation in said sub-area (the "Option").
The Option may be exercised at any time up to the date on which 60 calendar days prior to the day of drilling of the Relevant Well are completed. As consideration for the exercise of the Option, Echo Energy must pay the Company the amount of US $ 339,000 payable within the terms
provided for in the Agreement.
Additionally, prior to drilling the Relevant Well, Echo Energy must pay the Company the sum of US $ 503,000, equivalent to the technical costs accrued under the area license, plus 19% of the costs of the Relevant Well. Prior to exercising the Option the Company will provide Echo Energy with all technical information related to the drilling of the Relevant Well.
You also have to look at Buenos Aires
https://news.trust.org/item/20200626201309-z2012
Hi Trellis, could you post where you got the 19% figure from, to clarify that you aren't the one posting half truths and lies :)
I believe the 70% figure can be got from this presentation - https://www.echoenergyplc.com/media/1512/2020-06-08-scs_upside_opportunites_web.pdf
Utilityone1, I haven't been rude towards anyone (as opposed to you saying "you have a ig opinion of yourself" and "get back in the story book". I don't ramp on here and don't like people posting needlessly about 5p, 10p, 20p targets. There are many things I don't like about ECHO (JP, Marco, Fiona, etc) and I'm happy to hear opinions from anyone as long as they are honest and open about their intentions for posting.