Sapan Gai, CCO at Sovereign Metals, discusses their superior graphite test results. Watch the video here.
The 3 AB licence may be 'work in progress' with the authorities, but having defaulted on the terms of the licence when it was transferred it seems churlish to blame the previous owners for the lapse. At least the family got their value out of it, even if it was in CASP shares. It was Casp that had to write down that value on their books, and it is worth remembering that Total could not do as they wished on the next door licence, it went to the state oil company.
afaik, there has never been a mention of 'Reserves' on Block 8, and the two wells would seem to be a requirement of the licence. If, as Smarty advises, they are on the two other structures whether that makes them Exploration/Appraisal/Development wells could be debated as they have not declared any previous drilling beyond the two producers, but they would not be classed as Production wells (even though any oil produced could be sold) until the Licence was upgraded and that would require more successful wells aiui.
That would also allow Gaffney Cline & Associates ("GCA") to make a technical audit and assign Reserves as they did with MJF & South Yelemes in 2016.
There are no Reserves associated with the Deeps Licence (the BNG Contract Area), and although 802 was the final well required under the original work programme, the current work programme requires Well 803 to be drilled before the end of the year. "Our intention is to spud this well in Q3 2023 and complete the drilling by the end of the year."(AR 2022 -July2023)
Further info on progress is still awaited beyond the delay to Q4 in the H1 report.(Sept 2023)
The Licence was awarded in 2007 and has been successively extended 'until 2024'. Is that the same as 31 December 2023, or is there a date in 2024? It was noted that there was no mention of further extending the Licence, but an overt statement that after 803 "it is unlikely any further deep wells will be drilled at the BNG Contract area."
DYOC, but remember the MJF Licence payment was for the whole of BNG.
They also said that they were evaluating other projects, including minerals.
They are still a NED or two shy: the next update might be interesting...
Will they have mentioned tonight why the two transfers of assets to Axiom Oil And Gas Inc. were "Withdrawn" and what the consequences of that action are?
In total 43 Wells and 2 Facilities Licences were withdrawn from transfer on 9 November.
DM ' -ish'
Excellent use of the suffix, helps to clarify their best intent plan.
However, they have it all covered by the 'forward looking' clause...
Do you recall the sequential 'Red Buses' drilling plan??
Yes, Tony.
It's problem with having no edit facility particularly when the brain is wondering why Jason didn't take the opportunity to average down, while his bosses were averaging up, and the fingers then type his name...
3LB, the trades info here says that the delayed 14:14:12 trade was 'Deletion', followed by the same volume/price trade restated at 16:00:55, suggesting some error in the original execution details that had to be corrected.
So not 3 x 550,000 buys as there was just one valid trade.
And given the decline in sp since the trade was initially actioned a 'buy' would be less likely.
jimo
joe
Smarty re
"Seems strange that they made the appointment and launched new IP but maybe that’s just coincidence and they just wanted a firm that was more suited to their requirements whilst saving a few quid."
In line with their obligations, BDO said they "changed to a firm with lower audit fee."
And nothing needs to be brought to the attention of members or creditors.
re Block8: You may recall that at A8 "the well flowed for approximately seven hours, producing at the rate of approximately 1,500bopd. The flow ended with the well becoming blocked with excess drilling fluid originally introduced during the drilling phase."
And the AR2022
"During 2021 we decided to resume drilling towards the original objective in the
Devonian. Drilling reached a final depth of 5,400 meters in early December. Neither of
the two intervals of interest perforated resulted in commercial quantities of oil with
pressures below the levels expected. Accordingly, the well has been abandoned."
When will the new independent directors be appointed?
Somm, if we assume that there is some veracity in the various RNSs, it could be explained by A8 being drilled with A G70 rig, rather than the NEW rig that they had expected to get.
A8
30Sept2019
The well was spudded with an intended Total Depth of 5,300 meters, but in conjunction with our drilling partners,
Sinopec, we decided to seek to exploit the interval already identified in drilling to a depth of 4,520 meters.
As A8 was spudded in November 2018, it was at the time that they used hired rigs, prior to buying the job lot in Sept19, which may have included a G70 but termed 350tonne rig which could drill to 5000m in the RNS, but if not, then they intend to re-hire that same rig. Was it Sinopecs, perchance?
It seems that they have accepted that they do not need to go to 5300 to hit sufficient gold, perhaps because they don't have the necessary rig power or enough drill pipe!
wrt 155, don't confuse TD with TVD, it could be a longer horizontal...
Well it seems that the CR was delivered in a timely manner to Companies House.
It was just the lackadaisical management of the company that failed to share the news: must have been brooding over maxing out the options RNS.
Stas, I expect an RNS tomorrow morning, very similar to this from their previous reduction:
"Maiden Dividend
The final confirmation hearing in the High Court of Justice of England and Wales was held yesterday and the court approved the cancellation of i3 Energy's share premium account (the "Capital Reduction"). The court order together with the court approved statement of capital has been delivered to the Registrar of Companies and the Capital Reduction will finally become effective upon the registration of the court order by the Registrar of Companies, which is expected to occur in the next few days. The Ex- dividend date, Record Date and Payment Date will be announced immediately following confirmation of the registration. With then predicted timing of the above registration by the Registrar of Companies, i3 expects the Ex-dividend date to be during the week commencing 12 July 2021."
sans the divi bit, of course!
[30 June 2021]
It also came with news of the Completion of Wapiti Production Acquisition; whether they will bundle additional info tomorrow, and there must be some due, we will very soon know.
PS the well licence referred to by Tony was spud on Friday.
PPS if there is no RNS, where will the sp be?
If there is something dramatic it is unlikely to be announced in a 2:00pm presentation, but in an earlier RNS.
An evening presentation, when the markets are closed could be dramatic and have a following 7:00am RNS prior to markets opening.
"My shares will be going against Major being re elected next year."
aiui, you've got a three year wait:
Directors may be appointed by the Company by ordinary resolution or by the Board.
At each annual general meeting of the Company, any Director then in office: (i) who
has been appointed by the Board since the previous annual general meeting; or (ii) for
whom it is his third annual general meeting following the annual general meeting at
which he was elected or last re-elected shall retire from office but shall be eligible for
re-appointment.
"Lol everyone is to busy trying to trade it around the divi, Ex div tomorrow, today is the last day to buy to get the divi 0.2565 pence per share."
So the options won't qualify for the divi.
I wonder how many of the 573,199 they will need to sell to fund the tax bill?
Jollygoodya, Repsol have also just sold out of Canada.
So, perhaps, it needs to be seen in the context of their strategy:-
https://www.repsol.com/en/press-room/press-releases/2023/repsol-8-esg-day-focused-on-industrial-transformation-and-decarbonization-opportunities/index.cshtml
G_G_G, re your fri 11:00 post (and yesterday & today), it is a sad indictment of the company.
But one earned.
If the company is serious about increasing their Canadian ownership, then they will need to give them that which they are used to getting from other Canadian peers: quarterly updates in a timely fashion. That would immediately cancel all the accusations of lateness and missed self-imposed timelines from the UK holders. Currently, imo, they sit on the data until they have achieved a prior period-beating production output, instead of keeping the market updated.
BUT they cannot repeat their previous campaign using the Market Herald interview.
This was only TWENTY days before the Loan Notes expired and Majid was still waxing lyrical about the 2023 drilling programme and 26,000boepd peak and 22,250 to 23,000 boepd for the year, and continuing the dividend at the higher rate.
We now know that the expectations of that drilling programme had already run aground, as evidenced by the 29 June RNS and the 5 July presentation, with most production increases moved to H2, and guidance reduced to 20,000-21,000boepd.
So this interview was just bravado when he also knew that the [new] loan repayment was going to take precedence over future monthly dividends. The justification of the loan arrangement used in the Company Meet seems somewhat specious.
With the Clear the Decks & System Reset RNS, came a new table of Commodity Assumptions and NTM Income sensitivities.
Only to be followed by another new set with the H1 results, dated for August, but the period ended only one day after the RNS which cannot create confidence in their expectations.
Moreover, why have they set the production guidance so low. They have presented images of the revised production growth for Q3&4, have bagged 20,640boepd for H1, July was 22,065 so for the low of 20,000 the rest of the year would be just over 19,000. What are they not telling us if that is their realistic view? If 22,065 was maintained the yearly boepd would be 21,350+.
Production would also increase if another asset was acquired, but that would most probably involve some dilution which is not much of an incentive for PIs who have just had their monthly income withdrawn whilst watching their capital severely diminish.
But is an acquisition any more likely than real progress at Serenity?