Sapan Gai, CCO at Sovereign Metals, discusses their superior graphite test results. Watch the video here.
Was it
(a) In August 2023 BNG Ltd. LLP took out a $5 million loan for up to 3 years at an interest rate of 7%. At the date of this report approximately $3.4 million of the loan has been drawn with the funds used to purchase casing for deep wells and the drilling rig.
or
(b) In September 2023, after the period end, the Group signed a $5.0 million loan with a Kazakh bank, of which at the date of this report approximately $3.4 million has been drawn.
Was it
(a) No oil was produced in either the period under review or the corresponding period from either the
Airshagyl or Yelemes Deep structures.
or from Jan 30, RNS
(b) The current production from Deep Well 802 brings the total production from the BNG Contract
Area to in excess of 3,000 bopd.
Did Akku Investments give some of their divi monies back to help keep the lights on? Will that be repaid in stock??
So, the loan to Block 8 for drilling is then counted as income for the drilling services CTS.
And the Interims are, of course, unaudited...
Somm, non-executive Chairman. He dropped the Exec in July.
It's a bit of a Hokey Cokey title, he dropped it in Dec 2020 as well.
He also stepped down as Caspian's Secretary, it was taken on by Erwin Blik; at Eragon Petroleum Ltd too.
d.o.b Jan 1961.
How unfortunate that they have tweeted [is that still current parlance?] the Telegraph tip, highlighting it as a HOLD when the embedded clip begins
"This stock is in the last chance saloon - it needs to start deliveri..."
https://x.com/i3energy/status/1699726727381962959?s=46&t=KHNNXk1Nw1j5lyzHBSnKag
I think its really important to highlight the inaccuracies in Stas20's post and in so doing also highlight those that support the post as accurate showing they too have neither understood the situation nor have they taken a position of standing based on fact and not bias.
Yes, £22M.
Interest is due also. That is shown as £7.2M in the Accounts, that's another third. So c38 becomes c50.
The CAD$75M is at 9.521%, and straight line amortised. So about CAD$32M to protect for in the next year. [75/3 plus 7 Int]
Smarty, the trade was done in Switzerland on Monday whilst the share was suspended, and reported to CASP the same day who then chose to sit on it for over a week. The AIM regulations say 2 working days.
When KS sold and Al Marri's bought, there were 4 separate RNSs, but this time it sneaked onto the website in an uncharacteristically prompt update with Ahmed now holding all the remaining 50% of the AlMarri's shares.
And, of course, they knew when they released the results dated the 6th but chose to suppress it...
If they move away from AIM, wouldn't the governance then prevent the NED Chairman from being in the bonus scheme?
So why has Ed joined Tim as ex-NEDs, leaving just young AO as a NED to do his Dad's bidding, oh, not forgetting CC of course...
'Block 8 has 100 bopd for oil that they can't sell abroad at the moment' and 'No mention of depths, timescales, geology, rigs and crews, costs.'
Yes, I agree, but that is not the only info we are missing.
Are the two existing, producing wells on the same structure, or does '4,203 meters and 3,449 maters (sic) respectively' mean two structures?
Does 'Focus on two deep wells' and 'two more underway' mean they are drilling or desktop activity?
Has anything been seen on BICO?
We know there is no CPR, and they need three wells to apply for a production licence.
Are the two new wells 'being drilled' to support the Export Licence or testing for the third structure?
We don't know on what activities the Authorities will base the Export Licence fees, but they could be high if they follow the MJF rates.
.oOo.
I also need to expand on my earlier Block 8 reply to uncertain. btw I fully agree with his comments in the 'Math issue' thread but would add that the 700/900b/d would affect the average by between 4.6 and 5.9b/d over the year to May per day of flowing, so clearly it did not flow very long and BH were able to bring it under control. It just needs 'clearing' now.
And I don't see why K is introducing monthly bopd, the pedant would just divide the period production by 151 to get 1974bopd...
wrt Block 8, it is actually worded very similar to the CE sale.
Casp have an option to "acquire the UAE registered holding company of EPC Munai LLP, which is the Kazakh registered holder of the licence for the Block 8 Contract Area", i.e. the structure is identical, but it does not say that Block 8 is the sole asset, and previously I believe EPC Munai did some survey work for Casp, but those arms could have been stripped out for the transfer to UAE registration of course...
So, aiui, the unnamed UAE company should appear as the subsidiary.
No mention is made of liabilities, but the Interim RNS says ' it is not expected that the acquisition of Block 8 would require additional funding from Caspian Sunrise and the therefore the Group's existing other development plans should be unaffected'.
That word "expected" again: and the results "Expectation is that the accounts will be signed either over the weekend or the next week" will be confirmed tomorrow, or Monday-ish.
jimo
joe
Uncertain, aiui it has been 'gifted' to Casp who have lent them 5M and equipment to keep it alive and Casp will be responsible for all the future activities and licensing etc, in exchange for a 'royalty' payment of $5 per barrel of production upto a total payment of $60M. [That's 12,000,000 barrels and at the current 100b/d that is over 300 years.]
The $5M will then go on the books of this subsidary of Casp.
It has nothing to do with PROFIT.
jimo
joe
Corryvreckan1, perhaps the point should be made that they have already conducted this exercise once before to allow initial payment of dividends which was when BHGE got their reward that i3E then forgot to admit to trading.
After that last Reduction of Capital, a few days later they had an equity fund raising to buy more assets [a bit of Cenovus Energy] which immediately refilled the just-emptied line in the share premium account which now currently stands at approximately £51,000,000.
In the event of a further equity raising, as some are now suggesting to support the CFO Bonus scheme, the Divi would be at risk again when retained earnings are accruing much slower than previously.
jimo
joe
Yesterday Kheldar (13:14) was concerned about having to 'share the $15m isatay contract'.
Whilst the headline that they have bought 50% of the CE is true being the only asset, the detail is that they have 50% of the shares in Prosperity Petroleum FZE which holds KC Caspian Explorer (KCCE) LLP, the asset owners.
From the AR 2021, "The Group operated in two operating segments during 2021: Exploration for and production of crude oil and drilling services at the Caspian shelf using the submersible drilling rig." [BNG Ltd. LLP & KC Caspian Explorer (KCCE) LLP].
Summary of the results of the segments are provided Note 4 page 50.
Therefore in the absence of a contract in 2023, CASP will have reduced the reported loss having shared the burden from the 'start date', but with substantial funding available in 2023.
What Stepping Stone Investments Limited see future income potential as is unknown, but comments here have suggested multiple drills.
The loss to CASP will be more than made up for by the successful implementation of the $22.5M.
Potentially...
jimo
joe
Somm says, " 5 months they've had to use the new G70 rig to drill the A5/A7".
In line with my May 15th post, have they got the G70?
Dec22,2022 Operational Update
"A new G70 rig, on which we expected to complete the purchase in the next few weeks, will be
used to resume drilling at Deep Well A7, which was paused at a depth of 2,150 meters."
tells us that, for whatever reason, the 'expectation' is thwarted. But as it 'will' be used on A7 a new delivery date is awaited or A7 will not proceed in the absence of delivery of a G70.
Of course, the use of the past tense of 'expect' could just be a typo..., but they would still need another crew with all the other work scheduled.
wrt 2022AR, it is no more than a historical document now as H1 2023 draws to a close and its update is issued, but it will be interesting to see whether the borrowings from KO continued throughout the year or were actually repaid and what drawdowns there have been this year as production shrank.
The last update shows no progress at all on the wells but does confirm the continuing decline in production from the MJF shallows, particularly if 300 is still coming from Yelemes.
142 only produced for a very short time last summer before rising water cuts forced its (and 145) closure.
141 has not produced since 2021.
The crews have been busy, to and fro and fro and to whilst waiting for something to turn up.
BICO is full of their good intent, they just need to shake a six.
Interest in the purchase of the CE had been mentioned, but the sale method is opaque. And whilst we know that mods are being paid for, we do not know if the CE was 'drill ready' or needed some 'maintainance' to be completed before setting sail. But the cash will not help with Divis until completion, and there was no mention of a longstop date.
jimo,
joe
@X2 2021AR
Our shareholders
A large proportion of the Company's shares are held by a relatively
small group, namely: The Oraziman family (48%); other Kazakh
shareholders (5%); Korean shareholders (10%); shareholders in the
UAE (10)%; with the remaining (27)% being principally UK based
investors.
AlMari are not in the WCP, and 5% held by Kazkhs individuals are not subject to reporting, are able to trade and 5+27=32.
HTH
It seems that there is still a bit of housekeeping to do:
https://ceo.ca/@accesswire/i3-energy-ordinary-share-cancellation
and
SEDAR yesterday, Annual General Meeting June 30, 2023 - AMENDED.
HTH
joe
With the publication of the RNS, the Auditors will have confirmation that the funding for the next twelve months is now assured and they can ink their prepared letter removing the blocker to the publication of the 2022 Results.
It is interesting that the funding has come from Canada, given the number of times that Majid had spoken of London as the place for capital. Perhaps the ESG pressure is having an effect. The rate is less than i3E had been paying for the pik option, so should be affordable although the details of the 'oil production contract' are not disclosed.
Also of note is financial engineering that has gone on with the fact that the loan originally raised by i3E NS with i3E plc as chargor has now been transferred to i3E Canada, leaving i3E NS now debt-free and, no longer encumbered by the Loan Note covenants, able to do their own thing whatever that may be.
It would also mean that i3E Canada could be sold leaving plc with that capital for NS, or perhaps even floated off separately on the Canadian market.
jimo
joe
Aiui, Clive had to report the open hole oil flow because it was a serious volume and therefore a 'material' amount.
They also listed the planned activities to bring the well under control, which would mean that the production would stop.
There has been no remedial news on 141/2, or 145. DYOC.
There is no update on 155. DYOC.
Dec:"A new G70 rig, on which we expected to complete the purchase in the next few weeks, will be
used to resume drilling at Deep Well A7, which was paused at a depth of 2,150 meters." and
Nov:"Work is also planned to resume drilling at Deep Well A7 from a depth of 2,175 meters as rigs and
crews become available."
Note 'expected' and 'crews available' for the new rig.
Next edition of Carverspeak awaited...
jimo
joe