Member Info for kolonik

When the desk in the correct office in the Pemex building gets a large brown envelope left on it, stuffed full of used banknotes. Preferably large denomination banknotes, and US $ would be preferred to pesos. Ditto Saudi Arabia, it's how things work in both countries, it's why we've always failed in both.

You hope it will be argued successfully StockCheque, so do I. But even if that's the case, the approval won't be granted until the later hearing, so I doubt that the intial $1m payment will be coming from Valkor before the end of August. By which time QED will have enough cash in the bank to last for about 2 months - £2.6 million in cash reserves at the start of the year, annual cash burn of £3 million.

If Hoodoo hadn't stuck their nose in, we could have had the total $1.5m from Valkor by September, it would have extended the cash runway by about 4 months until the end of Feb 2024, and delayed the need for a fundraise. Because of this Hoodoo fiasco, I don't think QED will have any choice but to do a placing in the next month or so, it won't need to be a big one, £1 million max should suffice. I hope we can get the Morocco trial completed or the LONO fuel supply agreement signed before then.

Even if the motion is struck and they do agree to consider HSO's RAA, it won't be done on the 28th, it will be a further hearing in July or August. So no $1m coming from Valkor for a while yet.

Issuing the permit. I think the motion will probably be struck, but if you read the paragraph that starts "(“[D]istrict courts ", it sounds like DOGM are not going to consider HSO's application until the HSO - Hoodoo dispute is resolved, in the district court. DOGM are saying they need the dispute to be fixed to evaluate the RAA. Read it and tell me otherwise.

I hope that HSO can convince them of their part C argument, it's prejudice against them, if not, this could drag on for a long time. I think HSO would probably win the case eventually, Hoodoo are just being obstructive for whatever reason, but the delay could be a big blow. We'll find out on Wednesday.

Posted too soon. HSO argued in their Motion To Strike, part C - The Relative Prejudice to the Parties Supports Striking Hoodoo’s Response, that the permit should be granted and then Hoodoo could take it to the district court, but I'm not sure the DOGM are buying that.

https://fs.ogm.utah.gov/bbooks/2023/06_Jun/Docket/2023-022_471-03_HSOandACOil/2023-022_471-03_20230523.2_MotionToStrikeHoodooMiningAndProductionCompanysResponse.pdf

I didn't see that berty, well spotted, I didn't get that far down. So they agree with HSO that Hoodoo are too late to challenge, and they don't have the authority to decide over the rights for the in-situ wells. That will have to be decided by the district court in Utah.

Does this part mean that the DOGM won't grant HSO's permit until the dispute has been to the district court? If that's the case, it could be months and months before they get permits.

(“[D]istrict courts have subject matter jurisdiction over a legal claim unless adjudicative authority for that claim is specifically delegated to an administrative agency.”) The Board has not been delegated authority over the property or contracts disputes at issue in these leases, the resolutions of which are necessary to evaluate the RAA. Given that the Board is not the appropriate body to resolve the underlying title dispute, the Board should decline to consider HSO’s RAA seeking the establishment of the Asphalt Ridge Enhanced Recovery Unit until the parties resolve their ongoing dispute over the rights granted by the SITLA leases in the appropriate forum.

HSO argued in their Motion To Strike, part C

Where does it say that berty? Which document? Give us a link.

The DOGM were 13 minutes late in filing a response, but it was accepted. I can't see anything about Hoodoo being too late.

https://fs.ogm.utah.gov/bbooks/2023/06_Jun/Docket/2023-022_471-03_HSOandACOil/2023-022_471-03_20230622.1_DivisionsMotionForLeaveToFileResponseToRequestForAgencyActionOutOfTime.pdf

Further, although the Board will hear arguments on Petitioner’s Motion to Strike Hoodoo’s response at the June 26th board hearing, the hearing on the underlying Request for Agency Action will not be heard until a date in July or August and therefore all parties will have adequate time to review the Division’s response prior to the hearing.

Hoodoo responded to Heavy Sweet Oil's motion to strike a few days ago.

https://fs.ogm.utah.gov/bbooks/2023/06_Jun/Docket/2023-022_471-03_HSOandACOil/2023-022_471-03_20230621.1_HoodooMining&ProductionCompanyLLCsResponseInOppositionToMotionToStrike.pdf

I don't know who has the stronger argument of the two, but I don't think it's an odds-on certainty that HSO will get approval on 28th, far from it. I think a further meeting will be needed in August to hear both parties at length, before a final decision can be made. August 23rd is the probable date, according to the Utah DOGM.

https://fs.ogm.utah.gov/bbooks/2023/06_Jun/Docket/2023-022_471-03_HSOandACOil/2023-022_471-03_20230606.2_ProposedOrderGrantingAContinuance.pdf

Www.hbs.edu/environment/blog/post/IFC-BTG

Maersk have already spoken with them according to that article.

At this earlier meeting, Steve said the BIOMSAR could sell for $300 a barrel, slightly more than the current price of WTI.

www.youtube.com/watch?v=Y_pDL2e1VB4

About 25 minutes in.

It's not going to be 592.8 / 1980, it will be 592.8 / (1980 + 592.8), 592.8 million new shares will have been issued. So just over 23%.

There has been dilution since then though soulac, 592m new shares would give them about a 23.5% holding.

It can only mean that the $150m funding is a done deal, to be announced before Monday. From the 26th Aug 2021 RNS, it states:

The deferred consideration for the Acquisition comprises the issue to Valkor of 592,830,258 new ordinary shares of no par value in TomCo ("Ordinary Shares") (the "Acquisition Shares") which currently equates, in aggregate, to 29% of the Company's issued share capital as enlarged by the Acquisition Shares, subject to adjustment to ensure that Valkor and any person acting in concert with it shall not exceed a 29% ownership interest in the Company at the time such shares are issued. Valkor currently has no pre-existing interest in TomCo's issued share capital.

Issue of the Acquisition Shares is subject to Greenfield receiving funds from, or drawing upon, a loan or credit facility in connection with the construction of an oil sands processing facility as specified in the FEED Study dated 21 July 2021 (as amended or superseded) ("Financial Close").

The FEED study covers the production facilities for a 5,000 barrels of oil per day ("bopd") oil sands project (the "Greenfield Plant"). The Greenfield Plant is currently intended to be located at the Site. The proposed plant is planned to consist of an initial 5,000 bopd train but configured for possible expansion to 10,000 bopd via a second future train.

Go to the Watch Sky News live page on youtube, the last 12 hours of a live stream are buffered, so click on the red bar at the bottom of the video and take it back to the appropriate time. At the time of this post you need to go back about 1 hour 14 minutes, if you're reading this post in 2 hours time, it will be -3 hours 14 minutes. If you're reading this message in 11 hours, sorry, too late. Not sure if it's possible to grab the video with some download tool, too complex for me.