Member Info for Legalwolf

Just read Blubay's 8:06. Where he says: "We can assume that HE1 believe they already made a deeper discovery at Tai (unconfirmed) on the first drill. They need about 3-5 days more drilling, plus estimated two weeks for testing to be sure of it. Fingers crossed."

Blubay - have you now actually read the latest CPR. If so, how do you reconcile the above statement with the COS in the CPR, which incorporated the results from Tai 1. I'm genuinely curious to know why you believe the above, because the CPR page 32 states:

"The Karoo Sandstone, Lake Bed Formation and Nsungwe Formation have each been assigned an overall geological chance of success of 14%. The weathered basement interval has been assigned an overall geological chance of success of 10% due to increased reservoir risk."

What am I missing or misunderstanding here? All imo and dyor

StM - that she is!

Coyote - little point trying to ramp this. Everyone knows they need those licence renewals and then financing to come through, before this is worth investing in. That's why buying volume has dried up, and unless ORR hurry with some positive announcements, you can expect further falls in the share price. All imo and dyor

Does anyone know, or can hazard a guess, as to how long it will take in between wells? Once they finish Tai, how long will it then take before they are able to spud Itumbula?

As I said before, the issue with the Rig has added an operational risk to the project, which was always there, but maybe considered very low. I think the market is now clearly going to wait to see if they get the parts in time, and are able to fix the problem even then. Timescale also becomes a factor here, because they have Itumbula to drill. Market needs to know whether it is still looking at two drills, or now only Tai, with a return to Itumbula after the rainy season.

Will they update when they have the parts, or only once they get the drill turning again?

Well the presentation has answered the question of what comes next, dilution or financing. I'm sure that Ginger Hippo fella (and others) were suggesting GH financing would happen this year, which I said was ludicrous at the time. I didn't expect it would be 2 years, although given the amount in question, that's probably no surprise.

I do think the strategy here is all back to front. ORCP should have focussed on tangible projects like Thar Coal and Australia, and the green energy projects should play second fiddle. Doing it the other way round has been ruinous to the share price, and put the company on a never ending downward spiral of dilution with no end in sight. For that Naheed should be held accountable, and it's on her to explain how she intends to fund ORCP's work in 2024. She surely can't be expecting it to be placings every 4 months or so for her wages. Also noticed how large the BOD is. Needs trimming and some salary sacrificing schemes putting in place. Does ORCP need all these individuals taking vital cash out of the company?

With placing shares to land here at the end of the month, I suspect the next Q&A, if she bothers to do one, might well be her toughest one yet. All imo and dyor

No mask Dan - I made my position clear weeks ago. I won't be buying even if or when this undercuts the placing price unless they have announced drilling plans. What's the point of buying shares in a gold explorer that isn't actually exploring, no matter how cheap its shares are - you still won't make money on them?

As I said, the pump is over and now it’s back to normal business - no drilling plans means no reason to buy, especially with the share price still trading above the placing price. The longer it goes without drilling, the closer this will get to the placing price and we might all get a chance to get cheap shares?

Two years for financial close? No way orcp can survive this long and so is there a plan for bringing in some financing until then?

If you look at PJ's tweets, he's still going on about waiting for this bull market.

JC - they raised £90k only a month ago. That shows the financial need that they have. How many months will they survive without raising, if the external financing doesn't arrive, regardless of who invested what and when before. The bills still need to be paid. By the time this year is done, there will either be external financing or a heavily discounted placing, unless the gold production somehow comes to the rescue and sustains the company, something which it hasn't done in the past for any large degree of time. All imo and dyor

"LW was suggesting 2p - we shall see...."

That's only if He1 don't find any gas at Tai and Itumbula, which I am not saying they won't. But if they don't, it will be a very long and hard road back for the company. The share price has hit 4p when the dream is still alive. No way the share price stays above 4p if they don't find gas. You then have to factor in that they will need to raise cash again at some point and so that will need to be discounted again. Therefore, it is not unrealistic and unreasonable to expect that the share price will be in the 2s if the outcome of this drilling is not a success.

And of course, if they do find gas on either of these next two well, then it will be the total opposite and the share price will boom. None of this is rocket science.

Yes, hold for gold, but also be prepared for the reality that licence renewals might be an issue here. I've seen it with other gold explorers where licence renewals have hindered JV talks.

I suspect there will be another heavily discounted placing coming up here soon, unless the financing lands soon?

"I doubt the Ministry for Mines monitor a company's financial status every 5 minutes of every day."

It doesn't need to. The finances are have been in tatters for several months and the onus is on ORR to demonstrate it has the viability to meet the licence renewal conditions.

Maybe she has nothing re-assuring to say and knows she is running out of ramp rope here? The last few Q&As have had some disgruntled shareholder questions, and the next one is likely to be an angry and demanding Q&A, with shareholders wanting to cut through the bs you can imagine? All imo and dyor

Now we will see how much this share price goes up without drilling news, and with the cheap shares admitted.

That's my point - without money to explore those licences, how does ORR demonstrate the "viability for further tenure?"

As I said before, I also struggle to see any financing coming on board, just as licences are about to expire. This might explain why they are still in discussions with CIB, because maybe CIB aren't willing to invest until they see security of tenure in the form of licence renewals. All imo and dyor

Descent?

Good posts today Zan_TM. I have been saying consistently that we might need to wait for the bull market to return before we can expect to see sustained growth in the share price. I was 75% sure of this, but thought the Uranium portfolio could be the exception, as that sector was doing well. But it wasn't to be (maybe because we don't actually have any Uranium, only licences!).

I'm now 90% certain that POW's share price isn't going anywhere by itself and without this bull market. I think most of the market probably realises this now and it's why the downtrend continues.

Where will it bottom - that should be the debate. I'm going for 0.5p, but wouldn't be surprised to see us in the 0.4s if the 'quality' of the newsflow and messaging continues to be the same. All imo and dyor