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They need to review there findings from Tai 3 and that will inevitably have consequences to the itumbula pad site. This and the rig issues will mean that given the worsening weather it will be several months before we actually drill again I’d have thought. Better that than a rush job.
At Tai 1 they managed to just about wireline to 850 m before the washout this time it seems as though we made it to around 1450. Minchin implied he d been on the verge of a discovery before all hell broke loose. Strange most of the talk here is old RNS s and not what might have been found in the additional 5he additional 600m drilled.
I doubt there’s a leak but there is usually a couple of days delay between events and official updates. It’s possible wirelining started on Monday and results are imminent. If people want to invest for the the big reveal I guess they re wanting to do it now.
Nightmare scenario avoided. So important to wireline what’s drilled. 20 m bottom washout potentially means once they wirelined and the drill is fixed they ll drill that additional 100m having already wirelined and sampled the rest.
I think if people have invested what they can afford to lose there s. Nothing wrong with being emotionally attached to an investment. I’ve got more invested elsewhere but this is the first and last I check each day. Of course I hope not to lose money and maybe this has morphed into a form of self flagellation but it’s not always a bad thing to care about what you ve invested in on an emotional level.
I wouldn’t be that surprised if they mentioned in the next RNS that they d drilled the additional 100 metres after fixing the drill. At this point it seems unlikely that they ll move to a new location to drill over Christmas in increasingly poor conditions. At this point I’d rather they fixed the drill properly and took their time drilling and wirelining before moving anywhere.
It’s a process in reality. First we need a commercial discovery and then we need to either prove how we will produce and in what volumes or alternatively we will be bought by a major. But either way in the case we can prove we have commercial volumes given the value of helium our share price will increase greatly albeit not necessarily over night.
I’m not surprised at the share price not moving significantly. The RNS is very promising but the proof of the pudding will be in the wire line results in a week or 2. Not long to wait. My guess is that if the results are really good they will stick and nd not move to the send drill.
If someone has a £5000 portfolio then £1200 in here might not seem much to investors with £50000 or so but it will still mean a great deal to them and good luck to them. Just because they have comparatively little invested they have every right to post as often as they like. The bigger problem as the last hole demonstrated with far more than they can afford to lose invested. One posted they d had 80% of their portfolio invested which I personally found abit worrying.
Conversely if there was a serious problem we would have had an RNS which implies things are still progressing. Perhaps the basement is nearer 2000 metres which would mean I even if the drill was fixed on Thursday or Friday drilling would be progressing.
I really don’t think we d have gone to the trouble of just about completing civils if there was no intention to drill soon the second hole. Skittish has shown us that this isn’t some weird conspiracy it’s there in black and white. The own the rig so we re not up against timescales there and we have a drill team together who are now familiar with the rig and management. I’d be very surprised if Lorna decided to scrap these plans to reconvene in 6 months or whatever. They ll want to drill both holes test and use the winter to plan based on results.
With only 100 odd metres to TD there may not be much need for seperate “it’s fixed” “we re at TD”. Frankly I wouldn’t be surprised later this week to get the “we re at TD” RNS I think things might develop quite suddenly from here probably on the same day Noble reACH TD
The 2 big speculations on here over the “delay” was that either the hole was unstable A sidetrack or potential washout might have been the issue. Or perhaps the rig was old and not capable. In actual fact it seems the hole is stable and the rig has actually been performing really well. Nobody understands the areas geology like Lorna so if she believes we need to go a few hundreds metres deeper than 2 D seismic suggested It is what it is.
Let’s be honest, nobody has a clue why the drill is taking abit longer than we were led to believe it might or even if it might be good or bad that is, but surely we can all agree that the tweeted photo is the best yet with a rich array of beautiful pastel colours.
Well for 3 years I and many other long term holders have been convinced by the thing that is actually important here- the geology because without that you ve got nothing. All I wanted since the washout was for the company to pull themselves together and arrange the right drill and drill to TD. Finally they appear to have managed it after so many failed attempts. Of course it’s nerve racking but this is what we ve been waiting for.