Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
It seems fairly clear there is no indication of a raise here pre spud and that is surely a demonstration that there is a great deal of confidence that there will be a much more opportune moment to raise following a successful drill. Anyone that thinks that there won’t be a better time to raise can’t have much faith in the project either way.
LB can’t really win can she? She does a presentation on and it’s deemed unnecessary if she doesn’t do one she s not communicating.she doesn’t post a picture she not doing enough PR she does and it’s the wrong one.The share price goes up and it’s Saint Lorna it goes down and she has no experience. She delivered the right rig to the right location and owns the rig. Ultimately this will come down to geology and she understands it better than anyone.
There were helium shows repeatedly during tai 1, and they were drilling the wrong side of the fault line. This time they are drilling the right side with a superior rig. I’d be amazed if there wasn’t helium shows at the very least early during this drill. That would be the perfect time to raise and a small dilution would be perfectly acceptable for the opportunities it would provide.
Amazing to think that only 6 weeks ago we were enduring a long period of radio silence followed by a deeply depressing RNS in regard of the alternative rig. This following nearly 2 years of not much after using the wrong rig and nearly the right site. It was probably an all time low. If someone had said that 6 weeks on we d own our own rig have completed civils assembled a drilling team and potentially be within a couple of weeks of drilling in the right place with the right rig I would have been n astounded. The big catalyst to a SP rise will I suspect come when there s confirmation the rig has been confirmed fully operational on the pad site. Exciting times.
Sorry to distract from the raise debate but someone mentioned the university studies regarding Rukwa geology it was actually the university of Durham who have conducted a great deal of research led by Jon gluyas. The work was documented in the petroleum geoscience journal. And being serious chaps they aren’t interested in ramping.
I much prefer Lornas understated communication compared to DM s bluster. As with the rig I’m sure there’s plenty going on that we re not currently privy to but that we will be told when the time is right. Personally I think she s had a great start as ceo with a rig delivered and civils almost completed. Also nobody understands the geology of the area better than her. I couldn’t care less if we spud later than expected but I’m sure that unlike 21 it’s going to be done right.
Looking back to the 2021 campaign the pad was gravelled on May 27th and the drilling started on June 14th. There s evidence the new pad was gravelled last week. I wonder if the civils a will be ready sooner than mid August. Be great to see some images of the pad and camp.
I rather suspect that like with the rig contract/acquisition we won’t getting a running commentary during the actual drill. I think Lorna will go about things a little differently to DM with his bubbles and mud presentations. It s going to be a relatively quick drill so I wouldn’t be surprised to see lots of PR up until spud followed by near radio silence until the big RNS.
It would be great if over the next few days we could get some pictures of the groundwork’s and pad and even better if we could get some Director buys. The images of the rig today is a great start re improved PR
Of course there s lots of unanswered questions but it was a fairly lengthy RNS packed with substantive news. Perhaps they will need to raise more money but to own their own rig with the potential to drill multiple times instead of spending months agreeing contracts will be well worth it in the longer run.
What’s really going on here is that despite having a very exciting Drilling opportunity we consistently try to pick the cheapest rig option instead of paying more to ensure a professional outfits mobilise and spud. If a company doesn’t have a proper website office or contact details they probably aren’t a very well established outfit. This all started with the mineral rig. It’s time to pay what’s needed to get the right rig from the right company.
We should drop the Sofori rig option without further delay. It seems clear they aren’t a serious drill provider. At least Marriot seem like a serious company. Unfortunately it seems inevitable that Noble have got themselves into a position where they will drill first.
There s lots of experienced CEO s with a history of failure. I’m not so sure just because someone has little or no experience as a CEO it means they are inevitably ineffective. Perhaps have a relatively young dynamic ceo who knows the subject matter inside out is preferable to some recycled CEO with lots of experience.
If the sofori rig had completely fallen through I would have thought both companies would be obliged to formally tell share holders. I’m not sure you could just sit on that and hope you can find another rig before telling the market. I would have thought it’s more likely to be contract related in regard of numbers of drills or potentially a fault with the rig they are trying to rectify quickly.
It’s easy to forget that the last RNS stated the intention to spud in Q3. There s still a month for the rig to start its journey before that becomes implausible. Some of the subsequent excitement has come from the other side mentioning the end of June being a key deadline. Ultimately when the update comes and we get confirmation that not only has the contract been signed but also the pad is prepared there will be a significant spike in the SP I’d have thought. And again once the rig arrives on site. And again prior to target depth. Of course We d all like much more communication but this could all be part of the plan.