Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
In the past they were producing from only the top 8m. Perhaps they already knew then that the deeper areas were too difficult to flow.
We already know it is a productive reservoir that appears to be recharged with a possible increase in reserves. If Sonangol can get the engineering right to produce from deeper down, then there would be upside both here and in other similar areas on our blocks wouldn't there?
If they can't do it then what has changed anyway? Nothing so far to say that the EPS can't go ahead is there?
Didn't they say that the previous equivalent well flowed from only 8m and we had found reservoir across 80m ?!?
In the RNS: "Reactivation of the fractured carbonate reservoir has been challenging,"
Anyone know why that could be?
Art, that is a good point about declaring the Option price. We could also say why did they even RNS it??
I think it may have been them wanting to be 'transparent' in their Option dealings, which came from the fact that they knew they couldn't buy the shares directly with results coming.
If it were some underhanded way of manipulating the share price up, how would they benefit? EXT selling down into a rise would at least show us TR1s and neither a rise or a TR1 has happened yet.
I still think it may just be a sign that they are confident here.
Lol. I am a landlubber but had a quick search on yachts. They look to go from £200 on Ebay to £100m plus new. That has to be one of the widest price ranges ever.
When Corcel come good have you a yacht in mind?
I am hoping for a good chunk of money for retirement, fun and holidays etc.
Personally I don't think these will be exercised before results. The Option gives protection to EXT if the wells don't flow and they can always buy them all if they want later.
If in fact they wanted to buy them before results, why did they create the Option in the first place? Why didn't they just buy them from Jennings?
It could perhaps be argued that a member of the BOD buying 100m shares so close to results implies they know something. A Recused Option is a step away from that.
No accusations from me - these are just possibilities I can see.
I think it is very interesting that EXT and Jennings agreed that options deal. How else could EXT (with their Corcel BOD insight) get another 100 million shares and approach the 30% holding? - not in the market over the next few weeks as it would push the share price way over 1.2p.
If I were Jennings I would have kept those warrants, but maybe they have done it because they just want to take risk off the table?
I was thinking similar and Ed will have a better reply no doubt but this is what I have gleaned.
For a marginal field the petroleum production tax was reduced from 20 percent to 10 percent, while the petroleum income tax was also reduced from 50 percent to 25 percent.
Of course we have to add in OPEX and CAPEX.
It appears that $70 a barrel is a typical sale price in the area.