The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
LOT, on this point:
“If its by reverse circulation then it is in fact the mud that is pulling the gas to surface because there simply isn't enough pressure in the zone to do it on its own (this is what we don't want). If its free flowing from the zone itself to surface ie there is more pressure in the zone than in the well bore letting it move that direction - then we have a chance of a successful well.”
Lorna said in an interview (after drilling, and after TD was reached) that they were going to fit packers to the zones of interest, then look to take samples. Post that, we then had the news of the 4.7% gas to surface. So, if that’s after drilling, it would surely be free flowing to surface, not in drilling mud.
20th November RNS:
https://www.lse.co.uk/rns/HE1/tai-3-well-results-abmducg1olflner.html
Itumbula prospect
The Company is also in the process of reviewing the geology of the Itumbula prospect, in light of information gleaned from Tai-3. The Itumbula prospect is bound by one of the largest faults in the basin, and this is associated with a prolific surface helium seep which has measured up to 10.4% helium. The results from the Tai-1 and Tai-3 wells seem to indicate that it is the faults and Basement fractures that are releasing the highest concentrations of helium and, therefore, the Company now intends to target the western bounding fault of the Itumbula prospect during the second phase of this drilling campaign.
The Company is still finalising the details of the repair work that is required for the rig and will provide updates as soon as that information is available; as well as plans for the revised well location once concluded.
Avoid paywall here:
https://archive.is/2024.02.18-104607/https://www.ft.com/content/81819f64-1025-489b-959a-c3d9b14cc77a
Strange it disappeared, but…
Thanks Masks for your video links.
Exactly.
7-10 days. In reference to logging and well testing. Which is done on site. That was before they flowed the stuff to surface. So not official final results. On site timing.
4:20 in the ‘flow to surface’ interview. “It will take a bit of time to unravel”
No mention of a timeline for results.
We discussed all this two Sundays ago when the board was filled with ‘news imminent’ comments and expecting an RNS last Monday.
They have never said two weeks to results. They have never mentioned timelines since they flowed the gold to the surface and declared 4.7% with their on site equipment.
It’s usually up to 8 weeks for official analysis and results apparently. Can we all just stop the thousands of posts endlessly debating the minute it will drop? Nobody knows. Could be this week, could be by the end of March. But it’ll be worth the wait.
Joe80.
They’ve raised far more than £4m in the last 3 raises. It would be good if we knew what was in the pot currently.
More raises will surely be in the way, but that could be done against the asset once we have rubber stamped results.
There’s also the possibility of an open offer raise. Perhaps at around 3.5p as Zac Mir has suggested. The last was a ‘company’ raise.
This could of course go up to 5/6p and drop back before they choose to raise again.
Whatever the outcome, if this is commercial (anything above 0.5%, and probably more likely to be above a huge 4%!) it will fly up and we’ll go from there.
That’s an excellent point.
And also something burning my mind, especially after previous tricks from this company…
Zac Mir recently suggested they may raise again. Perhaps at about 3.5p.
With that in mind, and the fact we’ve had a ‘company placing’. Who’s to say we won’t have an open offer placing to all at some point.
And strangely, also the figure of the Hydrogen and Helium make up of the universe.
“So far, the journey to discover the composition of the universe has mostly revealed our ignorance about its composition. Today, our best measurements imply that the elements that dominate Earth make up only 0.1 percent of the density of the universe. Hydrogen and helium account for the next 4.7 percent.”
https://www.simonsfoundation.org/2020/02/20/the-universes-dark-expanding-mystery/
Yes, and before the next raise.
Zac Mir put it very well here( 4 mins in)
https://www.share-talk.com/biztech-academy-and-zaks-traders-cafe-video-podcast-saturday-10th-february-2024/
Lots of people talking about imminent news over the last few days. Have they given a clue as to how long confirmation of results (or something else) would take? Just wondering if I’ve missed a comment.