The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
The roughneck isn’t the piece that’s broken, it’s the hydraulics.
“ The Company's Epiroc Predator 220 drilling rig has encountered an issue with the hydraulic system which, as a result, is affecting the performance of the iron rough neck mechanism”
“Temporary setback”
Read carefully.
Haha. The most curious thing about this for me is that it wasn’t mentioned at all in the build up or during the event. Maybe they were protecting from comments about not being focussed on the drill etc.., but I know plenty of other companies that make a big deal of attending significant industry conferences like this in an RNS all of its own.
It’s also interesting that a tweet with a photo of Lorna standing at the drill site, plus a proactive interview (dressed for an event) was put out on 30.10. The same day the conference started. Although there is the possibility she wan’t there on the first day it strange the company didn’t mention it at all at the time, but chose to release the information a week later and after TD was announced.
I hope they’re also holding other great news and just waiting for the perfect time to let us know.
Excellent post Skittish, thanks for your thoughts. I agree with many of your points. It’s also interesting that this event was a week ago now and there was no word on it until today. Makes you wonder what else is ‘bubbling ’away in the background.
Interestingly, this conference (30th Oct - 1st November is sponsored by… Noble. The links continue. Excellent networking event by the looks of it.
https://gasworldconferences.com/conference/helium-super-summit-2023-houston/
Comment: A RNS that Sir Humphrey Appleby would be proud of. The bulls live to fight another day, and the bears can literally engage in mud slinging if they like. It would have been helpful to know the historical significance of 6 times helium shows from the company in the update.
https://www.share-talk.com/rns-hotlist-with-zak-mir-ska-orca-miri-he1-ncyt-prd-harl-glr-ppp-cssg-vnet/
I’m glad they’ve called TD.
Great they have helium shows.
Yet another aim hit by the team.
Sensible management of the drill to stop where they are.
The thing I’m curious about is the 3m distance they went before stopping and what that means for the previous amended target depth.
If the target was deeper in the previous drill update RNS, can anyone technical explain the situation?
Looking forward to the wireline results. I’d just like to understand the situation with stopping short of the intended lower target.
GLA.
Way above average volume today. 👍🏼
“These results also confirm the potential for the North Rukwa basin to emerge as a primary Helium province”
Sounds like a wider comment which is there I’m sure to please the government and all parties involved. Hopefully the timing of this will be synced with HE1 for a bigger news event as seems to have been happening.
We’re waiting for the next RNS. If you read the previous RNS that’s exactly where we are at officially apart from the fact the electrical fault was fixed.
It’s likely going by the Proactive interview that the drill is also fixed now.
Last para of the latest RNS states we’ll be updated ‘in due course’. I.e. not necessarily when drill is fixed.
Fill in the gaps. They’re likely drilling / drilled and have likely hit TD. But nobody knows officially yet.
That’s a very risk riddled post that interestingly has come on a morning with quite a few buys going through. Certainly more buys in quick succession than we’ve had in recent days.
And to add to that seed of thought, I’m not sure your POV on the second drill being too late now really stands up.
In my mind the link is purely through the government and possible agreements with them to create a synchronised news event. Making the country a big player globally with multiple stories would put the nation on the global resource map quickly and gain more PR and investment.
As per my ‘Next RNS’ post….
The next RNS we get could be that we’ve hit TD and have begun wireline work. I’m not aware that they’ve said they will RNS the drill fix and restart of drilling. ‘In due course’ could mean when we have solid news…..
“Once drilling has recommenced and has reached TD in Basement, the Company will then rig up for wireline operations and commence logging in order to gain additional information on reservoir characteristics, as well as to identify and sample any gas-bearing intervals. The Company will make further announcements in due course.”
The next RNS we get could be that we’ve hit TD and have begun wireline work. I’m not aware that they’ve said they will RNS the drill fix and restart of drilling. ‘In due course’ could mean when we have solid news…..
“Once drilling has recommenced and has reached TD in Basement, the Company will then rig up for wireline operations and commence logging in order to gain additional information on reservoir characteristics, as well as to identify and sample any gas-bearing intervals. The Company will make further announcements in due course.”
She’s a lady who likes to build in time contingency to predictions. So I’d say we’ll be back drilling on Wednesday. I.e. before the ‘couple of days’ she’s mentioned. It sounds like they’ve pretty much fixed the problems already.