Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant. Watch the video here.
WE MAY HAVE SHOWS - BUT THEY ARE NOT COMMERCIAL - WHAT IS IT GOING TO TAKE FOR EVERYONE ON HERE TO LISTEN !!!
This is their trophy asset. SE Asia they only have a minority holding.
If it is right, and we think the SP is telling you, this could seriously be the end of RMP
Being extremely short of cash and nothing to asset a placing really against, seriously, could see this share halted
Still has at least 50% more to go to where it should be on this drill circa £5m
Without another placing in tow, and more dilution..... we see circa 1p
there is talk now of a placing... must be deeply discounted too
What £20k worth of stock - no big deal, placing stock being moved on
shouldnt be too long !!
Exactly
proceeding with as the licence has not been extended
Expect maybe an RNS to this
Andalas has raised conditional proceeds of £1.0m through the placing of 222.2 million new shares at 0.45p per share. The net proceeds of the placing will be used predominantly to fully fund the company’s participation in the Colter side-track appraisal well which is currently underway. In the event that a commercial discovery is confirmed on Colter, we estimate that the unrisked value of Andalas’ 8% interest in the licence could be worth up to 2.3p per share on a fully diluted basis.
The recent placing to raise £1.0m before expenses is split between an unconditional issue of 173.3 million shares at 0.45p per share to raise £780,000 and a conditional placing of 48.9 million new shares to raise £220,000 at the same issue price. Admission to AIM of the unconditional tranche of new shares is expected on 5 March 2019 whereas the conditional portion of the placing is subject to shareholder approval at an EGM to be held on 15 March 2019. Assuming that shareholder approval is secured, Andalas expects the second tranche of shares to commence trading on AIM on 19 March 2019.
On 25 February 2019, the operator of licence P1918, Corallian Energy, announced that the Colter appraisal well (98/11a-6) reached a total depth of 1,870 metres in the Sherwood Sandstone reservoir. Although the well unexpectedly remained on the southern side of the prospect bounding fault, it nonetheless encountered oil and gas shows over a 9.4 metre interval, representing a separate discovery to the original target.
The 98/11a-6 well is believed to share a common oil-water contact with the original 98/11-1 discovery well drilled by British Gas in 1983, both having intersected the down-dip region of the southern portion of the Colter prospect which had pre-drill estimated recoverable resources of 15 mmbbls.
A side-track is currently being directionally drilled from the 98/11a-6 wellbore to target the Sherwood Sandstone north of the prospect bounding fault and is expected to take approximately two weeks to drill. Given that we do not expect the gross cost of the side-track to exceed £2.0m, Andalas is now fully funded to contribute to the cost of the side-track consistent with its 8% working interest.
With regards to Andalas’ wider portfolio, it was announced by the vendor of the Bunga Mas PSC in Indonesia on 18 February 2019 that the government of Indonesia (GOI) had terminated the PSC. Consequently, Andalas terminated the sale and purchase agreement for an initial 25% interest in the licence. Although this was disappointing for the company, the GOI had asked the contractors to deposit a performance bond of US$5.8m is an escrow account, representing an amount considered excessive by Andalas and the vendor.
In the UKCS, Andalas retains its interest in Eagle Gas Limited and on 27 February 2019 issued a further 15.998 million new shares to Eagle Gas. This is in regard to the £0.1m contingent consideration that Andalas agreed to pay the vendor when the P2112 licence was extended beyond
Andalas has raised conditional proceeds of £1.0m through the placing of 222.2 million new shares at 0.45p per share. The net proceeds of the placing will be used predominantly to fully fund the company’s participation in the Colter side-track appraisal well which is currently underway. In the event that a commercial discovery is confirmed on Colter, we estimate that the unrisked value of Andalas’ 8% interest in the licence could be worth up to 2.3p per share on a fully diluted basis.
The recent placing to raise £1.0m before expenses is split between an unconditional issue of 173.3 million shares at 0.45p per share to raise £780,000 and a conditional placing of 48.9 million new shares to raise £220,000 at the same issue price. Admission to AIM of the unconditional tranche of new shares is expected on 5 March 2019 whereas the conditional portion of the placing is subject to shareholder approval at an EGM to be held on 15 March 2019. Assuming that shareholder approval is secured, Andalas expects the second tranche of shares to commence trading on AIM on 19 March 2019.
On 25 February 2019, the operator of licence P1918, Corallian Energy, announced that the Colter appraisal well (98/11a-6) reached a total depth of 1,870 metres in the Sherwood Sandstone reservoir. Although the well unexpectedly remained on the southern side of the prospect bounding fault, it nonetheless encountered oil and gas shows over a 9.4 metre interval, representing a separate discovery to the original target.
The 98/11a-6 well is believed to share a common oil-water contact with the original 98/11-1 discovery well drilled by British Gas in 1983, both having intersected the down-dip region of the southern portion of the Colter prospect which had pre-drill estimated recoverable resources of 15 mmbbls.
A side-track is currently being directionally drilled from the 98/11a-6 wellbore to target the Sherwood Sandstone north of the prospect bounding fault and is expected to take approximately two weeks to drill. Given that we do not expect the gross cost of the side-track to exceed £2.0m, Andalas is now fully funded to contribute to the cost of the side-track consistent with its 8% working interest.
With regards to Andalas’ wider portfolio, it was announced by the vendor of the Bunga Mas PSC in Indonesia on 18 February 2019 that the government of Indonesia (GOI) had terminated the PSC. Consequently, Andalas terminated the sale and purchase agreement for an initial 25% interest in the licence. Although this was disappointing for the company, the GOI had asked the contractors to deposit a performance bond of US$5.8m is an escrow account, representing an amount considered excessive by Andalas and the vendor.
In the UKCS, Andalas retains its interest in Eagle Gas Limited and on 27 February 2019 issued a further 15.998 million new shares to Eagle Gas. This is in regard to the £0.1m contingent consideration that Andalas agreed to pay the vendor when the P2112 licence was extended beyo
litigation
They know they have hit Oil, albeit by mistake
You will find that there "will be an RNS" in the next week or so stating this
Apologies, yes
Understand that ADL have found in the region of 15m barrels and the initial reservoir (that will report back in 10 days), is thought to be in the region of 25m barrels.
Also this is right next to WICK which we all know how big this is !!!!
So we have found $45 worth of oil, we have a market cap of $2.5m
What is there not to like
Risk/Reward is on our side here, for once