Great Report/RNS24 Sep 2024 09:59
All,
Looks like most are happy with the progress that BOR are making.
Regarding the following statement.
"We have noticed that the energy industry is rebalancing in light of the longer transition timeframes to deliver renewable energies than previously envisaged with oil companies refocusing their investment activities back into upstream exploration and production. This has led to much more interest in material projects like Darwin that can be brought into production much faster than the lead time and costs involved in new exploration in frontier locations. The Company, therefore, remains confident that because of greater renewed upstream industry investment and exploration activity, Darwin will be a beneficiary of this trend. Darwin is a world-class asset awaiting appraisal and we now expect to be able to move forward to the next phase of its development."
All very similar to Argos Resources's last interim results.
"The technical work planned involves special reprocessing of some of the 3D seismic data on Licence PL001. The results of a pilot study undertaken in 2021 to determine the effectiveness of the special processing technique have been positive and sufficiently encouraging that the Company intends to extend that work across the main prospects identified in the eastern half of Licence PL001. The Company believes this additional work should further de-risk those prospects and enhance the farmout potential of the Licence."
Again,
Borders state
"The Company has made an application to The Falkland Islands Government to extend the Company's three Production Licenses with effect from the calendar year end of 2024, as has been done a number of times in previous years, and those discussions are at an advanced stage. Once finalised, an update will be provided."
And Argos
"In June 2022 Argos' Chairman agreed to fund a drawdown loan facility of £110,000 to provide short-term financial support to the Company. Any offer of a licence extension is likely to be conditional on the Company demonstrating that it has sufficient funding to carry out a work programme and cover administration costs during the Licence term. The granting of an extension is therefore likely to be dependent on the Company raising significant further funds in Q3/Q4 2022."
Within 4 months Argos had gone private with shareholders holding worthless share certificates.
Good luck
Mogger
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