Member Info for moneyhawk

It’s nice seeing prices at that level again, even if it’s just a glitch. Hopefully won’t be too long before we’re back on track. Not really heard too much about SA, any views if their lockdown will be lifted after the initial 3 weeks?

14.29, not really sure what you were expecting here. If someone could say without any doubt that there is commercially viable oil 1000's of feet below the surface just from 3d imaging, then there'd be no point in anyone drilling except to go into production. This was an appraisal well to test the data analysis. Overall its been a failure, the hydrocarbons we've now proved are there (and which verifies the analysis) were not sufficient to go on to flow-testing. Or at least did not meet PMOs expectations according to the RNS. And without a partner to fund further work on this well, not many options other than to plug and abandon it.

Not best pleased about this, but can't blame the people who did the 3D. That analysis appears to have been proved correct.

12.04 - I would not be surprised if PMO were/are desperate to find any get out clauses in all of their exploration ventures in order to reduce their liabilities. Circumstances have changed a lot recently. They probably couldn't have pulled the plug before as we had them under contract to pay for the drill, this would likely have been their first opportunity. But we shall probably never know if they would have stayed in with better results or if their own position was stronger.

At least we've achieved huge volume today, over 1B shares traded, must be a new record for us?

Think thats just this LSE site playing up topcatz ;)

Looks like you made the right call for today, but still very difficult to judge were this is heading. I thought last night the market would react very badly this morning to news of boris going into hospital and the uncertainty that leaves for government (hopefully just in the short term), but instead the reaction seems to be following the Asian markets on hope that the pandemic is showing signs of abating. Profit taking whenever you can seems to be the right approach at the moment. I'm taking the view that the traders, fund managers etc are not medical/scientific experts, and upward moves can't be relied upon as a signal that the worst is over.

The Russians will most likely want the USA to take their fair share of production cuts. So if thats the cause for their delay on the deal, it all hinges on Trump and what he thinks he can sell to his voters as being something in Americas interests. Bit of a catch 22 for him, he's constantly called for low oil prices, but a large proportion of USA production needs high prices to be viable.

Could still be very volatile, think its too early to predict an upwards rise from here. Seems to be two main factors at play:
1. Some countries reported lower daily increases in deaths over the weekend.
2. The OPEC/Russia oil deal announcement due today has been delayed to Thursday, with some reports this morning suggesting they are close to a deal

But looks far from certain what will happen with both of those by the end of the week.

3card, the USA is possibly looking at the death toll being in the 100's of thousands, even Trump has been suggesting less than 200k would be a good result. Quite a change from claiming it was a hoax not so long ago.

Interesting predictions Kalan, I hope the FTSE doesn't fall that far, but good luck to you if it does. Think you're right on the USA not factoring in the damage yet, but a bit too risky for me to guess on what that will translate to on the markets. Donald Duck has just been too slow to recognize that the virus a major problem, and I still don't think he grasps the enormity of the situation, their death toll is looking like it'll be nothing short of catastrophic. Look out for an OPEC announcement on Monday though, a new deal between OPEC, Russia and possibly the USA to cut oil production is on the cards. That could very well see markets bounce upwards, at least in the short term.

Personally I'm expecting this year to be a write off for seeing that ramp up in profits. Fully expect to see the timetable for Kabwe delayed now. The priority now should be to the maintain whatever current production we can continue with, reduce costs and conserve cash until the world gets back to normal. Huge shame, the interim's had us on course for a decent profit this year, paving the way for even bigger gains next year. Profits for this year are obviously going to be reduced now from previous expectations, but at least we know we're in an excellent position to pick up from where we left off when the crisis is over.

I doubt the news that may come next week will even be released by PMO, only the flow test results results at the end of April. Even then it may not be worth much to PMO as the expectations here are very different. Here our longer term goal is to prove up and sell on, while PMO will probably be looking at developing the field into production. That means high capex, which will be difficult for them at the moment.

Maybe some movement to sort out the over supply:

https://www.reuters.com/article/us-global-oil/oil-rebounds-from-18-year-lows-after-u-s-russia-agree-to-talks-idUSKBN21I03I

Yes it is amazing, thought it'd only be the most ardent de-rampers that would be looking forward to seeing 1p at this stage of the drill!

But who'd have thought a month ago that it'd now be a criminal offence to leave your house without good reason. Very strange times.

I was under the impression the next update wouldn't be until 'early April', after TD reached and initial analysis of wire logging.

Braemore holdings is jlps main subsidiary, it’s a company registered in Mauritius. Goes back to jlps takeover of Braemore I believe, where LC came from. Wasn’t invested back then, no doubt a few on here will know more about that and why it’s a Mauritius registered company.

JLPp - its where the subsidiary company is registered

It's just our luck to produce our best interim's to date at a time of global crisis, and when we know the next 6 months aren't going to look nearly as healthy.

But the cash position looks OK. £10.2m in cash up to end of December, and we will have added to that in the first 2 months of this year.

And a bit of good news, the final bill for Hernic cheaper than previously announced as the price was adjusted downwards by £2.2m

"Post the period under review a further payment of £ 3.3 million was made towards the PGM and chrome rights acquisition as announced on 4 November 2019. The final payment on the transaction was made on 19 March 2020. In terms of the acquisition agreement the final payment was adjusted for certain PGM and chrome variables which, resulted in a downward adjustment to the total purchase consideration of £ 2.2 million"

Kalan, don't think there is scope to delay the interims a couple more weeks. AIM rules are a half yearly report within 3 months of the end of the period, 31st March is the latest possible day.

Don't see how Sumo, the RNS said our South African operations are being placed under care and maintenance for 21 days. All our South African operations are tailings, so doesn't seem to be much scope to interpret that a different way.

Maybe someones got confused and thinks Kabwe is in South Africa?

Last year Interim's were Thursday 28th March. So my guess is tomorrow or Friday.