Member Info for moneyhawk

Their could have been far worse outcomes, it only seems underwhelming because all thoughts were on the super majors.

But we've got a funded drill and have only had to give up about 60% on about 1/3 of the acreage. We still have the majority of the acreage, plus the HRZ, theres plenty of scope for future deals left for us.

So now we know, the farmout is just for part of the acreage and so far we know that we've split the acreage into 3 - Areas A, B and C, and we've farmed out area A which Premier have estimated to be 1B barrels based on 3D and the historic discovery.

Don't know what this means in terms of acreage amount, but assume that we still have the vast majority of acreage overall.

Fully funded to drill this winter, and scope for other areas to be farmed out.

Its a good deal imo, not the great deal many were hoping for, but still a good deal. We don't have to raise to pay for our share of drilling, and we haven't given everything away to do it.

We do have 2 of the worlds largest listed oil companies on the LSE, both of which are credible FO contenders. It could easily being lined up for release by 8am this morning.

The Monday date is the day ASX has said trading will resume by, Friday was given by 88e as the day they expect to release the news by.

Unlikely trading will be suspended on aim, the rules differ and are along the lines of if there’s news to be released then it should be released. Will be interesting to see if we get anything in the next hour.

Might be nothing to get excited about, maybe its just Miloh, Bits et el finally realising their mistake and have started buying in a panic

Hopefully they'll just get on with applying for the licence now rather than telling everyone that they intend to do it. But the RNS seems to have been received like a lead balloon (or rather a zinc balloon in their case), so expecting to see CBs rare earth RNS repeated in the near future, lol.

Yes it could be a long wait, but it all appears to be moving forward. It was back in March when DW said at that stage its usually a matter of weeks not months to close the deal, and then it took 3 months before we were told of the board sign off, and now 5 months since that comment. Is there something unusual about our farmout that has lead to a longer timeframe, has the scope of the deal changed during that time, or is there something else involved on the farmee side that is causing a holdup?

Just a guessing game at the moment.

But seems unlikely the farmee would be paying $500k for initial agreed costs on drilling this winter if they're not intending to go ahead with the plan they've agreed on.

Shorters must be getting worried now

TBTT - quite right, we've already got one of CBs white elephants in our portfolio with Tjate, we don't need to add a second.

And has anyone else noticed the target projects map on the JLP website has changed?

Previously we had lines pointing to project targets in Brazil, Argentina x 2 (or possibly 1 in Paraguay), Australia and Tasmania

The new map shows USA, Brazil, Argentina x1, Australia and Indonesia

So new project targets identified in USA and Indonesia, and targets ruled out in Argentina/Paraguay and Tasmania.

No word yet on the BP rumours, possibly a case of 'fake news' that BP is planning to sell prudhoe bay.

And a couple of interesting jobs have popped up with the Wood Group, who have a global contract with BP for engineering services.
https://www.woodgroup.com/press/press-releases/2017/wood-group-awarded-bp-global-service-agreement

It certainly doesn't sound like they're planning on leaving alsaka, it sounds like they are planning new development with BPs engineering contractor expanding their team in alaska to deal with the BP contract. This one in particular:

https://amecfw-usexternal.icims.com/jobs/35711/lead-piping-mechanical-engineer/job?hub=15
"Wood is currently recruiting for an experienced Lead Mechanical Engineer with extensive experience in the oil and gas petrochemical industry. The Lead Mechanical Enginering role is a new position within our growing engineering team.

This is a highly visible role that offers a great opportunity to shape the strategy of our Engineering Department. You will lead the Mechanical Engineering team in the support of the Alaska BP Engineering Procurement Construction (EPC) Contract on all things within your scope and provide direct updates to the Engineering Manager. This position is based out of our Anchorage office."

At this stage I'd be happy to see a deal that means we can drill to prove up some of the conventional within the next 6-12 months and which provides a bit more clarity on the future direction. All the indications so far is that I'm going to be happy, any more than that and I'm going to be very happy.

The chile project is a non starter for Jlp, it doesn’t fit with LCs strategy of low risk and not mining. We most likely could have picked up BMRs assets that ended up with GLR, but didn’t because they involve mining.

Wasn't part of the BMR/JLP deal that JLP are given a seat on the BMR board? CB took that seat, so just wondering what happens if CB doesn't get re-elected on the resolution vote?

From what I've seen of the BMR proposal it doesn't appear to be a good deal for BMR shareholders. It looks the main purpose is to get BMR to pay for exploration at one of CBs other projects at the expense of BMR shareholders, and CBs other company (Revelo) will have extra BMR shares for free every time BMR do a placing to keep their shareholding at 20%.

I should imagine that once its all over our 29% will be reduced to a few % if we can't sell off the shares quickly.

We're all assuming that it will be a royalty, but unless I've missed something its not been confirmed yet that we have taken 100% ownership of BMRs subsidiary to turn their share into a royalty.

We had 24 months from last August to activate the option of increasing our 87.5% share to 100%, which was subject to regulatory approval, so 12 months left to do it.

But we've purchased sable since then and got the regulatory approval for that, so whats the hold up on Kabwe?

Are we waiting for the 24 months to expire and then acquire BMRs remaining share on different terms and without a royalty?

Its amusing how 3x 500k sells = no one believes we have a good deal, and 2x 1M buys = only 2 trades :)

Don't you think extending the exclusivity agreement would be a more likely option if its not sorted out by the end of the month? Seems an easier route to follow than what you suggest.

Its only the date the exclusivity agreement runs to. Since its a Saturday, we can be pretty sure that there won't be an announcement on 31st August.

DW has given no commitment or indication that news will be before or after that date.

But if we are starting preparations for winter drilling more people will begin to be involved and start to get an idea for what is planned. Possibly rig contract, hiring other equipment, permit applications etc etc. And the more people involved increases the chances of news coming out before an official announcement. I don't mean there will be a deliberate leak, just one person not being aware of confidentiality and talking to others could do it.

No doubt DW and the farmee will be conscious of this, and will want to ensure they control the news flow having kept it all secret for so long already.

Guzz, if we do nothing with the cash that may in itself lead to the deal falling through! The 500k has been paid to cover initial agreed costs for the 2020 drilling program.

Providing we do everything we're supposed to do and have disclosed all information, there's no reason why the 500k would ever have to be repaid.