Member Info for Morningsun

Tiburn, I have no idea what is holding this project up still, no drilling, no license terms sorted, no share retrade and no payments by SNPC mentioned.

However, you hit the nail on the head. Surely all involved on both sides will know that non gulf coast Oil is going to be very, very hot.

Iran just seized another vessel for 'smuggling' fuel. Most likely their own fuel tanks mind you.

Again, only oil on the fire in the gulf, literally I'm afraid as well.

AAOG and SNPC, for the love of God, put your fingers out and quit messing around and start producing oil.

MS

Dodger, surely it has happened as much just before bad news as good. These drops don't happen for no reason and it's not good to see it happen. It means people know something. What it is we cannot know, just guess. So, at the moment it's quite binary I would say.
MS

while you are correcting others, it's 'here' not 'hear'.

Does anyone here know how we have sold the oil that we have. Is that based on contract pricing or spot?
As spot prices have risen over night by 20%, that does not necessarily mean that the price at which we sell (and hence our profit) also goes up. Also, it depends on when we are selling the next cargo. Is the price of oil then still as high as the expectation is that the stricken refineries will be back up to full speed in 3 to 4 weeks I heard on the news this morning.

Thanks
MS

Skittish, thanks. A

I will use the coordinates you supplied.

Be in touch.

MS.

Skittish,
Following your earlier posts, do you have the coordinates of our 103 site that you have posted these images of before.
Thanks
MS

Did you just get a post deleted because you suggested Tiburn not to respond to Angela???
I can't believe it. What on earth can be the reason for that?

Paddy, I have been looking at specifically HAD013 and HAD014 as they have been very cleverly drilled in opposite directions close to each other.

As they are essentially some 25m apart (from the cross section map) you should (careful) be able to add them up.

What seems to emerge is HAD014 showing 244.6 m of 2.0g/t from 450 m depth (so that goes until 695m depth) and HAD013 showing 162.3m at 0.89g/t from 712m depth. That is
They seem to start some 140 m apart so this could (careful) indicate a system on its own which is some 25m wide and 140 long and 425 m deep which gives 1.488 mln m3 of soil. And that is just the two drill holes.

If I average the grade/t over that 425m total depth (2.0 g/t over 244.6m and 0.89g/t over that 162.3 m) then you get an average grade of 1.49 g/t.

At a volume weight of soil of 2.2t/m3 (so 3.27 mln mt total soil weight) and 31.1 gr/ounce that indicates some 157,000 ounce of gold from this section alone. Just to get a feel for what we are looking at apart from lines on a drawing.

Sure, this is back of fag packet stuff but is my review unreasonable?

Hence why it would be so good to see a 3D model... It will reveal a lot more than we can get from these plottings.

MS

What would be really good is if GGP or NC could put all the drill hole results until now in a 3D model so we could get a better feel for what the ore body looks like. I'm sure they already have that.
The cross sections (see link below) make it hard to compare them as they show results at different depths ina flat projection.
https://www.newcrest.com.au/media/market_releases/2019/Newcrest_Market_Release_Exploration_Update_-_Havieron_2019.pdf
MS

Is exactly what is says, his resignation.
The company will never tell whether he was pushed or whether it was his own choice. It would not be good for either to state he was pushed so they state it was his choice. Nor should it matter really.

What we want to see is this company getting on with the well operations.
We need that 103 producing 5,000 bbopd pronto.
MS

I like your thinking Tiptop.
Knowing these big boys are always looking after themselves you might just have hit the nail on the head.
Two companies, two very different results. Very odd. One of them is incorrect and now one of them is not involved anymore. .. Your math, I like it.
MS

Nice video Irish. Thanks.

One thing this video assumes about our well though is that the concrete outer casing is stil in tact. We don't know what has failed apart from that something down there has indeed hence the Djeno oil coming to surface under pressure. The casing might not be in tact and it seems this machine won't repair that. On the other hand, if it is the plug them it will!

I would think that before any work was done one would investigate what the problem actually is? Or am I too practical in my approach...

MS

Well, think what you want but someone just sold another 4.9 mln shares. So, as long as more people are selling than buying then the SP will not rise. Simples.

Only reasons I can think is that people are getting bored and see other opportunities short term or they just take their profits and be done with this. I cannot believe that investors do not see the long term potential here so I'm excluding that as an option.

It will take some time for the full value to be realised and there are just too many people that do not have the patience. We need a different type of investor here I think. More institutional like?

MS

Tiptop, I guess you must be joking about whether we want SNPC to know what the flow rate would be in the 1 hour test you suggest could be done.

Surely you agree, and I recall you saying so, that SNPC are very much aware how good this field will flow from the other wells in the area.

Hence, that cannot be the reason for not doing the flow test as it will likely confirm what everyone already seems to know.
Well, apart from the SP here that is, which doesn't seem to be interested in moving North whatsoever as Tiburn so eloquently outlined.

So, why is AAOG not doing this test then, if it's so simple and useful...

MS

In the proactive interview GH mentions 'look at the cross sections' of the drills when he discusses HAD 013 going west at depth.

Anyone got a link to these cross sections as I cannot find them.

Thanks
MS

Good point slowly.
However, I read on this BB many times that peel Hunt are ruthless traders. So what could their goal be? Did they too expect the SP to rise and hence could offload the shares they got from the departed sheikh?
If so they must have been told something that has not happened (or maybe worse?) yet as surely they didn't buy this shed load of shares to see it drop 100%
MS

Tiburn,

I like your recap. Good read. Value is definitely there and trust it will come.

However, what I don't see is that JB will still be holding out on drilling start until he has what he wants form SNPC/Gov. Surely the government can hold that up longer than he can. In the end, it is better to have a smaller part of a large pie than a large part of no pie.

I have stated very early on, that in my view nothing would happen to this SP until the negotiations with SNPC/Gov were done on share distribution and license terms. Clearly that is proving to be correct. However, I can't see how it is in AAOG's advantage to keep 'holding the delay drill card until we get what we want' hostage play against the government can be still useful after all these months. If details are still not agreed and the terms are still 'horrible' as DS put it at the time then I understand the delay. However, it is taking an awful lot of time to still be at that stage and I hazard a guess that if that is indeed the case, sooner rather than later AAOG have to swallow their pride and take the deal if they don't want to go under without ever producing from the 'prolific Djeno'.

There is only so much delay you can allow to happen in negotiations. Sometimes you have to realise that progress is better than winning.

MS

That is hilarious Apple. Made me smile. Thanks.
MS

That is great Antigua.

I see this silence entirely different though.
The fact that we are not hearing anything currently I find massively encouraging. It means that they can't release info on the drills they control.

I think yesterday we established that there should be some results now from FT to share (drilling started in June) and if that is not released then there must be a reason for it. The only reason they can have (I think) is that they are under locks due to i.e. talks on a sale.

On HV this is linked to whatever NC decide to release. GGP have no control and these big companies release info in their quarterlies as we have seen in July. The fact that they released only part of HAD011 I find very intriguing. That on top of telling us in the same quarterly that they doubled the rig count.

I recognise the craving for news that PI's seem to have as they link news (incorrectly I think) to SP rise. GGP are not dumb though. They negotiated a great JV. I'm sure they will negotiate a great sale price as and when they get to that point.

Have faith in GH to do what is best for GGP. He has not given us any reason not to trust in him.

MS

Matt, if you're here since July 2014 you are sitting on a 400% profit! That is a great result. If you're that worried then maybe act accordingly? However, if you're here for the continued big rise, like you seem to be, then stop worrying as you already know you can't do anything about it.

Nothing is for sure apart from cash in hand, and even that is not always secure. Look at Zimbabwe. What they can afford today is impossible tomorrow with huge inflation.

Not giving any investment advise by the way, just observing.

MS