I still stand by my speculation that the EGM of CGC could be linked in some way to TA drill 1, I won't repeat what I have said prior but yes a substantial discovery, which is the whole reason for drilling! On analysing all the data with 4 drills (possibly 5) they will no doubt select the most appropriate.
However we may still be in the testing phase and so the meeting has no connection. It is possible that each zone will be tested individually. This would require a "double wing" on the "Christmas tree" (or production tree) each connected to one of two "tubing strings". Then each tested using various chokes to calculate flow rates and volumes etc. This of course will double the test time, but we may have the results of one so far. Unless we have an inter-day RNS it could well be next week, and thus 6 weeks from the start of the stimulation.
The drill at Santa Cruz should start the next stage shortly, as it was stated the second half of Feb.
Still no details on the second drill on TA....hmmm could we speculate on why not...lol
I think that is a basic requirement to judge whether or not to invest in any company. You would like to think the 3D would provide more accurate information for the better or worse. Considering it was paid for by dilution do you not think we have a right to know? Very poor investor relations.
PS still no reply from Sarah, that to me means it's either a communication breakdown or lock-down!! Hmmmmm could speculate on that couldn't we....lol
When you have a lack of information you have to speculate on what we know and what could be. We all know we are very close to finding out the outcome of TA drill 1. TA was always going to be the Jewel in the crown for Echo, with a requirement to drill 4 wells, and an extra one if declared as 'tight gas' (with a 1 year extension on the asset).
The CPR is there for everyone to read and can only invest on what is within, all based on 2D. Unlike our campaign last year at the investor events we could see the up to date target volumes (P10, P90 and Mean) where as we can not here on the 3D we shot.....why have we not been privy to this information. You can bet the II have and still maintain their combine holdings circa 34%.
Here's hoping for good news next week
Remember CGC is privately owned but probably by a small amount of very wealthy individuals who hold shares.
A very intriguing time for us.
Yes the potential here very good, the admission document is pre 3D! Be very interesting to know what the updated volumetric estimates are with additional zones of play!!
I have had a look through the document, here's the link again, and will draw your attention to pages 114 & 115 (you'll have to rotate it into landscape.
It shows the 41 leads,
First drill, Lobe C, 34 % GCoS, Mean of 552 BCF and P10 1.08TCF (Data on 2D, Anita not included - we now have 3D, Anita, upto fully saturated 1,000,000 PPM (on Anita) and over pressure by 30%.
I guess one of the drills will be C Carrera (pg115), 32% GCoS, Mean 1.8 TCF and P10 3.84TCF (Data on 2D - we now have 3D and perhaps may have a second target in this drill!!)
The remaining leads have lower GCoS....so tricky to guess
I have looked at CGC web site again, and their assets,
Of their assets in the Austral basin 3 are exploration (one includes production) only Tapi Aike they have a partner and that is ECHO.....my conspiracy theory is perhaps they want full ownership with a great result on the first drill, hence EGM.
Takeovers can be offered at anytime I guess, just check out SXX (Sirius Minerals) they have had an offer from Anglo America and there SP raised to just below the offer on the day it was announced.....Just remember MH renegotiated the deal with CGC and it fell out the air onto shareholders, who knows what is being discussed at present, the long term plan originally was a LE in 3-5 years from when Echo was formed.....we have all but entered year 3....
We can only but wait, I may be completely wrong....I'll leave these thoughts with you.....wine time :-)
Bobbyrash, here's the admission document link, scan through that.
I have found Sarah very good in the past, usually replying in 30 minutes, but now I believe they have a PR firm listed on the RNS's and just checked the ECHO website, the only contact email is info. They may not monitor the old addresses
CGC are a private company company managed by a board of director (9) and alternate directors(6) with share holders but not publicly listed like echo. This EGM may well be a coincidence, I have checked CGC website and its offers very little on past EGM's. So for what reason is it called. It may well be nothing to do with ECHO, but then we (I hazard a guess again) are in the test phase; two zones of play, one saturated with gas ppm, 30% greater pressure. If there is an indication that this is a huge discovery what could the rest of TA offer!! would they want to have echo involved long term? The majority of their assets in Argentina they own out right.....they may wish the same now....remember when MH re-negotiated the deal it was suddenly presented to us, the same could happen again!! at what point are echo required to release any form of data via RNS?
All speculation of course, but I remain ever the optimist!! GLA
It maybe a coincidence but we are more than likely in the test phase I guess. If it were to do with our drill then I wouldn’t believe they would call an EGM for a “duster” but for a significant discovery yes! And then what to do with that discovery and going forward the remaining 3 drills!
We could speculate, buy that asset, by all 19%, take over echo? Who knows.
But then maybe nothing to do with our partnership. Time will tell!!
I won’t be selling my shares soon!
CGC calling a general meeting... wonder what that is about
February 10, 2020
National Value Comission
May 25, 175
C 1002ABC City A. of Buenos Aires
From my consideration:
\ N RELEVANT FACT FORM
In compliance with article 4 subsection a) of Chapter II of the
Title II of the Rules of that National Securities Commission (to. 2013), we inform
that through a board meeting of Compahia General de Combustibles S.A. of the day
of the date, it was decided to convene an extraordinary general meeting of shareholders
to be held on February 17, 2020, at 11 am on first call and at
12 o'clock in second call. at the social site in Bonpland NO 1745,
from Buenos Aires.
Without another particular, I greet
very truly yours.
NÉSTOR R. RAFFAELI
Head of Market Relations
5663 - z •
136. 26. A
I don't think there will be any leak on this one, it's the first TA drill, that would set a horrible precedent going forward. CGC are in control and I guess when they release data the RNS will be swift. all blue so far today!!
So on the 6th Jan RNS we were informed that the hydraulic stimulation would take 4 weeks in total. The RNS dated 21st Nov stated stimulation and testing would take 5-6 weeks, we have entered the start of week 6 today so we can make a reasonable assumption we are now in the test phase, gas to surface!! I did like the comment in the last RNS that the company looks forward to updating shareholders in due course......fingers crossed
I agree, we are now passed the fracking deadline, It's my guess that they have gas to surface and are now in a testing phase, this could take several weeks from recollection of the first drill last year. They must get accurate data of volumes as this will be the bases of any future LE.