Member Info for ocelot

Oil climbed the most since May in New York, rallying in tandem with equity markets on optimism over the potential for more U.S. fiscal relief that could provide a sorely needed boost to energy demand.

U.S. benchmark crude futures advanced 5.9% on Monday...

https://www.bloomberg.com/news/articles/2020-10-04/oil-edges-up-from-three-week-low-as-trump-s-outlook-improves?sref=Em01M8Hr (the article's title has been updated from the title in this link)

They are not wasting their time, it is an impressive list:

u/g drilling to resume in 1st half of October for 2-3 weeks;
rehabilitation of approx 600m of pipework to be undertaken at the Liechfraith Adit level;
surface diamond drilling expected to commence in 1st half November;
pilot gold processing plant expected to be fully operational sometime in Q4;
detailed dewatering plan for Liechfraith mine section in process of being formulated;
sampling of historical waste tip being considered;
surface trenching expected to commence by November;
3D mine model to be completed.

Don't know about speeding tickets, reckon a charge of £1 would bring in quite a healthy income!

Had to check through my filters to find out who PE is: found him!

Companies tend to fold when they run into problems servicing their debt: UKOG is debt-free.

No objection to the odd moan, that is only human.

Less keen on constant moaning!

It really is very simple, if you don't want to invest in a company where the directors are paid more than a certain amount, you screen them out from your population of investible stocks:

"Oh, that company's CEO is paid £100, 001, don't like it, shan't look any further at that stock".

The overrun of processing equipment costs was £3.3m (at 100%, Angus;s share being 51%)

All the rest of the £12m debt facility is a management decision, to widen their sources of capital to include loan capital and no longer rely exclusively on equity capital.

?

What was not forecast was the overrun on the processing equipment costs, but that does not come to £12m.

... the Company has engaged Gneiss Energy Limited, a strategic and financial advisory firm operating in the energy and natural resources sectors, to raise up to GBP12 million through the issue of a senior secured debt facility (the "Proposed Debt Funding") to assist in funding the redevelopment of the Field. (RNS of 23/09)

It isn't GL's contact book, it's that of Gneiss Energy.

He had a major health problem not so long ago.

Would like to see him take a more relaxed approach about things.

Got to let the short-term traders out, but will find themselves locked out again this time?

"Just more goalpost moving and can kicking, from what I can see".
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That implies the delay is deliberate, but GL has explained the problem of ticket size in relation to the debt finance they seek.

10 significant anomalies being identified away from all known major mines and gold mineralisation being confirmed over about a six-mile section of the DGB.

That "about a six-mile section" suggests they found gold mineralisation was confirmed along almost the whole length of the Dolgellau Gold Belt which they explored!

First gas has been pushed out from early January to Q1. It's not far away, but it's too far away for some.

(4) Dewatering of the Lower Llechfraith mine area

As reported in the Company's announcement of 22 July 2020, the Llechfraith mine area has been identified as the one of the best targets within the existing mine workings and is due to be targeted during the next phase of surface drilling, as described above.

Only the higher workings at Llechfraith are currently directly accessible, the levels below Level 2 being flooded. Dewatering the main Llechfraith shaft would enable the Company to physically access areas where visible gold has been mapped... Initial positive discussions have been held with the competent regulator in this regard, and the Company's consultant hydrogeologist is in the process of formulating a detailed dewatering plan.

As reported on 7 September 2020, planning permission having been granted for this trenching programme, the Company is working to satisfy the conditions to planning, the availability of all contractors has been confirmed and the Company accordingly expects the programme to commence by November 2020.

"By November 2020" and today is the 5th October.

They are proceeding at pace across a wide range of initiatives.

https://www.rns-pdf.londonstockexchange.com/rns/0279B_1-2020-10-4.pdf

... Alba's 2019 regional geochemical soil sampling programme resulted in 10 significant anomalies being identified away from all known major mines and gold mineralisation being confirmed over about a six-mile section of the DGB.

Think that's the first time I've seen them speak of "about a six-mile section of the DGB" (Dolgellau Gold Belt).

On the basis of this morning's RNS, it doesn't look as if the warrant holders are in any great rush to exercise their warrants.

We must be quite close to the time when Alba can apply the accelerator (fixed at the 0.26p level) on the remaining £150k of warrants at 0.13p.