Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
Chrisp, how are you interpreting the cash position being ok to April monies please. Are you referring to the £300k Receivable (what is this?) or has CB referred to a working capital plan/bridge in the AGM (which I couldnt attend)? Thanks
IG: the rig is fine for the task (obs ignoring the lack of spare parts procured) and agree with Joe that it's gotta be just probs with comms and lack of experience.
Joe, it doesnt make much sense to me.
Their 5th Oct RNS said they're drilling 8.5" hole. Although it also said they were drilling this out of the 13 3/8" shoe which is not the normal convention. Even that is at odds with the last CEO interview where she said they had run 9 5/8" in the 17 1/2" hole.
What is clear is that the casing shoe in the latest tweet sure as hell doesnt look like 7" casing.
It's either an old picture or the CEO doesnt know her well design in her comms.
And all of this is at odds with the "5 days to TD" statement she made earlier in the well which would have to mean the whole reservoir section was being designed to be drilled in 1 hole size.
Anyone taken up comms with the company on this?
Clem: I normally add contingency for the time that the bit is not on bottom (check trips, bit trips, circulating up gas etc) and the ROP will be slow in the basement. Monday is possible but more likely tuesday or Wednesday; again if no change in plan.
Gogs: i havent studied all the photos but would assume any 20" was used for the conductor.
Looking at the image of the BOP stack posted on Twitter yesterday, my interpretation of the status of drilling and the well design is:
- The Conductor was drilled out with down to a competent rock interval above the prognosed top Helium target in the Lake beds. This would have been a few hundred meters. This section would normally not be drilled with a BOP but a diverter. The diverts any uncontollable gas influx away from the rig rather than trying to close it in with a BOP in very soft rocks.
- LB said they were going to do some logging. This could have been done open hole or maybe cased hole including cement integrity logging.
- The top hole casing was then cemented in place and this is then when the BOP would be installed; which is what we are seeing in the image.
- We are now drilling ahead through the Lake beds. The ROP is likely +-200m/d although will certainly slow at the end in the basement.
- My estimate is that we will reach TD mid next week assuming the hole section is drilled in the same hole size and they dont do any intermediate logging. Any delays would likely be due to securing logging data as they go and/or installing intermediate casing if hole conditions dictate.
- The image
Jonathan Swann has been taking TR1 stakes in a number of Small Caps recently and knows what he's doing.
I would guess there's some good drilling news to come and this goes on a run.
The new shares are locked in and I wouldnt be surprised if he buys more in the market.
Interesting that no-one is selling below 15p today...
I'm seeing this as a positive.
Jimmy, how are you interpreting the MOU2 targets then?
- the primary TGB-2 target was prognosed at 1194mD (and shallower TGB sands from 937m); all of which had gas shows in MOU-1.
- the MOU-2 mudlog confirms the top of the Moulouya fan at 1041mD; below the interpreted mud flow. Should we not expect to see gas shows here?
I'm aware the RNS states that the [deeper] targets have not been penetrated yet, but how do you interpret the 220m interval below the muds to TD? If this whole section is detached, I'm confused why the RNS refers to only a 28m section at the base of the well being detached?
If all we are talking about is that there's some deeper undrilled targets still to drill and that the shallower targets must be isolated from gas bearing MOU-1 equivalents, then I get it and it comes down to intra-sand seals needing to work. If so, the RNS doesnt say this clearly.
Appreciate it's perhaps unfair to ask you these questions, but your comments suggest you have satisfied yourself with what the well is showing us.
ATB
Hi Jimmy, welcome your views here. Any explanation as to how there can be no gas on the mudlog and structure be valid at this location (it seems we are at the target depth)?
His updated Linkedin this morning:
"Despite [Caracal] being an exciting company I made the decision to resign as I had not made the progress I felt was needed in my agenda to bring transparency, clarity of reporting and long term financial planning to the company. "
All happened whilst he was at the helm.
You cant conclude 2 major, convertible loan note agreements and accept an OCIM condition that is contrary to Kenyan law (even if this was added post signing by OCIM) without immediate disclosure.
Agenda's dont come into it!
Trust needs to be regained urgently.
Aimster, you raise good questions on why PRD didnt do a farm-out deal and what would be done with oil in the case of a major discovery.
On the farm-out: the PRD terms were a really tough ask (I've not heard of terms like this for 10 years). PRD was only willing to cede 25% equity, retain operatorship and was asking for a put option on the interest upon discovery. The fact that this didnt happen is not a failure. Frankly, it is a testament to the quality of the opportunity that several companies gave this serious consideration. The fund raise at 5.5p/sh is better value for shareholders than diluting the project by more than the 25% on offer.
As to where oil would go. In the case of a major discovery, there can be no doubt that the Moroccan government would solve this. Currently, oil products are all imported. There's 2 options: revamp the existing refinery at Mohammedia or install a new mini refinery (say 25k bopd). In the US the latter would cost c. $250mln. Obs would cost more in Morocco but that's the ballpark. Major onshore oil discoveries are NEVER stranded!
The 15k trades were sells but the 2x 50k trades at 2pm were buys.
Pershing just hold shares for others, so the TR1 (presently undisclosed) holds their shares with Pershing nominees.
BGF similarly holds its shares in EOG through Pershing.
Serif, that makes no sense.
The trading range over the last week is 10-15%.
The upside is 2-3x for a re-rate on Wressle.
A TR1 can only sell down or increase by 9.5mln shares before notificaton.
If they wanted to average down a bit; theyve done it.
There are no disclosed Shorts for EOG so no-ones making on the downs.
This is traders making 10% margins until retail finally gets washed out/exhausted.
Then it will bounce.
BGF has sold less than 9.5mln shares since the 5th Sep, otherwise they would have had to notify.
EOG has traded 600mln shares since then!
The selling is retail.
https://www.***************************/helium-one-global-committed-to-delivering-a-successful-phase-ii-drilling-campaign-at-tai-video/4121082790
is he in the Telegram group?
(I dont normally use LSE)
Thanks T, I'm a shareholder so am interested in joining the group
Is there a link for these "Bag Notes" shareholder call with CB?
I agree Shareinvest and am really excited by this update.
The well plan was to set 9 5/8" casing in the top of the Ecucha; which is a clear seismic marker.
In other words, CVN now know how far to the top Elang (which is also clear on seismic).
The planned depth for the 9 5/8" was 2800m and this update reports that its been set at 2700m; some 100m high.
There is nothing in the RNS that suggests a change of plan; on the contrary LP states "we remain on prognosis.. an encouraging indication that the geophysical interpretation is as we predicted."
Given this, I cant see any other conclusion that the Ecucha has come in high; which would imply that the Elang will also be high, as the Ecucha is an unconformity and underneath this we expect the geology to have similar thickness (in the absence of faults of course).
We could be at the top end of the oil column prognosis here of over 100m...
EnergyGeo: you are closer to all this than me - I'd love your read of this.
Energygeo, at what depth is the relevant unconformity at Buffalo? In other words, at what depth does it start to be possible to observe that the overburden at buffalo-10 is coming in high, as prognosed?