Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Still no word on post-workover flow rates. Do we think they have all gone to the Med and will be back after the bank holiday? Clearly Simon deserves some time off after all the success he has managed to achieve this year!
Droneboy needs to sit by the gate for a day and count the tankers going in and out. That will give us much more info than flying your toys around the site....
If you compare the performance of EOG, EDR, UJO and RBD over the past 2 years, EOG, EDR and RBD all group together in the -50% range, whereas UJO are in the +100% range. Not too much difference in the portfolios - generally relying on onshore UK for activity - but it is the management style that sets UJO apart. AIM companies need a market-facing champion and ours doesn't have one.
It seems to the most positive thing they are saying is that they lost a significant amount of completion fluid to the formation, never a great thing to do. It suggests the reservoir is much lower pressure than they thought, or that they screwed up the completion. Probably a couple more weeks trying to swab it in, then move on to the next zone.
Is there any equivalent of putting a company into an induced coma so we don't lose any more value between now and whatever exciting news they can throw up for us at the AGM?
The only way this share will fly is if the three directors are replaced by England's front 3 and the Chairman is replaced by Gareth Southgate!
At least we are not RBD - I dont know how they will manage fallout of a poor test at West Newton in the coming weeks. To be honest, as they sit there with a £40mm market cap, there is plenty of room for a fall. Whereas we can only improve on the current flow from Wressle.
Exactly, why should they be giving (probably) half of the value of geothermal from their own site to the Chairman's start-up company. Even Matt Han**** would have struggled to achieve that.
Looks like SO has until 4.30pm to get an RNS out with some news, otherwise tonight's presentation will be the same old nonsense of jam tomorrow (whereas the reality will be more dilution tomorrow). If it is, then it will be a really sad end to my involvement in this share (since float) as I will have run out of patience with him.
I hope this is a sign that the long-awaited new venture is going to be in the bag by mid june
That's very true. I think fundamentally it is that we are always getting news that is already expected - ie people waiting for an opportunity to sell on an uptick rather than buy on the promise afforded by the actual news. There is never an 'out of the blue' RNS , such as a merger, acquisition, new venture with imminent activity, etc that would attract people to buy rather than sell. It is a bit of a mindset the board seem stuck in.
Yes, SO is certainly more grounded in facts. Bramhill is a total chancer. Wressle is far and away a better quality asset then WN. WN log analysis is suspect, those tests will flop. Wressle will not. Keep that in mind.
The reason for the list was it had a common theme - appraisal and development - which has never materialised. So for this argument, Maroc and Edge don't count.
From the Chairman’s Statements of SO, showing how to recycle promises:
October 2018: new ventures that complement Europa’s existing skillset and portfolio … are being pursued
October 2019: I am also confident that adding a new venture in the appraisal/development part of the business will diversify the asset portfolio
October 2020: resume our efforts to add a third leg to our business by securing a late stage appraisal project
April 2021: next steps on the roadmap … the pursuit of appraisal/development new ventures
The post was missing one letter - a 'y' at the end of one word. Cut JH some slack - do you never make typo's - oh yes there's one, spelling criticising with a 'z'. Unbelievably sloppy.
Quite excited to read an RNS that said 'Competent Person's Report' today, only to find it is another lame excuse to delay real news. Anybody who can interpret well logs can see from the UJO slides previously released will see these tests are not without risk.
It seems to me there a lot of shares in the free float, then - some 435 million.
I have been so foolish. Of course SMcN is right - the management are doing their best in the challenging circumstances. Of course complaining about performance on this board has a much bigger impact on share price than the actual lack of activity. As a shareholder, I am more than happy to support the wage bill and wait another 10 years for a game-changing transaction or activity, or longer if necessary. Keep doing more of the same guys, you are doing your best and it's great. I am going to pop down to confessional (if it is open), repent my sins and give thanks to the lifestyle I have, in my own modest way, provided for our deserving management.
Egdon have been a p***-poor operator for Wressle. Years and years of delays and now what do we have - a well that produces around 25bopd net to EOG. Let's say the netback post tax is a generous $30/bbl, then that is a revenue stream of $750 per day for the Company. Does anyone really believe that will move the dial? It won't pay for one consultant, let alone the team doing their never-ending research on Morocco. As for Ireland, bogged down. Simon, where is the new project that will drag us out of this hole?
It's called business as usual, I'm afraid. Simon and the team sink back into their armchairs with their cigars and port to contemplate tactics for the next placing. Perhaps slightly disingenuous, but it certainly seems that way.