Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
It’s all irrelevant if a raise happens or not. Big institutional investors will take the shares in any event and funding would be to put a drill in the ground in the future with Shell again. Next weeks trading range should be 4p - 4.25p. It’s all about sentiment and momentum now.
Have done a cracking job and cannot be criticised. They have took options that need paying for....they have farmed out to shell and Capricorn......the have an excellent shareholder base. It’s very likely this will be a £60m / £70m capped company very soon with a fighting chance of earning shareholders a packet.
A takeover counterpart could be anyone. It’s likely to be an existing North Sea player to benefit from the 92% tax re-bate. It could be a new entrant who wants to be able to secure reserves.
(1)UK gas prices is very strong at 400p a therm.
(2)Shortage of Gas in particular the UK and Deltic is the solution to this.
(3) World class partners in Shell UK and Capricorn Energy.
(4) Drilling Pensacola in September with Shell. 30% interest and 55% GCOS - The well cost are fully funded.
(5) Selene well committed to by Shell. 50% interest and a well carry of 50% - 70 GCOS and this is thought to be more of an appraisal well.
(6) Capricorn 3D results due on Cupertino and all the costs are carried to a well decision.
(7) broker target in excess of 40p on Pensacola and Selene success. This does not include the other 9 licenses.
(8) The company is positioned for success and highly likely a T/O target.
I think whatever the Capricorn outcome it’s all positive for Deltic. Exploration it will be interesting if Capricorn do walk away because of the Tullow merger.....would any payments be due to Deltic on the work program than would not of been carried out on the other licences to form a drill or drop decision? Cupertino is looking highly positive given the commentary on the recent accounts on the structure being clearer.