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Pardon me for asking, but if the geological terrain at Guercif is so blinding obviously on a scale equal to the biggest previous N African finds, why on earth hasn't at least one supermajor been crawling all over it, with success, with their combined manpower and scientific resources?
From now on, I'm switching off until PG issues those long awaited transformational flow test and MOU-5 drilling RNS(s).
Nothing else really matters.
TR-1 notice incoming with that exercise?
Hi Jimmy,
Do we know if Chariot wil be using 2 7/8" guns or the 1 11/16" guns that PTD used unsuccessfully in their rigless testing of MOU-1 and MOU-3 Sands? PRD in their last presentation did make the statement that the 2 7/8" perforating guns weren't available "due to retention by another operator". SDX, or CHAR?
Also, do you recall the netback/mmcfpd to PRD of a 20mmcfpd CNG operation, so we can work out the EBITDA for CHAR for a similar sized operation, on a success case in this drilling programme? They don't make reference to it in their latest presentation.
I found the Chariot Loukos webcast dated March 2024 to be very informative and underplaying the upside possibilities onshore.
Chariot has 3D seismic over the initial drilling area covering Gaufrette and Dartois that represent just 10% of the total onshore licence area. Even in that initial 2-well drilling area, Chariot has a range of resource estimates centring on 46Bcf but with significant upside potential on deeper drilling and enhanced seismic interpretation over legacy datasets.
Chariot regards this as a "rapid commercialisation opportunity" for a CNG and/or pipeline to the local Kenitra market which offers high gas prices for supply currently. They assign an NPV of $3-5mn per Bcf for this gas, which means that this current drilling programme could validate the entire MC of Chariot in a matter of a few months from now, with all the rest of the Loukos play, AND Anchois in for a free ride!!
Of course, it's all subject to flow testing, ha ha. Let the games begin....
My mistake. I apologise.
From their appointments to the bod in Sept 2017, the shares issued have spiralled from 1.18bn to 10.2bn.
Again, quite some feat.
Just checking in.
Well that's quite some feat for our dynamic ex-City duo. Supposedly adding value over a full cycle - acquisition, management, disposal of low-risk, near-term projects - in fact Oza and Williams have done the exact opposite, to the extent of 90% value destruction.
That's quite some feat.
What next, I wonder?
They won't care as long as they get their director emoluments. That's AIM for you.
Thing is, Swindells and the other board members own only 0.33% of the DELT shares between them. That's hardly what you might call incentivised, to make this work.
It's all about Other Peoples Money.
So, would they care that much if the equity dilution of this imminent placing is on a truly HE1 scale massive?
By the way, I saw that OF gets a salary of (only) £70k at the outset. I like the cost consciousness of this operation. If he and his team pull this off, they deserve every share option they are awarded.
Hi Tray556.
Thanks for the link and I get that.
I am still puzzled, though, as my mind wants to reconcile the stated 18.42mn warrants with Section 12.13 where the warrants were issued on a 1 for 2 basis on the 24mn Placing and Subscription shares issued.
Anyway, whatever. The full amount exercised will be known in a week's time.
OMG, the perennially depressed LTH is at it again, I see.
Beats me why he is still here, year after year, spouting the same downbeat claptrap.
Better to move on and make some money, if that's what he really believes, before his time endeth.
Just saying....
What is Selene worth to DELT?
Tray556, I don't see where you get your 18.4mn warrants number from. I make it 11.65mn original 10.75p warrants:
The May 2023 rns said,
"The Company has raised gross proceeds of £1,982,000 through a placing and subscription through the issue of 12,449,208 Placing Shares and 10,868,435 Subscription Shares at a price of 8.5 pence per share.
The net proceeds from the Placing and Subscription will be used by the Company to:
· provide funding for the Company to further explore and develop the Nevada Projects; and
· provide the Company with ongoing working capital to support its business operations.
Warrants
Together with every two Placing Shares and every two Subscription Shares, each Placee and Subscriber will also be granted one warrant entitling the holder to subscribe for one further new Ordinary Share at 10.75 pence per Ordinary Share, for a period of 12 months from Admission, and one warrant entitling the holder to subscribe for one further new Ordinary Share at 17 pence per Ordinary Share, for a period of 24 months from Admission. Further details of the warrants are set out in Part VI of the Company's AIM admission document."
I am assuming that CC, as someone not at all interested in the diagnostics side of the business, will put it up for sale asap. But how much for?
Great post, @Keith. Meaty, with a personal opinion attached. Respect.
The scenario depends 100% on the Sandjet testing doing the job intended, with the results confirmatory of the drilling assumptions. Not sure what "cos" factor to apply to that possibility. 90%+?
N2M, with that philosophy of life, you should instead be donating your capital bit by bit to your local homeless person outside your nearest Waitrose/Sainsbury/Morrisons, and see the tangible evidence of your generosity of spirit.
Are you sure you have the correct company?
Out of interest, about this word "troll" so often used by a certain poster to put down others.
Why are they trolls? Just because some posters see the company situation in less than blindingly obvious bullish light? I don't see the need to put down posters who genuinely use factual information, plus some interpretation or opinion, to arrive at a different conclusion. Isn't that what a BB is for?
It is always up to the reader to make his/her mind up about said posts - ravingly bullish or negative.
Nobody calls a 100% believer a "troll" for his/her view, but until the evidence comes in from company RNSs that confirms plans have been achieved, the jury has to be out on any company, anywhere.
Oh, and Mr Market is always the final arbiter. Not the poster with the mostest.
Best of luck with MSMN, Andy Carroll.
You all do know that Directors' emoluments last FY amounted to £500k, the same as in 2022, which is around 20% of the entire MC of the company. Oh, and the annual loss of circa £2mn gets covered by placings of that amount, each year, by the suckers who bailed out that crumby old board.
Carroll has a truly uphill task to deliver net cash flow sufficient to avoid placings in the future, despite the rosy coloured rhetoric coming out from his soundbytes.
Time will tell.
I don't understand how CHAR jumped the queue and got the use of SV-101 before SOU and PRD. I thought from last year's developments (cold stacking whilst the mud issue was being worked on) that PG and Lonny had a special relationship with the rig owners.
By my calculation just now, 6.194mn of the 10.75p warrants out of a total of 11.5mn have now been exercised. One more week left.