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Hear hear. Couldn't agree more. I am happy with the placing, it has provided us with funds which will triple profits at Manaila. Absolute no brainer! Makes perfect business sense to do it now so we don't have uncertainty hanging over us and we can push forward here on multiple fronts.
Is doing a bloody fantastic job, The last CEO couldn't land the BP licence over three years. AP has come in and obtained it in a matter of months. Also the fully funded Eureka asset is a great move and will be another cash cow for the business when it produces 70,000 oz per year. Then he has the ability to identify ways of vastly improving profits and economics at Manaila with a small amount of cash and still the new plant to come
The Zimbabwe Assets alone are worth a lot more then the current Mcap IMO. Eureka gold mine, PP, Giant mine and MOU with Botswana Diamonds. PP ramping up to 50,000 oz a year Eureka will ramp up to 70,000 oz a year Thats roughly 30,000 oz net a year to VAST. At a gold price of $1250 an oz that's revenues of $37.5 mil per year from these two Zimbabwe assets alone. Then you have the Romanian assets with BP coming into production and the development of Manaila as well and the second tranche of funding to come. The company is VASTly undervalued! Even the equipment on its own at BP is worth nearly double the present Mcap :) Great opportunity here.
Don't be an absolute plonker, the COS was never going to be high based solely on a 2D seismic. The COS is not important at this stage, what is important is the quality of the data and the confirmation of the potential size of the asset. There is no point even discussing the COS until a 3D seismic has been completed and we have a better understanding the prospect. You can waste your time guessing what it will be but ultimately you have no idea.
Of course the COS is going to be low if they only have the 2D Seismic to go off. Hence why they need a 3D Seismic to get a gain a better understanding of the prospect. Once completed it could easily double or triple the COS and significantly derisk the asset. A potential farm in partner could pay less now or find themselves paying more after the 3D.
The fact is nobody knows when the 3D seismic or farm in will take place. But what we do know is that we are currently trading at cash levels, the Directors hold a significant amount of shares, the new Director has demomstrable experience in getting deals done and the recent 2D seismic supports the potential of a 1+ billion barrel asset which is wholly owned by GBP. When the next news will come is anybody's guess. But GBP have not been in a better position to get a deal done if you take into consideration all of the above as well as the bullish oil price and the recent activity in the area.
Lansdowne Oil and Gas plc ("Lansdowne" or "the Company") notes the announcement today by Providence Resources P.l.c ("Providence") providing an update on the Barryroe Field (Standard Exploration Licence 1/11), in which Lansdowne holds a 20 per cent interest. Providence's announcement contained information that various work-scopes for the planned drilling of the 48/24-K Barryroe appraisal well have begun. These work-scopes include well planning and consenting, together with the preparation of the Invitation to Tender ("ITT") for the procurement of a drilling unit, which it is planned to issue in early Q1 2018. In parallel, as previously announced, the Barryroe partners have continued to engage with interested co-venture partners. The Company is pleased to confirm the Barryroe partners have now entered into a period of exclusivity with a potential farminee in order to conclude contractual negotiations, having reached provisional agreement on key commercial terms for a multi-well programme at Barryroe. Given there is no certainty that this envisaged transaction will be concluded, no specific commercial details are being released at this time.