Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
.... could easily be 2 1/2 weeks if the drilling conditions have been tougher than anticipated, or maybe they've just gone a little slower since their outage and don't want to put any more stress on the rig than is necessary?
All we can do is wait patiently for the update Lorna promised, and hope it is positive.
Fingers crossed.
It probably is more complicated than that, but can't help thinking that any leak - either way - would have the SP rising or falling more than the range it is currently in. Maybe HE1 have a tight ship at last, the only 'news' coming via X tweets?
In the words of Sydney Youngblood, all we can do is sit & wait....... sit & wait..... sit & wait......
The opposite must also be true; if they knew by know they had found loads of helium and possibly a discovery the SP would be rising sharpish. It isn't.
Can we assume from the stable SP then that whether they know it's a discovery or a duster, it isn't being leaked?
I don't think there'll be much tidying to do - every image or video we've seen via X of this campaign has appeared clean & tidy.
I don't think we could have wished for a more professional approach from HE1 this time, they seem to have done everything right from the moment they bought the rig. Even the component failure was dealt with in a timely and seemingly efficient manner.
Let's hope HE1 and us PI's are rewarded for all their hard work.
.... to send this down towards 11p?
They increased their stake in Finsbury, a non-exec director resigned.... anything else?
Very odd.
The original timescale to TD 100m was 'approx. 2 weeks' from when drilling commenced on 25/09, so completion around 09/10.
Drilling was suspended on 04/10 so 5 days short of the original 2 week estimate.
Drilling restarted on 15/10 so we should expect it to reach TD around 20/10 assuming it is still on schedule and there are no further (serious) issues.
If I had to guess - which I will because it's all any of us can do - I would say they'll reach TD at the end of the week, maybe over the weekend allowing a little extra time in case, then they'll assess what they know at that point and RNS at 7am Monday with an update.
Quite what that update will contain is anyone's guess and I won't even try, except to say I hope it's bloody good news!
Good luck all, fingers and everything else crossed.
Hi Dai.
When I read my post back I knew straightaway I'd get picked up on the "600-800M" !! - sorry, I wasn't suggesting this was how far they had drilled, meant to be an example of how much drill/piping that might have to overcome friction.
What is TD mean to be, 1,200M? Imagine the load on everything! Not for the faint-hearted for sure.
Cheers.
@ gogs @ dai
I'm no expert on drilling for gas & oil (or investing, it seems!) but I have a question.
I understand they began with a 20" drill and subsequently reduced down to the final stage at 8 5/8", but isn't there still a lot of friction and thus drag on that? I can't even imagine how much there must be on say 100 metres or more of drill, in addition the the other 600-800M already down hole.
So unless they can overcome all that drag it would still require a huge amount of drivetrain power to overcome it, let alone progress the drill further down the hole.
Any thoughts?
Or lead balloon? Despite the RNS that should have got this going up it does rather seem to have gone down like the proverbial lead balloon.
I'm beginning to think that even if Harry turned up outside the Stock Exchange and dumped 30 tons of gold on the pavement outside the SP still wouldn't go up. Plus he'd probably have a massive fine to pay.
The more I watch, the less I understand.
Not the news we wanted but hardly a surprise - hard enough drilling a hole in a concrete lintel to put up a curtain pole let alone drilling a hole over a kilometre into the earth, with no way of knowing 100% what you will encounter on the way down.
If anyone thinks this is easy then they are a f**king idiot.
Bad enough it has happened but not the disaster some are suggesting it is; it's fixable and then they continue to TD and hopefully get a result.
What we don't need is all the doom merchants and conspiracy theorists coming out to play and speculating what/how/why/who/when as if this as some sort of silly game. It isn't.
Hmm... maybe the drills not broken after all? Maybe they are just saying it is to a) have a rest and b) to drive the SP down so all their friends can get in cheap because they already reached TD and know they have a discovery?
No, probably not.
Thanks Sinequanon. In reality it's only been 2 years but feels like a lot longer!
We are nearing news here now so keeping my fingers crossed it's a success, but now beginning I didn't joke a while back this would be 6p on discovery!! Oops.
Thanks DJM, always good to have something to put this into perspective, but not much help to me personally if this goes t*ts up.
Unfortunately I invested far more than I should have done here - and in the stock market generally - for reasons I won't explain here, and thanks to Putin I ended up caught between a rock and a hard place. I then compounded a bad situation by making terrible novice errors and now find myself here, holding for success and possibly losing or cashing out with a massive loss, neither of which particularly appeal to me.
I am where I am and it is what it is, but at least I have a job.
Thanks for posting X links dai. One thing for sure looking at those images - no sign of rain!
The only storm clouds gathering are over the market and the appalling share price. 5p. Even less than before HE1 owned the rig, spudded Tai-3 and fully funded for the next drill too.
I can't believe what I'm seeing. Desperately holding for news now.
@ Metom - Who knows? Anything is possible as we have already seen in the last 10 days. Nobody expected it to drop below 6p - well I certainly didn't - but here we are.
Personally I invested more than I should at the wrong times and have an average just under 10p. Now I have a choice - sell now and take a big loss, hold and hope for success; if it's a duster I'll have an even bigger loss and likely a divorce to pay for!
Catch-22 or what?!
I'll hold for now, and hope it works out.