The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
Found this on tinterweb https://wiki.aapg.org/Drill_stem_testing
Although having read the DST clause I think they are doing a flowing test as oppose to a non-flowing test, But who knows. The big question is how long will it be before they KNOW ?
Qatar taking a 3% stake is very encouraging I feel. I'd have liked t see it much higher actually. Maybe they will continue buying.
If the 40 days is anywhere near accurate then we still have a bit of a wait. They only spudded on 26th April, so 40 days I think is 6th June. I know it is not an exact science but I'd give it at least another 2 weeks before getting too excited. Anything earlier is a super bonus !
The thing is we don't know (well I certainly don't) when they have closed periods. If he has something else cooking (re the 3.5m acquisition) then it will most certainly be a closed period so he can't buy and so I expect they will give him/them a further extension
I'm not saying you are wrong but I am hoping (probably foolishly) that they do,as they said they did, have the funds for the 2019 operations. And they still have the 3.5m in the bank for whatever secret acquisition they have in mind ! I can't see the additional wells getting going before the end of the year (and I don't mean the two horizontals). so hopefully they will draw in more cash from oil sales once HH-2 and then HH-1Z are drilled and producing / testing.
Ja51 - as I understand it the company they are closing the deal with for the gas production site will have always had a liability (cash reserve on their books - which may in fact be more than 2m) to do the decommissioning of the site, so it appears that Angus have negotiated for them to hand that over in exchange for buying the 51% of the asset - if that makes sense.
Closing date is 16th and I think new shares issued on 23rd May.
The sidetracks are fully approved so the two horizontal wells can still go ahead irrespective of the planning meeting. And there is likely to be an acquisition of some sort in the not too distant future (I'm guessing circa GBP3.5m worth!). So start drilling HH2 while K3/4 continue testing, Then test HH2 while HH1-Z is drilled.
I think what the response from SCC said was that there some applications which had not progressed far enough to be able to tabled at the meeting. That does not mean the HH was one of them. I guess they take a view that if there is not enough to discuss on the agenda they put the whole thing back.