Member Info for pekingduck

Thanks CP, appreciated. I guess we could hear on this at any time as well..
Just out of interest, the initial perforations seem to be in a thinner section (10m) above the impermeable barrier, and yet there is a target below this which seems to be a much larger part of the overall field. Would the intention always have been to tap the upper part first and then perforate lower..? Just trying to understand the logic here..
And W(hy)TF has it taken them so long to move on this..!? My biggest sense of frustration with JB has been the painful pace of work fixing this issue..
ATB
PD

Anyone with better technical know-how than me (not difficult) care to explain what is involved with the perforation process underway? Looking at p17 of Friday's slide deck, existing perforations are between 1914-1934m which is where water is believed to be ingressing..? Intention is to re-perforate in the section below the impermeable barrier to find possible gas, which looks to be 43m deep. Can this be done without further drilling, from the surface? If so, how long would this take, reasonably? and what are 'Top Guns'...?
Many thanks
PD

My guess Seawolf, they took their eye off the ball when the farmout option developed. Jan 8th, we were apparently working with the TPDC on installing compressors, April 9th update, no mention at all of kiliwani. April 25th, year end results, 'options being explored for kiliwani' and then no mention at all again until August 23rd when they announce a build up of pressure and an intention to 'stimulate production'. So as soon as the compressor option was dropped in Q1 (cost?), feck all was done until the middle of Q3, whilst the SP goes from 3.4p to 1.4p. Sep 29th - we're mobilizing assets, so maybe something actually started this month..PD

Thanks for this Edgar, appreciate the time spent on giving the board your balanced views. Agree totally on the de-rating of the shares because of the cut-off on revenues, this aspect has been poorly managed IMO. PD

The website FAQ page appears to have changed on this - 2 days ago the first Q on the page suggested the circular would be distributed before the end of November. It’s now stating they expect to have the EGM before the end of November. Either the PR company had it up incorrectly or there is more certainty on completing the circular, providing the CPR and holding the meeting in the next 6 weeks. Maybe this was behind yesterday’s move.. PD

Sambo, respectfully, I disagree. Getting our producing well and sole source of revenue back on line is more important at this stage. The real SP damage has been inflicted through the period of mis-managing this asset and neglecting it since the pressure issue emerged. The strap line on our website still claims we are debt free, producing company, which is presently horseshit. The impact of not having any revenues this year has been immense, we have been de-rated to non-producing company, IMO. Getting this back into production needs to be priority 1. PD

Tarry, you are spot on and have been for weeks IMO. The biggest failure over the past 12 months or so has been the neglect of our one producing asset and the recent very mixed messages relating to what they are doing to fix things - from fixing a valve to drilling deeper to 'mobilizing assets' which only appears to have happened in recent days. P*ss poor and to my mind the main reason the SP has been so damaged during this period. PD

Have produced a fairly upbeat note on AEX this morning, risked NAV target of 4.8p, gives some guidance on time lines for drilling and production, should help put a base in here.

492k cheap shares today at 2.009 pemce..

LT, thanks for your lengthy & helpful summary of ydays meeting, appreciated. Was there any discussion during the meeting on what I feel is the one issue being ignored here - the total lack of progress on remediating Kiliwani North and getting our only source of revenue back to full (or partial) production..? The slide in the share price to me has as much to do with this, and the lack of attention given to rectifying the issue, as the glacial newsflow on the farmout, license etc. If we were still producing at early 2017 levels I don't believe we would be trading in the low 2's. Getting this fixed is paramount in restoring institutional interest in the stock. Thanks, PD

Was any mention made at the AGM of why no progress on this during last 6 months?
Will be interesting to read SP Angels view on this deal later today.
Thanks
PD

Given the trend for AEX to provide updates on the second Monday of each Q, I'd bet heavily that we get an RNS on operations on July 9th...

Destination f****d...

to raise approx $100m through a share placing, led by Mirabaud Securities.

frantic short covering..

Looks like Barrick weren't prepared to take an offer below the IPO price. Sounds like they are living in the past. Liberum quote Zijin and Randgold as potential bidders, unlikely before evidence that costs can be managed better and output increased to meet revised numbers (guided down). Pretty p*ss poor outcome.

By Aoyon Ashraf and Joshua Fineman Nov. 29 (Bloomberg) -- Barrick waiting to hear from China Gold on terms, next few weeks said to be crucial for talks between parties, dealReporter says, citing person familiar. * More details to come in next few weeks; China Gold’s lack of M&A experience complicates discussion: dR * NOTE: Sept. 4: African Barrick Forms Transaction Committee for Possible Buyout NSN M9TACR6S9729 <GO> * NOTE: Aug. 16: Barrick in Talks W/ China National Gold on African Barrick Stake NSN M8U46B6TTDS1 <GO>

The results are poor and definitely play in to the hands of CNG. Doesn't look good when you can't maintain security over the resource or control costs. The present management are getting scathing criticism from numura/numis, with good reason - the CEO is blaming the distraction of the possible sale as a possible excuse. Time they were replaced and the asset sold - Barrick clearly committed to this. Interesting comment from Cannacord on possibilty of a competitive bidding process - but 550p looks like a peak price after these results..GLA

African Barrick has posted a disappointing quarter, with a production decrease over Q2/12 of 3.5% which increased cash costs slightly by1.6%. The FY guidance has been reduced by 5-10% from a the bottom of the previous target range of 675-725koz, with targeted cash costs increased to $900-$950/oz up from under $860/oz. Production was 148 koz against our forecast of 179koz with cash costs of $956/oz (CGest $850/oz).. EBITDA is just $83m, up 2.1% qoq and 38% below of our estimate, and EPS of 7.1c/share, down 1.3% qoq and 52% below of our estimate. This was a poor quarter as ABG is continuing to struggle to improve its operational performance, which is key to offsetting rising cost pressures from the higher diesel-driven energy ahead of growth which remains post 2014. Bulyanhulu and Buzwagi both underperformed significantly due to various operational issues, missing our estimates by 18% and 22% respectively, with North Mara missing our target by 5%. To achieve the new full year target, the group needs to lift quarterly production by 8.8% in the last quarter. The due diligence process by China National Gold Group Corporation is ongoing however no further detailed information is provided. We maintain our HOLD recommendation and target price of 470p/share. Our target price is based on a blended (12-months forward) P/E (8.0x), P/CF (5.0x) and P/NAV (0.50x). It is achieved using a flat peak gold/silver price of US$2,000/40 per ounce and a 5% discount rate. The company trades at 0.7x NAV (spot gold, 5% discount), a 24% discount to the 0.92x average for intermediate producers in Canaccord Genuity’s global universe. With continued poor operational performance, the key catalyst remains continued speculation on the China Gold bid, which in our view could get competitive. In our view this could drive the share price in Q4/12 and into Q1/13.

Today's price strength more likely to do with today's FT article suggesting CNG chairman and his ABG counterpart meeting this week, with price negotiations possible within a further two. CNG spokesman suggested they are in the middle of the deal process. I think a deal could be done between 550 and 600p. GLA