We would love to hear your thoughts about our site and services, please take our survey here.
It's even worse than that. The 2020-12-10 RNS stated, 'The third party analysis on Red Setter has already identified 4 clear magnetic targets over a strike length of around 2.4 kms and work currently being undertaken will provide drill targets for the first quarter of next year.'
Then on 2021-05-20 the RNS stated, 'We anticipate being able to announce the commencement of drilling shortly.'
Management has lost all credibility IMO.
It's even worse than that. The 2020-12-10 RNS stated, 'The third party analysis on Red Setter has already identified 4 clear magnetic targets over a strike length of around 2.4 kms and work currently being undertaken will provide drill targets for the first quarter of next year.'
Then on 2021-05-20 the RNS stated, 'We anticipate being able to announce the commencement of drilling shortly.'
Management has lost all credibility IMO.
Gus, you do realize that RKH also had 100% of Sea Lion at the same stage in proceedings and that BOR will need to give away most of the discovery to take it forward. RKH is much further along the appraisal and development pathway than BOR having drilled many appraisal wells, executed a farm out and done much of the development planning. The lack of understanding from some posters and the over simplistic comparisons (35% v 100%) are breathtaking. No wonder stocks have moves like this.
BOR can only dream of advancing Darwin to the point that RKH are already at with Sealion. It will require a farm down, which should see BOR lose most of the asset and then huge amounts of very expensive drilling to appraise the field. Given the development of Sealion is still touch and go despite being so much more advanced, the outlook for the Darwin gas condensate discovery in much deeper water with no farm in partner and no money to drill looks much less rosy. Anything is possible, but to ignore the risks and relative valuations is just laughable.
This is not the biggest Falklands stocks and not the least risky. 2000m+ water depth close to Antarctic Ocean. Gas condensate not oil. No appraisal done. Hugely expensive costs per drill. Very small cash pile. Not farmed out more than a decade after discovery. Out on a limb south of the Falklands at a time of massively increasing global geopolitical risk. Punters ignoring the risks are in Cloud Cuckoo Land. Good luck to LTH's though.
Another non argument from Falky.
BOR is massively overvalued relative to RKH. BOR still can't get a farm out partner after ten years, which is not surprising given their Darwin discovery is a gas condensate field in 2000m plus of water with no appraisal done and not far from the Antarctic Ocean. RKH's Sealion field is a fully appraised oil discovery in much shallower water North of Stanley and with a farmout in place. Yet BOR's market cap has been bid almost as high as RKH on a massive spread and low volume. Complete nonsense.
BOR is massively overvalued relative to RKH. BOR still can't get a farm out partner after ten years, which is not surprising given their Darwin discovery is a gas condensate field in 2000m plus of water with no appraisal done and not far from the Antarctic Ocean. RKH's Sealion field is a fully appraised oil discovery in much shallower water North of Stanley and with a farmout in place. Yet BOR's market cap has been bid almost as high as RKH on a massive spread and low volume. Complete nonsense.
This has been on my radar for a long time. Given the phenomenal assets the current market cap looks farcically cheap IMO. Hopefully these amazing drill results will be the trigger for a much deserved massive re-rate. They will certainly have stunned the market, so good chance IMO.