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Mate, give it a bloody rest... Constant deramping. Have you even read the H&P report? Potential for 10-20 shallow drills over the rainy season with circa 40 BCF in these shallower targets. They've not even completely tested a deep hole yet hahaha not in a tough position at all. They've learnt a lot, derisked the basic considerably, know how to proceed and have the funds to do so lol
I really don't get why people keep banging on about a JV, definitely won't happen at the minute and probably never will. Nobody would partner with us and what would be the point when we still have cash and opportunities? What, JV just because we got the wrong drill rig and got delayed by 6 months? There would only be the possibility when we find a discovery but then what would be the point because.. we have a discovery, share price has shot up, still got some cash for drilling more etc. See so many silly posts like this nowadays on here please just use your brain
Stay strong ITV. I've been here for a while, quieter nowadays because the quality on here has dropped off considerably but I'll say this. My confidence dipped after the first drilled but I'm back to being fully confident now. Give it 6 months and they'll have even more data and the proper drilling rig and they'll finally be able to create a good bore for them to wireline down to 1200m. Can't wait
Yes, drilling 20m was very much the wise decision. What would be the point in wasting all that time and money relocating when they'll be drilling the same prospect?.. There is also a limited area they can/should drill. To get the best chance of a commercial hole they have to drill at the peak of the reservoir, half a mile away and they might not be drilling at a peak but at a trough..
That's a good point Tommy, I hadn't noticed that. Hopefully give us a few attempts at least with this one hole. And true about Mitchells, they have skin in the game also and a show would see some good profits and future business so they'll be wanting to get this nailed now. Doesn't mean that there won't be issues but shows that they'll care just as much as we all do here and won't be a matter of "Oops, sorry for the drills failing boys. Anyway, we're off.. some Sahara Alpine Power I think they're called need us for some helium drilling.. bye!"
Just need to let them get on with it Pat and trust their decision. The team and especially DM want this to come through more than us and they have all of the data, experience and knowledge across probably a dozen if not more people. They couldn't test the areas in the Tai-1 well that we are going to test in this, so just sit back and be patient
Robbo, if you honestly think that, you need to sell up yourself because you're seemingly far too nervous for a stock like this. What could someone possibly know? We're probably only just reaching 50m, so wtf could have gone wrong? Hole collapsed? Okay, we lost a few days.. move the drill another 20m and start again lol
There were also some huge buys right before the RNS for Tai-1 landed.. they don't always mean there's been a leak, this is just people profiting a quick 50% return in less than a week. Traders would've seen the stock plummet, would've bought in near the bottom and here we are.
All people do on here is worry and scare monger
BP, Please pass us whatever you're smoking hahaha look at the RNS's for the first drill. One week to 50m and then another 3 to 500m. So it'll take at least a month, maybe faster because they have a better understanding of the geology, but probably slower in case sh*t hits the fan again. Who cares if they don't release an RNS for every 10m they've drilled, leave them be, let them crack on and be patient fgs...
I think something serious again would need to happen for it to drop that low. An RNS updating us all is hopefully going to land any day now which could bump the SP up a penny or two if it's confidence-inspiring but I think once the RNS lands, unless it's horrifically bad ("yeah.. sorry guys, we're cancelling this for now and coming back at the start of next summer") the chances of the price dropping that low are slim to none unless the next drills fails
Yeah, basically impossible. These bores aren't drilled perfectly straight, they'll wander slightly and if the rig is off centre by even a few millimetres, over the course of 480m that'll be a bit of a digression. There would also be the casing along the sidetrack that they would have to drill through and at the right angle to connect the two holes straight enough for the drill bit to carry on down without getting snagged. So yeah, basically zero point in doing so and impossible. The hole past that point is worthless anyway
SF, Huh? You first mentioned it "2 months is not what I would class as reasonable in these circumstances." I only mentioned a couple of months as in to the future regarding any serious SP movements.
Regarding a JV or whatever I would too although I highly highly doubt it at the minute given the fact that the drills are paid for as well as the appraisals.
I too would very much hope for information by then. This takes time but time is still of the essence. I would expect an RNS no later than next Monday.
But yeah no worries haha easy to get confused on here haha
SF, That was merely a possible explanation although I should've said that it's pretty much impossible. He knew the issues within only days before the RNS. You're probably right though regarding the team believing that this was going to be a discovery. They probably got ahead of themselves and didn't release any information about another site (any updates) because they expected to move straight to appraisal with Tai-1.
I get that little information has been released regarding another site but it hasn't been 2 months, it's been mere days. What you said and what I just added to is probably the case, the believed it was going to be a discovery and so no work was put in to setting up another site because they expected to go straight in to appraisal. However, seeing that has changed they need to formulate a new plan and a few days with such an incredible decision isn't long enough. Maybe they do release it tomorrow? Who knows
Regarding a takeover, merger or JV, it's probably creeping in to their minds but I can't seem them taking any offer yet unless it was in the pounds and not pence. Maybe when they have a proven helium show and the SP has crept up a bit would they probably consider it imo
SF, I agree it's a bit strange for them to go so far over the timescale especially without mentioning what their next moves would be, maybe DM had doubts for a while and wanted to make sure a discovery was confirmed before moving on? Then again, DME's current drill is taking longer than ours did I believe. You have to remember though he isn't going to tell us everything for good reason, like how he didn't keep us updated as to where the drilling was up to. But you make it out as if they're sitting there twiddling their thumbs. Yes they will have contingency plans in place but it's not always wise to follow them to the T (Pantz, that's a horrible analogy, I'm sorry) because there's too many unknown variables. So they follow the plan essentially because a drill bit broke causing them to drill at a smaller diameter because of the casing despite not testing the main layers and also despite proving that there's a working helium system with a substantial seal? So they now only have a few months so they waste time and money uprooting everything and moving just to 'stick to the plan' lmao. As I said, sh*t takes time to work out. DM and the team are being dynamic and looking at everything and figuring out what the best next move is; wouldn't surprise me if that move is already being put in to action.
So just please give them some bloody time and space to work it out, the first drill took as long as it took unfortunately and yes time is of the essence but we'll know what they do next when they tell us, that's it
Why do people not understand the fact that this isn't some get rich quick scheme. **** takes times, who cares what it does on a day to day basis. It's been 4/5 days and 2 of them were a weekend. This will be an incredibly difficult decision to make with a lot of data and aspects to mull over, a lot of people in different time zones all working separately all having to be talked to etc. Just give the team time and space to work this out, they'll release the information when they release the information. It'll be a couple of months until we see anything really positive happen to the SP, the RNS might make an impact but not a meaningful one. Best to just chill out and try and forget about this one a bit until they're well in to drilling wherever they drill next
That's exactly what he did though.. He was as hyped up as we all were, especially given the fortune we would've made off of a discovery. He only knew of any issue within a few days before the RNS. They ran the wireline, it couldn't go past 880m and also got stuck, they tried to remedy the situation but couldn't so he released an RNS.. What else would you want him to do? Regarding going forward and other little bits of detail, of course he isn't going to tell us everything straight away and keep us all updated on a day to day basis or else he'll be under even more pressure because he'll feel us breathing down his neck which is why he didn't keep us updated with where the drill was at in case there was an issue