Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Evening ladies and gents, some good posts, thank you. Have not posted for a while, several reasons, but my views on our company remain firmly in tact. When stepping back and considering where we were post TE-9, yesterday's RNS together with the previous releases on TE-10, are a thousand miles above where most investors thought we would be now - TE10 was all but written off. But here we are, a testing programme ahead of us, maximising sensibly the technology (who does not like the sound of a big gun for the perforation?!) and not rushing. The emails I have read in the past 24hours from James, shared kindly on here, are reassuring in the strategy and route ahead. Yes of course there is risk, uncertainty but this is Oil and Gas and that is why we are all here for the big shot at the Tendrara basin.
Our house resident derampers do not like it as we edge closer but it will not be long to eat until end of March to gauge just how good TE-10 is, and then subsequently, what lies ahead.
Thanks Exploration for the technical insights on the big guns, although do not think we need to go downtime fracking route right now. That said, personally would be happy if we did have a huge unconventional play to worry about!!
Enjoy the scrumpy 250, dangerous stuff!!
All the best, Riddlers
Jag11, what I think PNE is referring to, (apologies if incorrect), is the forthcoming Edison note which is aimed at the company as a whole: extract from the December FSC:
"We have commissioned Edison Research to do a full company valuation for us, which will include a valuation of the exploration portfolio in Tendrara and Sidi. That should be available to shareholders within a few weeks."
Neptunes, the key difference which you are over looking is that with Badile the RNS was based on shows alone (and was counterbalanced with the clear warning on gas shows being positive indicators but not conclusive until logging had occurred), and TE-10 RNS is based on both shows AND preliminary interpretation of worine logging. I fully appreciate that we are still someway from knowing if the volume and flow is commercial, however the perosity figure is a good positive.
250SWB, disappointing to read that. Your comments on the trading plan were well noted and many of them I agreed with, however I am sure even after and for some time thereafter you suggested your holding remained sizeable and your belief in the geology remained robust despite the trading plan, which you were fully entitled to be concerned about. The geology has not changed, the basin and average is huge but what has proven is the difficulty in unlocking it.
Hawthorn, spot on, was only just thinking the same. The letter is most certainly valid. The team has done a good job steadying the ship and time now to take a step back and let them get on with the job in hand and deliver the strategy they have set out.
The basin model is all about how much gas was expelled and available to be trapped. The plan is about finding the traps that contain sufficient evidence of it. The gas expected to be in the fetch area and subsequent trap at TE9 will have migrated through the pathways elsewhere. From recollection this would be up toward TE10 and the Veryon zone areas(s).
Partridge, I was thinking the same thing. The RNS makes no reference to the various updates, simply the standard "Further announcements will be made, as appropriate, in due course.". personally I like that and think it is a case, no pun intended, of letting them get on with it and then telling us what they found.
Mickeytentoes, when you posted the alleged inside information on TE9 (and broke the law at the sametime), you appeared repentant and made clear that you had not sold your holding, I am guessing from your posts that you now have. Your posts today are in contrast and you appear to be gloating as opposed to your friendly entry on here with the tips and news from your contact on site. Now with."come to terms with things in the coming months bud."... I am struggling to understand how you or your mole on the site can possibly know what is going to happen in the months ahead when the two wells in question have not been drilled... please do elaborate.
Joint Technical Study, Offshore Malaysia
Coro is pleased to announce that it has agreed with Petroliam Nasional Berhad ("PETRONAS") to conduct a joint technical study over Block 2A, Offshore Malaysia.
The Block 2A Joint Study
Under the terms of the Study Coro will have permission to conduct an extensive technical analysis of the acreage, thereafter Coro will have the option to apply for a Production Sharing Contract for the block, subject to PETRONAS' approval.
Block 2A is located in offshore Sarawak. The block is yet to be drilled and located in deepwater area. with the nearest discovery located approximately 70km to the east of the block.
Work to date on the block has identified a number of very large structural closures at prospective levels, consistent with known regional plays in this prolific part of the basin.
Central Luconia Province
The Central Luconia Province is one of the most prolific hydrocarbon basins offshore Malaysia and is home to numerous large and giant oil & gas fields. The early shallow water gas discoveries in the 1970's and 80's resulted in the commissioning and subsequent expansion of the world-scale Bintulu LNG plant.
More recently, the Province has been a standout exploration success story in SE Asia, having seen a string of successful exploration results from the deeper water, resulting in multi-Tcf volumes of gas being discovered during the past five years.
James Menzies, Coro CEO commented:
"We would like to thank Petronas for giving Coro the opportunity to work on this exciting acreage. This is a fantastic opportunity for Coro to use its technical skills in firming up these very large structural leads to drillable prospects using the very high quality data now at our disposal."
Good morning Fellrunner, You are right in the principal but please re-do your calculations as with 100% COS on each component and a single digit reservoir risk, you cannot get to 14%. The reservoir risk which has been known for sometime is clearly higher based on the seismic readings and is being clearly called out.
No FattyR, I reported it immediately after I saw you had posted it - it was a complete set of incorrect information. Happy to have different and counter views but will not stand for incorrect information such as your post.
Investors asked or demanded guidance on the value of gas
An initial one was given on a £1 basis using GOIP
JJ joined Sound and as far as I can see added further depth (correctly) to the guidance and listening to the Dec 2017 TPI presentation, clearly said that it is per TCF for Sound, maybe e not as clear as could be but clear enough
As far as I can see this has not changed and in Norwich he broke it down very very clearly
I really do not understand the shock now, maybe its just because the share price has tanked
It is all too easy to point fingers when things are not going as planned, had TE9 worked you would all be high-giving and back slapping the BOD
I am as disappointed as anyone but apportioning blame one well into three and with an existing discovery, is not necessarily the right one in my opinion
Mizuno, please explain in non emotive and sensible language just how the company has lied, mislead and conned you out of money... and be careful as to who might end up on the wrong side of things for defamation. Seriously, you have been conned as opposed to taking an investment decision when you invested?
Mizuno, one can only assume you have a large short in play given you posts. It is now in the investor interests to let the management get on with their jobs of finding gas and if they can't find gas, of monetising what we have and selling it. I do not like where we are, I do not like many of the things on the journey, but I do realise the best chance of success isis to step back and let them get on with the job in hand. The nonsense being spouted here is incredible in many ways and will leave to a different investor approach from the company if they continue to get the kind of abuse we are seeing. Good day all.