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It's inevitable that every elected council will all have sworn allegiance to Greta ...I mean the Queen and then forget that and do whatever facebook tells them to so and they wish to appear on message with the " climate emergency" . The problem they have is understanding that blocking today's request doesn't lower the amount of Co2 emissions in the future only the source of the oil which is best for the the global footprint if consumed locally; ok they are only paid £7500 per year so don't expect the brightest people only the most opportunistic. The professionals here are the planning officers who recommended approving the application and that makes the legal case for refusal evaporate.
Sadly yes it will cost the council tax payer more and even if an appeal were rejected we'd then be able to go to arbitration as if you are granted exploration license but not production we will be able to claim lost profits for has been found.
The Sun determines our climate we make a tiny difference; little ice age anyone ? Solar minimum anyone ? COP26 is very much King Canute at work
Korupt FM 108.9 FM on the Dial , Best believe
People Just Do Nothing
..They like to Blaze
People Don't Buy Nothing
No Decoy it's Real
Chabuddy
I've held RKH on and off ( currently on) since 2009; I have the feeling we'll see more news today before the meeting,
That's very encouraging indeed!
I found it odd Sam bothered to mention the Shenandoah project getting go-ahead with Navitas was it for example to say they've got deep pockets and they are active or was it a clue who may be lined up to work with us on Sea Lion.
There was no need to mention it all so why bother?
Firstly the Arbitration amount £100-£250 Million is peanuts the cost of two footballers of which many are bought and sold in Italy every season. The Green initiative has failed as I'm sure we're all aware due the Gas prices and company failures and risk of 3 day week and power outages. The decision was due "during the month of July" so it's known but I suspect that Italy want to prevent the outcome being made public as there as I understand it 70 or so other cases pending; instead a OOC settlement would not set legal precedent and suit both parties. I would say 60 days would be reasonable to come to an agreement which is next week.
Regarding Harbour it's a classic baby and bath water scenario and they ( premier) will have spent a fair amount to date to our benefit which actually is rather good. The timing of the initial involvement from Navitas is interesting and potentially preemptive.
We are lucky we didn't get this news when oil was under $50 however it isn't and fundamentals are great add to that there isn't the appetite for new exploration meaning that drilling for proven oil reserves on the stock market is going to be lucrative for a new or bolder Partner.
All eyes on Navitas now
Nice to see TDT about again pouring cold water on a miner just like he/she did on EUA for years always warning it was going bust only to see it rise 20 fold!
We can expect 10-17p minimum here this year.
It's just a waiting game
For the first time during testing we had a night time photo of site taken at 11pm reputably showing work activity on site indicating EWT had moved 24/7 and within hours a counter from BMD, why now ? a week after the first de-ramp. Now if you had a spread bet open isn't that what you'd do knowing you had only until the following night to close out and even then fingers crossed most people would be watching football and not out checking trucks at WN. Think twice.
We should see something at the close as I suspect some big buys will find their way to market
For the first time during testing we had a night time photo of site taken at 11pm reputably showing work activity on site indicating EWT had moved 24/7 and within hours a counter from BMD, why now ? a week after the first de-ramp. Now if you had a spread bet open isn't that what you'd do knowing you had only until the following night to close out and even then fingers crossed most people would be watching football and not out checking trucks at WN. Think twice.
I think you are missing the sugar in your coffee today :-)
I do feel your pain believe me; however
The oil price crashed even going negative in 2020 and averaged $40 for the last Qtr of 2020; it's averaged $65 for the last 5 months and the domestic oil price has doubled ( to breakeven).
They were certainly in trouble when oil was $30 or lower and domestic was $6 but that's yesterday's news and the results today were for the worst year the oil markets have ever experienced so to come through it in one piece is a relief.
Cheer up we got through it!
Onward and upwards
The next update is due in a week for this Qtrs activities including the completion of a new shallow well and installation of pumps on 2 others; contracts on the deeps and the next Qtr we should have Yelemes producing things are getting a whole lot better and think we were at 10p for years pre-covid with the same range of oil prices we've had for the past 6 months.
We'll see 10 p again this year imo
So am I right with this summary of the asset ?
FRR defaulted on the Outrider loan but the asset was "moved" to FRG only the GG objected so the move wasn't ratified by GG who are the other party in the PSA so it didn't actually leave the ownership of FRR and so Outrider can claim the asset. ZM claims that GG didnt have the authority to block the transfer and so FRG owned it only they too defaulted to Green capital who think they own it.
Question is did ZM plan both defaults with the aim of the new holding company being outside of US jurisdiction and is Green in anyway linked to ZM?
Thoughts:
For me the GG need to be called to provide evidence.
Director fiduciary duties case:
ZM has broken all principles
duty to act in the best interests of the company.
a duty to act within the powers conferred by the company's memorandum and articles of association.
a duty not to fetter one's own discretion.
a duty to avoid a conflict of interest, and.
a duty not to make unauthorised profit.
Musings:
What can the Judge do?
Decide that ZM deliberately manufactured a situation whereby his predetermined actions moved the asset outside of FRR and that is actions broke his employment terms and all Director fiduciary duties and were unlawful making him liable for the full market value of the asset plus historical value of the PSA to be awarded to Outrider circa $20Million and the balance to shareholders...only ZM can't pay.
Disqualify ZM as a director
Call upon evidence from the GG to clarify who is there partner in the PSA and who owns the license ?
Accept the transfer occurred and is now in the possession of Green however it was achieved by unlawful actions and demand it's returned to FRR who in turn remain in default of the Outrider loan; FRR were prevented from repaying the loan due to the subterfuge of ZM and will be given 6 months to repay the outstanding amount.
The way ZM picked a fight with GD makes me think he's not a popular person in Georgia and unlikely he will be assisted further and personally I think this would have entrenched opinion against him.
If Uncle Sam has any influence I think we stand a chance of getting the license back as there can be little doubt of the dubious nature of the shenanigans of ZM
I have to say I was taken in by ZM like so many
This morning's RNS is great ( but not unexpected) news' it's peace of mind we're intact and ready test with some porosity numbers added for further re-assurance.
We are good to go North!
Some of you may remember Angel mining in Greenland; old mine re-opened then poor grades and a mining manager with a bad knee who couldn't get down the mine..... very similar with the added " hold on for the next big project" and of course also with associated death spiral finance. Not sure what to make of the timing of the poor RNS here Atlas are now due shares I'm confident there will be some additional reason why cash not available to pay them so more shares it is then and at what price 0.08 ? 0.75 ? it will be low and will it be forward sold ? Very sad .
Caspian will sell more oil at production prices this month than any of the last 12 months thanks largely to the opec deal ( see link below); oil prices are higher today than they have been since last Feb; technically not yet a 12 month high.
https://www.rferl.org/a/russia-kazakhstan-to-increase-oil-output-at-saudi-expense-following-new-opec-deal/31035094.html
"The OPEC+ agreement reached on January 5 allows Russia and Kazakhstan to increase oil production by a combined 75,000 bpd in February and another 75,000 bpd in March."
Add to that the pumps being installed to further boost new well production.
Add to that the greater possibility that SY gets signed off for production license partly due to the Opec deal above.
Add to that the winter is coming to and end ( well March) not a lot of work has been possible in past winters.
Finally but most importantly ALL Casp's wells have found oil ( not all commercial but oil /gas always found)
I discount the court hearing about the 1% as unlikely to succeed I think there the best we can help for is a one year extension to the repayments due to covid bringing the annual repayments down by 15% or so.
I also think the plan to drill to 5000m is to class it as a separate well based on the obligations of drilling under the license; it would be testing a new structure so plausible
Domestic oil prices surely will rise one day!
From the RNS
" in the last few days signs that our efforts are beginning to work. "
Does anyone know how to check the local Kazakh OIl price ?
I check oilprice dot com no luck
ok well lets hope for better luck next time
This is certainly shaping up to be a case of the "Boy who cried Wolf!" if ever there was one
The shallows will keep us afloat and we keep picking away at the big prize
@adrianz
Are we sure it's an A5 sidetrack rather than the deepening of A8?
Deep Well A8
In due course we intend to drill a further approximately 800 meters to a depth of 5,300 meters to test deeper reservoir targets as originally planned.
Not the Christmas present many hoped for but there are positives here if you can read past the first paragraph ( I missed one myself on first read)
However consider the following
BNG Shallow wells
Production expected to increase by by around 350 bopd or around 20% ..by end of the year possibly ?
So production is moving in the right direction and this will along with the Macro World outlook improve into 2021; the news of Vaccine propelled almost all oil companies higher ( bar this one) .
Deep Well A5
In the last few days our plan shows signs of working...and a new Chief Operating Officer to take the credit ? Certainly a good time to take the job.
Deep Well A8
we are erecting a G40 drilling rig over the well to continue the cleaning process including reducing any near wellbore formation damage caused by previous drilling
**** Now the bit I missed originally ***************
In due course we intend to drill a further approximately 800 meters to a depth of 5,300 meters to test deeper reservoir targets as originally planned.
...and a new Chief Operating Officer to take the credit
A6 **
prior to acid treatments it took approximately one week for the pressure in the well to rise 100 bar after shut in. Following the acid treatments it now takes only two days for the same pressure to build.
Says to me the well is intact In communication and not damaged
and a new Chief Operating Officer to take the credit
Now that's Magic!