George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
You are probably right Heps I just noticed in the CPR that KRT-45 is outside of the enhanced fracture density area and another graph shows water at 1600m. To be honest I don't have the expertise to know if these are insurmountable problems, I would assume not or surely our experts would have dismissed KRT-45 as a target from the outset. The fact that it wasn't put into production would also suggest a negative to me. After WR-34ST we'll have two pads ready for new wells, I know ground works are a fraction of the overall costs of a well but wouldn't the temptation be to deploy the latest technology on brand new wells? As things stand I'm probably putting the cart in front of the horse anyway.
Anyone wanting to take a serious look at what the grant was for here's the original RNS:
https://www.lse.co.uk/rns/EUZ/grant-awarded-to-europa-metals-t9zsgztnjk7q5hx.html
Note the loan element is fixed at 0% and 30% is not repayable, so I would describe it as a soft loan / grant.
Not sure why but I'm starting to get the feeling that KRT-45 might be bypassed completely. If WR34-ST is a success might it not be tempting to go straight for the two new wells with the potential production boost from multi-lateral drilling? Anyway first things first so fingers crossed for a spud at 34 this week.
Yianna you can see on Google Earth (non live) that there was no pad at WR-34 prior to recent work highlighted by Bitsa. There has apparently been no evidence of work at KRT-45 which is close to 39 but difficult to pin down as it didn't go into production, there is no nodding donkey like at 39. When we come to drill the new wells there will be a pad at WR-34 because we've just built it for the ST. That's how I see it, I think the fog is clearing, no thanks to official channels though.
Yes I think the evidence is overwhelming now, with the slight caveat that I don't have live pictures so am relying on bits who I have no reason to doubt I should add. As Heps originally drew our attention to, the location matches the original plan in the CPR even though more recently KRT-45 has been mentioned. Here's the key passage from the CPR:
"The First Phase of the development plan requires five new wells in best estimate (2P) case as follows:
• The first three wells will be drilled as sidetracks from existing wellbores: Wells WR- B01a (a donor well currently on production), WR-34 and KRT-45; and
• Two new wells will be drilled from existing pads of Wells JKT-01Z and WR-34 respectively".
Blimey at this rate I will finally learn how to spell satellite without having to check. Heps what do you put the extra costs of the last two side-tracks down to? In the Q2 Ops update it seems to suggest that any multi-lateral technology won't be deployed until the new well is drilled.
Yeah really disappointing trading so far today. I would have thought that the choice of new well location is a testament to the success of WR-B01Za. If they can execute it without the wellbore instability issues we could likely have a better producer around the corner. WR-B01Za TD ended up 300m short of what I assume would have been the optimum depth so using complete layman's logic there must be scope for improvement on 269 boepd though of course nothing is certain.
Thanks but those links don't work for me anymore. My point at 9:56 today was that as the CPR says KRT-45 didn't go into production so nothing has happened there since the 1990's. Whether there is still a compound area? But I can't see anything obvious.
This might answer my question "Hydrocarbons were discovered in the Middle Eocene of the WRK field by Well WR-16a in 1988. A further seven wells were drilled over the next four years with three wells put on production (Wells WR-16a, WR-38 and KRT-39)". So simply nothing to see at KRT-45 old or new. In any case looks like bitsas' theory is correct. Perhaps 45 is now viewed as a better target for booking reserves being a small step out from the others, PH did say the later PI wells would follow that strategy.
Ps. Sorry if this annoys the non-map nerds but has anyone got a definitive location for KRT-45? I see 39 is quite obvious and as Heps pointed out you can corroborate if from a JKT01Z video but going off the technical maps I can't see anything that looks like 45. Maybe it doesn't produce and there is no equipment there? Anyone know?
I pretty much half agree with you rlightor in so far as field performances can change and impact the priority of targets but I do think we should be kept up to speed on matters generally. If something they've RNS'd doesn't happen I want to know why. It felt like things changed during the drilling of WR-B01Za, things didn't go exactly to plan, the tweets stopped and initial well results were uncertain. I remember a few getting spooked out as we dropped below a penny and then low and behold it was a success. Perhaps the company noted the speculation that was created and have decided to go for minimum comms. That still leaves me wondering what the heck is going on with PII, though more pressingly we don't yet have a new PI well for it to run parallel to even if that is still the plan!
Haha Rocklawn I understand your irritation but I've always loved maps, travelled as a teenager around the world with paper versions and have been enjoying trying to unpick Block's movements in the here and now online. I think we all care mostly about seeing our investments grow but in the interim period please try and tolerate map nerds.
I have tried various methods, even went to the Nomad and they gave me an email and I was quite optimistic for a bit.... until they didn't reply. Went back to the Nomad asking why wouldn't BLOE reply to straightforward, professionally expressed questions and they didn't reply again. Yes they could say I could have come to the AGM but that's expensive from where I live and as I'm self employed costs me a days work as well. I have never known a company large or small not have the courtesy to communicate with PI's. Even their phone number doesn't work. Real shame as I still believe there is a lot to like here.
CHRI5P I think the PEA will be impressive - so much achieved since EUZ's version in 2020. Hopefully the new numbers will give potential investors the metrics required to envisage what our % is likely to mean at each stage of the JV. That's what's important now, everyone must have their own opinions as to why we're down here, certainly it's been endlessly discussed over the years but for me and I would imagine for anyone else who thinks it's worth sticking it out it's time to look ahead.