Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
This might be of interest:
https://www.slb.com/-/media/files/oilfield-review/defining-directional-drilling.ashx
Chesh also no expert but it's easy to see that the landing point is at the end of the curved section. Anything afterwards will be the horizontal section. So according to Twitter we will have been on the horizontal section since the 12th Jan. In fact they say as much I've just noticed:
@BlockEnergyplc
·Jan 13
??WR-B01-ST: Drilling horizontal section
I'll be a lot more relaxed when we know that the current well flows but overall I like the strategy here. Projects I & II seem to be relatively low risk re-developments which are steadily moving the ball forward (as I said fingers crossed on WR-B01ZaST), stabilising the finances and hopefully we're not too far from cashflows which could put an end to the endemic dilution, although I suppose the alternative is depleting cash until a major placing is required, neither are particularly palatable for us. Assuming I & II continue to incrementally steady the ship the major running room for the mcap and sp looks for me to be in III & IV which could be huge. I really want them to hit the ground hard soon on III as gas looks the safer hydrocarbon moving forward being the obvious bridge fuel. Rather cleverly IV appears to look after itself so hopefully GOGL get cracking on that asap. Finally it seems obligatory to curse the board in every post if you don't want to be accused of being infatuated with PH, generally I don't bother as I try not to get agitated by factors beyond my control but if it helps I agree that it's obvious that the salaries are excessive and greedy given the company's performance from a shareholder point of view.
JKT-01Z stabilised at 310 boepd so I guess that's the benchmark in this field. Just knowing it's commercial will be a start but if they can demonstrate an ability to replicate that result it will be a massive boost to the concept of sweeping up remaining reserves in the Middle Eocene reservoir IMO.
I haven't got a clue whether the well will be a success or disappointment but I can't see how the presentation is indicative of it being below expectations anymore than it looks like buying them time. Seems that understandably low sentiment is leading to some unusual interpretations of what is simply an updated presentation. Like I say I don't know what's going on but this is O&G exploration and of course the well might not flow commercially.
Not saying everything is great and understand that bonuses stick in the craw somewhat given the SP but as Rock says they are evaluating op's and the market sets the SP. Some might say the SP is indelible proof of where we stand but I believe the market is often an imperfect valuing device, if it was there would scarcely be opportunities to invest in the undervalued or short overvalued, there are a litany of quotes from the worlds greatest investors to that effect. Going back to op's JKT-01Z has been producing decently from January 2022, WR-38Z is doing something like 630 boepd according to Q1 update (not sure if that is inc JKT-01Z), yes JSR-01 DEEP is only producing 45 bopd but it was an appraisal well and has proven the concept in that field. Not sure how I feel about WR-B01ZaST, silence can so often prove not to be a good thing but the 16th Jan RNS said they were still drilling so there could be an extended horizontal section for all we know. Overall I'm confident it will produce given what they have already learnt on that Project but sentiment is low here and I feel it will need a strong result to turn that tide. Time will tell.
The new PEA will definitely be much more impressive than the 2020 version, just think what has to be fed in - two resource upgrades (plus D's DD drills I assume), completed metallurgy, effect of ore sorting analysis. I do think the impact of Antonina and an enlarged mining area hasn't been priced in quite reasonably as they haven't confirmed that we have the licence and what is there. I'd like to see that tackled asap.
As I understand it Teaye, Denarius will undertake their due diligence drilling, deliver a PEA and make the MLA all at their own expense. One think I'm slightly confused about is I thought this had to be done by July and I thought they wanted to get three drills in - looks tight to me unless they have started. Denarius then have a three year period (from signing the Option Agreement in Nov) to complete the US$4m spending commitment in order to execute Option 1 and get 51% of Toral and wider district. Until then we are still 100% owners of Toral, I don't think this has been emphasised strongly enough.
WHI reiterate 11.7p target. Interestingly seem to suggest funds have been allocated to the acquisition of Antonina. Really need that cleared up - have we made the application and what do they think is there?
Ah sorry didn't recall that there were two lots of drone footage. Your co-ordinates work for me I'm just not certain when the satellite image was taken. For instance if I look at my own home I can tell it was probably from summer 21.
In terms of the time between drilling commencement and announcement of preliminary production rates I reckon we are just over two weeks behind JKT-01Z. Can we read anything into that or is it simply that there must be multiple factors that could impact the timescales even if the wells have been described as analogous?
Don't want to be the killjoy but I don't think Google Earth updates on a continuous basis. As the well is a sidetrack to WR-B01 I assume there was a well there before, could we be seeing legacy equipment associated with that? Also I believe they expect the well to produce oil and gas like JKT-01Z. One things for sure this is taking longer than JKT-01Z.
So thoughts turning to possible results from WR-B01 ST. Call me an optimist but I'm really not expecting 'plugged and abandoned'. I suppose the top side would be an improvement on JKT-01Z (310 boepd) but O&G well intel is notoriously leaky and the market doesn't suggest that there's a great amount of excitement around this one. My best guess is that it's going to be a producer but not knocking the ball out of the park. Complete speculation so don't read anything into my musings, just feel that the mood music suggests things are going to be just... okay.
What I don't understand is why the loan facility is specifically ear marked for Project I, not Project I & II (to support finance from existing cashflows) which would make more sense to me. I did wonder if they may have been concerned that flagging project II in the RNS might have been bad timing with a crucial Project I well nearing completion. Allocating the loan to Project I looks like a strong endorsement of that Project so far but that's open to interpretation obviously. Hopefully data from WR-B01Za is encouraging them to go harder at Project I but again I happily admit that reading is subject to optimism bias :)