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It is difficult to see the pictures unless you have a Facebook account.
I do not... But these slides are pinned in the TG group.
They clearly mention the Valaris 247 rig,
MODU Schedule Valaris 247
Contracted by INPEX
Third slot taken by ENI
EOG commitment pending EIA approval
Subsequent slot available to SundaGas
Limited availability but working with Valaris brings cost savings but operational constraints.
Picture show of the 5 locations the rig is booked to visit.
* Sites 1 and 2 INPEX (both sites just north of ENI "Blacktip" location. (90 days from May 2024)
* Site 3 is ENIs Blacktip locations (60 days August 2024)
* Site 4 Just to the South of Eni Blacktip (Exploration) 60 days 9October 2024)
* Site 5 SundaGas CHUDDITCH. (December 2024 40 days)
It is my view that Site no4 has not been booked yet.
Is there the prospect that Baron could take slot number 4 if we reserve the rig. Now with our Farm up partner involved getting finance may be a bit easier than before.
Now where to get £2.5 million to reserve THAT rig......hmmm
On the drilling, my belief was that BoD were targeting the free slot on Valaris 247 drill rig.
You raised the PVD link some time ago, at first I did not give it much credence, BUT maybe Horta might be happy with TL supporting only off shore exploration, and not going for expensive onshore integration. (The wealth will come much sooner imv.)
In either case, we would need to book a free slot, on "A" rig...
https://s23.q4cdn.com/956522167/files/doc_downloads/fleet-status-report/2024/02152024-Fleet-Status-Report_FINAL.pdf
On Page 1 and page 5 of the attached, you can see that the rig being refurbished in Scotland currently, and will be towed to Australian waters later in the year to support and "Undisclosed contract from June to September 24 then ENI use it until November (Area P??) then BOIL is being pencilled in after that.
The BoD are wanting to buddy up in order to reduce the total cost. It would make sense to buddy up with ENI.
Is this why the urgent raise was needed, so that they can reserve this Rig.
Do we know the availability of the PVD fleet....
The clue is in the gas produced along side the oil....
99% of the gas produced (75kMcf) was "Gathered" and successfully reinjected. Little flaring is happening.
System seems to work as it should.
Lets not forget Arts hand in ALL of this...
As for, less water this month? Well the tears have dried, but the "collective" resolve to get to the truth has hardened....
PS the field produced 30k barrels of oil....hmmmm
Is this not a positive move?
Discussions with rig owners
(Can now get more serious as BoD have enough to "reserve" a rig...)
· Identifying potential logistical synergies with regional operators.
(What is known is a spare slot on Valaris 247 rig which is in the area servicing INEPEX and then ENI. (Area P??) Rig becomes available from November if not before....)
· Progressing the environmental approvals process.
(Good, get cracking. What's taking so long....)
· Preparing to conduct a site survey at the proposed Chuditch-2 appraisal well location.
(Thought we had done that to death at gazillion pixel quality...ffs) (They may discover the drill site is 100% wet!!!)
· Commencing the procurement process for long lead items.
(Fresh Sherpas with Champagne)
· Updating of the well design and costs.
(Getting advantageously cheaper if we book, NOW!!!)
· Recruiting for key posts, including Well Operations, Health, Safety and Environmental and Procurement.
(Sounds like progress)
Is something about to happen!!
Leew, The CAPEX was installed, what did not materialise was the OPEX.
The maintenance of that OPEX was critical to becoming a going concern (at +2500bpd)
And to pull it with no explanation, is simply scandalous.
Fish I assume when you sold you had just recently done it??
Assuming yours was one of the bigger trades around that time you informed the BB of your trade. But you seem to have lost £9 today...
19-Feb-24 14:05:13 0.0854 2,525,283 Sell* 0.085 0.09 2,157
19-Feb-24 11:11:31 0.089 2,525,283 Buy* 0.085 0.09 2,248 O
Or broke even....?
19-Feb-24 14:00:07 0.0842 5,942,981 Sell* 0.08 0.09 5,004 O
19-Feb-24 12:57:32 0.0842 5,942,981 Buy* 0.08 0.085 5,004 O
Sad man you are...
How's uncle Tom doing these days, Are you still leaking him information??
Neil,
There is always a chance for a placing, as you know. However I believe we have enough, "Keep the lights on" funding, as we have several million in the bank from the last placings, and are due a further $1m in the next few weeks from the farm Up deal.
Any placing here in the short term would most likely be for drilling funding, which would be accretive imho.
As for the SP falling here after news, again you should know people buy rumour and sell news, what has compounded this dip is what's going on at He1 and Prem. People see quicker opportunities to make cash elsewhere while we wait for BOIL to come good.
I just see this as an opportunity to buy more at these low prices.
No need to apologise, Good Luck....
Neil,
I enjoyed your posts on He1 and they were good enough for me to buy in quite early on.
I also liked the way you dealt with derampers over there.
But now in your infinite wisdom, you decide to come over here and deramp.
Is this a case of double standards.???
Lol.
Looks like COPL were even paying the bondholders expenses when they converted...ffs
"irrespective of whether the Closing has occurred pursuant to the terms of this
Agreement, the Company shall pay in cash to the Initial Purchaser within three
Business Days of demand the amount of any and all costs and expenses incurred by the
Initial Purchaser in connection with the preparation, negotiation and execution of the
Bond Documents and the Warrant Documents (including, without limitation, any due
diligence fees, legal fees and out-of-pocket expenses) in the amount of U.S.$120,000
(the “Expenses)"