Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Can get a quote to sell 200k, but can't buy 75k without it being NT. Sometime I despair with how bent AIM is
Unfortunately success comes with idiots and by the looks of it troll city has arrived spouting ignorant BS. I honestly can't be asked to read the crp they post, so will catch up with everyone next week when 103 results will speak for themselve. Good luck to fellow holders.
"Studies of this strategy by both the Company and the specialist reservoir engineering company predict that using a water injection system could lead to a rise in production from TLP-101 to up to 400 bopd. The Company is now obtaining estimates for the cost of this work and assessing the commercial viability of this project."
Will definitely find out a lot more about it this afternoon on podcast, but if that is viable for 101 & 102 we'll have to review all previous valuations! Can't believe how good things are turning after months of disappointment.
Well that was unexpected and pleasant surprise!
I honestly believe that if you have the patience to hold 2 or 3 years you’ll get all your capital back through dividends if buying now. Not even to mention the capital growth.
Mibo, can you please give it a rest! Second part of same sentence you quoted said "and start drilling towards the Djeno". No timeframes were provided, so could have finished at some point today and start drilling. Could be tomorrow or even next week depending on how you read it. Nothing says Drewsky is wrong or right - and neither you. So stop going on about a pointless argument and just enjoy the great movement in SP.
In last interview he said he'll be back after Mengo. Suspect we'll get RNS in the morning confirming license extension and something else to do with $10m owed. He's been hinting that they've done a deal... not sure if it's new acreage or larger share, but we'll find out soon. Then logging results on Monday I would think.
There is no way of knowing that for certain unless it's your own trade. If it was a sell, it's very positive that 750k shares could be sold at that price.
Personally I think it's a buy based on SP movements during the day. I added a few in the morning and was impossible to get any quantity with it being a NT. So my view is someone put in a NT buy order for 750k at limit of 11.50p. That would have taken a few hours to fill and the time printed is when trade was booked. Could have finished an hour earlier with purchasing - I've experienced that personally. So they might have bought some in high 10's, some low 11's, some mid 11's and possibly even some at 12p, but ending up at average price of 11.5p for the 750k.
Replace ********** in link with vox markets .co .uk without all the spaces
Think JB made 2019 plans very clear in Q&A podcast
**************************************/company/AAOG/?mediaAssetId=5b87b3a7093b80001100eefb&jwsource=cl
Worth listening to everything, but at 5:50 he states:
"If hydrocarbons are discovered then we’ll move directly into a full field development plan. That would be 6-10 wells and we’d be looking to do that as soon as we possibly could."
Jester, old article from August but provides a nice summary of risk/reward play:
https://www.forbes.com/sites/markvenables/2018/08/26/low-risk-exploration-the-key-to-success-in-the-congo/#641525ef4bd0
“Since then there have been some mass developments in the Mengo, largely on-shore,” Sefton adds. “Those wells tend to come on at 800 barrels a day then decline to about 500 or 400 barrels and then stabilize at that for quite an extended period. For us, it is purely a question of the operational risk in bringing it into production, but that's a pretty low risk.
“Those top two layers plus the existing two wells will be very, very profitable to the extent of millions of dollars a year, net free cash flow just based on that alone without any exploration. Where we take on exploration risk is the Djeno sands. We know the structures from seismic work, but we have yet to drill into it. Surrounding produces like the ENI are drilling about 47 kilometers away from where we are.
“It is an enormous gas field, but surrounding it is a very thick oil rim, and ENI have hit the oil rim part. Because there is a big gas field at the heart of it, there is enormous pressure they are getting flow rates, on average of about 5000 barrels per day per well coming off from Djeno sands. 5000 barrels a day per well is transformative as to the value.”
Jester - from Finncap report:
“The field has been in production since 2007 and management are aiming for production of 100-180bopd from the R1/R2 horizon via the TLP-101 and 102 existing wells. Since start- up, cumulative production has been 0.38mmbbls, with no water. The associated gas is currently flared and the gas-oil ratio is 2,800scf/bbl.
Production started in 2007 at a rate of 942 bpd before going into decline due to the bottom-hole pressure increasing. The steady decline in production can be interpreted in several ways: secondary gas cap expansion, communication with a neighbouring fault block or aquifer influx.”
Thanks TT. Guess that might be initial plan, but can’t see them doing that long term. Would have to connect to pipeline at some point. Anyway, would be a great problem to have.
TT, where did you get the 1-2 months from? If correct it would be great as I assumed it would be longer as current facilities could only cope with R1/R2 and Mengo. If we hit the mother load with Djeno we’d have to build a connection to the main oil pipeline that’s about 7km away. Thought it would take more than 2 months for that, but more than happy if my assumption is wrong.
Have to agree with Jester on this one. Key statement they made on dividends was “free cash”. Won’t be any free cash until all 6 wells are done. JB said in the Q&A they would be straight onto full field development if 103 is successful. No way there will be any free cash while drilling. On the flip side, if Djeno comes in dividends will be way more than 7p. Depending on what other projects they are doing and flow rates of Djeno, but I would estimate 25-30p dividends if Djeno flows at 5,000bopd.
Totally agree TT. You also wouldn’t risk waiting until afterwards for any additional fundraising- however small- unless you had enough info already to suggest tests will confirm or exceed your expectations.
Spike, not sure where you are looking but last HY results had £106k revenue from operations.
And like magic the tweet gets deleted...
https://twitter.com/connault222
Marineville, we all know the company will need additional funding at some point. On 17 December RNS they stated "We want to replace this source of capital in the near future in part to meet costs of completing the TLP-103C well, and continue to examine various potential sources of funds. The Company has several offers of debt capital, and will also consider the issuance of further shares, but in each case only on terms and at a price which properly reflects the position and prospects for the Company."
Not sure current SP meets that criteria based on CPR, unless they believe wirelogs will be bad - which definitely doesn't seem they do. Anyway, no point discussing it further as people will believe what they want to.
I'm stunned that people actually believe the FIRST TWEET EVER from some anonymous poster on Twitter claiming to have taken part in a placing. If you sold on that tweet you deserve to lose your money.
Only reason to do a placing now would be if you know that wirelog results will be bad. Nothing I've heard or seen from DS suggests that, so 100% sure there's a few people full of BS trying to manipulate SP on quiet trading day for their own benefit.