Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Moving it 100m NW, so definitely further from the coast. Can only talk about my local area, but ground conditions are completely different 25m away from beach let alone 100m. Wouldn’t expect them to make the same mistake twice, so will hopefully be much better this time. Still risky, but at these levels RR seems worth it to me. Might not be for everyone though.
The longer the silence on Portland the more confident I’m getting that it will be declared commercial. Would have expected an announcement this week if not commercial as there’s a lot less to do. The silence makes me think it’s definitely commercial and going through all the steps to get it signed off. Only remaining question for me is how much is already priced in? No-one knows so will be interesting to see how the market reacts to RNS.
500BPD @$35 to break even, so at current prices more like just over 200BPD needed. From previous guidance we should get that from 101 & 102 once workover is completed.
Would love to be wrong, but can’t see it coming for another 2 or 3 weeks. There’s a lot more involved than most seem to realise. All results will have to be independently analysed and verified before any statement about reserves can be made. Just can’t see that happening overnight. Hopefully we’ll get update on flow tests with new pump this week. So ignore the “no news is bad news BS” from some.
How could they sell any UKOG shares? They don't have any!! Suggest some people learn to read - the deal is still subject to approval. That's also why they had to give other 2 parties more shares. Once deal is approved by HHDL they'll all be free to sell shares, but until then they don't have anything to sell.
In his last interview Vonk said Balcombe tested and starting at Brockham by end of summer... that's in 10 days so not going to happen... unless he was talking about the astronomical summer which ends 23 September! ;-) You never know with him. Either way it looks like testing Balcombe at some stage in September which means we should have early Kim results from HH before we start. Would expect a re-rate here based on positive results from HH even before we started testing Balcombe.
https://twitter.com/wealdoilers/status/1031530962759413760?s=21 Hopefully get an update soon on what the plans are. Surely can’t be this difficult just to let your shareholders know when you’re going to start testing as you’re already late on the last dates you gave...
https://youtu.be/KD7FmWA9vvU 4:58 SS states he would be very surprised if Portland isn’t declared commercial. That was less than 4 weeks ago, so suggest people just relax and be patient.
I’ve called D14 out before about his misleading statements about annual accounts. Judging by his ****ter post he’s still doing the same- talks about not having enough income to cover overheads, but conveniently includes non-cash items and drilling costs in his forecast for what revenues are required just to cover overheads. If you strip out drilling costs, non-cash and non-recurring items the overheads are just under £4m. Factor in 30% savings RP talked about and forecast for overheads drops well below £3m. That still leaves millions to use on moving other projects forward. So his fund raising claim is completely baseless unless he knows of some major acquisition we’re going to be making.
Probably is my shout. Will make sure I have a bit more time after AGM to catch up.
Hi Cat, good to see you’re still around. Absolutely nothing wrong with your memory. He did indeed buy us a drink after the AGM and showed us photos from his visit to ED. I believe he owned 2m shares at that time.
It was confirmed during the April visit to London when they presented at a couple of investor shows.
Nice amount of circa $750k coming to us in the final month of old deal. Looking at decline curve for both wells compared to expected rates in CPR and both are performing better that CPR forecast. Interesting to see that Wildhorse is declining at a much slower rate than Powell.
Expect we'll find out about the first well later on this week possibly Thursday or Friday. And should find out about second one same time next week.
AI87 - there is no requirement to inform the company of anything if you're holding less than 3%. So why would the company know anything about any seller - if there even is just one mysterious seller? Strange how no-one was looking for a mystery buyer or asking if the company had knowledge of one when the price was going up last year. Not sure why you feel the need to accuse the company of something sinister based solely on BB speculation about a mystery seller.
No volume again which is disappointing, but strangely enough I can get a quote on Halifax to sell 75k @20.25p. If I try a higher number it goes to NT. Would be happy with green or small blue days if we could get the volume up.... unfortunately it’s still lacking.
I don't think we'll take operations anywhere. We've already proven what we can do, so our contribution going forward would be limited to finding land, getting all approvals & permits and maybe some technical support. So would not expect an upfront payment as we would not have committed any money towards drilling costs. Last RNS pretty much says as much: "West Denver is suited to third party financing and management will seek to maintain a significant carried interest without dilution or capex burden for shareholders" With key part "NO capex burden".
Totally agree but I hope for 30%, expect 20% and do my forecasts on 10%.
BBS, think you're being a bit optimistic there. We'd probably get 300boepd on average for the first 3 years, but will be down to 100-150boepd mark by start of year 4. Assuming a production life of 15 years, I'd say an average of 65boepd for remaining 12 years. Still very impressive total revenue for WD project over 15 years based on current oil price and if you assume 48 wells at 10% retained interest: Year 1-3 total revenue: $76.4m Year 4-15 total revenue: $66.2m Lifetime total revenue: $142.6m Not a bad return on investment.
Very good points Joycopter. Add to that we have proven delivery in Denver with first 2 wells in top 3% performing wells, an oil price $20 higher than when we were getting funding for ED and relationship with True - who I believe will definitely be interested in WD project. For me an absolute no-brainer that we'll get the required funding with a much better deal than at ED. As RNS stated: "West Denver is suited to third party financing and management will seek to maintain a significant carried interest without dilution or capex burden for shareholders". Only remaining question I have is - what do they see as "significant". Hopefully 30%+