Firering Strategic Minerals: From explorer to producer. Watch the video here.
Pull something out??? i might have a bit more confidence if Bandy's track record over the last decade wasn't so abysmal
erm, no. the drilling season in alaska is basically the winter so it will be something like Dec-Mar. therefore, going by the update the earliest we can expect to start drilling is Dec-20. on reflection it probably makes sense to take a year or so to evaluate all the data, but it would appear nothing is happening here any time soon, unless of course there is another project in the pipeline and the inevitable fund raise
"This will allow sufficient time for the JV to complete all required technical and evaluation work prior to the 2020/2021 drilling season" … so no Winx 2 drill early next year then - that made my day
My immediate reaction this morning was that the fall in share price was overdone but on reflection I'm not so sure. the business appears to be ticking over - some organic growth etc but 2% increase in earnings per share is a bit of a red flag. also the last few years the company embarked on a period of acquisitions and consolidation - and as an investor I was expecting to start seeing the rewards of this labour. however, the announcement ends outlining the long term project (another 5 years??) and the inevitable costs (more dilution?) involved. I believe it's this outlook that has battered the share price today. hopefully tomorrow will be better
the issue that I have is that Winx was identified as the target that would confirm the block (statement from GB). Now DW is saying of course they looked at other targets nearer to the other discoveries but opted against it because "the prize" was smaller. So slightly concerning that perhaps they didn't drill entirely based on the best chance of success. Anyway looks like a waiting game for us as 88 will most likely focus on their other projects
"We will also be undertaking a review of the oil and gas business" … that bit made me laugh in a gallows humour kinda way
I'm pretty sure the lack of a conventional road means we can only drill during the winter season, which ends in April. So being realistic the earliest another drill could take place is early 2020, unless something crazy happens. Therefore, no point rushing anything, and my honest opinion is that whilst the Alaska project isn't over yet it could be on the backburner for a while. Meaning the board will have to chase alternative projects with the current funds available (or raise more)
yeah, I get that Great Bear were short of cash but to complete the drill and then not test it? surely something could have been done with Halliburton to get this over the line? i'm just mulling this over and 88's Icewine Project - massive potential but nothing definitive in the immediate vicinity …. yet
I've just watched back a presentation by Bandy, painful I know, but in the Q&A about 23mins in: there are other targets in the block but Winx is believed to be the best chance of success (which I assume means a commercial find) and its "probably unlikely" a follow up well will be drilled if this one proved unsuccessful (which it is). Perhaps their views might change following the analysis of the drill but for me at least, Winx was make or break for this block, until im told otherwise.
https://www.youtube.com/watch?v=C0sju7Cr37g&feature=youtu.be
I think everyone needs to calm down a bit - in my opinion a near term market cap of £25-30m is on the upper end of optimistic. Given that we haven't exactly smashed the UK market in terms of sales, I'm dialling down my expectations from the expansion into Europe. I just don't get our products - light switches and dimmers, really? the big ticket is smart energy monitors (yes, the stuff people actually want) but players like Hive already dominate this market
Half yearly results were predictably unimpressive. quite frankly the numbers are awful - one of the distribution channels needs to start doing some sizeable business soon or, in my opinion this will go bust. Last funding round raised �4.9m in Dec-17; 3 months later cash at bank �2.46m!! this company has and presumably always will burn through cash at an alarming rate. shocking
to be honest, i'm struggling to see the positives. yeah, ok revenues went up a bit but still loss making, then again its little wonder if your administrative costs are over 50% of revenue for the last 2 years - seriously?? if anything the current share price looks generous to me - with cash in the bank at 300k this needs some big contract wins soon .... here's hoping