REMINDER: Our focusIR Investor Webinar takes place TONIGHT with guest speakers from WS Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
Hi Keith Oz,
I bow to your better judgement and look forward to our SJ ops commencing in circa 2 weeks time.
You already are on record saying they would commence late April, so as you now say only the very worst scenario of maximum 3 weeks behind schedule, mid May is the time we put in the diary’s. ..the spreads will take circa 4-7 days to rig up and pressure test , so we should be hearing of mobilising to our location of the spreads by late next week , in your time lines, very exciting times ..
The only thing that will be procured for the SJ ops ( purchased) is the abrasent and some chemicals, being the only tangible permanent import required for SJ operations. I doubt we would get those on consignment.
Everything else needed are under rental spreads covered on service orders or service contracts coming in on temporary import , which financial commitments would need to be entered into as soon as shipping commenced from delivery location to our custodianship in Morocco.
So all I am asking is , did we enter into these service agreement's before we were issued the license that we received today and we committed to costs , or were we waiting for the licence we received today to enter into these service agreements and then commit costs. The 2 different scenarios actually mean very different timescales to potential commencement of operations.
The only word we have is “ we now commence preparation”
So the sandwich you really want is like this, yes ?
The trolls have arrived ( slice)
Next year we will be £4-5 per share ( filling/ message)
Never seen such potential as we have here in any company , in all my investing life ( slice )
Anything contra to that sort of sandwich is mouldy ,stale and inedible ?
Ford, Can I be a tuna ( ethically fished ) and red onion( organic) sandwich, on malted white , with free range mayo please, thanks….
Meanwhile…we have good news today , we also have as yet nothing to confirm we are any nearer to commencement of our SJ operations..hopefully we will get further updates on the kit very soon.
Hi IJWT,
You are aware I’m sure the SJ spread is a completely separate specialised pumping spread to the CTU which is a coiled tubing unit and allows the pumping and abrasive to get to the blocked areas with a flexible tubing on a large spoiler ( without using a rig and drill pipe ) One spread cannot work without the other in SJ operations. The SJ spread we were advised needed to be mobbed in from France I believe.
Listen mate, I’m just opining a concern , I don’t like the word preparation as it basically could cover the entire planning of the operation from the very start, or it could cover a lot less and kit was mobbed in awaiting the licence award, however we do not know, do we ?
If the SJ and CTU kits were in situ or will be imminently (few days, a couple weeks) surely that news would have been bolted on to the licence award, that again is IMO. However all we got was the word “ Preparation “
I dont agree with much of what MEM says, but he posted spot on , we need " meat on bones"
Hi Fordie,
Not about me, it’s about our operations.
If we get confirmation our kit is in situ , then all systems go, however I don’t like the word preparation being used as that intimates to me we have not as yet prepared anything until we got the licence sign off today. Does preparation also encompass transportation and bringing into country etc ? I just do not know mate, do you ?
Ha ha, you think I’m in Morocco, well I can assure with 100% certainty I’m not. , never ever been there, never will…..
I meant here as in our here ie it’s all out here isn’t it ? Where the operations will be.
“preparations for the Sandjet rigless testing programme can now be progressed as planned.”
If the kit were here as he stated , should the verbiage not be,… “ The Sandjet rigless testing programme can now be progressed as planned.”
Clarification should be sought if our kit is actually in situ in Morocco …
“ preparations for the Sandjet rigless testing programme can now be progressed as planned.”
From that sentence , do we assume that we have or have not even planned as yet for the transportation, importation / mobilisation of the spreads ?
The CTU and SJ spread will all be temp import equipment , the only permanent import will be the abrasive material .. I’m not sure we have even started the transport and importation process, tbh, that sentence looks like we were not committing any costs until we had this licence in place which it finally is now, If this is the case we could be 2-3 months before we get the kit in and ready to proceed with jetting. It would be good to have some clarification here !
I think we should all have a little wager , we are all gamblers anyway right, or we would not be here.
Who wants to bet SV101 will be going to us first before Char and who wants to bet SV101 will be going to Char first before us .
I know where it’s going after SDX completion.
Ford, Prd have as yet proven nothing, potential is there, however not one successful flow test has been conducted. As Jimmy also alludes there is no 3 D seismic anywhere on Guercif .
I hold for the potential though …
Once a flow test is proven to flow commercial gas it will be 18 -24 months away imo before anything is monitised, we have no licences even .
Cash burn is also concerning me greatly.. even more so now we are paying for Tobago and additional headcount there. Cash on hand end of Dec 23 was GBP 6.5mm…. We spent GBP 3.4mm in O and A costs last year. 4 months of this year gone, wonder how much we have spent , we also spent at least $700 k on failed perforating work earlier in year. If rig is not available until August we will be down to circa £3.5mm gbp and out of that we also have to pay for very expensive sandjetting and testing…
Chariot have their own issues, most which I go into on their board, however I will add your
Filtration system is flawed, both companies have issues, I cannot see PRD being the chosen one over Chariot, which is why I hold shares in both.. imo Cash is going to be a serious issue here by August, which I think it will be when we drill , no matter what has been stated by our BOD.