From the Closed group on Facebook..25 Nov 2020 23:10
FOCUSING ON THE DRILL
ICEMAX:
Will leave to Commence the Drill tomorrow
The Crew boarded last Sunday and will be 6 weeks on 6 weeks off changing on or about 27 Dec.
Extra bunker fuel was taken aboard so it can go straight to location and take on the Well Kit brought from US storage by supply boat
SPUD:
As we've been informed by RNS update this is timed to occur around 3-5 days after arrival at Well location once supplied and all is ready to Spud so we looking at around 13 Dec - 15 Dec depending on travel speed.
Looking good for Lee Birthday and My 70th and anyone else who has one at that time, Birthday Prezzie for all.
DRILLING COMMENCES:
This is deemed to be when the Rig leaves the Port of Origination (Las Palmas) by 1 Nautical Mile.
At this point 50m shares become exercisable by Company Directors and Staff at 2.8p. They may or may not exercise them in the short term being as the legal challenge has reduced the sp to about the exercisable price. If it was me I'd wait at current sp as these shares can be exercised without closed period restrictions.
TIGHT HOLE:
yeah I know so we won't get any drilling updates until after all drilling and testing is completed, end of Feb gonna be a long time a'coming
VALUATION OF A COMMERCIAL DISCOVERY
The Investec Analysis is a very comprehensive document and values the minimum to maximum share price for a commercial discovery mmboe as follows:
200mmboe at 8p (Lowest Case)
500mmboe at 26p
770mmboe at 39p (Mid Case)
1000mmboe at 61p
1440mmboe at 89p (Upper Case)
Good Luck and
Best to All after all
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