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News is coming fast now, what a change with Butler at the helm. Relinquishing UK Licence P2478 is a great move, it was going absolutely nowhere and a drain on resources. Lets nail a Rig Contract & Farmout for Chuditch now! 😎
actually written into todays rns statement. read to the end.
"dr andy butler, baron's ceo, has given a video interview on the ************* platform which is available at https://www.***************************/baron-oil-ceo-discusses-strategic-vision-and-growth-plans-for-chuditch-gas-project-video/4121149240. in this interview, dr andy butler discusses baron's updated financial strategy, emphasising the goal of securing project-level funding without diluting equity at the plc level."
For anyone that hasn't listened it, here is a link:
https://t.co/EwDgkz3EOz
From 8 mins onwards Andy explains Farm-Out negotiations, he also clarifies that drill funding will be at the asset/project level. There will be no equity component to raise from shareholders. This is extremely positive and significant.
News flow wise:
- The geotechnical Site Survey is expected to be completed during April 2024
- We are also expecting a Rig Contract
&
- Drill funding/Farm-Out announcement.
It's a company making period ahead. Now is the time to be positioning.
Atb
Climbing now. Looks like 0.07 could be tagged this week or next and over the coming sessions we could be back trading 0.08-0.10. Site Survey is due in April and a Rig Contract will follow that presumably, announcements could come thick and fast now. Sentiment is returning.
Excellent interview from Butler, urge everyone to listen to it, especially from 8 minutes where he talks about drill funding, unequivocally at the project level. no equity and is looking to conclude farm-out discussions.
from 8minutes. drill funding, unequivocally at the project level. no equity. looking to conclude farm-out discussions.
https://www.***************************/baron-oil-ceo-discusses-strategic-vision-and-growth-plans-for-chuditch-gas-project-video/4121149240
Doc said strategic talks had been held with tier 1 majors again and posted a picture of BHP Billiton and Rio Tinto some weeks earlier. Something is definitely in the works, he and Tulloch are pushing to get a JV made and monetise those tax losses.
Started buying here. News flow and pr will pick up again, $75m of tax losses are going to be worth a few million atleast and we've gold results due. We've seen how quickly it moved from 0.20 to 0.45, a few high volume sessions will have the overhang completely gone and I think we can target 0.50/0.60.
So much ground to make up CHAR currently valued at £95m they have 2C contingent resources at Anchois of 637 BCF vs Barons Chuditch 1.1TCF. They're prospective is circa 1.4TCF vs 3TCF at Chuditch.
We're currently sat at £7m valuation for the asset. Mkt cap is £14m with roughly half that in cash.
Crazy disconnect and upside now
This is per 15th Feb RNS so we should be firmly in the news window now.
https://www.lse.co.uk/rns/BOIL/placing-and-subscription-to-raise-1941633-million-jl2juhl21l2sx5m.html
The Board anticipates the following key milestones for the Chuditch project in 2024:
· Site survey at the proposed Chuditch-2 appraisal well location in the first quarter of 2024
· Completion of drill funding and securing a rig slot in the second quarter of 2024
· Obtaining the required environmental and drilling approvals in the third quarter of 2024
· Well mobilisation, well spud and drilling results in the fourth quarter of 2024
The Site Survey was initiated late Feb early March so should be near complete and then i'd expect a Rig Contract to be signed. Some of the funds raised were for the rig deposit. Once sub 0.06 goes it will be gone for good. The farmout will not be far behind that.
Atb
Site survey results should any day now, the rig contract will be on the heels of that. Of course new bod appointments expected to, maybe an announcement on that this week.
We have the deposit to lock in the rig following the placing on 15th February "These funds are expected to be applied principally towards a rig deposit, the drilling project team, a site survey, certain long lead items and a bank guarantee"
Keep an eye for an announcement any moment on a rig contract.