Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
The focus was very much back on general FID options with no plan as to which they will take up. I wonder if Paul was encouraged to trot out some examples and the broadcast interview just used one of them leaving us all with that very confused single example. That would certainly explain the vitriol.
Paul's presentation seemed more bombastic than his earlier ones over the years. My impression was of a man so very close to fruition the excitement was bubbling out.
I didn't hang around after the presentation, jet lag was insistent I'm afraid.
From memory PG has always talked about selling off parts of the business for some sort of return if capital without giving any indication of preference yet. Special dividend is an option and sort of became short hand for the principle
These are serious and detailed proceedings. You cannot just expect to write in general terms about broad expectations. You need to know where, when, what and how much. For that, it all has to be ready so when you get permission it can move.
Why does everyone assume this could have been done a month ago before arrangements were finalised? This is very positive. It means its all there ready to go. With onhym on side, does anyone think permission won't be granted?
Don't forget how fickle the market is. Any RNS which is a simple progress report, but does not contain tangible solid "X has been achieved" invariably leads to a sudden drop in the share price. We don't need a running commentary unless there is a clear position to update us with. Even simple traders don't need that, the only people it would benefit is those hoping to spook the market to be able to buy in cheaper. I just don't see the benefit of spending money for a running commentary.
I think we will mark that 'must try harder'.
The strip log confirms drilling 0-69m took 8.5hrs and that point was reached on 8th Jan at 8:30pm. Spud date has been confirmed.
The same log tells us that the suspension point of 1260m was reached on 22 Jan 1023 at 11:30am.
We were told that the rig was then left in situ at no further cost to PRD. That point has been made very clear in the interviews despite the attempts by some to claim uncertainty.
Using that link, it looks like there was a more significant spot on 3rd than 16th. The drop from 15th to 16th looks comparable to 21st from 20th. It seems so variable day to day that I'm not sure what conclusion can be reached. As has been suggested, that could be equipment set up one day and in the ground the next over those dates. With hindsight it may be right, but only if it's the end of this variable pattern.
Everyone knows that feeling when you kind of need the loo. You have kind of needed it for maybe an hour or more as you travelled home, but basically it's fine. You know things will be fine when you get in. But that moment with the key in the door it suddenly feels more desperate and urgent than you can imagine.
Perfectly human reaction. Sometimes the hardest period to wait is right before you get what you have been waiting for.