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it is valuable as an excuse - but he would have been better using some foresight in his role as our financial executive so that were we to have problems in the harsh frontier environment we are working in we had contingencies.
That is the point Rabito79 - JH should have been, it is his job to make sure we are financed & have contingencies built into the forward plan especially when Talitha testing and TW results put us in a stronger place for geological CoS.
Rabito79, that sounds like a Hondris line which I'm not buying.
Post Talitha Testing + TW drilling it would have been easier to get more funds for the scope of work going into '23 than it is now. That is his job and he is handsomely paid. He is the definition of failing up.
The interview was a softener >IMO< for closer term news (than some might have been expecting) that they'll abandon the LTPT at A2 stating they have enough info & are more than pleased with the reservoir energy but that the Gas cap is going to be detrimental when measuring the longer term production curve decline through the summer. So better to cement off the AA & complete a vertical test section[s] at A2 location for SMD whilst all the kit is still there when the weather improves & they will have several months of flow from the lower zone by then too. The flow from SMD at A2 pad will be vital in sweetening the FO discussion because all the interested parties will be wanting to offset Capex with near term production from the AA & SMD from Dalton gravel pads.
CEO - Same as when Yost shorted during VOBM2 TX - They knew the crews/contractors were changing (x3 as I recall) & they knew PANR were in the market for drilling heads due to excessive wear & other supplies - basically they had a local feel for daily activity that was outside of a smooth drill operation. They made out like bandits as that drill was never successfully resolved. Let us hope for a different outcome here, management seem to be confident.
An AIM company must publish annual audited accounts, which must be sent to shareholders without delay and, in any event, not later than six months after the end of the financial period to which they relate. So by end of this month I believe.
Obv correct & as always Scot presented perfectly clearly too. Thank you. I think the unspoken piece though is that there is also nothing materially positive to RNS with A2 as yet in late Nov, for a well that reached TD mid Aug. Whilst the timeline is clear and understood & I have no complaints about why / where / how the company have & continue to progress this well, it does IMO, highlight their sequential limitations albeit still as 100% ownership.
....Compares favourably to western wells Grant 5 & 6.
Grant5+6 Production
Jan 2022 748bbl
Feb 2022 461bl (Feb historically low month - guessing either weather or maintenance month?)
Still no Feb production data submitted for Fouke1 (Jan 1857bbl)
Still no W-10 submitted as yet for fouke2?
Quick check of the Grant east license applications shows wells 2 and 3 submitted waiting for approval.
Why don't the company explain to shareholders on their website, via a slide or with one of those staged interviews what they are seeing in that lease pick up, the trend they are planning on drilling out? In so far as I can see....(i've added pic links below) My concern looking at the applications (obv I am totally in the dark (hence the request for comms)) is all 3 wells but especially 2 and 3 will be very close to plugged old oil wells - a good example of one is API 33500953 (drilled to 2640' in the 50s - and P&A - re-entered in the late 60s and extended to 3250' ) flowed 26D API at 55bbls a day on test in 1971. It has been drilled more in 50years than Ulrika?
ibb.co/LZ1CptX
ibb.co/njpTxBv
Are these guys just total chancers?
SteelTit. The problems of the past are reflected in the price, that helps create the opportunity this year. Consider for a minute your criticism of the company & BoD, you might be correct but that doesn't make the opportunity any less attractive when the macro events give the tail wind to onshore USA production, coupled with Cypress executing professionally.