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And so far no rns stating we've incurred any additional costs despite the rig being there twice as long.
You said the cost was for 12-15 so by that logic the cost should have doubled for 29 days.
Do you have any inside information showing we've incurred 2.5mil extra costs already as you're stating its a day rate?
Like you said star valley is not a charity so we would've paid that sum already. Where did we get that extra $2.5mil from.
Despite all that you think we need another £2mil to get to TD.
Jemgee you showed up after last rns. Not hard to predict it will fall.
We already have funds for rigless testing of mou1. So why would we run out after doing mud work on mou1.
£1mil also released if successful testing.
Of course there will but to suggest £2mil plus whatever we have in the bank is ludicrous. We've drilled 85% of the depth already and need some chemicals to drill the remaining 15%.
It cost 2.5mil dollars for total depth drill
Remember the rig stays in morroco in star valleys storage and has no other short term need. We don't know what the agreement is but Paul and them have decided keep the rig on site. Saves on dismantling, transport and reassembling costs. We don't know any further details of costs being incurred and what happens to the additional days of drilling we paid for upfront that have not beeb utilised.
Johnhenry.
If needed why would you assume paul can't do what he did last time and loan shares to the company for a raise, to avoid having to release a prospectus.
Trying to give the impression the company can't raise is misleading and disingenuous.
I don't think the company needs to raise but enough with the scaremongering.
At the last repprting date the company had £1.5mil. Since then they raised £3.3mil.
So £4.8mil.
Drill costs $2.5mil.
6months company burn rate is £600k.
Does anyone what the cost is for the polymers to cut through clay? I can't imagine we need a lot for 250 metres left to go. What is the cost of keeping the drill idle. Bare in mind it's kept in morroco as used frequently by others.
The thickness of the Moulouya Fan reservoir interval is expected to increase between MOU-1 and MOU-2 based on the sand content of the debris-flow penetrated in MOU-2 allowed an extrapolation across to MOU-1 to be made.
Another crumb.
Looking into it the geology does seem to be similar to frigg field and slump and debris flow has been proven up with many North Sea fields.
It can produce a large deposit with migration from a deeper level, the shale acts as an impermeable barrier preserving the gas. Looking at the strip data the shale rock was increasing as we got deeper.
Mm's buying low in morning to sell high to you the same day. They thrive on uncertainty.
Yesterday we were wondering when spud date is, today we know they've drilled to 1200m and only 250m short of Td. Technical issue encountered but that is the drilling crews Job to come up with a solution. They weren't expecting it in morroco as the other Wells that have been drilled didn't encounter it.
"Presence of significant thicknesses of sands in the debris-flow demonstrate the potential sand source area feeding the Moulouya Fan as mapped pre-drill." Pre drill estimated remain the same.
"A gross interval of 28 metres was estimated on the basis of the well site cutting samples and lithological log. 16 metres of potential reservoir was interpreted from drilling breaks" 28m gross and 16m net is higher than the Conservative figures given in the cpr/presentations. It gives us a ratio of 57%, in line with other successful flowing Wells in the area onshore and offshore.
Imo, we have an anomaly that hasn't been seen in the region, we have a seal which can only be a good thing, keeps the gas in place. We're not targeting a small pay areas like sdx and sound.
The drill was always going to be complex, we're not targeting a small reservoir.
Personally I'm haply with the update as know for sure they're progressing.
Mud engineer just needs to tweak thier calculations and then can continue drilling more effectively.
"The prudent and safer option was to suspend the well and leave it in a state to re-enter once a better understanding of the mud programme required to drill this particularly complex interval efficiently and cost-effectively". Can't argue with this.
So far Paul has seen nothing that would change his pedrill estimates of reserves and he is conservetive.
As a long term 7 figure holder I have no idea when the drilling will start or if it has already. I've been here since close to ipo and such a significant event in the companies history is still ambiguous.
The board works for shareholders, I can't stress that enough but yet again shareholders are left guessing.
Even if it is due to the morrocon government, they own 25% of shares, don't neglect the rest of your shareholders and be clear in your RNS. No more updates till reach TD, why? And when will TD be reached. Simplest of answers that should've been communicated to shareholders long ago.
Vent over.
Some great technical posts yesterday that are worth reading if you haven't.
I've been here a long time (close to ipo) so I refuse to get carried away but a moderate success case would definitely be life changing. £1 a share divi is minimal target for me. That would equate to selling guercif for £400mil which is very conservative if we hit the cpr figures.
Glad to see you posting again hulltiger, all the best with your health.
I remember when we had 100mil shares in issue.
Since then my holding has been diluted to 25% of what it used to be.
Same for Paul. He used to own 46% of the company when I originally invested here.
Paul sure knows how to kill momentum.