Hello, this was the first AGM i have attended, so here is what i remember, in my opinion ofcourse
My take:
- It was highlighted many times the size and global significance of Block 9 by AP (i know we have heard many times)
- He said the market has it wrong, they dont know what we have.
- A3 to spud by mid December (Ricardo, drilling supervisor was in room, so not gonna spud with him here)
- 6 month program with full testing at 3 different zones: Unit 3, Alameda & Marti
- 3D seismic not likely to happen next year.
- 3 more pads approved for 2 wells each, approx 800m stepout and all to drill Unit 1B.
- Other rigs are in Cuba but are oversize for drilling the shallow 1B
- A4 & A5 hopefully drilled by late next year.
- to be producing 5000bpd in 2024
- 5000bpd can be trucked easily
- AP goal is to fill a supertanker for export then the world may believe what we are sitting on.
- Cuba indicating they willing to sell the 19api oil, not use for electricity production.
- 2025 onwards wants multiple wells being drilled at same time and become a major exporter
- Well funded was repeated many times, said equity raises would not be how the company pays for this plan coming up.
- We havent been paid for the 20 truck loads so far, but will be once we declare commercial.
- A2 shut in test due to finish Saturday, then some bore inspections, producing again after that.
- JV partner is happy with progress (no other real mention of them though)
- talk of negotiating drilling companys to come in and smash some wells out and possibly take a percentage or a working interest.
- A2 drill time was smooth and ahead of schedule, expect same for A3.
- Spoke about the possibility of pipeline, but said its not like rest of the world we you just request a company to build a pipeline and then pay a toll for usage.
- there is several ideas for moving large amounts, but all at early stages - Rail, Barge, trucking
Overall I agree with the good vibe in the room and forward looking plan. But sadly I cant see the share price jumping any significant amount for 12 months unless AP hits these timelines on the head.
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(20min delay)