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Great summary but with that, a bit negative. look how far...

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justinmetals

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1516

16/11/23

20:43

Post #: 70949659
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Originally posted by Wilko16 ↑

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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Great summary but with that, a bit negative. look how far they’ve come! Loads happening behind the curtains. Offtakes will happen well before reserves announcements. They are actually precursor requirements for reserves and the contingent announcement around March for the upper sheet will get the show on the road!! That’s my take away after processing what it all meant today. But great summary Wilko

Last edited by justinmetals: 16/11/23

MAY Price at posting: 6.6¢ Sentiment: Buy Disclosure: Held
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Great summary but with that, a bit negative. look how far...

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Great summary but with that, a bit negative. look how far...

Top Stories

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