Yeh fair call Ash, i have been riding this since the beginning...

First 7 Last

Share
Profile

Follow
PennyP

2,892 Posts.

40

21/08/17

11:25

Post #: 26629080
Share

Originally posted by Ashes86 ↑

Hi Penny,

I think they might be able to flare by end of Q4 but more likely in Q1 18., so agree with you there.

Recent correspondence I had with Tony Lawry suggests submission of government approvals docos is under a month away ( I believe I posted this in another thread), however we all know the government with take some time to review and provide recommendations etc, so perhaps their estimate of flaring by Q4 is ambitious as you say.

I would hope that the drilling and installation of the inlet and outlet wells wouldn't take more than a month or so. I say this as I believe with the funding we now have, LCK should be able to commission two rigs, I'd imagine they'd air hammer down a pilot hole for each to (say) 600 m (takes about 2 days), then ream out those holes with a large diameter bit, and case (say a week or two per hole). For me I think the inlet and outlet wells could be installed in about a month or so with two rigs on site - but I believe there is also directional drilling between the two? (and that's not my area of expertise!)

I think the comment about their salaries is more something they should be mindful of if project timelines were to blow out. I work in the minerals and energy sector and have a couple decades less experience than these guys - and am paid about half what they earn, however I couldn't bring half as much to the table as them. The numbers don't surprise me that much, the key is that they are all shareholders - so their salaries are peanuts compared to what they will earn once share price growth is realised.

But the comment about 'spend only' is perhaps a little unfair - this company literally have to spend money to make money - and for me they are achieving all the milestones they set, albeit with some delays in timing,

I am not too concerned if the target date for flaring is missed by a month, as I hold options in LCK expiring in June - so far I am yet to see why these wont be an exercisable option for me (and a handsome profit maker too).

All my opinion, for whatever it is (or isn't) worth !

Expand

Yeh fair call Ash, i have been riding this since the beginning and just impatient. There will be an election before or in March 2018, which could see approvals delayed for ages if there not in place before. I hope they get stuck in and get that done at least.

LCK Price at posting: 14.0¢ Sentiment: Hold Disclosure: Held
Upvote

0 Great analysis

Reply

Top Stories

MKT

The ASX can overlook its Telecomm small-caps. Here’s one diversified brand with an international footprint

IRX

InhaleRX snags $38.5M in funding from VC biotech funder Clendon

M4M

Macro, Norden set up transport solutions initiative for West Pilbara

TLG

Talga Group wins key permit for flagship graphite mine in Sweden

MTH

Mithril's drilling in Mexico picks up silver at 997g/t, gold at 28g/t

SNX

Sierra Nevada raises $2M for silver exploration at Blackhawk

SWP

Swoop lobs $18M offer at microcap telecom Vonex – in which it holds 19.9%

Week 42 Wrap: HotCopper's top picks; new ASX 200 record; world yawns at war

NVU

Nanoveu surges 10% after benchmark testing for new AI chip begins

What's causing the cost-of-living crisis, and how to navigate it