@Brightoil
I am worried that we have drilled so deep but have no evidence announced of massive oil. The high pressures encountered last drill have disappeared like a wet fart.
No. I simply think we have not been told, as there has been no problems (hence "drilling ahead"). You are assuming that because you have heard nothing, it must be negative. You need to remember the purpose of this well (which is two-fold). It is primarily an evaluation well, not an exploration well. As such, it requires coring (which they have confirmed is going to plan), and zonal isolation and testing (which they are preparing for: refer to the announcement of 20th December 2024 for details). The second reason for the well it to identify the optimal area for production: they noted in their release on 1st February that the A3 results in 1B that "oil was observed at the surface" and that the oil recovered was similar (but slightly lighter) API to that recovered from A2, with down hole pressures similar. In essence, A3 access to 1B is a good back-up plan, in the case where Alameda fails to deliver.
Does it concern that we will run out of money drilling soon yet we have no clue when it will finish drilling.
The current drill programme is fully funded. I have lost count of the amount of times the company has said this. Sonangol are paying their way (paying in arrears on invoice, in accordance with the JV agreement). There are far too many doomsdayers out there wishing harm upon themselves and others: stating stupid things like "Sonangol won't pay" and "Sonangol can't pay". Utter rubbish really. As for future development (wider field development): there would be good reason why AP has assembled the team he now has - to address this. But first, we need to work out if Alameda is worthy or production;l lif not, we default back to U1B production from both A2 and A2 (ref: that diagram on page 20 of the 20th December release).
A2 was not commented on as a success or fail Whose idea was it to drill Alameda3 and marti off the same pad? Had they used a new pad we could have been producing off amistad for last 6 months at 2000 barrels a day instead of not bring able to produce as it affects drilling.
I am not aware of approval(s) being granted for other pads yet. I am aware, however, that to move the rig from one pad to another (along with all the other pad logistics and infrastructure, which would need to be duplicated) would cost a shedload of money. A few months delay on producing from A2/1B is a small price to pay. I am sure someone in the company has done the maths on this. And besides, going fully into production brings with it a whole new set of logistical questions. They have already commented that they are in assessing sales alternatives, so we need to be patient and trust that they know their job better than we do.
Those holding without fear need to face the facts we are now at all time low of 5.8c. It appears the market is valuing us like a bitumen producer.
Yep. But don't think about today or tomorrow. This is a long-term hold, which is why the day traders and short-term punters have abandoned us (hence the lack of volume and lack of interest). That's not a bad thing - it just means that Joe Punter is currently playing in another sandpit. When things become more "imminent", Joe will return.
AP needs to come out and shout to the world loudly if hes got the right stuff.
Why should he? At this point, we want AP 110% focussed on ensuring that A3 is not a repeat of A1, to work with McDaniels on the assessments, to work with local regulators to get approvals, and to work with Sonangol to ascertain what the next chapter will look like. I want him focussing on this stuff, not whether the share price is 0.1 cents higher or lower today.
Pointless phone calls or internal fan mail- tell the masses voa ASX not the converted.
ASX releases take time and money and are not needed if the "news" is actually in line with the current business forecasts. Woolworths (WOW) don't brief their shareholders everytime they sell a packet of Frosties, nor does BHP brief shareholders every time one of their trucks gets a flat tyre. Significant and important news will be released via the ASX. The "fan mail" - the Operational Updates published on the company website from time to time - is intended to keep the likes of you and me happy, but nothing else. When he has news, I am confident AP will shout it from the rooftops. There is no upside to climbing out on to the roof until you have something significant to say.
Tell them what the rest of company is doing apart from star gazing while the drill crew is drillingThose that say good job i say look at Market reaction on share price.Potential only gets you to a certain point Success is realised if you can convince the market of your potential. The real prize is producing massive oil from the field.
They do. The company made recent announcements regarding Beehive, and provided more detail on all projects in their Quarterly. Keep in mind that the Q1/24 Quarterly will probably be released next week (Wednesday is my guess) so you/we/us will receive more detail on those projects them. And yes, the prize is producing massive amounts of oil. I think they know that.
The market doesnt believe management are capable.
Let's rephrase that. Some of the market don't believe that management are capable. I am in the camp that thinks they are: the team AP has assembled is extremely strong, and very capable of monetising their discoveries. Show me another more capable team (of a micro-cap explorer) and I am all ears. I think the problem people are having is that they are blaming the company for not "bigging-up" where they are (now), and as a result the share price is "wandering". Valid point, but realistically I want my invested dollars to be spinning the drill bit not words.
Deep breaths Brightie, deep breaths. I feel that you have run a solid first 40km of this marathon and now considering giving up on that last 2 k's. But if you do, there is no need to try to convince all the other runners that the prize is not worth the effort.
Best regards
Kit
(20min delay)
