I have been fortunate to have a chat with the busy man that is Scott McMillan just to clear the air with some outstanding issues and hopefully to give us some transparency. As always, despite being very busy, he was the absolute gent. I am not the best note taker and he speaks quickly and quietly but this is what I can read from my dodgy note taking (!!) and what my average memory can remember! So apologies in advance but this is what he said in brief to the best of my memory;
The hold up with gazette is bureaucratic red tape and being the first time the country has had to deal with a PSA of such. There is much fear within some in govt, of making a mistake and being held personally accountable.
However, he is confident that although it has been a frustrating delay, things are crawling towards completion. He said he was not at liberty to say more obviously.
He is currently back in Perth but Dr Lake is in Zimbabwe and heading out to the well pad today, to ‘tidy things up’ (his words not mine.) He seemed very happy about this.
I asked Scott if we would be commencing spud before the outstanding boxes are ticked ie PSA, gazette, lease extension etc and he said no. He wants the outstanding issues dealt with prior to spud to protect the company esp around lease extension.
He said there was a long lead in time and the second well pad construction is commencing. I don’t know quite what he meant by long lead in time and didn’t want to be rude and push him further.
He said he would have liked everything to have been locked away sooner but they (IVZ) are taking it all in their stride and being patient.
IVZ want access to entire area ie the extended lease area before spud, so that they cannot lose it to someone else. My take on what he said, so apologies for innocuous rambling statement!
He reiterated not to worry about spud and that “everyone’s mind will be put at ease very shortly.”
It was a pleasing way to finish the chat. After a few more pleasantries and personally thanking him for a job well done, under difficult circumstances we ended the call.
I hope this is beneficial to you all. He was quite clear that he is happy to take calls if you have a genuine question/concern.
I feel my investment …and yours is a little safer after that conversation
I wish you all well in the next few months and booking my place at the 50c and $5 table!! Beer then Bollinger!!
IVZ Price at posting:
22.0¢ Sentiment: Buy Disclosure: Held
