ManagementMany perspectives on how and what to buy. Many thoughts on buy and hold or buy and sell on a short term methodology... overseeing all are the "chartys."
Justa and PG may be able to help on this point but "Quant" guys don't believe management... like analytics in sports they just look at the numbers. I can't do that... don't want to... I have to believe in management. Now when they overpromise (as most do) and underperform then I look for the exits.
Anyone that has been here for more than 3 months know the VLE does in no way pump or overpromise. It is up to all of you individually to decide if they have overperformed for you.
Since it seems many don't even know what SEDAR is here is the 14th page from the latest filing
You don't have to wonder what news comes next its right there for you
Before I let you read I would draw your attention to the fact that money is allocated in both 2018 for "Facilities Capital and Tie ins" for 3 wells in 2018 which is separate from Yamalik 1. Now what are those 3 wells that will cost 1.75 million each to tie in for a total of 5.25 million again separate from Yam 1. Reading the Prospectus they lay out that they are almost entirely focused now on the Deep formations. Thus even though Banarli # 2 (funded entirely by STO) it is planned for as similar to Yam 1. Deep Thrace # 1 is planned for as similar to Yam 1 and I can find no other well to explain the last 1.75 million in capital
than the Har 10 well after its workover. Those 3 have 5.25 million allocated.
2. In 2019 the same 1.75 million is budgeted for Banarli #3 the first well we will also have to pay for.
The big thus (and yes pigs can still fly and Turkey can become the latest to ban fracing and Russia could annex all of eastern Europe but...) is that VLE with all of its data has plans for, meaning they expect to, tying in 3 deep wells OTHER THAN YAM 1 in 2018.
They have not been in the habit of overpromising in fact as many have complained on here before Dec 1 2017... they are far too tight lipped and lacking in promotion. Please for your sake read.... it might help you weather the nonsense.
As for what happens to the S/P I leave it to you to decide whether you believe the day traders or nervous nellies.
Lev USE OF PROCEEDS
The net proceeds to Valeura from the sale of the Offered Shares hereunder are estimated to be $56,003,666 after deducting the Underwriters’ Fee of $3,600,234 and the expenses of the Offering (estimated to be $400,000).
See “Plan of Distribution”.
Valeura intends to use the net proceeds from the Offering to fund its 2018 and 2019 capital program, and for generalcorporate purposes. The capital program outlined below is contingent upon Valeura completing the Offering and receiving the net proceeds therefrom. Valeura’s 2018 and 2019 capital program is expected to be almost entirely focused on the deep
natural gas exploration operations in Turkey and related development and facilities expenditures. In particular, it is expected that the net proceeds of the Offering will be used as follows to fund Valeura’s working interest:
Activity or Nature of Expenditure
Approximate use of Net
Proceeds Anticipated Timing
2018
Yamalik-1 Completion and Tie-in to Production Facilities $3,100,000 Q2 2018
Hayrabolu-10 Workover $2,100,000 Q4 2018
Drill and Test West Thrace #1 Deep Well $9,500,000 Q4 2018
Facilities Capital and Tie-in for 3 Wells(1) $5,250,000 Q4 2018
G&G and studies on Banarli and West Thrace $2,000,000 2018
Total 2018 $21,950,000
2019
Drill and Test Banarli #3 Deep Well $15,000,000 Q1 2019
Pilot Production Well(2) $10,800,000 2019
Facilities Capital and Tie-in for Banarli #3 $1,750,000 Q1 2019
3D Seismic Program, G&G and studies on Banarli and West Thrace $5,500,000 2019
Total 2019 $33,050,000
TOTAL: $55,000,000
Notes:
(1) The three wells are Hayrabolu-10 well, the West Thrace #1 deep well and the Banarli #2 deep well. The Banarli #2 deep well will be funded 100% by
Statoil as part of its Phase 3 commitment under the Banarli Farm-in.
(2) The 2019 capital program includes a pilot production well, which would represent the first of several wells in a potential pilot program. The pilot
program has not been determined and is contingent on the results of the appraisal wells described above. Therefore, the total funds required to fulfill the
entire pilot program is unknown as at the date hereof. In addition, if Statoil exercises its option under the Banarli Farm-in to take operatorship of the
deep rights (once its Phase 3 commitments are met and a 50% working interest has been earned), a more significant drilling and pilot well program may
be proposed and Valeura will have to seek further capital in order to fund Valeura’s share in such revised drilling and pilot well program.
There is a commitment on the West Thrace Lands to drill one well, which can be satisfied by a shallow well. This will be
included in the 2018 capital program and will be funded from cash on hand and cash flow from Valeura’s operations.
Valeura expects that the use of the net proceeds from the Offering will advance its overall business objectives. See “Valeura
Energy Inc. – General”. Other than obtaining the required approvals to advance its capital program, no significant event
needs to occur for Valeura to achieve its business objectives, which remain subject to the normal risks and uncertainties that
prevail in the oil and natural gas industry