March TCF Presentation...States Cleary!!Increase production on existing 6 wells by installing artificial lift (water pumps) in six wells –Q1 – Q2 Add 3 new sidetrack wells to SASB by the end of Q4 ’24 +2 more re-entries...
This is very telling...basically saying that they have no current producing gas wells or Revenues......until possibly end of Q2 end of JUNE 2024 as they install successfully those Artificial Lifts (Water Pumps)...and hopefully they resolve the water issues. If NOT, all wells become dormant and the whole SASB block becomes worthless..Funny how presentation makes no mention of the problems, only the hyper promotional aspect of their pump campaign for their hyped future growth Guidance Forecasts for total production and revenues. In addition, the continued hyped up promo of their on-shore oil field potential...If that even comes close to getting starting...without much needed cash of approx...$12mm (U.S) for that oil drilling to start on 4 wells as required by their earn-in agreement for 2024. Hope they fulfilled the 2023 year end $4mm(U.S) spending of their initial earn-in..No confirmation from company of that being completed. One needs to do alot of research and be well informed on this company..Key is, they must resolve the problems first..then they can PROMO the company..Like the saying goes,... "Putting the horse before the Wagon"....This is how retail investors get caught and end up losing their investment...Its My Opinion and Take on how this company portrays itself to the markets and encourages investment in their company..at the same time they are having major issues with 6 currently discovered gas well.
Do your wise DD...Where is the UP-DATE on those water issues.....