Post by
Margin321 on May 25, 2021 1:58pm
Paul's Presentation today
Pretty nice presentation by Paul, especially given lack of big new items.
1. add value means drill wells AND get production on line
2. busy for 20 years with ortoire block given development plans and more exploration
3. for first time confirmed they will drill deeper prospects on legacy lands, similar to targets in Ortoire. Specifically identified two targets on the Coora license which will be the first deep targets on the west side.
4. How to get things done in Trinidad - gentle pressure applied forever. Plus covid has hindered in person face to face meetings where you can hammer things out.
5. Wright and others on board have been involved with multi-billion dollar companies (I won't mention what happened to one of them).
6. Paul himself has led two prior companies from 600 boed to 25,000 boed. In this case that will only take 5 wells - they will grow much bigger than that. He knows how to do it. He is patient. He is also optimistic.
7. At very beginning of a five year program.
8. New rig is in Houston waiting to ship after state of emergency in Trinidad is over. Possibly September. Cost $1 million to get it to Trinidad - then the have contract for 120 drilling days a year for 3 years. The rig will drill wells 25% faster with same daily cost. Bigger mud pumps.
9. New seismic near Royston (by end of June) is partly about Royston, partly about Kraken. Kraken is potentially bigger than Royston. Talked about it as similar prospect to exxon off shore discoveries off guyana.
10. Second phase of exploration is steelhead, kraken, and guabine. Kraken huge, Shell had high hopes for steelhead in 50's but lost the well while drilling. Guabine Herrerra target that he is also excited about.
11. 75% chance of Cascadura hook up by end of the year. They have to finish development plan and design facilities (90 mmcf/day expandable to 200 mmcf/day) and roads for whole cascadura area. NGC getting pipeline spur built won't be hang-up
12. Coho who knows. Just waiting on approval to hook it up and then 60 days. I don't know who approval is from (maybe NGC). Nothing about a possible second well.
That is about it. Nothing startling, but pretty much all good.
Likely won't have much impact but for me it was super. I bought the story, I still buy it, it hasn't changed (if anything it is getting better), I am putting new investment money here as long as shares are under US $2
Comment by
Margin321 on May 25, 2021 2:00pm
He also confirmed with very strong language that they will not do another equity raise. He said they have talked to banks and will borrow to push Cascadura development once it is up and producing.
Comment by
becker123456789 on May 26, 2021 9:10am
Look back he said the same thing right before they did an equity raise before.