Tomorrow
On the dance floor we have a $1B dollar ship, huge BOP, tons of riser, 1000s of feet of drill pipe and casing, world renowned service providers, vessels, choppers, a bunch of 3rd world Africans in hard hats and much more. All while the money is being tallied. From here on out things are "tight" in that all companies involved are only meeting with small groups and being told to keep things quite. When the bit gets closer to TD things get extremely tight and meetings get really small.
The public never gets daily briefings, and Ray has gone way above and beyond to give detailed reports, now being thrown back in his face. The reason other operators dont do that is bc they arent in the business of managing the publics expectations or emotions as operations evolve.
Tomorrow is May 19th plus 1 week. Roman said the target for closing the big offering to new investors was May 19th with possibly another week extension. I did not get the impression that they intended or expected to keep the offering open into June (but they could just be selling the offering).
Today Ray has a good idea of how much funds they have now, are going to get, and how much interest (if any) they may have to give up to SAPetro.
Its doubtful they are going to be just cold calling while paying $100K/day idle. They are all in at this point. My guess is they are getting all the permitting and local workforce paperwork done. The command center is coming online and the choppers/vessel contracts are being executed.
My expectation is we get a release next week on the prelim non-registered funds thus far, along with a target spud date. SAPetro has the collateral to fund anything Ray comes up short on. Ray is not going to play chicken, and SAPetro isnt going to be taking an IOU.
These guys arent on board to not spud:
Randy Ditmore (Drilling Manager)
Sheridan Whipp (Senior Drilling Eng.)
JMO
