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I'm with you. It's about money and only the long term share holder (such as myself and others) even know the story it took to get to the drill site.
Only a few more days.
Well, this is the 3rd or 4th extension (i forget) and while I am a series A holder and equity raise holder these decisions do not instill confidence. That being said I am an optimist in that I expect we will retain 50% the concession. Others use the extension to create Fear, Uncertainty and Doubt. (FUD) and thus today's chain reaction.
Today is a great example stop losses getting triggered. It will be back once the equity raise closes or if more news is forth coming (which I expect shortly) Just knock some wind out of her sail.
Just my humble opinion.
Hell has no furry like an extended equity offering. Friday end of business day can't come soon enough.
Anyone have any idea how long this will take to reach 4,545 as well as "set above" and move forward? (2.5 days)?
Today on the way to an estimated depth of 4,545 meters, where the 13-3/8-inch casing will be set above the potentially hydrocarbon-bearing interval at a total depth of approximately 4,900 meters.
Thanks again for the updated timeline.
Truly appreciated!
AMEN!
BTW, 17 days into drilling and only 4 days left on the equity raise. We are almost halfway to to where we want/need to be.
Say a prayer for the hurricane victims.
If you feel this is a poor investment and that you will not break even, pick your exit point. You will sleep better and get a tax write off.
The other people who have risked another 12.5 million who may or may not have shares to trade prior to results believe otherwise. (myself included)
Risking your money in this particular play may not be for you if you don't see the potential. This particular prospect has been a 5-10 year wait for many and the results from the current drilling program will only show positive or negative results. If a petroleum is present and there is no seal to Fatala I expect the company goes on the block for sale to an entity who has the resources to drill the next prospect. (provided a petroleum system is proven through Fatala results)
If Fatala is a success then more appraisal wells will be needed in order to determine quantity, porosity, etc. This well is only the first step but will set the stage for funding for future appraisal well(s) and prospects. Hopefully the price rises above $4.00 quickly so we can get better/cheaper funding from the Nasdaq.
Just my thoughts.
I hear you.
Trading is thinning out because now people need to ask themselves if they want warrants by taking a .16 loss on the series A. Many (myself included) have made riskier bets knowing the payoff could be big even with such a purchase above market price. If it continues to fall it could be (my guess) people who don't know about the series A availability and fear a turn for the worst. Updates should be here any day and my hope is tomorrow or Monday because Fridays are almost never good (perception).
On the bright side it takes about 4-5 days for to sell your series A and receive the cash to reinvest in the equity raise. AST has got to be the worst transfer agent out there. So, people selling shares to fund the equity raise and capture the warrants on or after 8.28.17 probably won't make it in time due to the slow transfer agent. I will blow a gasket if it gets extended past 8.31.17.
I'm a believer in the company, it's CEO and of course the prospect but the difficulty to raise the funding in this market has been painful to watch. It's been a painful 20 years to get here and I'm going the distance come sugar or Shit
Again, just speaking out load.
I'm not sure of the timing but I expect the RS will only happen if the results are positive and the stock remains under $4.00 or the results show a system with no seal. I suspect if they prove there is a system and Fatala has no seal then the company gets sold. Whomever buys the company can continue the hunt for 2 more years.
I was under the impression that drilling actually commenced on 8.8.17 but it turns out the clock started ticking on 8.11.17. Expected drilling time is 32-42 days. Drilling would be completed by 9.12.17 - 9.22.17. The run up (if any) would occur between 8.31 until results were known.
Potential news:
Announcement of funding closure and % retained based on results
Operational phase updates
Drilling has concluded
Results
Just speaking out load.
Well, taking an educated guess. I expect an updated PR in the next day or 2 but that won't do much for the price given all the series A available. I do expect some stock price appreciation after the equity closes. There won't be much time for it given drilling will end 2 weeks in September and another few days for results. I have to expect that the results will be in before the rig is ready to move to Bamboo.
Just my thoughts but I do like the progress and the fact we get closer each day to retaining 50%.
Please keep in mind that the Series A shares have most certainly entered the market. This being said, I expect shareholders are selling them only to reinvest the proceeds in the equity raise. Once the equity raise is complete on August 31, 2017 there won't be much selling.
It's all about the warrants they get to keep in the event of a success.
JMHO of course
Given other ships are using the dock it would justify your response of "Waiting in line"
Thanks
I was of the understanding the pipe (from Tullow) was delivered there and thus needs to be picked up.
Taking a guesstimate:
I'm expecting no more the 50 mill OS of the 87 mill AS to be used.
Nothing to back it up of course.
I'll be notified 2 hours from destination and once they arrive and depart again. I'll post accordingly.
For the most part yes but a little further towards Conarky. Uploading a pic on this site is a pain in the a$$ and I forgot how.
Yes, It was updated/changed as of 8:39 last night or at least that was when I was notified. I didn't post it because I wanted to see it move and it surely did. I didn't notice until I actually looked on the computer this morning.
There was a Marine Traffic system update which obviously has glitches. You would need to pay for the "satellite ON" tracking in order to constantly follow it. It will be in and out of ranch all the way to Conarky.
Hope that helps. BTW, if you back out or expand the view it will appear at it's last position. It does for me anyway. Below is the link to my view.
https://www.marinetraffic.com/en/ais/home/shipid:754977/zoom:7
Today's release must be the response to the SEC's questions from the May 1, 2017 S1 submittal. Hopefully they will approve without further questions so we can get past this and move on to the last round of financing.
It's stationary since receiving supplies. It appears as though it will remain there until about the May 22nd or so since the arrival to Conarky has moved back to May 26th as of early this morning.
PACIFIC SCIROCCO changed the reported Estimated Time of Arrival from 2017-05-21 12:00:00 UTC to 2017-05-26 12:00:00 UTC, for Destination CONAKRY at:
Time: 2017-05-17 21:32 UTC
Position: 4.887702, -4.142303
Speed/Course: 1.1 knots / 166°
It appears as though the 26th is the actual ETA given today's stop for supplies. PS has not moved since receiving it's delivery earlier today from Anuket Pearl. I'm honestly not sure when it will leave but they did program Conarky into the AIS transponder.
It just needs to be in ROG waters. Actual drilling won't commence until mid June per Mr. Leonard.
Yes, Early May. Some bridge financing is being looked at while they work on negotiations with a 50% partner.
New well in the neighborhood
COPL: Exxon starts drilling Mesurado exploration well offshore Liberia
Share
11:11 23 Nov 2016
Exxon has started drilling the Mesurado-1 which has the potential to discover billions of barrels of oil offshore Liberia.
Oil rig workers drilling offshore
The well is located 50 miles from the Liberian coast
Shares in Canadian Overseas Petroleum Limited (LON:COPL) advanced on Wednesday as US oil supermajor ExxonMobil began drilling a high impact exploration well offshore Liberia.
COPL owns a 17% stake in the exploration project, though its share of drilling costs are covered by Exxon.
The well, known as Mesurado-1, is located some 50 miles from the Liberian coast and is in 2,500 metres of water.
Mesurado’s target has been estimated to host 1.78bn to 4.2bn of gross prospective recoverable oil resources, which would equate to between 305mln and 720mln barrels net for COPL’s interest in the project.
The project is on trend with exploration successes in neighbouring countries such as Sierra Leone, Senegal, Cote D’Ivoire and Ghana.
Proxy Voting
If you are investing thru Fidelity you are now able to vote.
TO APPROVE AN AMENDMENT TO THE COMPANY'S CERTIFICATE OF INCORPORATION, AS CURRENTLY IN EFFECT, TO INCREASE THE AUTHORIZED NUMBER OF SHARES OF OUR COMMON STOCK FROM 43,750,000 SHARES TO 87,000,000 SHARES.
FOR
TO ADJOURN THE SPECIAL MEETING, IF NECESSARY, TO SOLICIT ADDITIONAL PROXIES IF THERE ARE NOT SUFFICIENT VOTES IN FAVOR OF PROPOSAL NO. 1
FOR
Oil Capital Presentation Slides...
The slides for the Oil Capital Conference are now available:
http://files.shareholder.com/downloads/HDY/3644286338x0x908853/F9CBD752-BA50-49D7-9AA2-AA807BF28AFA/HDY_Oil_Capital_Sept_21_2016_final.pdf
Some very interesting stuff, including:
Slide 5 - "Internally, we conducted additional geophysical work, using eSeis, which gave us confidence that the prospectivity of the planned Fatala well was greater than previously envisioned."
Slide 8 - A detailed look at the retained concession area, including prospects like Oasis and Bamboo.
Slide 16 - Buried Hill listed as a follow-on prospect, with potential 2017 drilling
Slide 17 - Detailed Operations timeline
Latest discussion notes:
The website will be updated shortly with the presentation slides for the London conference on September 21, 2016.
Much appreciated.
Further notes:
10k should be out by end of this month.
Drilling costs are significantly lower than the estimated 46 million.
Thanks again for correcting my post.
The answers were posted in bold.
For those interested in my IR call today.
1. Will there be any coverage of the London financial conference on September 21st? Can we hear or see the event/presentation. Should be (expect) a release of event particulars soon as the event is common knowledge.
2. When can we expect a conference call with Ray to bring his shareholders up to date?
Being discussed but won't happen until after the 10k is released.
3. Which areas remain in the concession? Will be released in the 8k but the area is everything they wanted.
4. Is RL the geologist on record? - We still have Don Rice and Ken Nibbling (I'm sure I spelled that wrong)
5. What's the condition of the lead equipment? Much of it is new and all usable.
6. Will RL speak after the contract is "approved by Decree of the President of the Republic of Guinea." IE Shareholder conference or next steps update. Forthcoming and a petroleum code requirement. (after 10K release see line #2)
7. Did HDY receive the operation plan from Tullow or does that need to be created and approved? How much advance work has already been done? HDY has all the operational plans and they have been updated.
Expect the executed amendment as well as the 10k. Might even get a little extra info.
He just saved paying 43.44% bonus tax and I wish he would have bought them on the open market instead of being awarded.
Make no mistake the OS will continue to increase. Nobody should buy this turd. They can't even keep licenses current.
All his PRs have been fluff which is why the RS. People should be ashamed to promote this printing machine.
Any chance of success is YEARS away and Cunic knows it thus the printing.
No need to reply as I will never be party to this type of scam.
And Cunic uses the relationship as an opportunity to sell shares. His very successful at that and that only.
MINE = Turn your investment into CEO dividend.