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RG.V Nova gold.
Interesting reaction this morning. NG up a bit and RG down a lot but recovering.
The IRR for NG looks very low for gold at $1100 and Copper at $2.26. It goes from 7% to 14% if you use today's price. Now that does not make sense. The 14% should be higher.
CC is in 10mn so we should get and answer.
RG is next to the mill so no $700M tunnel for them. Grade could also be better.
I talked to the CEO this morning and he was very positive.
One comment from him was Trek is the biggest miner in town and they know what they are doing. Let's wait for the CC.
RG should have a PR within the next 24 hours
It's a one word answer "Gold" in any way shape or form.
GTLUA we are going to need it next week
RG up 32.5%
Not a bad day
Romios RG.V
Correct it is Trek.
Romios (RG.V) is on the move
PR on assays is imminent and IMO it will be better than good.
We could have another NKL.
GLTA on RG
RG.V Romios
I had several questions on where to get the data for Romios Gold (RG.V or RMIOF.PK)
The best place is to start with the web site:
WWW.romios.com
Read the last 3 PR's and the last NI 43-101
Go to the project tab and click on the Trek property and read.
Bottom line:
RG is sitting on a huge deposit of copper and gold next door to Nova Gold.
Drilling is in progress and the first results should be out any time. The people on the ground are very happy with what they are getting.
RG market cap is extremely low with $62M.
This could be a real monster with very low down side. I keep buying it any chance I get.
GLTA
OT RG.V
I will answer that in the right Board.
VMC junior miners
http://investorshub.advfn.com/boards/board.aspx?board_id=5834
WTI at $120 by year end.
That would put Brent and Bonny over $140.
http://www.businessweek.com/news/2011-07-25/oil-at-120-now-biggest-bet-as-futures-leave-forecasters-behind.html
MMT Q2 results calculations
Take a look at my post on stockhouse:
http://www.stockhouse.com/bullboards/MessageDetail.aspx?p=0&m=29949476&l=0&r=0&s=MMT&t=LIST
MMT update
What's on tap for Mart:
Of course UMU 8 TD. That should be early next week. It was at 7000 a couple of days ago and the target is around 8500.
It will take another 3 weeks for the flow testing. After that you need to take the rig apart and move it to the UMU 9 pad. UMU 9 could spud early October.
UMU 8 production
We are looking at mid August and stabilized in September. Think 3 to 4 K BOPD
Pipeline negotiation with AGIP
First of all it is not a new tariff it is to compensate for oil lost for different reasons during the transport. It used to be 1.5 % they want to move to 11%. It's a very simple deal, there is a meter at the start and a meter at the end of the pipeline. Show me the meter AGIP!!!. This problem should be resolved this month and we will be back to 12.5K immediately after that.
New pipeline:
The first thing to look for is the crude handling agreement with Shell. You cannot finance, get permits and start a pipeline without that. Once it is announced it will mean that we are full steam ahead on the pipeline.
Share buyback:
That one is still on the front burner but who knows. Watch for the September Board meeting.
Dividend
That is less likely and certainly not before mid 2012. The company does not have the cash now. Just remember it is $3.4M per cent of dividend. Between that and a pipeline financing I know my preference.
Q2 results
August 31st but I will prepare a forecast very soon. Hint: it will be very good
Promotion of the stock
The company had several meetings with analysts in Calgary and Toronto. We could also see a few research reports in the next 60 days.
GLTA
MMT Q&A transcript from my notes for all the MMT fans
Transcript of the AGM Q&A session
This is an attempt to recap the question and answers session of the AGM. As a note to the participants please let me know if I forgot something or did not get the answers right. In an effort to reduce my typing I regrouped some questions and answers.
Disclaimer:
This is only my own recollection, I am paraphrasing the answers by the company and I could be in error in my interpretation. Only the actual recording of the event is correct.
The AGM was well attended and the attendance far exceeded the expectations of management. 104M shares were represented at the AGM. It was very nice meeting several of the Stockhouse posters. We had a lunch prior to the AGM and we were able to sort out what questions we were going to ask.
You can all listen to the AGM so I will keep focused on the Q&A but as a general comment I think that the presentation was very good and clear. Wade did a great job and it was evident that he is enthusiastic about the potential of the company.
The Q&A session was very extensive and the questions were quite good. Wade was very comfortable answering all of them.
So here they are :
What is the end game for the company? In the event of a Mart takeover are they any carry along rights and obligations by the partners?
We are now concentrating on growing the company and increasing shareholder value but it is evident that at some point somebody could be interested in Mart. There are no carry along rights and obligations by the partners but I think it would be impossible to have such an action without the agreement of the partners.
Drilling:
The company has a drilling plan for at least 5 or 6 wells in 2011 2012 plus more later on. Would it be a good idea to rent or Buy a new rig to accelerate the schedule?
Without the means to export anything above 18K BOPD at the present time it would not make economic sense to do that. Once a new pipeline route or extra capacity above 18K is in place then we will look at it.
Is the 201 rig capable of doing a horizontal wells?
With some modification it can do it. It will require some new equipment to do the wells right. This type of well is a high pressure well and can be a high producer.
Will you have to build a new pad for UMU12 and if so will you be pro active in building ahead of the planned drilling? We all remember the delays for UMU6 pad.
Yes we will be very pro active on setting up new pads ahead of the need
The map shows other structures outside of the one that are on the drilling plan. Are they inside the property line?
Umusadege has multiple structures available. Until now we concentrated on the central part of the field. 3 more area are available the structure on the right side of the map is partly ours and partly AGIP. The one on the left side is another structure that is inside the property line.
What is the distance between UMU11 and UMU12?
6KM
NRG 101 was damaged recently, what is the status of the rig and the insurance claim?
The rig was destroyed and the insurance adjustor finished his report. We expect to receive a large portion of the market value of the rig.
Do you plan to use the funds to replace it?
Not at the present time.
Pipeline
This is obviously a big issue for the company, what is the plan for the new pipeline? How will it be funded? Is it part of the cost oil recovery? Who will own it? What will be the capacity of the pipeline? (this is several questions together)
The pipeline is serving a pool of companies in the region sharing a 21,000 BOPD allocation. 18,000 is for Mart. The agreement stipulates that companies are assigned allocation according to their production. The pipeline is a 10” pipeline capable 0f 65,000 BOPD. Since AGIP owns only 45% of the pipeline and the rest is owned by NNPC (Nigerian National Petroleum Corp) we feel confident that the issue will be resolved but it will be only to 18,000 BOPD. That would only be sufficient up to UMU9.
As explained in the presentation we are considering a 48 KM pipeline to a Shell terminal. In order to go ahead with the project we are negotiating a crude purchase agreement. The funding would be done by a bank loan covering 80% of the cost and 20% from Mart and the partner. This project is well advanced.
The pipeline would be owned by Mart and its partners. The pipeline would be a 14” pipeline capable of 85,000 BOPD. Other third parties could use the line to earn fees. (Standard fee is $2 a barrel)
The construction of such a pipeline would be fast but preparation and permits will be the long lead item.
What is the status of new marginal field allocations? Is it still a viable option?
As you know a new President was recently elected. The new administration is being put in place A new oil minister was just appointed and we expect that it will take him at least 3 months to develop a plan of marginal fields. The plan should be unveiled before the end of the year.
The reserve report assigns significant resources to Qua Ibo. Is there a development plan regarding this property?
The Qua Ibo 2P reserves are located in a difficult terrain between 2 rivers. Development at this time would be very risky and very expensive.
Would the company consider a share buyback or a dividend as a mean to increase the share price?
As we stated in the presentation the company’s goal is to increase shareholder value. We will evaluate every tool available to do that.
The company’s shareholder communication has been less than appropriate. Would you consider doing a monthly production and exploration report?
The Board of directors just decided to publish such a report monthly. It will be clear, to the point and will use pre defined terms to avoid any confusion. For example we will use pipeline injected barrels as production number. After all that’s we way we get paid.
Also we are making an effort to better communicate with analysts. Several of them are in the audience today. (not sure when that was mentioned but it was)
When can we expect the reports to start?
Right now!
Late filling of the year end, could the late filling been avoided by indicated that a possible change beneficial to the company is coming and to an amended filling?
We did what we thought was the best for the company’s benefit. We were able to greatly benefit the company financially by doing so. It could have gone the other way too. We knew it would be a problem but took what we thought was the best option. The bottom line result was quite good.
MMT AGM, Yes I will publish a report on the Q&A, I just need a bit of time to doit.
The questions were great and the answers were very good.
It looked like the shareholders were well prepared before the meeting.
Stay tune, as much as we hit a few bumps on the road I am actually increasing my long term (2 years) potential of this field.
Just a hint:an horizontal well is a high pressure high productivity well.
Cheers
MMT shareholder meeting
On my way to Calgary in the morning. Let me know if you have any questions for the AGM. Of course many of the obvious one are already on my list.
Cheers
MMT shareholder meeting
I will be at the meeting next week in Calgary. If you have any questions please let me know. Why is the SP so low and what are they going to do about is already in the list of questions
BWR.to BWLRF breakwater to be acquired by NYRSTAR
Way to start the day! 44% premium
Nyrstar to buy Breakwater for $639 million
http://www.reuters.com/article/2011/06/15/nyrstar-breakwater-idUSLDE61O0Q820110615?feedType=RSS&feedName=companyNews&rpc=43
MMT Drill baby drill UMU8 starts
http://finance.yahoo.com/news/Mart-Resources-Inc-UMU8-Well-ccn-3187604279.html?x=0&.v=1
MMT / Nigeria (updated). Nothing really new, this has been going on for decades with ups and down.
The US receives 1 MB a day from Nigeria or as much as they do from Saudi. This is too important for the Nigerian government not to react and they are very popular in the southern part of the country.
Also with our 15,000 BOPD we do not even register on the Richter scale add to that the status of indgenous company. Pipeline could be a problem but it is very quickly repaired.
One more thing, if everybody was running for the exit because of that we would have more than 300K shares traded out of 340,000,000
GTLA
MMT, Check my post on Stockhouse
I have problems with the tables on IHUB. I can never get them right.
http://www.stockhouse.com/Bullboards/MessageDetail.aspx?s=MMT&t=LIST&m=29815802&l=0&pd=0&r=0&msg=3
GTLA
MMT, Do not forget this part:
--------------------------------------------------------------
UMU-9: Targeting another structure similar to main Umusadege producing structure. Its potential could significantly improve our proved, probable and possible reserve estimates. Drilling is anticipated to commence by early Q4 2011 and production is anticipated to commence by year end 2011.
?UMU-10: Drilling anticipated to commence drilling in Q1 2012.
?UMU-3: Future horizontal well re-entry for sand VI
?UMU-4: Future horizontal well re-entry for sand VIII
--------------------------------------------------------------
UMU9 is a very big deal
Horizontal wells are very expensive to drill and very complex but they can flow at a very high rate. Much higher than what we have with 6 and 7.
MMT new presentation
It is up on the web site.
It is very very good news
http://www.martresources.com/wp-content/uploads/2010/06/28/corporate-presentations/updated_corporate_Wade_Angela-v3-1.pdf
Let the fun begins.
GTLA
MMT Stockhouse post
I produced a new one with Q1 Q2 Q3 2010 and Q1 2011
I reduced bonny to $110
http://www.stockhouse.com/Bullboards/MessageDetail.aspx?p=0&m=29679997&l=0&r=0&s=MMT&t=LIST
MMT. This is for some of you in panic mode about MMT
Notice on page 13 of the report.
"The Umusadege field central production facility is also scheduled to be expanded to 35,000 – 40,000 bopd in capacity in 2011."
Remember that production of the field today is 8K to 10K BOPD so that should take care of 2012 production !!!!!!! If not what a shame LOL
No, same one than before.
The jury is still out. Let's see how the morning goes.
Value is the key. PR quality is just an interesting but frustrating side show creating ups and down. Could it be a lawyer that wrote it?
Do I like it? it is a big no and I sure got very upset about it. But now think about it, I could have bought GE at $50, a well managed company with results a few days after the year end or quarter close and be left with $6 shares at the low a year later (now $20)
or buy MMT a company that cannot get its act together on PR or paperwork at 20c a year ago and bitch like crazy when the stock is only at 60c.
MMT is a value play and I think (hope) it will sort itself out in the next few days.
Amen brother
Not in Canada. MMT is registered in Canada, not in the UK.
Cheers
Year end report and reserves NI51-101 will be out on Monday the 2nd.
I dont think we will be disappointed. Last chance to load up.
Have a nice weekend
IAE Ithaca Energy, nice results
http://www.ithacaenergy.com/uploads/IthacaPressRelease1104262.pdf
London, UK - Calgary, Canada, April 26 2011 – Ithaca Energy Inc. (TSX Venture: IAE, LSE AIM: IAE) announces its financial results for the twelve months ended December 31, 2010 and the Company’s independently evaluated reserves as at December 31, 2010. A presentation is available on the Company’s website at www.ithacaenergy.com with further details regarding this release.
HIGHLIGHTS
For the year ended December 31, 2010
Financial
• Earnings before income tax US$38.0 million (2009: US$7.9 million)
• Net Earnings US$54.0 million after recognizing deferred/future tax asset (2009: US$7.9 million)
• Record Cashflow from Operations of US$94.6 million (2009: US$53.9 million)
• Cash US$201.9 million , inclusive of US$6.3 million restricted cash (2009: US$35.5 million)
• Netback US$57 / boe (2009: US$37 / boe)
• ~ US$150 million cash raised through the issue of 92.7 million common shares
• Signed and completed US$140 million senior debt facility – no debt drawn at December 31, 2010
• Tax losses attributable to upstream oil and gas activities of US$215.7 million mitigating impact of UK tax changes
Reserves
• Net 1P Reserves 22.30 million barrels of oil equivalent (”mmboe”) (2009: 15.99 mmboe)
• Net 2P Reserves 46.05 mmboe (2009: 37.19 mmboe)
• Net 2P Reserves Pre-Tax Net Present Value US$912.37 million (2009: US$768.35 million)
What to expect next week? (repost Stockhouse)
Don't ask me to predict the share price! Been there done that.
So, what can we expect?
We will get year end. That's an easy prediction since it is due.
We may get an idea of Q1 production. That would be nice since I expect a gross production of 491,000 barrels.
The company will tell us that during Q1 they had to repay ENI 150,000 barrels from last year.The net to Mart "should " be 67% of what is left or 226000 barrels at an average of $105$ a barrel. If that is the Q1 numbers they show, I will be happy.
I'll take 200K any time.
Reserves
We should also get that since it is due. After all they already have the numbers in hand.
Now the number for each P is a wild card. It really depends on how conservative the estimators are. Here is a clue: They are always conservative.
How much will be P1 vs P2? I expect that P2 will go up more in % than P1 since UMU7 was not included in the calculation.
50% increase will be a "so what"
100% increase would be nice and let's talk $1.00
200% increase (Bobby get the pom poms out)
UMU7 flow
Not sure if we get that this week for full testing results. It could be another week. However we may get the flow for a couple of zones or a test status. The problem is the Nigerian paperwork. It takes for ever. Add to that the JV partner approval and your guess is as good as mine.
Oil pipeline
We should get a statement that the situation is under control and they secured pipeline space as needed. I really do not care how they do it as long as they do it.
We don't have to wait long now!
GTLA
Romios RG/RMIOF now at $.66
Not too late to chase it IMO
(updated) Romios Gold RG.V RMIOF up another 20% today ($.55)
I said it before in early March, this could be a 10 bagger even from this level. I am in at 20c.
The resaon it is up recently is due to the approval by the First Nation of the power line that is needed to develop the the mine.
http://www.newswire.ca/en/releases/archive/April2011/18/c5137.html
All IMO of course
Heli Electronics HELI My first 10 bagger in 2 trading days.
Last week HELI went from $1.80 to 0.005c in one day on no news. It is a Chinese stock after all.
Last Friday I put a small 1000 shares order at 11c to see if it was still trading. It filled.
Today I put the 1000 shares for sale at $1.10 and it filled.
Got to go buy that IPAD2
There is good and lucky, I'll take lucky any day.
I bought 1000 shares on Friday at 11c a share. I posted about it.
This is my first 10 bagger in one day of trading.
Oh ! I still need to sell it before I can claim that
I did not get around to call last night. I will try tonight. Sorry about that.
My 11c buy Friday does not look bad rigfht now. A 4.5 bagger in one trading day.
I sure will.
I also sent an email Friday (Saturday China time)via the site and it worked.
By the way I put a small 1000 shares buy at 11c and got filled.
It will be either the besr buy I ever made or I wasted $110.
Not a bad risk reward LOL
France put a ban on hydraulic fracking
Responding to multiple protests by the environment activists and the publication of reports by Total on the fracking problems the French Congress put a temporaty halt on all drilling using hydraulic fracking. They also suspended all permits already issued.
Notice "hydraulic" not gaz fracking.
This had a major impact on the SP of Toreador (TRGL) I would not touch that stock until things clear up.
The following link shows protestor entering TRGL offices in Paris. It is in French but you will get the idea.
http://www.wat.tv/video/web-re-schiste-3lb89_2exyh_.html
MMT Estimated financial
I posted the estimated financial on Stockhouse and MMT Board. 2 posts
This is the best I can come up with considering the data I have.
http://www.stockhouse.com/bullboards/MessageDetail.aspx?p=0&m=29569874&l=0&r=0&s=MMT&t=LIST
http://www.stockhouse.com/bullboards/MessageDetail.aspx?p=0&m=29569887&l=0&r=0&s=MMT&t=LIST
That's the understatement of the year LOL
Thanks for trying.
I will try to call them tonight
Estimated financial
I posted the estimated financial on Stockhouse. 2 posts
http://www.stockhouse.com/bullboards/MessageDetail.aspx?p=0&m=29569874&l=0&r=0&s=MMT&t=LIST
http://www.stockhouse.com/bullboards/MessageDetail.aspx?p=0&m=29569887&l=0&r=0&s=MMT&t=LIST
Anybody contacted the company?
Thanks