Wednesday, June 07, 2017 9:17:25 AM
While the company announced additional funding today, they still have not met their own previously announced threshold for completion of the Fatalla well. The upshot is that SAPETRO has accepted that the company has the ability to, or has secured the remainder of the $15M total, as they have closed the farmout agreement.
From a shareholder perspective this still leaves uncertainty about the exact amount of equity we will hold. Although we are getting a better idea where we stand. Additionally the farmout closure release indicates that the company is currently a 50/50 partner with SAPETRO. This is still subject to change, per the agreement, depending on final well cost and HDYN'S contribution.
On an operational front, rig preparations appear to be continuing as planned on the revised schedule (based on maritime activity). Ray indicated at the shareholder meeting that final rig preparations would have to be completed in Guinean waters to meet the PSC schedule. The revised terms with PACD obviously gave rise to concerns by many (myself included) that significant additional costs could be accrued if the farmout did not close in a timely fashion so drilling could start. I feel the farmout agreement resolves this issue, though some still have concerns.
The final key to lagging share price may be the most obvious. Those who wish to own shares have had a LOOOONG time and numerous opportunities to accumulate; those who wished to add, and have the resources, could have participated in one of multiple offerings; and Institutions who participated in the past left when the stock was delisted.
I don't have interest in running the math to see where we potentially stand with share counts at this juncture. I will continue to wait and hold my current shares until all funding is in place, or the well comes in.......unless something changes
GLTA
FEATURED ELEMENT79 ANNOUNCES UPLISTING TO OTCQB VENTURE MARKET • Aug 26, 2024 10:03 AM
North Bay Resources Announces Gold Assays up to 2.2 Ounces per Ton, Fran Gold Project, British Columbia • NBRI • Aug 26, 2024 10:00 AM
PickleJar Unveils Latest Venue Managed Services Innovations in Upcoming Webinar • PKLE • Aug 23, 2024 1:11 PM
Element79 Gold Corp Provides Update on Nevada Portfolio • ELMGF • Aug 23, 2024 8:00 AM
Maybacks Adds Award Winning Show to Its Lineup Discusses Maybacks Opportunity • AHRO • Aug 22, 2024 11:30 AM
North Bay Resources Announces First Gold Concentrate at Mt. Vernon Gold Mine, Assays 12 oz/ton Gold, 17.5 oz/ton Platinum, and 8 oz./ton Silver, Sierra County, California • NBRI • Aug 22, 2024 10:28 AM