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Wow, Nige!
If you were a bar of chocolate you’d eat yourself.
Why don’t you take your surfeit of neurones off
and come back when we have the initial well results.
And there's Nigel holding 7 figures...
This bb has become farcical derampers trying there hardest to get back in at a lower price.
Rampers who have recently bought in.
Three large buys yesterday, certainly not following Nigel's advice.
Good Evening Clueless
My recommendation is to download, read, ask questions about and understand the SPE (Society of Petroleum Engineers) manual. The answer to your question is that commerciality will normally be confirmed by further appraisal wells and often, an extended well test (ewt). What the more, to be honest, experienced and neurone equipped investors can speculate on are initial well results: this is a very useful opportunity to decide upon sell-off, hold or buy, often contrary to popular opinion.
Be very very wary of GRH, Sefton types!
P.s. What I meant by possibility of PRD turning into SDX was that, I hope PRD doesn't turn into a development / production company as SDX is, but rather stay in the exciting and high value creating exploration bit mainly.
And to add to the point regarding being able to realize gains - Given PRDs small free float, have realized that buying can be difficult but selling can be just as difficult, as was the case today even for small 50k chunks later in the day all going NT. Low free float works both ways, as in if PRDs drill disappoints, selling even 50k + holding at the open would be impossible without going to NT imo.
All IMO and could be wrong so always dyor
Zebra - the post might not be composed well enough but the point was that, will drill, testing/flow rates that decide if a discovery is commercial enough be done together or divided into two parts?
SDX is targeting 2bcf? They have already derisked 18 BCF in Morocco and some of their drills are targeting upto 9 BCF, small but still significant as their development, production and cash flow scenario is straightforward.
Mick- a healthy dose of paranoia is always good. I always want someone to challenge my investment thesis and point out flaws as it builds conviction in holding/investing. Paper profits have come and gone and have round tripped so many times on micro caps, hence it's more important to fool proof your investment thesis as much as you can imo.
Afterall, the secret to making profits is being able to realize them.
All IMO and could be wrong so always dyor
Sorry Tim. I only meant it rogue in cheek. You worry too much :)
@Tim
Paul's been a geologist for 40 plus years working on discovery and monetising projects. Ronald has been working in developing oil & gas projects for even longer for some major players. They have both been very succesful in their careers and have stacks of experience.
I'm sure they know how to properly test a successful well and maximise value.
The 30 bcf figure from last rns was Paul underpromising.
I sincerely doubt this will turn into another sdx. They target 2bcf.
Reading some posts it baffles me how some people can invest their own money with such little knowledge of the company.
Mick - you think SDX with a market cap of £34mn will have the capital? PRDs current market cap is bigger than SDXs. Doubt SDX will have the firepower?
All IMO and could be wrong so always dyor
Maybe in the 30-50BCFclosed in case Paul could give SDX a bell? :)
NH- that's more or less clear that follow on program hinges on the first drill being successful although not sure if it's success or commerciality will be dependent on proper testing being undertaken for days/weeks? Does anyone on here know if PRD would be releasing news of drill results of whether there's gas encountered, along with testing or will drill results follow on after the discovery result but commerciality dependent on follow on testing?
Even'L - my guess is market might not be impressed if it's a closed off 30 -50 BCF discovery with no more follow on prospectivity for further drilling. It will definitely be valuable to PRD but a one off 30-50 BCF limited prospect might see us developing it via RBL as mentioned in the pilot CNG Morocco development scenario RNS. Not sure how much appetite there would be in building infrastructure, haulage etc. For a 30-50 BCF closed off prospect and might be a bit more tricky to monetize it and so PRD might end up choosing to develop it? PG also mentions his excitement regarding potential revenues and profits from development. But if it's only a 30-50 BCF discovery that PRD chooses to develop, that might see us turning into another SDX which will not be exciting at all, if there's not much follow on exploration upside in Morocco?
MEM / others - any news on flight resumptions to, and full lifting of lockdowns in Morocco yet? Not sure if Morocco has already lifted full lockdown?
All IMO and could be wrong so always dyor
We already have a group on Twitter if anyone would love to join and there are only investors in that group
Nigelhemorrhoids of course they approach you at AGM's... so that you can wipe the tables and stack the chairs....
You provide more use there than you do here.
Most people know that if you don't hit your share price is effected. Trinidad and Ireland mean that it is a not completely binary outcome but in O&G there is risk if you do not top slice.
If it's a duster, you don't need to be a rocket scientist to understand that the SP will take a hit. Short-term.
If you're in now, and with success at MOU-1.. Let's say 50+ bcf (good COS) and the SP following that. If they then do a raise to drill a few wells... The dilution and impact om SP will be minimal. All about risk/reward!
Is that an accusation of publishing untruths old chap?
Defame away, maybe you will get away with it...
Agree MEM, we have a good chance of a commercial discovery and in that event we can expect a huge northwards SP gap up: as we both know that is the opportunity to fund raise. As you wrote, our other projects offer the (small) chance of SP uplift. I only say small in the context that there isn't much time left before MOU-1 spud.
Best to ignore wannabe ankle sniffers like indiscipline, I have over 100k invested in PRD and can say what I effing well want. BOD's at AGMs approach me for a coffee and not the other way round!
Oh Nige... you are a laugh a minute aren’t you.. for someone who apparently holds a seven figure sum in PRD why are you trying to sow some seeds of doubt..or is it more like you hold nowhere a seven figure sum but you’d like to!
I suspect, but cannot state categorically that after our first drill, should the end result be negative or partial success, PRD will have announced a JV for our Ireland assets, in particular Ram’s Head, buoying up the SP and confidence.
The info gleaned from our first drill MOU - 1, may very well unlock enough technical info to proceed to a second target. I would think it is very likely Massey might wish to expand their relationship with PRD, as they have mentioned this in the past.
I would not be surprised if PG has some JV planned with Massey.
I certainly think a duster in Morocco would NOT be the end of our ambitions there.
DYOR
We only have enough money for one well, discuss.