The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Taff - You are not going nuts, you are correct in your assumption that we are not doing seismic over someone else's area!
While he is talking over Slide 7, PG says that after obtaining an Exploitation Concession for the MOU-4 & 5 areas, they will do a step out well to MOU-1 and 400km2 3D seismic. At 16.10 the sound distorts, but I think he is saying "which may be to the west of the planned development area and exploitation concession, depending on how we see MOU-4 & 5 delivering in terms of their potential". 400km2 is only 20km x 20km, or roughly the assumed area of the fan. We have a very large licence area, you would have to go a very long way to the west to get into the ConocoPhillips area.
That the planned 3D is in our area is confirmed by the table on slide 8, which shows the 400km2 seismic in the same row as the MOU-1 step-out well. My conclusion is that this is nothing to do with any agreement with CP.
It's on one of the map slides.
Good evening footandmouth...everyone else, have listened to the pro active presentation a few times now, and read and re read the presentation, but can't find or hear where we are meant to be doing 3d off our licence area let alone to the west... can anyone point me in general direction where its mentioned please, driving me nuts trying to find it!!
Hopefully a news heavy couple of weeks coming up :)
Gla
Taff
Bdt
Query posted to M on Reddit yesterday. MEM in his recent post states 400km 3D survey proposed not in our current license area. Is this the case and if so does any agreement exist with local authorities allowing preferential acquisition of licensing rights following our considerable expenditure. If not would it imply a Sotto voce understanding with said authorities which would speak to the close working relationship with the Kingdom of Morocco ?
One big, juicy breadcrumb is the CP ‘Reconnaisance Contract’ signed with ONHYM in June 2020. The contract allows CP to shoot 2D seismic in year 2 for up to 12 months,(ie from June 21-22). Interesting how PG now talks of shooting 3D seismic to the west of our licence. We know how PG likes to collaborate with other cos to keep costs down. Is it possible that the outline of a deal is already in place? Would CP be able to shoot 3D with PRD if they only have a licence for 2D?
Mick
http://www.onhym.com/en/component/content/article/43-en/new-feed/551-12-june-2020-signature-of-a-reconnaissance-contract-between-onhym-and-the-company-conocophillips-morocco-ventures-ltd.html
Hi S82, I love your pun…
I have found a new ‘fan’ in HampshireLass, you best say hi.
Hopefully PRD have found lots of Fans, full of gas :)
MEM
Hi MEM,
I fully understand your decision to go radio-silent until results/company info/news comes in.
You have been and, I hope, will continue to be, one of the greatest contributors to a BB that has some pretty stellar players (GRH, Wacky, Seabright, PT, Adon, Micktrick, etc).
And you seem to have found a new fan in HampshireLass!
The quantum of the funding required (be it £20m, whatever) may seem a little scary relative to the current market cap.
Relative to the VALUE of this company, it is a mere piffling rounding error.
If the VALUE is there (as I believe it to be), it is very easy to find that level of funding, with minimal dilution at either SP level or in in the way a JV/farm-in is structured.
I would like to believe PG is executing to that VALUE creation path.
I suspect I would hardly be alone in looking forward to the time when you choose to start posting again, because you have posted some extraordinarily valuable stuff over the months.
Have a good weekend, all.
Again & again & again, thank you MEM
People are waking up to this, slowly - but they are now awake.
Make no mistake - if you want to hold more than you do - buy it very soon . . .
Ridiculously discounted prices will be gone and you’ll have to pay sensible sums . . . Hopefully before the explosion!
When folks are buying in £’s
PG’s breadcrumbs, and a rather long and disjointed post.
Remember PG does not mention anything without a reason !!!
THE FACTS
Most SH now accept MOU - 1 was a success, in the following diatribe I am going to post FACTS and then try and present a breadcrumb theory.
Why does PG make mention of the Rharb Basin ? And goes on to state it is the same petroleum system….
MOU -1 65m bright spot, MOU - 4 lies 8km to the east of MOU - 1 and has a 120m (380 foot) gross interval
NuTech are currently conducting Advanced Petrophysics studies (NuTech one of the very best companies in their field)
Plus current 2D is now being re-interpreted/reprocessed
400 sq km of 3D to be purchased, not in our current license area, but to the West of CP, on the same approx datum line from MOU - 1 through CP License to Rharb basin and Anchois……….
PG makes mention of LAM - 1 (Rharb basin) stabilized flow rate of 1.9 mm cfgpd (why mention this I wonder)
KNOWN KNOWNS (with some conjecture)
Projected costs of $3.3m per drill
MOU 4 and 5 basically approved subject to EIA ( MOU 6 is a possibility)
Once the 400 sq km 3D is completed interpretation, I am expecting MOU - 7,8 & 9 as a minimum, possibly 10,11 & 12.
There is a presentation planned to ONHYM in Q1 - this could be when we as SH are also let in to the grand plan
Rapid monestisation through CNG production and Distribution
FINANCES
Short term PRD require approx $6.6m for 2 drills (4 & 5) good chance of an additional $3.3m for MOU - 6 total $9.9m
400 sq km 3D max cost $20m, yes I agree it could be less due Covid etc, lets assume $15m (plus $9.9m)
Obviously with CNG P&D cash will start to flow, but in effect PRD require approx $25m in the next 12-15 months, PG does not wish to do a Placing and dilute his holding, so we are back to various Finance solutions. Local Industrial gas users will almost certainly fund the $6.6m for 4 & 5, but where will the 3D survey cash come from ?
RBL, JV CP and or Massey ??
JOIN THE BREADCRUMBS
Look at the facts, the conjecture, join all the info and you hopefully arrive at the same conclusion, there could be many many gas pockets (fans) from MOU 1, 4 & 5 (6,7,8 &9) through CP License onto the new 400 sq km area of interest (License ???) all the way is a huge distance and area, of trapped gas in varying thicknesses of 40m to 120m.
A vast area of gas, in a country that will require to double its gas demand in the next 5 to 7 years, that MUST transition away from dirtier fuels and transition to gas.
What a ride awaits us.
That is it from me, really, until RNS/News.
MEM