We would love to hear your thoughts about our site and services, please take our survey 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.
Oh, it's a great deal worse than tedious.....
- I think exasperating came next....& We're not even in infuriating anymore.....
GRH,
I note your view that testing has never been urgent.
I think after nearly three years since mou 1 and three fundraisings to carry out sand jet perforation it does look as if you are correct.
I know that it’s been indicated by many on this bb that there is a fear of a take over bid when flow testing occurs.
I have not seen any justification for that view. Indeed , if flow testing occurred successfully it would justify the board of directors looking for a higher price and they can then defend a higher valuation and create competition for the asset, if that’s what they want.
My fear is that continued delayed sand jet flow testing is just used as the basis for further equity dilution rather than go for cashflow generation to sustain exploration drilling.
Jimmy
Do you think that it is possible that we want operations to align together as much as possible. It has been discussed here before and for good reasons imo.
When we get posters coming in late in the day without having the understanding that lth’s have it does become tiring.
All for new investors and all for discussion but we clearly have the traders union here, people that have been here a while but were expecting it to happen overnight.
Then we seem to have others who’s emotions take over and they change tact from optimistic and patient to then impatient.
Let’s not talk about the others who clearly want to keep prd down for other reasons.
Every single missed timeline, hold up or change of plan has been clearly articulated by the company.
Those that are constantly going on and on clearly don’t believe what the board have said or they just do not get it.
Don’t believe the board then you really shouldn’t be invested, I wouldn’t be.
If you don’t get it then get out or take note of the truly generous and knowledgeable posters on here.
Summing up, turn it in for goodness sake it is getting really tedious!
Tritoretire
I'm glad also there is no debt. However, if timescales are open ended then it leads potentially serious delays. A bit of pressure can be good to achieve results.
Not ridiculous to suggest with scarcity of Sandjet equipment and demand for the rig getting access to them aligned represents challenges and as a result perhaps better just to get on with one and accelerate other as best as able.
Apols for spamming the bb - phone kept changing format leading to posting before finished.
Tritoretire
I'm glad also there is no debt. However, if timescales are open ended then it leads potentially serious delays. A bit of pressure can be good to achieve results.
Not ridiculous to suggest with scarcity of Sandjet equipment and demand for the rig getting access to them aligned represents cha
Tritoretire
I'm glad also there is no debt. However, if timescales are open ended then it leads potentially serious delays. A bit of pressure can be good to achieve results.
Not ridiculous to suggest with s
IJwT
No disrepect but that’s why I’m glad that we have no debt - Zero.
Just maybe there’s a big picture at play.
O&W
BoD has been clear that MOU-5 is funded.
Would add to my earlier post that is ASAP was desired timeline in Nov, then if not urgent it is certainly significantly overdue and time to get a move on.
That means doing Sandjet whether we have rig or not.
Will CM be another delayed part of the story, given that cash flow back in the Jan operations update was expected to flow through in H2 after work overs get started in Q2, thereby funding MOU-5 drilling?
GRH
No worries, appreciate some of us may disagree but easy to do so cordially.
My frustration is the time lapse and it is shared by many and a cause of SP drift. Still invested as maintain risk worth reward. There is an opportunity cost to holding and we ant be expected to wait interminably.
Regardless of SV-101 availability, Sandjet needs to be executed soonest and in line with timelines previously advised.
In my deals I've seen CEO and CFO of different LevFin companies (significantly larger than PRD) pay with their jobs for missed targets in the last 3-4 months. Not suggesting this should happen with PG but he does need to adhere to timelines as clearly aligning the activities is problematic and cam lead to serious delays. Appreciating the potential benefit in doing so all the same.
Thanks IJWT
The part you quote was item 5 in a longer post...explaining what I thought would be announced
If you read that post and mark it against what we have heard subsequently...I think you will agree it was reasonably accurate
The reason I took iss with you is your word 'urgently'
It is your word...not mine
It has never been my belief nor understanding that testing is in any way ' urgent'
Indeed, if you read my other posts, you will see that I believe much is being done to try to ensure that several important events almost coincide
Thank you
ATB
G2
Thebold
I think you seriously mistake what is or isn't actionable.
GRH
8 Nov'23 @ 19.42
I now hope to hear or testing ASAP so.pwrhaps not urgently required bur ASAP indicates urgency in my mind. Perhaps you had a different context meaning with use of ASAP.
Not intending to slight you with posts, there is more value to the discussion on the bb with you on it than off it.
Cheers
Ijwt,
His legal team will be contacting you, the messiah will not tolerate anyone misquoting him ….LOL..ROMCL.
Ijwt
you have stated the following
'GRH might call it small stuff but he was posting last September to say flow testing is urgently required '
I might be old but my memory is not normally deficient
Would you please remind me of my post in which I allegedly said that
OR...failing which
Explain your recent error
I wouldn't mention it
But I regret it is not the only example of misquoting me
Thank you
Off to do serious mowing
Regards
G2
Does anyone know if CHAR, SDX or SOU have similar problems with their licences, or is is it just PRD?
I would expect the next extension is already in the process or being applied for.
PG indicated the lack of extension was down to him which stopped SJ being done in Autumn. Did it prevent drilling also or has licence uncertainty put us down pecking order for the rig.
Both of these arise from eye off the ball - as a Lender we'd take serious issue with that and impact on business model.
Given his narrative at the shareholder presentation PG considers himself unassailable and I think quite likes pleasing himself.
Don't need updates every 10 minutes but an update prior to end April confirming receipt of Sandjet equipment and timing for testing would be sensible or it is another deadline missed and unexplained.
GRH might call it small stuff but he was posting last September to say flow testing is urgently required and PRD is in play. We still haven't flow tested and are 15% lower in SP than we were then so it seems neither is urgently happening.
The BoD can't just spout crap about Private Equity and value disconnects there is a perception issue in my view on how proven assets are and to a lesser extent around the BoD.
Drilling want firmly defined as a timeline but Sandjet was so come on.lets get on with it.
Assume the licence extension will run for x number of months after authorisation otherwise the duration of the licence will have been spent waiting for it to be rubber stamped
Should read, the no 4 licence amendment to extend the licence.
The requirement for any licence operations is that the no 4 licence is extended. The signing of the star valley rig contract was subject to the necessary regulatory approval. The extension to the licence was submitted on 23 jan 24 to extend the initial phase of the licence to 5th June 2024 in which time sand jet perforation of discovered gas was to occur and the drilling of the mou 5 well.
It’s now three months since the licence amendment was submitted and it looks like chariot will be next to get the rig to drill two wells, so it’s unlikely prd will get the rig till early June, by which time the licence extension will expire. I think a revised licence extension date is required.
However, prd did say they were ready to perform sandjet perforation from end of April when coiled tubing unit would be available .
The extension of a licence should not take 3 months, hopefully we get news very soon.
Jimmy
GRH on X. .. .. .. Folk sweating the small stuff
Might wish to
⭐Study Sound RNS today re rig timing
⭐Consider logistics re moving SV101
⭐Measure SDX - CHAR - PRD - SOU
I hold in volume
#PRD
Bob
Would that be around the Sir John Harvey-Jones review? Forms a good chunk of Ineos now does it not?
Lol, tired when I wrote that.. forgot to mention the hospitality tent was at the Gateshead International Garden Festival in 1990
🎡🎪🎪
Blimey Kasj… my Old man had a Singer Vogue estate ..lol.. he loved it..
.....if we're talking Ahwaz or MIS - he prolly bought it off my old man - when they promoted him to chief er rigger, he had to get a Merc.....
For rigger read er....kahuna. that's it - chief kahuna!!!