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@Jimmy. The 12% gcos for MOU-5 was derived from the following %age risks: 0.45 reservoir x 0.56 sourcing x 0.65 migration x 0.71 trap & sealing. Given that the most recent study gives a thick layer of source rock directly under and in contact with the carbonate bank and as part of the same anticlinal structure, that reduces the risk of both sourcing and migration. The multiplier effect of reducing two of the four risk factors is considerable.
Keith .
Thank you for your summary and views,
We know that mou 4 encountered 2 meters of good carbonate reservoir with very high gas saturations, and that in the shallow zone 50 meters of reservoir was gas bearing , per neutech.
So it seems to me that source rock in the area has been proven and is not the factor behind the it’s gcos of 12% for mou 5.
You stated.” As an aside, these recent source-rock studies greatly increase the gcos over that suggested in the January ITR“
Can you please explain your point further.
Jimmy
If the chosen strategy is to now use OHNYM’s old banger, that’ll be interesting. Still if it could start before the extension runs out and eventually reach TD, then bring it on!
Let me try to summarise some off-board discussions concerning the odd apparent timing of drilling rig use. Given that of the four companies using SV-101, only PRD actually had some kind of prepaid contract, it would reasonably be expected that PRD would get first pick. So why is there now a possibility of last go? The following is not a prediction, just a possible viewpoint.
You may recall in the Proactive presentation that Paul showed a new view of the MOU-5 prospect, including for the first time a thick layer of oil & condensate-prone source rock directly underlying the Jurassic carbonate bank. (As an aside, these recent source-rock studies greatly increase the gcos over that suggested in the January ITR). Beneath that is rock of Triassic age. The Triassic is the main reservoir for oil & gas across the whole of North Africa, including as near as Sound's Tendrara. Field work has been ongoing in the Guercif region looking at outcropping strata on the margins of the basin, with the aim of understanding the complete geological sequence beneath the centre, in particular under the MOU-NE prospect, and where in that sequence the best reservoirs are most likely to be found. Paul has said that he was going to Morocco two weeks ago to finish off this work - which would give reason not to want to start drilling MOU-5 just yet.
If, as is likely, the Triassic beneath MOU-NE is thought to be a suitable reservoir for hydrocarbons, it would be a missed opportunity not to drill a bit deeper than the 1450m previously announced. So what would be the plan?
* SandJet MOU-1, -3 & -4, flow & pressure test. Announce the results together with a definitive agreement with Afriquia Gas.
* Use the increased share price to facilitate a small capital raise.
* Apply the proceeds to drilling & testing an augmented MOU-5, bearing in mind the additional cost of an extra 500m (the SV-101 has a 2000m capacity) and the complications of separating gas, condensates & oil for flow testing.
Having added value, you have increased opportunity for obtaining a good sale price – either as a complete sale of the local Moroccan subsidiary, or else as separate components: a CNG operation with predictable cashflow; a G2P / G2EU future operation, and an oil operation.
Out of interest, about this word "troll" so often used by a certain poster to put down others.
Why are they trolls? Just because some posters see the company situation in less than blindingly obvious bullish light? I don't see the need to put down posters who genuinely use factual information, plus some interpretation or opinion, to arrive at a different conclusion. Isn't that what a BB is for?
It is always up to the reader to make his/her mind up about said posts - ravingly bullish or negative.
Nobody calls a 100% believer a "troll" for his/her view, but until the evidence comes in from company RNSs that confirms plans have been achieved, the jury has to be out on any company, anywhere.
Oh, and Mr Market is always the final arbiter. Not the poster with the mostest.
GRH. .. .. .. For the trolls on LSE
I had posted that sdx had previously used one of the old ONHYM rigs...correct
And that I would be 'surprised' if they used SV101
I was surprised
Such that ...as soon as the sdx use of SV101 became clear, I realised very important change in strategy. BTW
I try to post clues...
so folk do their own research
I have no need nor wish to tell folk what to think
It's up to everyone to use their own time and money to research for themselves
I try to point out what to look for💥
Ninja
Don't subscribe to the get it last mantra, of there are delays because Chariot decide to drill further holes or Sound/Chariot encounter issues (not unheard of) we potentially don't see the rig for even longer. In such eventuality weather can interrupt ops too. I'd rather have been next in line and drilled, it has been said previously much of the prove up drilling would be left to others so it appears a bit of a contradiction.
Also, unsure how a 10 drill campaign at our leisure because we are last in line is to be funded.
FORD i hold shares in 3 moroccan oil and gas companies and i have been very clear with that, my holding here is actually 198,455…. a lot for me.. I like to ascertain facts opposed to spin,ramp and hype as i have lost money before investing going of that.. i really like our prospects.. i like our potential and i see it as a good bet i will make money here. my average is however higher than where we are currently. i Have already said i do not belevie derampers saying we will cash raise.. our Directors have stated clearly we have all cash needed for 2024 operations.. i believe them as i am sure you do.
Things will happen when they happen. We've only just been granted the permit.
Bottom feeders out in force today.
Goldy, at least give us the decency and stop writing “us”
Negative and more negative but yet you hold 200,000 shares. Reading your posts and then saying you hold around £20,000 worth of shares you must be mad!
This is what happens when we don't get all the full picture in a returns.
-when is testing planned?
-when is drilling planned?
-when is the next raise?
The last point is because we did have the money to complete the planned works but any delays will surely eat into that.
The next returns could potentially be a raise with the rescheduled works added in to soften the blow.
-
Well he was not making that point when he advised SDX were using an ONHYM rig for their drill and we would be getting sv101 much earlier as they were not a part of the rigs chain….
GRH makes a good point about getting it last, perhaps on a rolling "we keep it as long as we need it" contract, then maybe that's to our benefit in the long run. Yes, more delays but ultimately we're much better off at the end of the day. Realistically been here long enough that a few more months won't impact me that much.
Of course it could be some clever line of "spin" from grh.
BWTFDIK.
To the organ grinder and the monkey. As per the Oxford Dictionary and Thesaurus I hope you are not referring to explanation 3 of the word monstrous although you could point at it if things did not meet you expectations.
GRH. .. .. .. Continuing drivel on LSE re who gets SV101
And in what running order
💥 I want PRD to use it last in sequence💥
As I have banged on for years...
💥Guercif is monstrous💥
#PRD
Because the SOU Bod said only 2 days ago, that the rig is going to tendara for setting completions after current operation, current operation is now CHAR and will be for 50-60 days..
SDX have to side track, they have encountered a shallower gas interval circa 9m … so they set plugs etc and TA , and Will side track out to original deeper targets this is why the drill took a bit longer, they are mobilising kit into side track.. they will need the rig back for this , hopefully its after our titanasourus drill , because if they get it to side track before us , we will be even further delayed !!! :-(
That's imtersting Nige claiming now not to have any experience in O&G when previously you did !!!
Bold again I ask what evidance do you have that PRD is 4th ?
AV No (RNS needed) our RNS states contracted too 31/05 still 28 days left.
We appear to be ladt in the running order but nobody knows for sure. Prd could be working behind the scenes to change that. Until we hear something otherwise.
So, let's get this right...
PRD appear to be last in the pecking order to use the rig??
Doesn't this (if true) mean shareholders should be informed via RNS ?
🚩🚩
Go and live in Scotland Lardlepool Bob. There you can have great fun denouncing people under their swinish new blasphemy law. Stasi material.
What business did you run noddy
Reported
Tritoretire, you are so hostile, just not warranted !
so SV 101 sequence looks confirmed now, SDX>CHAR>SOU>US
This will put us around mid to late July spud for our titanasaurus well imo.
Seems we are on longer the special one with regard to SV ?
looks like derampers trying to sow seeds of a fundraise , i do not buy into that myself. We are fully funded for our ops, even though delayed and i firmly believe our BOD .
Just in case you want to answer on this post Nige!
@ Little Nige
Do you have any experience in dealing with any of the following:
1. Running a business
2. Oil and Gas
3. Strategic legal advice, risk detection, prevention and mitigation……
I know you’re slow so to help you point 3 is very loaded.
I’m happy to learn!