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I’ve just listened to that interview again, it’s all A little bizarre actually especially when Paul says he can only eat chicken !!! funnily enough no mention of Sandjet operations at all , just bigger guns, so clearly Sandjet perforating was not planned for our wells when wells were designed..
Prd previously prioritised flow testing of mou fan in mou 1 and 3 which would then facilitate a production concession licence. They also suggested testing of the very shallow unlogged reservoir in mou 3.
Interestingly, the last announced flow testing did not include the 50 meters of shallow reservoir in mou 4, yet it’s recently referenced as gas bearing, so who knows if it will be tested.
With regard to the mou 4 Jurassic 2 meters of likely gas, I would flow test it, because if it did not flow I would not drill mou 5 updip.
Jimmy
Did PG not hint at something similar this time last year in that Sunday roast interview? Yet here we are a year later and still don't know if we have flowing gas to sell
Jimmy,
I am not necessarily expecting testing of this zone in the forthcoming SJ programme.
Are you?
In the recent presentation Paul mentions several times that the" focus" for SJ is to be the middle sands, in the expectation that these are likely easiest to penetrate, so path of lest resistance.
Once the requirement for a mid-case CNG operation is met, i am not therefore convinced that further testing is a given.
Quite what is meant by "focus", im not sure, but ive taken it to mean priority, with other zones considered optional.
All three wells feature in the activity schedule at the start though.
?
He's alluding to the Project in Morocco rather than our daily volume.
Always curious when GRH says "big money involved".
Can't see any accumulation going on with trade volumes. Unless the big players haven't reached their target price yet.
.......the jackboots have given my post a good kicking, wonder who could be behind that. You are right Older
Hope it is this year and I hope nothing less than£1
I would be extremely happy as have been on a 5 year long journey
GL
GRH. .. .. .. #PRD
💥 M&A
💥 This Year
Very interesting re what GRH has said above. Thank you. My question: does he think that this will apply "only" to the Moroccan assets, or to Trinidad and Ireland also, ie the whole company? I understand that the Trinidad assets are similar in size to the Moroccan ones, and also that they have recently been added to. All the best to genuine investors.
I have re read the mou 4 rns
“ As previously announced the culmination of the Jurassic carbonate target lies 2.6 kilometres to the southeast of the MOU-4 well location and significantly higher than at the MOU-4 well location. Therefore a positive rigless testing result in this zone would help to de-risk the larger Jurassic structural closure in respect of reservoir development and migration of gas. These were two of the most significant pre-drill exploration risks.”
A flow test would validate the gas, which nuetech reported as likely, not certain, and would hopefully establish the gas water contact. Possibility of a gas condensate contact which would be interesting.
Jimmy
So glad that the oil and gas is at a depth that is achievable to get at, not like some that profess to have knowledge way belong their depth - Oh well 🤔
GLA
That could get a little confusing as the post has disappeared. Related to Blueglow post.
There you go, another one for the bin. How dare you.
Hi Keith,
I too thank you for the significant contribution you make to this board.
With regards to your speculation about a small capital raise after the flow test results, to fund drilling deeper into the triassic. I wonder if that may not be necessary as the company may have already agreed a prepayment facility in its Heads of Terms with Afriquia Gaz.
Reabold Resources, a tiny UK O&G company last week announced such a deal with Gunver.
"....The HoA also provides for a potential prepayment by Gunvor for a portion of the first five years of deliveries, with such amounts subject to prepayment being a total of approximately 66,000 tonnes of LNG, or 999,000 MWh. The average forward Italian PSV gas price for the years 2025-2030 is currently approximately €30 / MWh. The prepayment is conditional on agreeing definitive transaction documentation and LNEnergy obtaining the required permits to construct and operate the LNG production facility."
Time will tell. AIMHO
PRD are closer to delivery of gas and have a significantly greater resource.
My opinion the rig is just running behind schedule was always going to be tight for prd to drill in the amendment extension period and not getting the extension in a timely manner compounded the problem. Was obvious from the last presentation
Just checked the Morocco.section of the website - seems a little aged!!!!
RNS to go there for further information. Blimey
Thank you i had not realized that it had been tried on other rigs and people got badly burnt. explains a lot.
Ibiza
Several years ago two management consultants from the North East struck on the bright idea of building a couple of semi sub rigs in Huddersfield/Hull way. These are much more complex than SV-101 but the lenders lost hundreds of millions.
I'd imagine SV-101 has quite a lead time to construct and would cost in the tens of millions to build let alone getting a consortium of experts together to ensure the correct design spec and construction capability.
Often order books are filled well in advance and few are built speculatively.
Alternatively, anyone here have the wherewithal & fancy going into the modular mobile drilling rig fabrication business ??
Because after nearly 3 years painstaking analysis....I think I've identified a gap in the market.....
I am going to ask a silly question here but if this rig is so good and so useful and everyone, well at least 4 businesses are after it at the same time, why is there only one of it around. I would have thought they would least one more.
Noddy, if you offered me a single bus fare to be free from you, I'd snap your hand off...
GRH...you talk in riddles, as usual, are you communicating with F&M from beyond, if so please consider the poor fellows struggle coming down the mountain each time with those heavy tablets.
For all your hyper bullish comments of jam tomorrow over the years I firmly believe that without them we would now be exactly where we are SP wise without them.
Tmh now you are beginning to rave, paranoid even. At no point have I ever claimed O and G industry experience, just another investor albeit a very cautious and sceptical one.
There are very few directors in this 'colourful' business that I would lend a single bus fare to.
Keith, I am so glad there is some focus on the OIL/CONDENSATE on our license.
I have never felt enough focus/credit has been given to this possible asset.
Any idea what PG/Lonny’s focus might be re the other 29 possible targets within our license area.
Cheers MEM
Great post, @Keith. Meaty, with a personal opinion attached. Respect.
The scenario depends 100% on the Sandjet testing doing the job intended, with the results confirmatory of the drilling assumptions. Not sure what "cos" factor to apply to that possibility. 90%+?