Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
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After reading the today's rns again I decided to reduce my holding . Not because of geology but poor management the main reason that's all this rns says to me. Never been a massive fan of pg but the constant delays look to have caught up with him and backed into a corner used unsuitable kit to keep hold of the licence. Wasting cash in the process. Waited along time for mou1 testing and still dont know if gas is their. No sandjet testing on the horizon either . I fear the geology may be better than management
Hi Daibark, absolutely no problem at all.
Good to see that the links are of benefit.
* General Election in Ireland is set for March 2025.
* Eamon Ryan's DECC hope to conclude their review of PRD's successor authorisation for Corrib South in Q1 2024 and will be writing to the company shortly (as per Corporate update 26-Jan-24)
* The DECC extended Europa Oil and Gas's Inishkea West licence on 31 Jan 2024
"Ireland has taken us by surprise. We remain cautiously optimistic that we potentially have a partner for Corrib South in the event a successor authorisation is awarded. There is no guarantee that the conclusion of the GSRO DECC process would necessarily result in a positive outcome for the Company. Corrib South is a quality exploration asset adjacent to the Corrib gas field infrastructure and was formerly held by Shell under a Reserve Licence authorisation."
That's true. Would a Purdah affect this, or easy for Minister Ryan to claim so?
… one of them being the market’s incapability of understanding the RNS announcements. I take a balanced view on today’s RNS. Imo, before today, it all hinged on Phase 2… and today, it still all hinges on Phase 2. It’s now clear to me why we only ‘tested’ such small areas; both for licensing and de-risking purposes, it seems.
The positives are being massively overlooked by some imo; just as the potential/likely issues with Phase 1 testing were overlooked. The lack of information relating to MOU-1 makes me cautious, however.
There are so many geniuses on here who offer very little other than criticism, whilst others offer nothing more than speculation and fantasy. I can’t recall any of the trolls foreseeing this, even though it was clearly referred to in prior RNS’. Countless times people have asked ‘why sandjet?’. Well, you have your answer now.
Morocco remains high-risk/reward in my opinion. I’m only here for Morocco, so Phase 2 is a make or break for me. I am optimistic about Ireland, but I dread to think where the SP is heading if Morocco falls apart; likewise with shareholder equity.
The question I keep asking myself is will MOU-5 be drilled before Phase 2 commences? My preference would be for this to take place and add it to the Phase 2 testing programme (if the drill is successful, of course).
GRH, I’ve found your insight of late even more useful than usual. Thank you, because I’d be lost without your pointers as to where to look.
Soon, I believe, the speculation (both positive and negative), will finally be laid to rest.
Disclaimer: My knowledge in this field is extremely limited. Do your own research.
In regards to Ireland , I can't see anything happening before the general election in Ireland ( March ) .
It is possible that environment clearances for Cory Moruga in T&T, and a successor licence in Ireland, might land before the sandjet program is redesigned.
Interesting Fact
over 100 years many Oil Companies discovered more Hudrocarbons than they could have wished to find, nearly all went bankrupt because they wasnt good enough to get it out commercially, J D Rockefeller with Standard Oil came in and swept it up.
It isnt just the presence of Hydrocarbons that matter it’s the team who are trying to extract it that matters the most.
Check out TRP massive buying goin on
GRH. .. .. .. 🌟MOU3 had to be drilled VERY overweight
🌟 For several reasons
🌟 Not least of which safety
🌟 Some folk might want to research more
#PRD
Does anyone know, or care to take an educated realistic guess to when testing and results from sandjet will occur?
I know thus is to be communicated, but curious to people's thoughts.
Many thanks,
Tom
Ra11adw2 : that's a great summary ( thanks ). If this far from a simple process & my personal thoughts is that this is a massive over reaction from the market . I'm happy to have small top up and see where this lands .
Thanks Kas for this excellent post which has greatly allayed any of mine and hopefully lots of other investors fears or doubts the Rns appears to have fuelled. The Rns coupled with the sizeable s.p. price drop did give me a bit of doubt initially but following your superb insight into the remedies available and very likely to overcome this setback, I have taken advantage of what in fact was a great buying opportunity and have added a substantial more shares to my PRD holding.Thank you Sir. Daibark.
Sold 10 million Bought 16 million how is his down.
Nothing has changed, market over reacted and shareholders reacted of course negatively but the negativity especially on here is going over the top.
Everyone knew they were doing this rigless testing and sand jetting will follow after, so why constantly post negative comments because you’re stuck at 10p-14p and are angry/upset/trolling.
PRD share price rose steadily from December 2023 same price we are at now 8p to 13p in less then 3 months. All we did was go back to that 8p price can easily reverse back on sand jetting results.
If the news was so bad and catastrophic like some here state, we would be back to 1p-4p area, but we are not.
The whole rise happened because anticipation for all these catalysts in 2024, so it can easily rise back again next few days, weeks or months
The company tweeted the share price fall and highlights knowing the backlash. It’s like at school you needed a black pen but lost it, instead you were forced to use a pencil. So now PRD will start using the black pen with no issues (Still funded for operations).
Phase 1 Rigless Testing Update:
- Formation damage confirmed
- Confidence in Sandjet to establish gas flow
- Analysis of gas samples confirms up to 99.57% methane suitable for CNG development
- MOU-5 Jurassic well planning on track
Future potential and well researched comments last few months are still valid and should be respected because apart from these people no one else gave research or information.
Sand Jetting just needs to show gas flow and this rises back up. Right now and until results nothing to worry about, either you stay long and strong like investment you believe this will be, or sell simple as that.
Well even if there are, they won’t be yours that’s for sure, ..I see you have stopped spruiking up Mosman now ? You said they were the best bet on AIM at 5-6 Pence as you pumped those snake oilers, , now they are less than a quarter of a penny …you always were and still are one of the most shameful rampers on LSE. Matter of fact , I got good advise to not go into any stock you were posting in …
I have many comments to make but will leave posting them untill the troll have filled their boots with running down, with glee a share they are ment to be holding.
A very sad group or people who are happy seeing people loose money.
In the real world they would not do that as the reaction would be them being laid out stone cold.
I'm holding firm until the testing is compleat
Hi Boukephalas
Below is a link to a 1999 paper with some examples of were successfully used:
https://onepetro.org/DC/article-abstract/14/01/28/108863/Sand-Jet-Perforating-Revisited
Baker Hughes PDF:
https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwisg9Hr-rmEAxWLV0EAHa9vASI4ChAWegQIAhAB&url=https%3A%2F%2Fdam.bakerhughes.com%2Fm%2F2a093eda832cb4f6%2Foriginal%2FIWS-abrasive-perforation-sour-oil-Middle-East-cs.pdf&usg=AOvVaw2MPoZDF6ijMYvrFvOAi62W&opi=89978449
SPE International Paper, which includes three examples as case history:
https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwjJ4qiY_LmEAxXK7LsIHSgjDRU4FBAWegQIERAB&url=https%3A%2F%2Fthrutubing.com%2Fsites%2Fdefault%2Ffiles%2FSPE107061%2520-%2520Oriented%2520Perforating%2520Using%2520Abrasive%2520Fluids%2520Through%2520Coiled%2520Tubing.pdf&usg=AOvVaw0h_qpUnCLnnKqccB_eCXU1&opi=89978449
A second SPE paper:
https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwidh7ie_bmEAxWpU0EAHayOAEE4HhAWegQIExAB&url=https%3A%2F%2Fthrutubing.com%2Fsites%2Fdefault%2Ffiles%2FSPE107050%2520-%2520Abrasive%2520Perforating%2520via%2520Coiled%2520Tubing%2520Revisited.pdf&usg=AOvVaw0CV-bwLsp-z4P6peyUhmmo&opi=89978449
A more technical/in-depth document can be read at this link:
https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwisg9Hr-rmEAxWLV0EAHa9vASI4ChAWegQICBAB&url=https%3A%2F%2Flink.springer.com%2Fcontent%2Fpdf%2F10.1007%2Fs12182-010-0009-9.pdf&usg=AOvVaw3aj00LFWMHxNEnTmTPA7wx&opi=89978449
For a bit of perspective it should not be forgotten that Lonny used £50,000 of his own money to buy shares at 9p during a previous placing.
BCE managed to source, book and use the sandjet equipment in less than two months, over the Christmas period.
Mou4 was completed in July ample time as shown by BCE to complete testing using sandjet.
A bad workman blames his tools, the issue with the guns only became apparent after they did not work. Surely Paul would have advised loyal shareholders if he knew it was unlikely to flow using this method? Managed expectations rather than appear to be backtracking in the event of a failure.
Anyone know what all the trade reversals are from days ago?
Totally
agree boukephalas, screwdriver spanner!! 🤣🤣🤣
We're not baking a cake in this game !
Apologies if this has been covered in historic posts: Do we have any other solid case studies to indicate Sandjet working in our favour on this issue?
Shame really as I was hoping for a much bigger fall. I was just checking and just over a year ago - 25th January 2023 to be precise - I was picking these shares up for sub-4p. More of that would be nice please.
Oh well, at least PRD has Trinidad to fall back on. That might suddenly become the number 1 prospect.
If they were forced, then that implies they were not in control. I understand the complexities involved, timescales, delays, difficulties, other interested parties etc etc, but no one is going to try to use a philips screwdriver on a flathead screw (caveat: I can't vouch for Bob).