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Hi DonalB,
I can see a date of 23rd Jan 2024 for the 31st Dec license holders.
So if there is any change to our S.A. Status, and the DECC mentioned end of Q1, it might all be released next week on or about the 23rd/24th April (Tuesday or Wednesday)
If they run true to form.
Don’t forget PG has an interested party for our CS License. (Vermillion ??)
Next week could see IRL news
Plus Sandjet testing news and perhaps some clarity on MOU - 5 drill dates
MEM
Morning Ibiza28,
The ITR gave us a very good idea of the potential future values of Cory Moruga:
“An appraisal well "Snowcap-3” is planned in the near-term by PRD intended to prove up the P90 resources case with an NPV @10% discount of £67 Million or 12 pence per share based on £159 million undiscounted post-tax profits for the Base Case of approximately 8.33MMbbl recoverable using a 15 year production profile peaking at 3,500bopd which equates to c. 58.2% of available 2C + P50 (Unrisked) Prospective Resources.”
Note that this relates to the P90 case; the P10 is 21.41mmbbls recoverable.
In addition, the figures are based on RFs of 23-24% but we know that RFs of 30% may be achievable via gas re-injection and, later on in the life of the field, there would also be an option for CO2 EOR to further increase recoverable volumes.
And then, as Keith mentioned recently, the utilisation of Nutech and Sandjet could add further resources via previously unrecognised sands. And it also appears there are old wells that may be able to drain untapped accumulations in the Moruga West field that extend into our block, as per Paul’s comments at the Proactive presentation: “...[Lonny’s] found lots of wellheads for us in the right place, and very interesting wellheads particularly in relation to the extension of the Moruga West field into our block.”
As I understand it, TRex still holds an 83.8% interest in Cory Moruga (as confirmed in the recent FY results) although, as per the RNS 12/1/24 “Discussions [have] commenced to acquire, subject to regulatory consent, the remaining 16.2% interest in Cory Moruga for an overriding royalty”. Hopefully we’ll receive an update on our discussions with TXP in the near future.
I think it was noteworthy in this morning’s RNS that our new T&T country manager’s remit included:
“… special emphasis on assisting to accelerate the processes required for the execution of the Cory Moruga field development project.”
The plan to accelerate the CM FDP has been mentioned a number of times already in company announcements and we know that MEEI is commercially aligned with PRD. So I get the distinct impression that Paul is very eager to progress matters in T&T as quickly as possible.
And there’s still the option that Paul may be interested in adding more assets to our T&T portfolio, perhaps Innis-Trinity (and other fields?), especially considering we know that CEG is now focused on Uruguay and is currently conducting a strategic review of its T&T business. We may have news on this around the mid-year offering the potential to re-start our CO2 EOR operations in the near-term.
So Cory Moruga clearly has a very attractive baseline production level which, contingent on a successful appraisal well, would alone be worth more than the current share price. And then there’s substantial upside potential in T&T that’s not yet being factored in to any valuation, IMO.
Acott, this was last updated on 27 Jan 2024, for the 31 Dec 2023 licences. So maybe a week or two till the next update, but with Einstein Ryan ???
https://www.gov.ie/en/publication/10d43-acreage-reports-and-concession-maps/
Oldslow
We get incentivised with options but not at the level of the Board. The bank has different remuneration structures for different areas in terms of Material Risk Takers versus counter staff.
The CEO recently departed and expected to retain options but these were withheld due to negligence.
Somebody here posted a link to the page which is updated every quarter by the Ire Gov regarding the status of current licenses. Does anybody have that?
Trinidad is not worth 10p a share. Maybe 1p at best.
There is great potential there but way too early to add that kind of value.
Ireland is not priced in either.
Morocco reflects a great asset that has not yet been tested. Testing results are key to the end game.
I think we are going to find that the current SP of 10p will cover the value of our asset in TT. This is now 100% owned and means we control what happens, when it happens and how it happens provided we stick to the terms of any agreement. That means the whole of the potential in Morocco is priced in for nothing at the current price that is for those who bought in ages ago then you are still well under water and just hope something comes through for us all.
Another step in the development of our Trinidad asset.
Paul and Lonny should have more time to focus on Morocco. That's where the real potential is.
The testing should happen soon 😎
I've more or less switched off from the testing program but it will happen.
Spain is starting to warm up and another summer of fun approaches. Life is good and if all goes well with predator then this year is going to be massive for me.
Good fortune to you all.
JAMES, i also have some shares from the company i worked for, they were also a bonus at a reduced price and are locked in for 5 yrs so i dont pay the tax,these are not options as such as they were payed every quarter,only top management get the options at a price to reflect doing a good job and also paying less tax... if in 10 yrs they have doubled or trebled its just a way to pay them more without the public getting too upset at how many millions extra they can get .... and then blame the renumeration committee,for there 40% wage rise when the average worker got 2.1% with 5% inflation at the time,,i was shocked to find out when the high level chairman(multi billion pound company) was sacked but still payed,as he had a 5 yr contract so got payed 14mths pay for 3 weeks work, approx 3million inc bonus,s even though the company had been making huge loss,s for the last 3 yrs,,mmm. since then the share price has risen 45% so the millions in shares are now worth 5million,funnny enough after he was sacked he was able to retire.!
Stephen Staley stepped down in March 2022 - it's there I. The 8 March corporate update RNS. Thomas Evans also looks like he stepped down about a year ago. So both must have had good leaver status, but neither have the current inside track either.
Sometimes share options remain in place as a good leaver and we in Financial Services need to take our bonus (above a certain level as shares, although these aren't options).
Some of my options will remain in place as I move to my next role, it can be a discretionary thing based on how documented originally and how the leaver is perceived.
Positive news due shortly on all fronts imho 😊💪
A great move by the company. Congratulations to the PRD team. They do what is in the company's best interests.
Also, thank you Keith, MEM et al.
Predictive text for Kadar read LASAR !!
Me too, be even better if he bought some shares with his own money on market….
Well I for one am delighted at the beefing up of our management team.
Super chuffed that his experience will steer PRD’s plans forward to success and for the most part freeing up PG & Lonny to bring their Kadar focus back to Morocco.
Congratulations all round
MEM
Does A.V. know anything? all the negative crap and he is wrong again if you no longer work for a company the bonus,s in shares lapse simples,if you are not invested why are you here with the negative agenda? also why only 3 red flags,, if you read to the bottom of the rns there is a list of ALL the share options and lapsed options,its more than 3 mate.......
😂😂😂😂 very good, will give you that one
Looks like AV must have woken up OF when he rolled over to check for a 7 am RNS.
Trolls and Traders out in force to drive the price down for the upcoming catalysts of events.
Standard practice for bottom feeders.
Along with those who need prd to fail.
Sad really.
Then we won't have to take notice of any positive developments. Just 3 days ago we got this from our learned friend: "Obadhia, I've said similar about our 2 man band spinning 3 plates in 3 continents. It doesn't stack up whatsoever and IMO dilutes the attention"
Today we get an RNS announcing a senior legal/financial appointment in Trinidad:
"Geoffrey Leid is the Company's in-country managing director of T-Rex. He will focus on promoting and developing the Company's business activities in Trinidad with special emphasis on assisting to accelerate the processes required for the execution of the Cory Moruga field development project. He is a corporate consultant/adviser with a particular focus on oil and gas development projects. His extensive experience in the acquisition and funding of resource projects in Trinidad spans ten years."
Paul & external specialists did all the sub-surface work last year - see the T & T ITR for details. An action plan has been agreed with MEEI. Lonny & Moyra will focus their attention on workovers for Cory Moruga wells once MOU-5 is finished. It is PRD's belief that use of NuTech & SandJet will unlock the substantial potential of the block - in addition to the 20M Bbl already identified.
Geoffrey is the right guy to get the finance in place and negotiate all the agreements - including for the sale of oil, and further down the line setting up CO2EOR with other companies in the country.
But you didn't want to mention any of that, did you?
Tea boys rarely get options.
So 3 million a year or more from trinidad for share options at 12.5p if oil at £40 a barrel after costs.do we think it will flow more than 200bpd?
AV looking out for us all as per…..
GLA
...as anyone would know if...