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Morning Kas,
Yep, I remember the bit about CP trying to strong arm Paul into sharing data (for free!). Saying that, I’m sure Paul is very happy to work with majors/super-majors in the right circumstances. But in the specific situation we have with Morocco, my impression was that he wants nimble, fast-moving partners who are aligned with PRD in wanting first gas ASAP (whilst the energy market is so positive for gas producers). Large companies, like CP, work at their own pace with less urgency and so that’s why I think Paul feels they wouldn't be ideal partners for progressing Guercif.
The presentation is now up on Youtube (and also via the IMC website), I’ll re-watch later and double check what he said:
https://www.youtube.com/watch?v=qIfk-nGiCNI
Hi BillyRayVal
I don't think Paul has a problem with working with big companies, I am sure that Massey can be categorised as such, so long as a win win scenario can be created for both companies.
The problem with CP was that it appears as though they were trying to strong arm Paul so that they could get hold of the data obtained witohut signing an NDA.
Other points you raise though are correct.
Just a few notes on the funding situation re drilling in Q1 next year:
- Paul stressed the 75% ownership of the licence, so room for JV partners to buy in at the project level
- There’s interest from inside and outside Morocco
- The process is active and competitive
- Finding a partner(s) is much easier now with the gas crisis (even more than it was a few weeks ago)
- Paul doesn’t like big companies so CP won't be the right partner. He wants our partners to be people who need gas, who are fast-moving and keen to see early production.
- He’s determined that funding will be achieved WITHOUT shareholder dilution – “we need to preserve the share price”
(hope this is accurate… I can’t read most of my scrawled notes!)
Sorry, to clarify, I meant our Moroccan FSRU application, not Ireland, which I heard was clearly later in the presentation.
I didn't hear any mention of our LNG FSRU application but I joined 15 mins late when it was about Moroccan drilling, did I miss it or was it not mentioned?
All in all, I thought that was a great presentation with so much to offer investors. Why we aren't at least 20p a share is beyond me, but c'est la vie..
Hiya all...loved the presentation/q&a ....albeit cut short at end...
One bit (sentence) i picked up on ....." mou4 "will demonstrate next year in a VERY big way" ...seems like he's like financing ready as and when needed....things are looking up :)
Gla
Exciting few months coming up
Taff
Bdt
My take home message....
Be PATIENT, management WILL deliver! (Paul repeated this several times)
Paul Closed on 5 points:
1. MOU1 opened New gas basin
2. MOU1 will be tested, catalyst for step out well.
3. CNG Gas development is the way to go.
4. Ireland is Pauls favourite hunting ground and we are still at the table.
5. Trust Management Judgement on Morocco.
GLA
Ireland looking good!
July RNS was cautiously worded so as not to upset ONHYM! Lonny joined us for a reason: The success of the well !
Highlights, Croxie, PRD is ridiculously undervalued, fantastic presentation, message from Paul....Patience.
Ron Philbeam left because of age and probably work pressure at age 76. Hey he still retains 2.5m shares so can't be that bad!
Brilliant presentation so far. What a gem!
Can't join but if someone could post the highlights that would be great! thanks in advance...I will get the first drinks in when we all get together for the £1 + party :)
Presentation starts at 4pm !!!!!!!!!!