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Like all listed companies, PRD must inform the market of any material development. As it is currently outwith the terms of the licence and can do nothing operationally in Morocco, the issue of the extension is extremely significant and material. No way has it been issued and that fact withheld from the market. Itβs a crazy system when the authorities take over a third of the extension period to sign it off - particularly given the alleged interest on high. I just hope PRD submit the next application immediately upon receipt of this one.
I am fairly relaxed about the agreement. I get the impression that everyone is on board. If they wanted to give to another party it would take them a long time to get to this position as we Pred are unlikely to give away all our information and although well heads are there they would have a close read our RNS's regarding formation damage and my think too risky with further work. We will get agreement when we need it.
Ireland
However i am wondering about Ireland , this is not some backward country who say end of March and mean sometime in the future. This is a democratic and (generally) well run country so when end of March comes and goes there has to be a reason. I accept there are extenuating circumstances in change of leader but that has been and gone and we sttll have same Energy Minister. So if the answer was no "Nothing Doing" we remain as we are would they not have announced it and given us a NO by now middle of April.
Alternative is they have made a decision and if a simple yes it would have been announced in the press by now,
So alternative scenario is we have given the contract (for want of a better word) but depends on us making an agreement with Vermillion and also Vermillion come to an understanding with the Irish government. I think when that is all agreed then we will be informed and the government will announce a release to the press some how saving Ryan from looking a complete idiot. So i am shall we say hopeful and more hopeful as time goes on.
Mind you i could be completely wrong and out by an enormous factor. Who knows i do not.
To me the longer this goes with no news from Ireland the more i feel this is an option and a real one at that.
Maybe findme but if that's the case it shouldn't have took long to get amendment 4 singed off either and it was applied for in January
Highlandmatt : 100% agree and i'm fairly chilled about the current situation , just as and when the Sandjet clears customs I'd like PRD to advise us , until then any other comms would be fairly pointless ( unless your trading PRD then the opposite would apply ). I'm not expecting results to land until around mid to late June ( imo ) & then it could be one big RNS. PRD would not have to release the results from the Sandjet until process of all the wells are complete. Happy days to follow....
We got one last bloody week fella
Porters...
if the King and some of the government officials are well invested as some have suggested it should not take long to get the gear through customs. π’πββοΈπ«±πΎβπ«²πΎπ
acotty.... the nearest you will get to something concrete is when they drill MOU5 and cement the liner in.π€£
When is amendment 4 being signed off? If it has been
then the smart move would be to let the market know. If not and sandjet is being mobilised from outside Morocco which I think will be the case, then weeks to get through customs. Testing has no chance of happening in April.
Nope. Quite relaxed. They can tell us when there is something concrete to report. e.g. Sandjet has cleared customs and the crew is on way to the site.
Anyone else starting to feel that it would be nice for an update of some sort from the BOD regarding timelines moving forward? We haven't had anything concrete in 2 months.