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Usual mushroom treatment from PG.
At the Proactive event Sandjet equipment was due to start arriving from mid-April with testing commencing end-April.
Note the Financial statement contains a note saying the contract is signed for SV rig but not timeline.
I do hope given how long it has been mooted that they have ducked in before Chariot/Sound but the silence is currently deafening.
Lol. Well done Fordy. The old ones are the best!
@IJWT - I share your frustration to an extent on timescales, as im sure we all do. But I suspect there is no news because negotiations are still ongoing on the running order for rig use with the other interested parties. If I was PG and thought I'd be at the back of a v long queue, I'd be on a charm offensive to try and push myself to the front of it.....as for sand jet, it wouldn't surprise me if that kicked off in a couple of weeks, or they slightly delay it to align with the drill rig work. All just guess work for us but just wanted to offer other potential explanations for the delays in comms. Not all delays are bad.
PV72: Thanks for that .... i was thinking along the same lines.
Hi the Bold
Can you explain please how you arrive at your time line?
Looking at RNS's Char's window has past with no confirmation of drilling (?) "by end of Q1" PRD's window is to the end of May and Sou's window is from June.
So are you saying that the rig SV101 is coming to our Titanasaurus next , even though we as yet have no licence to drill ?
I hear Chariots offshore well delayed a month.
Not that it will worry PRD
The bold, i'm not saying anything I'm just following the rns's.
You've put forward a timeline that I'm just trying to understand as it's not independantly verifiable
How do you know they don't have a drilling licence by the way?
People on here want a running commentarty (daily update) yet experiance shows PRD will NEVER give that.
You seem to be negative because an RNS hasn't been released (no drilling license) yet ignore the ones that contradict your prefered narrative, why is that?
Char has signed a contract to drill two wells, this contract does not include a "window". PRD have signed a one well contract that does not include a "window". Both CHAR and PRD gave expected times for drilling, but in simple terms they have a slot in the running order for the rig with no fixed dates, only estimates. SDX has overrun pushing all drills back.
Pv72
I hope (and expect) PG is pushing size of PRD resource to prove up versus Chariot and suggesting to OHNYM we should be head of queue.
Mentioned last week I think Sandjet is imminent as this delivery seemed contractually definitive in the comms.
Appreciate that drills can be a challenge due to kit my frustration is, if we have allowed ourselves to fall to back of queue when it has been planned for sometime.
IJT
The rns stated the timinung of sand jet was as follows.
“ Mobilisation of the Sandjet crew and equipment will occur shortly after Petroleum Agreement Amendment #4 has been ratified and all necessary regulatory approvals for Sandjet rigless testing have been received. The time framework for the Phase 2 rigless testing programme will at that time be updated.”
The licence amendment no 4 was submitted on 23rd January 2024.
If the relationship with onhym was as good as many investors think then the licence amendment should have been completed by now. Unfortunately, prd seems to have a poor history of getting timely regulatory approvals in Morocco.
Jimmy
Jimmy,
The echos in your house must drive your other half up the wall. 🦜
"prd seems to have a poor history of getting timely regulatory approvals in Morocco."
I suggest a more accurate rendering is that "exploration companies in Morocco seem to have a poor history of getting timely regulatory approvals in Morocco." If you take a look at the SOU RNS this morning, you will see that they applied for an 18-month extension to their exploration permit in December 2022. 16 months later, they have approval - of sorts - but still awaiting Ministry sign-off with only 2 months of the 18 left to run. To be fair, they have also arranged a further extension with ONHYM, but again, this still does not have official ministerial sign off.
To intimate that these delays are the sole fault of PRD management is clearly misleading.
I think we should all have a little wager , we are all gamblers anyway right, or we would not be here.
Who wants to bet SV101 will be going to us first before Char and who wants to bet SV101 will be going to Char first before us .
I know where it’s going after SDX completion.
Interesting context KeithOz
Keith.
I believe Sou had a major tax disagreement with Morocco which has only recently been resolved and now they get their licence updated.
When lonny worked for SDX in Morocco, they were abele to flow test numerous wells within a couple of months of completing such wells. It’s nearly three years since mou 1 found gas and still no sand jet flow testing , hence my frustration at such delays, as I invested on the basis of promised sand jet perforation and early cng production which I am patiently waiting on.
Jimmy
Has it been that long?….
Well why didn’t you say so!!
Pull the other one Jim.
This is like p***ing in our pockets and telling us it’s raining!
Jimmy
Apart from you being clearly a sheep-masked wolf of some kind (it really stands out in your subtle commentary!), I happen to agree with your general sentiment.
I was in for a while on the prospect of testing but sold down after the nasty taste the fluffing of the 'testing' rns left in my mouth. That, and getting a sense of feeling like I was being talked down to like a child at the recent hnwi investor presentation. It was a little unpallatable. Sold out.
Predator have good acreage no doubt about it, and clearly appears that flowing gas is possible. IF they test. And only IF they suceed. But beyond the obvious this company has many warning signs all over it, also. Company presentations are pure promote, and predator are no different, except you also get agression and some odd kind of threats thrown in for free. Markets on LSE are shot, but dont make that the excuse for a low market cap when your company doesnt test and places shares unceasingly under the premise of testing. Its pittiful lack of accountability.
Otherwise, the possibility of placings must be taken as a serious consideration, and more signifcant delays than many here are likely (or willing?) to acknowledge.
I feel a placing is approaching and that is based on the prolonged delays, poor rig availability and Paul being more interested in exploring than producing it seems. As well as a similar history of silence when approaching (and bypassing) laid out timelines.
I highly suspect he has been trying to work some new deals while testing is put once again on the backburner. What is happening with CEG? Paul is fixated on Trinidad. It is clear. There may be a bait and switch coming along. Its not uncommon for junior explorers to keep the fires stoked with distraction.
Delays here often lead to unfavourable rns, and the first many often hear is when that rns lands and the sp plummets.
With this in mind, I suspect a placing will occur before testing or drilling has happened, and delays to sand jet and mou 5 will stretch into Q3 and Q4.
If prd test and flow, with no delay, then good on them, and everyone IN will make good gains.
I am not curently invested. Would consider after a placing to ensure funds for drilling (as testing likely wont happen until Mou 5 is drilled... IF it is drilled!). But not before.
My view only.
Very succinctly put, sir.
Is there any evidence that Paul Griffiths visited Morocco recently as he stated in the recent presentation?
He said he was going to send back some photos of "snakes and the wind" - A bizarre comment, or did he mean a selfie 🤳 🤔
Sad to see the company communications have not improved whatsoever. Clearly investors are running out of patience, that said they should know from experience what to expect.
Well Munnie, thought I was the placing sniffer pursuivant. They could place early to hedge against CT testing failure and MOU-5 PAA but so far PRD has been a bit behind the drag curve and placed at fairly obvious points, diluting the faithful.