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It says new shares were allocated.
How many and what for?
A poor AGM update.
It was in the AGM circular;
hxxps://wp-predatoroilandgas-2020.s3.eu-west-2.amazonaws.com/media/2024/04/AGM-Circular-Final-11.04.2024.pdf
Special Resolution
Resolution no. 3 (Authority for the directors to allot Ordinary Shares)
This resolution seeks Shareholder approval for the authority for the Directors to allot sufficient Ordinary Shares
to give the Directors flexibility in issuing shares for additional capital as required to demonstrate to potential
purchasers of gas that the Company, if and when required, has the flexibility to progress the initial development
of Compressed Natural Gas in the Guercif Licence and for further infill production wells thereafter to scale up
production. Sufficient flexibility in issuing shares is also required for the potential exercise of existing share
options and broker warrants,
The Directors be duly authorised in accordance with the Articles of Association of the Company (the “Articles”) to
exercise all the powers of the Company to allot, issue, convert any security into, grant options over, create share
warrants or otherwise dispose of Equity Securities (as that term is defined in the Articles) as if the pre-emption
rights set out in the Articles did not apply to such process described above, such power to be limited up to a total
of 200,000,000 Equity Securities provided always that this authority shall expire at the later of the conclusion of
the Annual General Meeting of the Company to be held in 2025 and 15 months from the passing of the resolution
but, in each case, during this period, the Company may make offers and enter into agreements which would, or
might, require Equity Securities to be allotted after the authority ends and the Directors may allot Equity Securities
under any such offer or agreement as if the authority had not ended.
Thanks VLt
200m shares is a serious amount to be able to call on if needed to raise further cash. It does strengthen PRD position when potentially negotiating asset disposals with any 3rd party.
15 months quoted is also interesting. That takes us til around Aug 2025. And that's when they currently expect to conclude any serious business by at the very latest.
Let the show begin!
Pv72
Possibly missing or mis reading the RNS can you point me in the right direction where quoted 15 months to conclude.
Many thanks
I must say, PG does play his cards close to his chest. No mention of Sandjet start up in a Q&A session today, or the timing of access to SV101? Not that he is under any legal obligation to say anything at today's meeting, but it's what shareholders want to know.
My own view is that SJ won’t happen before MOU5 is drilled.
Just popped over to CHAR where I hold a few and had to laugh when I came across our friend Little Nigel who is over there today giving it the big one and dissing PRD.
What an item he is.
Anyway just a thanks to all the knowledgeable posters on here that keep things ticking along. Certainly been a journey but hopefully in the next month or two we will finally reap our rewards.
Keep up the fine work.
All the best.
Nigel can diss because PG's reluctance to test. But at some point this will change.
What is not in doubt is the terrible track record of failure CHAR has over the last decade and more. This latest failure was meant to be a "slam dunk" but they got it terribly wrong again.
For all his faults, PG has a record of 4 out of 4 in Morocco. Yes I am aware MOU-2 was suspended, but I will give PG the benefit of the doubt on that one.
Roll on the flow testing!
There is no 'reluctance to test', just an incoherent plan. From Feb 5 RNS.
'MOU-5 is expected to be drilled between 1 April to 31 May 2024 in order to avail of in-country well services that will remain following the completion of the Company's rigless testing programme, which is currently underway, thereby reducing mobilisation costs for well equipment and services'.
So now that we Charioteers have a second well to drill the MOU-5 timescale has moved to the right.
Where is the SJ kit?
What is the cost of retaining well equipment and services now that the spud date has slipped? All Q's that would have been worth an Aurigny ticket over to Jersey for.
So why didn't you fly over then "bloody Nigel"
The equipment is on site the services I'd dare say come with the rig to some extent and others will be procured along with the rig timing they arr working too even if it hasn't yet been shared.
@dickienicholls
Sorry been busy today...it's in the next sentence down from the 200m options quote....to be precise options end at later of 2025 AGM or 15 months from today....at least that's how I read it
Exact quote is:
...such power to be limited up to a total of 200,000,000 Equity Securities provided always that this authority shall expire at the later of the conclusion of the Annual General Meeting of the Company to be held in 2025 and 15 months from the passing of the resolution....
GLA
While we the proletariat argue amongst ourselves, the simple truth is we are kept in the dark by PRD about stuff that is both current and overdue - certainly material. I detected an element of chip-on-shoulder narative from the minimalist rns relating to the extension update. That was an opportune time to relay a proper summary of the state of play covering operational aspects in Morocco. Its not a personal play thing, it's a public quoted company that has a basic duty to keep shareholders properly informed and I for one don't think that has been fulfilled given the obvious impacts of Moroccan beurocratic incompetence and in-country equipment sourcing obstacles. If the company provided reasonable updates in line with most of its peers, the constant speculation would be redundant. I therefore believe our management enjoy the power of withholding basic information - whatever their motives.
Flipping heck! Desperate FUD there. Pure fantasy. Nothing further to add.
Did you go over that last sentence a few times before you pressed send davwal...
That's funnier than anything Noddy's ever conjured up in his inferiority RAF grease monkeys, toy town bonce
Devicive
And
Vile
Weasel
At
Large
So at least we now know the next equity issuance/s will be 200mm shares, so guess we can base our dilution of existing holdings on that.
I’m a little worried about our cash balance tbh, our O and A costs were nearly £3.5mm last year and how we have added expense of T and T on top etc , new personnel etc . Our cash balance was £6.4mm 31st dec, since then we know we have spent spent costs on our failed well test of circa £0.5mm and we can assume we must have spent near 50% of last years O and A costs as we approach mid May. Have we also been paying retainer / standby costs for in country CT unit and equipment, some say we may have been but I’m not sure. .. we could be down to circa £3mm ….these delays mean less cash available for our 2024 operations.. i have concerns.
Fishing in Lake Guercif is not cheap. ( btw the silly post yesterday posted by F & M should not mention fishing, as we do not want to be doing any of that when we do finally commence our Titanasaurus well )
I am Excited but a little concerned…..
bold you’re not a shareholder. go away. i’d hoped your appearance on the serica board might spare us from the almost constant stream of verbal diarrhoea but it’s not looking good. you’ve put £80k of your chariot money into seica you say? then you’re either a fantasist or a **** investor. either way, why should anyone listen to your bs?
Tricky micky , so wrong pal , firstly I am a shareholder here and have been very open about it, i have increased to 250k shares. secondly i actually bought 80 k of sqz yesterday , however not all from char money… maybe better to discuss the contents relating to our company please , why are you obsessed about me ? I have made quite a few positive comments here of late but i now have my concerns… how do you see our cash position Mick ?
Healthy as a trout .
Snides