Member Info for Adon30

Q4 income was just under $3m ($2,988,993)
This had an average price of $69.21boe

The original Bakken purchase had a break even price of just under $37 ($36.69).
I can not find a price for the following Continental for break even but they were acquired at a price of approximately $2.83 per BOE for in the ground. So assume less than $45.

So currently making over 50% profit above break even on those assets alone and still new assets and Paradox to come.
Bakken also had a one year payback and acquisition completed 1st April, so guessing that is now paid back with the higher prices. It's certainly come a long way since those initial production rates of 110 boed less than a year ago.

CO2 emission per fuel source and reference website. It's American so in pounds but you get the idea. Natural gas is nearly half of coal... Hydrogen however.....

Pounds of CO2 emitted per million British thermal units (Btu) of energy for various fuels:
Coal (anthracite) 228.6
Coal (bituminous) 205.7
Coal (lignite) 215.4
Coal (subbituminous) 214.3
Diesel fuel and heating oil 161.3
Gasoline (without ethanol) 157.2
Propane 139.0
Natural gas 117.0

https://www.americangeosciences.org/critical-issues/faq/how-much-carbon-dioxide-produced-when-different-fuels-are-burned

It is a vote at the meeting for the second placement:

"2. Second placing shares
The balance of the Placing, being approximately £8.675 million and representing the issue of 173,500,000 Placing Shares at the Issue Price (the "Second Placing"), is conditional upon, inter alia, the passing of resolutions to be put to shareholders of the Company at a general meeting of the Company to be held on 10 February 2022 to provide authority to the Directors to issue and allot further new Ordinary Shares for cash on a non-pre-emptive basis, whereby such authority will be utilised by the Directors to enable completion of the Second Placing (amongst other things, as detailed below). A circular containing a notice of the GM will be posted to shareholders shortly.

Conditional on the passing of the resolutions at the GM, application will be made for the Second Placing Shares to be admitted to trading on AIM and it is expected that their admission to AIM will take place on or around 11 February 2022 ("Second Admission")."

The failure to flow sancrai-1 was the initial dip in SP. Still waiting on an outcome on that one…
The Arden report has a decent amount of details. Would be worth going through with all the rns.
Decline is an issue but I think the rising prices are compensating for the loss at present. The uplift equipment is still waited upon.
They have further seismic to shoot and some future drills in planning so things could be turned around.

Yes PT, it is always interesting what you can learn from another company working in the same area. I wonder if there will be a Lonny tweet today or if he's restricted on comments about his previous employer....

They had a second Ops update RNS as well with this part of general interest

"Morocco: 2021 saw strong demand from all customers, reflecting a sustained return to normal levels of consumption following COVID shutdowns which affected 2020 production. The period also reflects additional consumption from an existing customer's second factory which came online in December 2020. Production for the year exceeded guidance."

That Arden report mentions that one of the compressors has already been installed with two more due in late Q1. So lift off has began on production rates. Don't remember seeing or hearing any other details....

"In Romania, the first of two compressors was recently installed at the producing Moftinu
field (Serinus 100%), with a second planned for early 2022. These are expected to
stabilise and extend field production, potentially increasing long term recovery and
overall reserves."

Also a 3 well exploration program planned for H2 2022. Hopefully fully funded from the cashflow. Look forward to more details.

SDX RNS this morning in which they are selling up a third of their South Disouq (Egypt) entity
They are using the money for share buy packs and other opportunities.....

"We intend to use the proceeds to initiate a share buyback program of up to US$3.0 million in H2 2022 with the remainder to be used for investment into innovative, portfolio growth opportunities which I look forward to updating the market on in due course."

BRV, I agree. I was actually going to post a few weeks ago, after the first tweet, that PRD needed to start becoming more active with social media (twitter, Facebook etc). I never got around to penning it. Think finally Lonny is now 'up and running' in full alignment with PRDs goals.
Nic, I have received emails on articles from Flagstaff in the past. Would have been nice however if those had maybe been posted on an official media output as well for greater coverage.

This is a breakdown of the shares to be issued following the various placings. Although they are detailed as first and second placings they are all part of the same RNS.

First Placing: "A total of approximately £3.325 million, representing the issue of 66,500,000 Placing Shares... it is expected that their admission to AIM will take place on or around 1 February 2022"

Second placing: "The balance of the Placing, being approximately £8.675 million and representing the issue of 173,500,000 Placing Shares... it is expected that their admission to AIM will take place on or around 11 February 2022"
This is subject to the passing of resolutions being agreed "at a general meeting of the Company to be held on 10 February 2022"

"the Placing would result in the allotment and issue of an aggregate of 240,000,000 new Ordinary Shares, representing approximately 16 per cent. of the Company's issued ordinary share capital as enlarged by the Placing."

There was also a broker option: "The maximum number of Broker Option Shares that may be issued pursuant to the exercise of the Broker Option is 24,000,000."
Latest RNS however has reduced that quantity slightly (as no one could actually purchase them) "Application will be made for the 16,000,000 Broker Option Shares.... it is expected that their admission to AIM will take place on or around 11 February 2022"
Again this is subject to the vote on 10th February.

So a total of 256,000,000 new shares will be admitted to aim on the above dates. Which is around a 16.5% dilution.

Apart from the 20k 57p I think a lot of those are buys. I was quoted 57.45 to buy around 15:30 but a smaller quantity (never took it).
Let's see what the morrow brings....

It's certainly a bigger slump than normal this close to drill results.
Ginny and Hermine had a low geological COS due to the fault seal. Although a potential to be developed quicker if successful.
Could really do with news on Egyptian vulture development otherwise this is fairly stagnant

I think they have done it in a way that they thought was best. The only problem is that they completely misunderstood the shareholders positions. A broker such as Turner Pope based in London should have understood the market situation better rather than just taking the business and servicing an exclusive audience.

Extension until March while negotiations ongoing

B_M, yes there ‘may’ be an opportunity to buy in the open market at a price below the placing price. But not everyone will be able to manage it on the short period that happens, if it does happen. With the first of millions of shares being issued on 1st February there will be the inevitable churn.
All I was requesting was a fair chance for the shareholders to participate and the company needs to understand that a lot of uk trading has individual platforms and not many use brokers. A lot also use isa’s and pensions. Finance is a complicated beast and needs time to accommodate all.
Shareholders were not included in the previous 2p raise, I’m sure many would have liked to be. But the company this time has decided to include them just that the process is wrong for full inclusion. I think CH in his interviews certainly looked a bit miffed that all shareholders couldn’t take part as he knows what it means and was receiving a large number of emails about it during the day. All he could do though was explain the process chosen as that’s what had been set in the rns.

24 hours for shareholders and pi’s to react is certainly not much. When I first read it I thought great that they are involving the shareholders. So sit back and wait for the notifications in my trading accounts. This is exactly what CHAR did a few weeks back with their placement. I was able to accept the offer of my allocated shares and a secondary request to purchase additional offer shares if I wished. All simple and took a few weeks to go through.
However after the comments on here I ‘tried’ to read and understand the information further in the rns. Complicated and time restricted is how I understood it. I bet there are many shareholders out there that don’t even realise this even happened yesterday.
However this morning, first thing, I received my voting rights for the general meeting. I haven’t gone through all this yet but know at least part of it is to authorise the company to release a large amount of shares to market for part of the raise. As a shareholder and not being given a ‘fair’ chance to participate in a share purchase raise I only have one option and that is to reject the terms until such a time as the company can realise a share raise that is fair for all shareholders to participate in.
Note here I am not against the raise as it is an essential part of the growth of the company. But wish it to be held back/ referred so that a more suitable and fairer outcome can be had by all shareholders.
Each individual can make their mind up on how they wish to vote.

I was gong to ask if anyone had watched/ listened to it.
I thought it was an excellent presentation and well structured. At the end there were also a Q&A session. In that there were several questions about the terms with ONYHM which (I imagine) would be very similar to PRDs. Duncan Wallace (?) answered these all clearly and it would pay any PRD holders to understand these also as they may have the same questions.
He also explained the reason that a flow test on 'dry gas' had not been performed. And this company is willing to continue with a 2-3 year development plan at a cost of $300m without one. This was also explained clearly as well.
There was so much mentioned in it. Only wish from myself would be that PRD was able to put something along these lines together as it would be a tremendous boost.

It’s $40m of funding to purchase an asset at $36m and also fast track the development of the paradox. So a further $4m available for that. I’m sure I heard CH say 3 drills second half of the year. I thought it was only 2. Excellent news. Way to much to write about on here.
Look forward to a big CH presentation and he’ll certainly need more than a 20 minute slot to talk about all that!
GLA LTHs

I was about to add that line also.
“ Production is expected to rise again in Q1 2023 as further DUCs are brought online.”
Why not include the entire quote? Of course production rates decline but the Williston was purchased to be economical at $45 a barrel and its nearly double that now. I’m sure the company has done its analysis on this. And along with the $16m of tax losses these acquisitions are great news for fast track development.

https://www.investegate.co.uk/m--38-g-plc--mng-/rns/m-g-in-digital-wealth-partnership-with-moneyfarm/202201260700056234Z/