Member Info for Adon30

I think this is just the 'Monsters baby' looking at future exploration

RE: the management and comms side.
Does anyone else feel that maybe they have too much going on? Too many plates spinning?
As most have said the technical side is very good. But with aging directors. RP in his mid 70's, selling up and possibly moving out (retiring). Do they have the man power to accelerate things and keep things going yet alone take on further projects? I don't think they are resting easy on the projects and that the comms side is suffering greatly because of that. New guy on the ground getting up to speed and also tasked with a lot. I (currently) have faith that they will achieve there objectives and that people are expecting a lot of them to be able to balance everything by constantly updating of progress. Yes it is a nice to have though and does settle investor confidence. Something that is currently needed.

theyknowitall Ive noticed your Twitter posts on Zphr. I’m not on there myself so relying on you to provide the updates.

Can certainly say that we’ll have some news in the next week. Ops updates have been roughly 6 weeks apart so due shortly.

Since that 3p barrier was broken it’s been a choppy ride with a few retraces and some good highs. Still think there’s plenty more to come. Once CH charms those US investors on board we will see new highs.
GLA

BDT get that beer down you. It doesn’t sound like you’ve had a good day.

So, T&T. Thanks for quoting my post good to see some people actually read them. The first wave in T&T really hurt them. I was secretly hoping that it had not had a big affect on PRD operations as I was expecting an update 6 to 8 weeks after they injected CO2(like many others). However the latest rns showed that they were affected. How much we don’t know. A lot of the o&g industry was allowed to continue during curfew as it’s a big source of income for T&T maybe this wasn’t classed as essential or they couldn’t get the people needed. Not sure if they’ll need to re-inject or continue monitoring. Things are starting to move now in T&T but it just needs time.

Morocco. Ive said bits on this and what I think PRD have. Needs to be proved with hard facts now as that’s the only thing that’s going to get it moving again.
Investor sentiment has been hit and that has had a big knock on the SP. Personally I think the SP will remain like this for some time while the placing churns and thing settle. But what do I know.
Have a good evening.

4.8p so looks like a buy

I remember a post on another companies board where the person had actually emailed them and offered their own companies PR services…. for free! I don’t think they ever took them up on it as stopped following the board, but stranger things have happened.

Nigel this is one thing I do agree with you on 'posted ages ago that PRD should have raised enough for three wells at least'

At least funds to cover two full wells, all the testing and 3D seismic to prove everything up in my mind.
We have what we have though and hindsight is a wonderful thing.

Zebra, I see this as RP is retiring as Project Development Director. Most projects have now been developed to a point. There is a new guy coming in to oversea 'on the ground' operations in Morocco. RP and PG would have known that a new person was joining weeks/months ago. Seems the perfect opportunity to retire. But I bet he was hoping that the drill results, and more specifically communication of drill results, had resulted in the SP going the other way.
However, I believe this was planned and nothing sinister as many would have you believe.
The timing does suck with the external events but (although I do not know RP personally) I'm guessing he would have given word, for whatever his personal reasons, are that he was going to do this and is sticking by his decision.

The fundamentals for the rest of the company have not changed. Like others it did initially spook me. But I ignored what was being spouted on the BB and went away and thought about it for a few hours in a rational manner. Up to others to make their own decisions though.

That’s really moving grh and I raise a glass to you and your dad.
I remember the last moment I spent with my father, only last year. Treasured memories.

Thanks HT

I thought the admission of the placement was coming to market 3rd August?

Remember that TGB-2 prospect (the area they are wanting to test) was a 'bright spot' on the original seismic heat map (one of the reasons for drilling MOU-1 in the first place). This is in sands at 1229m above the TGB-2a/ MOU-4 sands at 1400-1500m.
Although GRH you are saying that this is down dip location, which is correct for the proposed MOU-4 sands 'bright spot'. It is actually (in my view) an Up dip as it has been trapped in sands above the MOU-4 sands and this is the pinch point for that trap.

My disappointment (like most) is that the 3rd RNS contained this nugget of information and not the first.... can not be changed now though.

When the first RNS appeared (once deciphered) it was at a mid point in my expected drilling results. At that time I had not also realised about the low depth (600-700m) sands that could also hold small bcf 'bubbles'. This has been described by some as the SDX model and although on it's own does not provide brilliant commercialisation for a company would keep someone's head above water with low cost/ low depth drills or add subsidiary gas to a main flow. So this was new compared to my pre drill expectations and lifted them somewhat. However now with the proposed testing of the TGB-2 this has lifted it into the top 3 of my pre drill expectations.
The only other thing that would have brought it to the top would be gas below 1500m at TGB1/1a/LMS-1. However having read SDXs info regards LMS-1 sands/ equivalents I have disregarded these prospects (for now) unless proven different.

If TGB-2 is proved as being commercial then that is certainly a cherry added on the cake. Look forward to results.
GLA

Did they see something they liked to warrant this?

Yes and was not included in either of the first two RNS which has massively affected the current SP.
TGB-2 was a 'bright spot' on the seismic heat map. Hence one of the reasons they decided to drilled here in the first place (and before MOU-4 target was proposed following further analysis following Covid delays). Now they have concluded that the TGB2 target that was above the MOU4 evaluation target is actually part of the same thing.
If they can prove this further and negotiate with 'gas offtakers' for it as a commercial asset then it could be possible to receive upfront payment/ funding (at a negotiated price). A long way to go on that and only my opinion though as I see it.

GRH, I agree with the RNS situation. The last/3rd one in the sequence should have been the main information. I did feel that the first RNS came too soon (just to break the tight hole status), although if they had sat on that information for 2 weeks there would have been uproar as well. And although the first one contained a wealth of information was not as concise as the market would have wished (especially to the unresearched).
The latest has further enhanced the understanding of the drill. A few bits still missing for completeness in my view but the 'main' parts are there.

What has been done though has been done and that can not be changed.

Latest news/ rumours
Chinook testing ongoing
Coho a online connection date of September (10th) has been mooted
Royston Rig now mobilised to site for set up

Lots of news flow on other things via social media. Twitter/ Facebook etc

If you had actually done any research you would know that MOU-4 was established as a target by Nutech ‘AFTER’ MOU-1s EIA had been completed. This was because of Covid delays to the original drill at MOU-1 and lead to further work on the Grf1 data. Hence why MOU-4 does not have an EIA.
Hence why they were also evaluating the western edge of the MOU-4 prospect and not drilling it first.

Satisfied??

Yes NM. Would like to think that they have penetrated those overlying layers some more by now so that the EGI can receive further analysis data and core samples. All there to de-risk the future work.
GLA

Do you really not know what has been going on with Covid in T&T for the last few months?? Do you never research or read news related to the area a company is operating in. If you knew that then people would not have made these comments.
People in T&T have had their livelihoods affected for several months. None of this sitting at home on furlough at 90% of your pay watching box sets on Netflix. They want to work and earn a living. It has been extremely hard on them yet several small minded people can only claim that it is negative as it’s affecting there investment and PG is probably to blame for it.
I suggest people research what they are involved in.

Thanks GRH for summarising.
My thoughts are that the MOU-1/ TGB-2 (bright spot) is an up-dip trap of the MOU-1/ TGB-2a down dip. But as you say with the increased mud weight used indicating the pressures are higher.
Would the depth of the target amplify the pressure at the upper point? I’m sure someone will know the answer to that.

TGB-2 was presented as the following:
• 50 – 138 BCF1 (P90 to P50)
• 10 – 55 metres sand thickness based on Anchois-1 in similar geological setting

So 75m = 83bcf guesstimate would be around about those figures.