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Caterham7, having read your previous very informed postings (Thank you for sharing) on this forum, which has been of assistance in my decision to invest in PRD.
May I also wish you a full recovery from your accident and a healthy future.
All the best
Mud extent, see page 10 of 14
https://wp-predatoroilandgas-2020.s3.eu-west-2.amazonaws.com/media/2023/01/Drilling-Update-MOU-2-01-February-2023-final-29012023.2317pm.pdf
Bought in here over the last 2 days,
Β
Reasons:
Low market cap (Β£3.5m), especially in relation to cash on the books (GBP2,300,000) from the very recent fund raise (dated 16.05.23).
Whereby Jeremy Asher, Chairman and CEO, has entered into a subscription agreement to subscribe for 100,000,000 new Placing Shares in the Placing for GBP 50,000 (his own money).
Funding was raised at 0.05p per share and share price now sits a little over 0.04p (almost at a 20% discount).
Directors haven't taken a salary, instead relying on share warrants (exercisable at much higher share prices), showing their commitment in the company (not a lifestyle company).
And then we have the upcoming drill NJOM-3 (classed as an infill drill) on the Cameroon license, which should lead to production at some point (Q4 2024 as per company video interviews, but may lead into 2025?).
Issues to overcome short term, Bank finance/partnership, drilling rig... Which are not insurmountable (and when sorted should speed up the license extension in due course) and could land anytime, patience may also be required...
ATB
Gross 4mm cfg/day generates PRD net US$7.8 million pa after tax.
(SLR consulting CPR Jan 2022).
Gross 34mm cfg/day generates PRD net US$66.1 million pa after tax.
Page 16
Corporate Presentation May 2023
https://wp-predatoroilandgas-2020.s3.eu-west-2.amazonaws.com/media/2023/05/Proactive-Presentation-18-May-2023-FINAL.pdf
............
So at
Gross 20mm cfg/day generates PRD net US$39 (Β£30.5m) million pa after tax.
(Exchange rate 1US dollar to 0.78 GBP)
Market cap at 8.5p per share = Β£36.25m
(issued share capital consists of 426,403,418 Ordinary Shares).
More twists and turns:
Cameroon freezes purchase agreement between national oil company and Savannah Energy PLC - government statement
Tue, 13th Jun 2023 21:26
Thomson Reuters
DAKAR, June 13 (Reuters) - Cameroon's government has frozen a purchase agreement between its national oil company and Savannah Energy PLC, it said in a statement on Tuesday.
Savannah signed a shared purchase agreement with Cameroon's national oil company, SNH, on April 19.
The statement did not provide a reason for the government's decision to freeze the sale.
https://www.lse.co.uk/news/cameroon-freezes-purchase-agreement-between-national-oil-company-and-savannah-energy-plc-government-statement-zewcvjiwx5i8c84.html
Chad recalled its ambassador to neighbouring Cameroon days after the agreement, the latest escalation of a dispute over the sale by Exxon Mobil of its oil assets in both countries to Savannah Energy. (Reporting by Joel Honore Kouame; Writing by Sofia Christensen; Editing by Jonathan Oatis)
Hi KeithOz,
Just gone through your maths and I think you were correct first time:
"326.7M x 35.3 = 11.5 TCF (for same thickness across the whole reservoir)"
The you followed up with:
"Right, I'm out by a factor of 10 - it's 1.15TCF (ONLY!!!) - too many digits for my calculator!"
All the best
By the way temperatures here today in Blighty are forecast to be in the high 20's, may touch 30 in places, now that to me I would class as a scorcher, using technical terminology of course...π
I presume Australia is in the throws of a deep winter at this time of year π