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To be honest it is nonsense to have signed a GSA when PRD do not as yet have any proven flowing gas.

While Predator have drilled 4 wells, with mixed success, they have not tested any and they do not know firstly, whether the gas will flow, and secondly, at what rate(s).

It is also pointless for the LTH's here to rant on about the valuation of the GSA company until PRD carry out the flow tests and prove up the gas prospect. It is not of any relevance.

Sorry, you caught me out.

Yeah, I'd forgotten when I posted that back in August that I'd first bought some PRD shares on 24th May 2018 - at 2.84p. I think that was the day of the IPO.

How time flies.

However, I haven't been following the Moroccan exploits too much, at least until flow testing was mentioned, and since then it has been tediously slow progress.

Yes, partial sale, testing already underway - all nonsense that is being created due to the sheer slowness of progress here.

Even worse is that it isn't even clear why they won't just get on and test the bloody wells. What is stopping them? What are they frightened of. The worst thing that can happen is that it won't flow very well. At least get it over with, for goodness sake.

The deadcat bounce is just running out of steam. Back down now - 6p please.

I'm pretty sure that this share will be a carbon copy of Sound Energy. At some stage the share price will be back down to 1p or 2p. The only question is whether it will first hit the same high as SOU - namely £1.

I'm afraid that Predator is coming over as a weak as p*ss version of Sound Energy. And I doubt the management here, or to be precise, Paul Griffiths and Lonny Baumgardner, are any better than James Parsons, so BEWARE!!

It took Sound Energy 4 months to go from spud to successful testing while PRD have so far taken 30 months. This says it all.

Shame, the share price is going back up as all the super rampy LTH's analyse the GSA. Personally, I'd rather it be back down to 6p. My predictions for testing are that it will start around May (2024 that is).

Oh, and my comments on MOU-1 were based on the share price reaction at the time, plus the lack of confidence in traditional testing methods for that well. All that Sandjet testing nonsense, which has since been dropped, as has testing MOU-1 first and I wouldn't be surprised if they even miss testing MOU-1 altogether.

Not to worry though as "The Cory Moruga Project is equally as exciting as Morocco' anyway!!!

You couldn't make it up.

Issuance Shares to Executive directors

In recognition of the work undertaken to bring forth the Company's drilling programme in Morocco and successful drilling results, the Company's Remuneration Committee have resolved to make the following award of new Ordinary Shares under the Executive Directors bonus scheme:

To: Paul Griffiths (Executive Chairman):

Award of 1,329,787 Shares

To: Lonny Baumgardner

Award of 1,329,787 Shares

The award comprises 50% of the Executive Directors overall bonus related to the drilling programme in Morocco and represents an award of £125,000 to each of Paul Griffiths and Lonny Baumgardner at the closing mid-market share price of 30 November 2023. The remaining 50% remains payable and the Executive Directors have the option of receiving the remaining amount by way of additional shares or cash at their discretion.

Exactly who is on the Remuneration Committee? Let me guess - maybe Paul Griffith and Lonny Baumgardner?

Let's remember: MOU-1 was regarded as a duster; MOU -2 got stuck and was never finished; MOU-3 and MOU-4 meanwhile did better but both are so far untested and surely success should only be judged by the final flow test results.

Quite ridiculous.

And GCM only have their coal-to-power project and yet they still can manage a m/cap of over £4M as of today, while ORCP have several projects and the gold along with their coal-to-power project for a m/cap of less than £2M. This appears to be stupidly undervalued.

I see that GCM Resources share price has doubled up on the announcement of the MOU Extension for the coal-to-power project in Bangladesh. Maybe there is hope here as we certainly have plenty of MOU's to extend.

And it is actually rather pointless to plan to drill any more wells in Morocco unless and until PRD have established commercial flow rates from at least one of the 4 existing wells.

James Parsons was not the issue. Sound Energy acquired their Moroccan gas asset, quickly devised a plan and then drilled and successfully tested a well within 4 months. PRD have so far taken 30 months since MOU-1 was spud and despite drilling a further 3 wells with albeit mixed results, they haven't tested anything so far and as fast as they announce a plan to do so, they kick the schedule down the road for another month or two.

Either the management here doesn't believe this gas is going to flow (and I don't think MOU-1 was ever going to flow at meaningful rates) or there must be some reason why they have taken 2 and a half years over this so far. And now they are hearing off to Trinidad, which apparently is as important as Morocco.

The share price at SOU reached £1 on test results for a m/cap of over £500M. Anyone who expected more ( like the fantasy sums often posted here) got clobbered when the share price fell back from that high and then the whole board contrived to blame James Parsons.

Sound Energy = first drill was a success and proved up the whole field. PRD = have so far drilled 4 wells and proved up absolutely nothing.

Bad management? Mismanagement? Poor planning? Arrogance? Take your pick.

Basically Sound Energy took about 4 months to go from spud to announcing flow rates and a gas discovery while PRD have so far taken 30 months and they still haven't completed the testing.

Just for comparison Sound Energy spud their first Tendrara well on 20th April 2016, having only acquired the asset the previous year. The drill was completed on 2nd June 2016:

(The Company identified significant gas shows whilst drilling the reservoir and the full set of acquired logs will be now processed. The Company confirms that a total gross pay of 89 metres has been identified.

The rig will now de-mobilise from the TE6 location and move to the already prepared TE7 site on stand-by. Immediately after de-mobilisation, the Company will proceed with the planned rigless operations to mechanically stimulate the reservoir followed by a well test).

By July testing was underway with flow rates increasing from 1.36 MMscf/d on 11th July to 17.0 MMscf/d (significantly above initial expectations and representing a highly commercial rate) by 8th August 2016, when they were able to announce a 'Gas Discovery'.

MOU-1 meanwhile was spud on 21st June 2021 and 2 and a half years later it still hasn't been tested.

Sorry that was unfinished

Just for comparison Sound Energy spud their first Tendrara well on 20th April 2016, having only acquired the asset the previous year. The drill was completed on 2nd June 2016

(The Company identified significant gas shows whilst drilling the reservoir and the full set of acquired logs will be now processed. The Company confirms that a total gross pay of 89 metres has been identified.

The rig will now de-mobilise from the TE6 location and move to the already prepared TE7 site on stand-by. Immediately after de-mobilisation, the Company will proceed with the planned rigless operations to mechanically stimulate the reservoir followed by a well test).

I'm loathe to say it but PRD appear to come over as a weedy version of Sound Energy - and look what happened to them and their share price!!!