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Okay, so it appears to be a very long-winded way of saying that PRD changed their mind about the testing equipment - deciding not to use Sandjet but to go back to the traditional testing methods - and that the ONHYM then had to reissue the authorisation which then wasn't available in time to meet the proposed schedule, etc, etc, etc

At the end of the day it is all a lot of indecision, changes to plan and lack of any progress.

I suppose that it is just as well that they can't blame the 'rainy season' or 'inflation' or the latest 'war next door' or whatever.

The share price is not going to come down enough in my opinion.

3 new wells planned for 2024 - well they certainly won't be fully funded for that lot, on top of the funds needed to develop Cory Moruga.

And as JohnHenry has pointed out they are going to test less pay - which believe it or not will undoubtedly end up with lower overall flow rates. It's hard to keep up with all the excuses.

The testing was already late. They changed their mind on the equipment - away from Sandjet back to traditional methods - and then changed their mind about which well to test - from MOU-1 to MOU-3 - and then decided that they needed a GSA in place before they started testing and now they are trying to blame the authorities. Nonsense. Whatever is really causing the testing delays is something that only the management know.

The share price is down over the testing delays but not down enough in my opinion. I would like to see around the 6p mark - which I feel is a decent buy-in price considering the endless delays.

The Chuditch-2 appraisal well, the drilling of which is subject to financing, is planned for late 2024 - no panic rush then.

Paul Griffiths, Executive Chairman of Predator, commented:

"Unfortunately an unforeseen administrative regulatory issue totally out of the Company's control caused a delay in the execution of the rigless testing programme. It is not possible to keep well services, equipment and personnel on standby indefinitely. Such services are in high demand at present elsewhere in North Africa. The costs that would have been incurred by the Company are simply not justifiable when prudent management of cash resources is essential during a time of uncertainty in the equity markets in the oil and gas sector."

I'm not sure if he says what the 'administrative regulatory issue' was - it is probably there somewhere hidden away.

Also:

"The Cory Moruga Project is equally as exciting as Morocco" - I'm not sure that Challenger thought that when they sold the asset on to PRD.

New management but the same old placing at the same old placing price - 0.06p - and the new management are only 'beginning to look' at new prospects at this stage.

Interestingly Zenith Energy (ZEN)are also now also operating in South Sudan, and they too don't appear to be too worried about the political situation.

They released an RNS yesterday, announcing a Memorandum of Understanding with Nile Services and Logistics Company Ltd ("Nile SLC") in the Republic of South Sudan.

Link:

https://www.investegate.co.uk/announcement/rns/zenith-energy-ltd-com-shs-npv-di---zen/mou-south-sudan-/7906270

The last few paragraphs are the important ones that are relevant here:

Andrea Cattaneo, Chief Executive Officer, commented:

"This represents a complementary enrichment of our core focus, which fully remains the acquisition and successful development of oil, gas, and electricity production assets.

It is our view, supported by our progressive establishment in-country, that there exist many commercially attractive opportunities in South Sudan, and that it is an attractive jurisdiction for foreign investors.

To this end, I am pleased to confirm that we are currently in the advanced phase of negotiating the potential acquisition of certain oil exploration and development licenses located in South Sudan."

Even without any new prospects in Angola or Brazil, CRCL also have KON -16 where we are the operator with a 35% working interest and an estimated prospective resource of nearly 1.5 billion barrels with nearly 300 million barrels net to CRCL. I doubt that any further acquisitions will top this so it would be nice to hear of some initial plans for this at some stage.

Yes - 'Next week the rig will be set up ready to go' except in the interview Lorna clearly states that it will take 2 or 3 weeks for the replacement parts to arrive.

The question is: What is there to look forward to here?

They obviously have to dismantle the rig and move it to the Itumbula prospect. They then have to repair the rig. Then they will have to decide whether they are going to use the prepared well-pad or stop to prepare a new one to use the new data. Against all this, there is the option that as they own the rig they might decide to just store it and lay off the expensive crew while they analyse the new data and replan for drilling next year.

With all of this indecision, the share price is not giving much confidence. 3p has fallen now - where next? 2p??

If, as the wording of yesterday's RNS seems to insinuate (see below), HE1 intend to change the location of the Itumbula pad then that will be a waste of funds spent on the work done to already prepare the pad there, plus an easy excuse to delay drilling to next season, especially if the rig takes longer than expected to repair.

"Itumbula prospect

The Company is also in the process of reviewing the geology of the Itumbula prospect, in light of information gleaned from Tai-3. The Itumbula prospect is bound by one of the largest faults in the basin, and this is associated with a prolific surface helium seep which has measured up to 10.4% helium. The results from the Tai-1 and Tai-3 wells seem to indicate that it is the faults and Basement fractures that are releasing the highest concentrations of helium and, therefore, the Company now intends to target the western bounding fault of the Itumbula prospect during the second phase of this drilling campaign."

To be honest it still all sounds a bit like trying to find a needle in a haystack .

The share price incidentally is still falling here and could well fall further over the next few days. Rush back in at your peril!!

The share price is going the right way at the moment. Maybe a rise back towards 0.65p to come. I also feel (or it might just be wishful thinking) that this second drill will be completed a bit faster than the first one. Then there will 2 lots of testing to come and this has the potential to flow at VERY HIGH RATES.

There's no easy money here anymore (unlike 2021). Really this is back at square 1 with the management unable to say whether this drill has hit the Helium (that we are all quite happy to agree exists) or not.

I think that Mosman may well hit flowing Helium in Australia before any flows in Tanzania at this rate, bearing in mind that there are already producing helium wells in the Amadeus Basin in AUS.

Besides who really cares about these short-term movements in the share price - ie. up one day, down the next, then back up, then back down, etc, etc. The objective is to find free-flowing helium and that is very much still 'work in progress'.

But don't worry, Noble Helium might declare a discovery yet with free gas and that will pump the share price here right back up to record highs (or thereabouts anyway).

In fact the only surprise is that the SP hasn't fallen further - though that might still be to come over the next few days!

The Tai-3 drill result is pretty much the same as the Tai-1 and Tai-2 drill results - ie. no free gas - and I'm surprised that they even went back for a third attempt. As I said, the management appears to be completely out of their depth. No wonder Mr Stalker jumped ship at the first opportunity.