Member Info for BillyRayVal

Afternoon all and a Happy New Year,

Just a quick reminder that Q1 promises to be an extremely busy period for PRD newsflow, with the following news expected in January alone (as per the RNSs 4/11/24 and 13/12/24):

Morocco:

🔥 Clarification of the helium potential of MOU-3, -4 and -5, with new data released including satellite remote sensing and gravity/magnetic study

🔥 Update on the ongoing MOU-3 perforating and testing programme

🔥 Update on additional plans to perforate and test the shallow A sands in MOU-3 (which alone would support a commercial CNG development)

🔥 Timetable for MOU-5 spud, and then testing

🔥 Timetable for potential MOU-6 appraisal well (back-to-back with MOU-5? Funding via exercise of 40M warrants @8p)

🔥 Details of the divestment strategy in MOU-5 success case

Trinidad:

🛢 Jacobin-1 testing results and confirmation of first oil sales

🛢 Update on plans for Snowcap-1 re-entry, wax treatment and production

🛢 News on two asset acquisitions in Trinidad, one likely already completed (or imminent) and another in the pipeline

🛢 Details on plans to drill 2 shallow infill wells on the newly acquired asset

🛢 Update on potential re-commencement of CO2 EOR operations / services, plus feedback from presentation at COP 29

🛢 Production guidance for 2025

🛢 Details on the optimisation of operations and hence net-backs / profit margins

Ireland:

🍀 Confirmation of new government (likely FF/FG/Independents) currently expected by end of January, with a (hopefully) pragmatic approach to indigenous gas production and security of supply

🍀 Update on award of SA for Corrib South (“likely near-term goal in H1 2025”) plus details on farm-out strategy (including clarification on Theseus’ holding being brought into PRD, perhaps?)

🍀 Details / rationale for the potential spin-off of POGVL

Other:

👉 Update on new venture opportunity in North Africa (Tunisia?)

👉 Clarification of PRD’s key financial health indicators

👉 Updated website

👉 IMC presentation on 23rd Jan

(Apologies if I’ve missed anything...)

So I really hope you’ve all had a relaxing Christmas... because the start of 2025 promises to be an exceptionally busy period for operational activity and newsflow.

I have a distinct feeling that 2025 will be Predator’s year!

(Although I will admit that I also thought this about 2024... and we all know what happened! But I do think that the operational issues from last year will make Paul even more determined to ensure that the company progresses on all fronts over the coming months.)

GLA for 2025.

Talking of T&T… I’ve just scrubbed it off my list of ‘places to visit in 2025’!

https://www.bbc.co.uk/news/articles/cvgnzg40p7eo

https://www.aljazeera.com/news/2024/12/30/trinidad-and-tobago-announces-state-of-emergency-to-combat-gang-violence

I’m sure this isn’t affecting O&G operations, but do hope our team out there is staying safe.

As this is your first interview, what message would you like to leave with shareholders about your leadership and Global’s future? (from 11m02s)

I understand this is my first interview, and it may not come across as polished as some of the other CEOs out there!

But really, I just wanted to leave one message for you all and that is, ultimately, if there's one thing that you can take home from this interview and interaction is that I, myself, am a major shareholder in GEO Exploration Ltd. I understand your pain, I understand your concerns, I understand what you go through, I understand what you're looking for in success for a company. I feel you and I'm aligned with yourselves.

So one thing I can assure you is that every single decision that this company is going to make, is going to be for the betterment of shareholders first and foremost, and that's the correct thing to do because ultimately, Geo Exploration Ltd. is owned by who?... it's owned by you, the shareholders. So we really want to change it. We really want to put shareholders first, and that's that's our aim, and really, ultimately, is to drive significant shareholder value. I would not be sitting here in this seat, unless, if I didn't fully believe alongside the board, alongside the board of directors, of course, that we could not achieve this. And we're fully committed to doing this and honestly speaking, we're running a 24 hour operation together for you guys.

Thank you for your time and patience, and look forward to updating to you.

Since stepping into the CEO role, what have been your key priorities, and how is the new board settling in? (from 9m11s)

Since joining Global Petroleum, I have been very focused on ensuring that all of the major business functions are operating as efficiently and effectively as possible. We, internally, have been looking at best processes and practices in order to make sure that, as we grow as a company, we have a robust business model going forwards.

Since joining, we have realized that shareholder interaction and engagement is crucial, and we have further updates with regards to our marketing and PR strategy as well going forwards.

Also, since joining in order to implement and reflect our new strategy and vision we collectively as a board, decided to change the company name from Global Petroleum to GEO Exploration Ltd. We believe this aligns with our new value and goals and project going forward.

Shareholders can look out for our new ticker, GEO, in the near future, and we'll be updating shareholders via news flow with regards to developments on this.

We're extremely excited about the new name and the strategy the board are looking to implement going forwards, and we believe this presents a very, very exciting time for all shareholders in GEO Exploration Ltd, and we look forward to updating the market in due course.

What drew GBP to the Juno Project, and what are the next steps in advancing work there? (from 6m28s)

We are also excited about the Juno target for various reasons. The first one being, we have the smartest man in the room when it comes to geology in my opinion, and that's Mr. Callum Baxter.

If you're going to have an asset and you trust someone to drill it out and to do the work on it, Callum Baxter is your man. He has a proven track record of success time after time. And we fully believe in Callum Baxter and his vision with the Juno project, and he clearly would not be coming out of retirement to do this project with us unless he did not see significant potential.

And significant potential is what the board and Callum Baxter see, as per the RNSs that we released. We see similarities here between Havieron and the Telfer deposits in Western Australia, which are world class deposits, in my opinion, of gold and copper.

We look to emulate that success at Juno, and are targeting intrusion related gold systems, IRGS - you may have seen that in our RNSs. And we're extremely excited to drill these prospects out and shareholders can expect to have regular updates and newsflow from our Juno project going forwards.

We are looking to drill the prospects out mid next year, if not sooner, and we're extremely excited to actually get on with this process. But as you can imagine, with many steps before we get to that stage.

But you know, what the board have seen is we've identified some very interesting and exciting opportunities, and it's with the success of these drills where shareholders could see significant shareholder value. We’re on that first cycle, and that's where the most significant gains are made, especially given our present low valuation, in my opinion.

So there's significant room to grow from here and listen, look, I've said it before, and I'm going to say again: the board and myself are fully committed into taking this company to a billion plus valuation and we will do everything possible to get there for shareholders.

(cont...)

Back to your question that you asked, is effectively to unlock shareholder value on both these resources. Question is, how do we do that? And the board have a clear vision for that, and that is:

1. Get this farm-out concluded in the best interest of shareholders in Namibia, for the Namibia PEL 94 license.

2. To continue to work at pace on the Juno target and getting ready next year to drill, hopefully around mid year next year to drill out these prospects.

We're very excited by both projects, and we feel that both of these projects, if they go well, and we really sincerely hope that they do that they can basically take us towards a market cap of a billion pounds or higher, given the scale and size of these assets.

Obviously there are risks when it comes to drilling and exploration, and I guess I don't need to tell you about those risks as you know, as investors, you clearly know that, but we really want to give shareholders the best possible opportunity to unlock this potential upside and we're working very hard towards achieving that as a board.

Why are you so excited about the Namibian PEL 94 Licence? (from 5m30s)

We are particularly excited by PEL 94 license in Namibia in the Walvis basin, given its proximity to the Orange basin where some of the largest companies in the world, oil and gas companies in the world, majors have made significant strides and discoveries, and we have been watching developments on that very, very closely.

We believe that the same hard rock source potentially could exist in the Walvis basin. So we are excited about this farm out, and so is our commercial partner given the similarities that we're seeing in the geological data.

Hi all,

Here's a transcript of Omar's interview (courtesy of otter.ai), hope it's of interest / use...

What is your vision for GBP, and how are you implementing it to create long-term value?(from 29s)

Our vision as a board is to unlock value from both of our assets, our major assets, namely the Namibia PEL 94 oil and gas license, so maybe I will start with that.

The PEL 94 license offers a significant opportunity to explore for oil and gas in Namibia. We believe it's a high impact opportunity for shareholders, and something that the board considers to be transformational.

We are presently speaking to a farm out partner, and discussions are going very positively, as per the last RNS that we released.

As you can imagine, with a deal of this complexity and size, there are various different counterparties that we're dealing with as we look to expedite the far- out agreement. We have set a date of the 31st December for a farm-out agreement to be finalized. We are working very hard to achieve this, and we look forward to updating shareholders, with regards to the farm out agreement in due course.

Secondly, moving on, we have a wonderful opportunity in Western Australia, which we've named Juno.

Juno is operated by a very, very well-renowned geologist that I'm sure many of you AIM veterans would know, it’s Mr. Callum Baxter, the ex-director of Greatland Gold, which is listed in London. Callum Baxter achieved great success with Greatland Gold as everyone knows, turning the company alongside Gervais Heddle and the management team from a micro cap player to a billion plus valuation.

Of course, I was part of that journey from the beginning and cornerstoned the early fundraises the company did and supported them.

What we're trying to achieve at Juno is to emulate the same success we had at Greatland Gold and we believe that the Juno prospect has significant potential. The size and scale of Juno is quite extraordinary. If anyone looks at the aeromagnetic data that we recently released to the market, you can just start to understand what we're looking at and the scale of this prospect.

This offers an exciting opportunity for shareholders, as we are looking for gold and copper at this prospect and searching for Havieron / Telfer style deposit at Juno.

We have been working at a very fast pace on this project, and we have completed aeromagnetic data, and we are presently also awaiting results on the ground gravity survey we conducted. We announced in the market a couple of days ago that the LIDAR survey is also something that shareholders can look forward to.

(cont...)

From the 7th August RNS:

“Our near-term ability to supply CNG to the Moroccan industry is more advanced than other possible options. The Company is debt-free which allows it to have greater flexibility when considering different options, including M&A transactions and a partial divestment, for the modest levels of development finance required for "First Gas". This is why Afriquia Gaz remains heavily engaged with the Company and supportive of our efforts to get gas to market at the very earliest opportunity."

So I’m pretty confident that Afriquia Gaz won’t be walking away just because of some arbitrary date, and my hunch is that we’ll get either a year-end update or an RNS early in January which will include confirmation that the MOU with Afriquia has been extended by another 12 months.

A couple of articles from the Beeb re the timeline for forming a new government in Ireland:

https://www.bbc.co.uk/news/articles/c9373ew5yd9o

"There is a widespread belief that negotiations to form a new government may go beyond Christmas and into the new year."

https://www.bbc.co.uk/news/articles/cz9x9wn802ko

"It took four months after the last general election, in 2020, before Fianna Fáil, Fine Gael, and the Green Party, reached a deal to form the previous Irish government."

And, as we know, our RNS of 4th Nov suggested a pretty broad timeline i.e.: " award of successor authorisation now a likely near-term goal in H1 2025."

So there appears to be a very decent chance of the SA being granted... but I certainly won't be holding my breath regarding the precise timing.

Hi MEM,

Thanks for the heads-up on that. On a quick test, it works really well. And, of great importance to a Yorkshireman like myself, is also excellent value for money (being that it's free!).

So it seems that AI has just eliminated my only 'job' and I'm suddenly feeling that my life has become somewhat devoid of purpose and meaning...😉

Look forward to testing it out properly on Paul's next interview... hopefully when he announces a huge Jurassic discovery!

Thanks again - you've saved me hours hunched over the laptop and days of subsequent shoulder and back pain!

BRV

Hi donal,

That makes a lot of sense, thanks.

However, I think the key point for Predator shareholders is that it appears that we have the prime asset and hence the most likely to be drilled. So, if there is to be a CPPIB/Vermilion-led drilling campaign at some point in the future, it’s likely to be Corrib South as a definite first target, then perhaps an EOG target as secondary option.

(cont...)

paul has also mentioned the possible value of corrib south on a couple of occasions:

1. august 2018 (at that time, nbp was 55p/therm; currently 110p/therm)

https://www.***************************/interview-predator-oil-gas-holdings-positive-results-corrib-south-dwarf-everything/412755942

“corrib south, if successful, could feed gas into the corrib infrastructure by 2022, there is no other gas project off-shore ireland that can compete with this timeline. so, that, again, puts us in a very strong position to develop irish gas but in the high estimate case, corrib south could create £3.5 billion to £4 billion worth of gross revenues even at a very conservative gas price, approximately 75% of today’s gas price.” [from 4m42s]

2. may 2022:

https://youtu.be/y4statme2z8?si=6sww1amkqvaqjyeo

“so, at today’s prices, i think it was 152p/therm today… we have two successor authorisations at ram head and corrib south which contain indigenous gas, the maximum high case value at today’s prices of the reserves in the ground that are yet to be produced or yet to be de-risked is something in the order of €130bn. so it kind of puts it into perspective as [to] what’s at stake here with these escalating prices, the cost and the value of these assets is going up and up and up…” [from 8m55s]

i noticed that some muppet on here suggested yesterday that “no one cares about ireland”. however, taking the above comments, and even if we apply a hefty discount to keith’s conservative 25p/share valuation for a successful corrib south farm-out, such a deal is likely to be worth considerably more than the current mcap alone.

Hi Oldslow,

With regard to a valuation for our Corrib South farm-out, it’s probably best if I defer again to Keith’s far superior knowledge, and he kindly posted on this topic back on Jan 26th this year:

“This is a difficult one! I will present a calculation based on the price paid by Vermilion for Corrib, but this is highly speculative due to:

* The very significant changes in gas price over the last couple of years.

* Lack of clarity on the ongoing 'windfall tax' situation

* Corrib is already up & running.

* Whereas Corrib South will need 3d seismic (licence requirement), initial drilling with perhaps 30% gcos, up to 7 producer wells, and tieback to Corrib. I have no idea how much this would cost an acquiror.

* There is added value for Vermilion, since it keeps much of their existing infrastructure profit-generating for longer than originally planned.

Corrib South is 50% owned by PRD, 50% by Theseus [see note, below**], which in turn is jointly owned by Paul and an octogenarian geologist colleague from his Fastnet days. The figures below are nett for PRD's share.

Corrib South Resource - low/best/high - 92 / 212 /452 BCF

Remaining Corrib Resource 2022 - 594 BCF recoverable.

In 2022, Vermilion paid $434M for 36.5%, equivalent to $1.6Bn for the whole lot, or $2.7 M per BCF.

The same price applied to Corrib South would be 248 / 572 / 1220 $M for low / best /high.

We then need to adjust that number for risk & development costs - perhaps at best 25% of the above, giving a best estimate case of conveniently close to 25p per share.

Anyone with more knowledge of the development costs and likely tax situation, please help out.”

[**Of note, and as per the RNS of 6/6/24: “Option to acquire additional 50% interest prior to concluding a farmout transaction.”]

(cont...)

Morning donal,

Just following up on your post from @12.04 yesterday about whether a deal may be done for EOG’s Irish assets too.

Keith posted a comparison of Corrib South and Inishkea West on 2nd March this year, highlighting the difference between the two companies’ prospects:

“PRD has an important advantage over Europa. Corrib South is a direct continuation of the Corrib Triassic Sherwood sandstone reservoir, both prospects are within the same 4-way dip closure. I would expect Vermilion [or CPPIB] to be pretty confident that they know the geology. Although Inishkea has the same potential reservoir, it is separated from Corrib & Corrib South, and is fault-bounded. Inversion during the Cretaceous has resulted in removal of at least 1km of strata from above the prospect together with mobility of the Triassic salt layer, leading to speculation that the seal may be poor. Corrib South retains full thickness of overburden.”

As we know, PRD had an “unsolicited approach in relation to Corrib South” [Interims 19/9/23] which we now know has resulted in a farm-in proposal that can “conclude immediately upon award of a successor authorisation” [Interims 25/9/24], likely from CPPIB / Nephin.

In contrast, during his presentation last month, Will Holland stated that although they’d had some interest in their Irish prospects, no farm-in deal had been struck and, indeed, was unlikely until at least after the general election, if at all:

https://youtu.be/c3cGKdWjNfI?si=n010JOdcTAG4_I9z

“We’ve been trying to farm this out for some time now [Keith suggested from at least early 2019]. We have interest, we’re waiting for offers… The feedback we’re getting from interested parties is that they’d like to see the results of the [general] election before they continue. So let’s see, this a work in progress.” [from 10m10s]

To me, he really didn’t sound that confident of a deal being struck. It may happen, of course, but what’s clear from Keith’s analysis and the fact that we already have a farm-in agreed and just waiting to be signed, is that Corrib South is a far superior prospect and, as such, Predator is clearly in pole position to benefit from a change in government policy following the upcoming election.

It’ll be interesting to see how it plays out…

ATB

BRV

(BTW – thanks for the photos from Guercif... top effort!)

Howarda,

I posted something about potentially drilling new wells for targeting biogenic gas yesterday @09.02.

My personal view is that, should the upcoming well clean-up +/- Nitrogen lift +/- acidization of the Ma/TGB-6 and/or TGB-4 sands in MOU-3 be unsuccessful in achieving flow assurance, then Paul will focus on the shallow sands going forward.

Recent newsflow has confirmed that the shallow sands have more than sufficient prospective resources to support a stand-alone CNG project (P50 and P10 gas-in-place of 37.75 and 53.81 BCF respectively) and we know that these sands could be accessed via a relatively cheap 800m well using a modified well design and the correct mud system, presumably from the same drill pad as MOU-3, as per the interims of 19/9/23:

“Due to the unexpected presence of over-pressured shallow gas a different well design would need to be considered and the MOU-3 well twinned to approximately 800 metres depth to safely conduct a rigless test in this interval.”

On successful flow testing of this shallow well, 1 or 2 additional shallow appraisal wells could then be drilled to allow for well down-time and so be able to guarantee supply to our CNG off-takers, as mentioned in the RNS of 12/1/24:

“Discretionary appraisal / development drilling: MOU-3NW will target the shallow sands behind casing in MOU-3 and not available for rigless testing in that well. MOU-3 NW will require a revision of the well design to facilitate rigless testing of potential shallow gas at higher than normal reservoir pressure for the shallow depth.”

So drilling 2 or 3 shallow wells at a total combined cost of say $3-5M and assuming successful flow testing could allow FID for the CNG project to be reached. The cash to fund this drilling could be from either T&T oil production, Corrib South farm-out, M&A post successful MOU-5 drill result, or via a placing.

Once gas is being produced from these shallow sands then it’d be possible to use these cash flows to fund the re-drilling of the deeper biogenic gas sands at a later date (with the correct well design and mud system) in order to add incremental reserves and extend the production profiles.

There are plenty of options available to Paul but I suspect that, should the upcoming clean-up operations not achieve the desired result, targeting the shallow sands will be the cheapest and quickest way to achieve CNG commerciality.

Morning all,

I have to be honest, I’d always assumed that our potential farm-in partner to Corrib South would be Vermilion, as they are operator of Corrib. However, after reviewing Paul’s interview again, I do wonder if it’s actually CPPIB?:

“We have a farm-in proposal already for Corrib South. That party is someone with MASSIVELY DEEP POCKETS who might one day get interested in Morocco if we make a gas discovery but more importantly will get value for Corrib South after several years.”

Now, Vermilion isn’t exactly a small company with a Mcap of ~$2.17Bn CAD and cash on the balance sheet as of June this year of ~$265M CAD. Not too shabby, but not what I would exactly consider to be “massive”.

CPPIB, on the other hand, has assets under management of $646.8Bn CAD and, from its year-end summaries, regularly invests $100’s millions in various companies each year. Clearly, it would meet the definition for having “massively deep pockets”.

https://en.wikipedia.org/wiki/CPP_Investments

https://www.cppinvestments.com/newsroom/cpp-investments-net-assets-total-632-3-billion-at-2024-fiscal-year-end/

I suppose it doesn’t really matter either way for Corrib South, either Vermilion or CPPIB would be excellent partners. But CPPIB may bring the added benefit of having a very significant amount of financial fire-power so being able to invest in PRD’s other projects too, including Mag Mell in Ireland and, as Paul has implied, G2P / G2EU in Morocco.

I wonder what the market would make of CPPIB (and its balance sheet) partnering up with little ol’ Predator on a number (or all) of its projects?

(cont...)

And finally, if all these options are unsuccessful, a new well could be drilled. Paul made it clear in the interview that he’s confident that future wells will perform better by using a different well design and mud system, and presumably Zenith will have significant input into this process. Indeed, a specific well for the shallow sands was already considered as an option last year:

“Due to the unexpected presence of over-pressured shallow gas a different well design would need to be considered and the MOU-3 well twinned to approximately 800 metres depth to safely conduct a rigless test in this interval.” [Interims 19/9/23]

As already mentioned, there would be extra costs involved in drilling a new well but, for one to only 800m, I’d guess we’d be only looking at $1.5-2M, and maybe less, the payback for which would be pretty quick assuming the well could flow at perhaps 10-20mmcfgpd (11m of sands).

However, and for balance, I think it’s important to realise that there are still risks that we won’t achieve such flows, as my pal discussed with me earlier this year:

“[He] has been involved in many well tests in his career where the subsurface and WL logs look superb but, for a variety of reasons, the wells have failed to flow. Mention has also been made of a huge amount of global resources that have been discovered over the years that have never been developed due to problems proving commerciality.”

Of note, he also recently specifically mentioned to me a well with 1000m of pay and 9000psi… and, depressingly, they only managed a few mmcfgpd flow!

So there’s no guarantee of success (is there ever?!) but there are certainly plenty of options available to Paul to achieve CNG commerciality.

And in addition, of course, we have the MOU-5 drill to come, a positive outcome from which may mean that the CNG project looks like a bit of a side-show. Plus Trinidad is looking even better than expected, with near-term revenue production at excellent net-backs and additional assets to be acquired. Plus Ireland too, which is looking increasingly positive.

GRH has always reminded us all that irreducible risks remain and I keep this at the forefront of my mind at all times. But considering PRD’s asset portfolio as a whole, I’m still firmly of the view that the risk/reward proposition for PRD is second-to-none, with a short time-frame of only 3-4 months for the value of the company to be hopefully recognised.

All IMO, of course.

Morning all,

I’ve been mulling over a few things overnight so, FWIW, a few of my thoughts...

In the VOX Markets interview, Paul was very clear that he would do whatever it takes to get the CNG project up and running:

“So what I want to reassure everybody is that nothing has changed in terms of the volumetrics. Nothing has changed in terms of our objective… we are totally focused on getting that gas out of the ground… So we will get there, we will get there.”

And what I think is worth remembering is that Paul has plenty of available options for getting the biogenic gas to flow. This starts with the swabbing unit, but that isn’t the only option.

I’ve mentioned before that I have a pal in the O&G industry who specialises in well testing. Back in February this year, he mentioned a few options that he would consider for such wells, which I posted about on 29/2/24:

“Options that have been mentioned to me include acid wash + acid squeeze with subsequent nitrogen lift to kick the reservoir into life… Alternatively, there’s always the option to drill a new development well that would be optimised for specific reservoirs and designed to mitigate formation damage but, of course, there would be additional costs involved here.”

It’s also worth recalling that Paul was fully aware that such remedial actions may be needed to get the wells to flow, so the current issues with MOU-3 are not unexpected. On slide 12 of the Proactive presentation from March this year, it states:

“Consider using cleaning agents to stimulate initial flow and well clean up”

This was subsequently expanded upon in the recent interims:

“These wells [MOU-1, -3 and -4] are therefore potential gas producers subject to the results of the final phase of rigless well testing (Phase 2 Sandjet), followed by a period of extended pressure monitoring of the reservoir, and any further well stimulation required (such as swabbing, nitrogen lift and acidizing) for well clean up to remove residual drilling mud.”

But if such measures fail to achieve flow assurance, there are still additional options, in particular with the shallow sands which, it appears, could also be tested via a MOU-2 re-entry, as per the interims:

“MOU-3 shallow higher pressure gas remapped with gross P50 and P10 gas-in-place of 37.75 and 53.81 BCF respectively - potentially a separate standalone CNG development project.”

“The MOU-3 well drilled later in 2023 encountered some shallow over-pressured gas in the equivalent MOU-2 section which could not be logged or tested after a risk evaluation as the casing design and cement integrity at the shallow level posed a risk of uncontrolled gas flow if the over-pressured section was perforated. This interval could be perforated and tested in MOU-2. MOU-2 was safely suspended for future well re-entry and testing of the shallow gas.”

(cont...)

JH,

Your two posts were:

“I dont believe Investors have cotton on to the fact that the Moulouya didnt flow thats a big miss”, and

“Would appear the Moulouya fan sequence was badly damage even for the SJ to penetrate”

As clearly stated in the RNS of 6/6/24, the Moulouya fan sequence wasn’t a target for perforation and flow testing in MOU-3.

The plan for MOU-3 was to target only the Ma/TGB-6 and TGB-4 sands (previously the MOU-2 prospect).

The Moulouya fan sequence was then potentially to be tested in the MOU-4 well.

So your posts are simply factually incorrect – the Moulouya fan sequence was not, as you say, a ‘big miss’ as it wasn’t even a target.

Here’s the RNS of 6/6/24, for reference:

https://polaris.brighterir.com/public/predator_oil_and_gas/news/rns/story/x4jyjkx/export

Afternoon Bob, and it's a pleasure.

I’d do the transcript just for my own PRD ‘file’ anyway, so I’m very happy to share.

ATB

BRV

ps – I thought it’d be rude not to add a few more shares myself this afternoon 😎