RE: Teks.28 Apr 2026 20:24
PRD, they think a deal is coming on the BB, various hints from the CEO via RNS and interview.
Could be interesting.
They need a partner to drill MOU6, otherwise its another cash call.
However, this all needs sorting fairly promptly to meet the exploration extension clause.
From recent Ops update:
"Progress on transaction activity
The Guercif Independent Technical Report by Scorpion Geoscience Limited ("Guercif ITR"), specifically covering the area penetrated by the MOU-1 and MOU-3 wells, has been completed and will be shared first with the Company's licence partner as required by the contractual terms of the Guercif Petroleum Agreement.
The Guercif ITR is supporting the Company's progress towards completing a transaction to appraise the area penetrated by MOU-1 and MOU-3 and move towards applying for an Exploitation Concession in 2026.
Based on the Guercif ITR, the Company's terms based on preliminary discussions for a Heads of Agreement, subject to due diligence and regulatory approvals, include:
Funding 100% of the drilling, completion and testing of an appraisal well in 2026
Repayment of past costs incurred on the licence;
Purchase of the Company's gas at the wellhead;
No exposure to costs for CNG or Micro-LNG processing facilities and transport, marketing and distribution;
Collaboration on upscaling any future expanded gas developments based on the scope of materiality outlined in the Guercif ITR."
https://www.lse.co.uk/rns/PRD/operations-update-uj8usliggpqo17m.html