RE: MOU-5 Only5 Dec 2024 20:52
Hi InJamesweTrust, MadmanRob,
PG asked us for £10 million, specifically to test MOU 1, 3 and 4, with the option to drill 5 once complete.
CNG from these wells was to fund exploration - rather than further dilution.
Having unsuccessfully tested a small section of one well, PG has seemingly abandoned the idea of an extensive testing programme of 1, 3 and 4, and with it the route to CNG and the avoidance of dilution.
- Preferring instead to move to drill a high risk well, whilst raising at a multi-year low.
Some explanation for the change in plan would be useful imo.