Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Porters : In regards to Keith i would disagree ... in regards to the knowledge that Keith brings to the table is second to none. We are all in business and things happen & no one said it was a straight road . The good news is that the process continues and i'm sure we will have a few bumps in the road , but the goal and opportunity remains strong , to which everyone would agree with otherwise we would not be hear.
O & W ; in regards to securing another rig in Morocco, I recall a conversation I had with someone @ Shell over an 18 months ago , and he indicated that there was a shortage of rigs globally. I’m not saying this is reason in 2024 , but it could be ??
Ford: 100% bang on … PRD have the vast majority of SH support & yes as with all businesses it’s not a smooth road , even more so when your in a location with little local equipment to hand . Paul , Lonny and Moray have & continue to do a great job in tough conditions. Paul & Lonny have always been open to sitting down and talk to us share holders ( not many do ) . Anyone who has anything to do with logistics know ( as I do ) how tough it is moving equipment around the globe . So let’s support those that are doing the job for us . The time is coming on whether you in or out . I for one will not be out.
THEBOLD ; Yes sorry operational timelines, which on positive news the SP should start to head up to 35p . In regards to £ .. when that happens which hopefully will be this year , we are either in or out ... I for one will 100% be in ( no way I'm missing out on this one ).
THEBOLD : my timeline for Morocco is late June ( imo ) which I posted some time ago, Trinidad will be later this year and Ireland I've no idea , but that's because it's all to do with Governments who tend to work on different timescales than us mortals.
Highlandmatt : 100% agree and i'm fairly chilled about the current situation , just as and when the Sandjet clears customs I'd like PRD to advise us , until then any other comms would be fairly pointless ( unless your trading PRD then the opposite would apply ). I'm not expecting results to land until around mid to late June ( imo ) & then it could be one big RNS. PRD would not have to release the results from the Sandjet until process of all the wells are complete. Happy days to follow....
Imagine you have one good well (untested ) and another 4 on the way , would you test the one well ( lets say it's worth 50p per share ) and risk a hostile take over or would you rather test 4 or 5 wells in quick succession worth £xx per share , then sell the Morocco asset and release a special dividend while holding a 20% stake in future profits with an annual dividend . Then remind ourselves that PG has significant skin in the business and what's a big payday . IMHO
Ireland for me would be a bonus , good news would have a positive effect on the SP and poor news , well that's already reflected in the SP. What we are all waiting on is the start of Sandjet in April with results in May. Also in the presentation there was mention of "West Africa" , so perhaps the team already have their eye on the next project ? Good luck to all .
From the presentation we should get an update on Ireland this month , perhaps details from Lonny’s trip to Trinidad ( it appears that all went well ) , Sanjet towards the end of April / early May ( just my thoughts on timing ) … so June will be a busy month for us share holders . Also I’d like to thank PG for taking the time to go round & speak to everyone at the presentation .
Keith Oz : 100% agree ... you just need to look at Fox Davies linkedin account and you can see some very influential followers from the industry. So many companies are keeping a close eye on PRD . We are interesting times that's for sure , perhaps positive news on Ireland , teams on the ground in Trinidad , and then Morocco sandjet , I've no idea on the times scale for Sandjet but I'm thinking in quarters rather than months ( PG may be able to give us more insight on Thurs )
All : the news on the formation damage hit us all by surprise , and yes many called this wrong including myself (in the short term ). But that's life I guess ( no one said it was easy ).
But , the gas samples coming in at 99.5% ... wow !
So we move onto Sandjet and that should get us through the formation damage, what I don't know is how long it can take to get the Sandjet equipment and team in place .
GRH : so we have formation damage , I was disappointed.... but then the good news was that the gas samples confirmation at 99.57% methane looks outstanding. PRD state that this is suitable for CNG , ( No surprise as that can run at 92% ) ... what I can't understand is that am i reading this incorrectly ?? FYI : I've done some research on Sandjet ( very happy that the issues that we have can be sorted out ) , but I'm not sure on the time frames & not that concerned as long as we hit what we need,
I don't mind if you hold a different view , I welcome it , but we should all be respectful .
The SP yesterday took a complete kicking , hardly a surprise given the RNS , BUT ....
"Analysis of gas samples confirms up to 99.57% methane suitable for CNG developments" ... when commercial gas needs to run at a minimum of 92% ( feel free to correct me ) then 99.57 is a pure as it gets .
I do think that yesterday was an overreaction , lets see if the market agrees.
Ra11adw2 : that's a great summary ( thanks ). If this far from a simple process & my personal thoughts is that this is a massive over reaction from the market . I'm happy to have small top up and see where this lands .
Porters ; on the 31st Jan I replied to you " I would not expect to hear anything from PRD until wk/c 19th Feb" the reason being 14 days for testing ( phase 1 ) , takes us to the 12th Feb , then allow 5 working days for analysis to check all the data , RNS submission for wk/c Monday 19th Feb. And to be clear , that's only for phase 1 testing .. D-Day for me is Thurs 22nd Feb .
Porters: On Friday the 26th Jan we were informed that testing was starting the next working say i.e. Monday 29th Jan. So we can safely safe testing has started & should take approx 14 days. I would not expect to hear anything from PRD until wk/c 19th Feb imho ...