Member Info for Buffin

In the short term, though, this seems hardly likely to speed up the announcement of any major decisions?

If it's undervalued, it's because PG keeps not doing any successful testing.

I don't understand GRH's comment. Why would movers have needed to delay things?

Anyway, what's changed here for me is that I now see PG & co as frontiersmen. They are soliciting farm-in/s for Morocco. They are itching to do more exploration, which they see as their strength and enjoy. They would prefer that, and probably so would we: the grinding detail of exploitation is not what they want, and we'd be more than happy if someone came along to do it for them and for us.

In Morocco " PRD’s rapidly expanding portfolio is out-stripping management’s capabilities to fully develop its assets".

(= Please farm in.) Projected First Gas sales Q1 2025.

T&T had been billed as 2H. Now first oil target end H1/beginning H2 2024.

"Ireland’s only remaining Contingent gas resources". "Volumes are material to Ireland and PRD". "GSRO/DECC feedback indicated by end Q1 2024". (UK has just announced new gas fired generators programme, signalling we're less likely to have gas to spare.)

Management are attracted by new exploration opportunities, citing Pathfinder Hydrocarbon Ventures Ltd. This seems to be where their hearts lie. So they want participant/s in Morocco.

The African Development Bank has committed €246 million to the construction of the Guercif-Nador highway project (PAGN), according to a press release issued on Monday

The PAGN received €200 million from the African Development Bank and €46 million from Africa Growing Together Fund (AGTF).

It is expected to connect the Kingdom’s road network to the large Nador West Med Industrial port complex, as highlighted in the same source.

In addition, it intends to increase the Oriental region’s connectivity to encourage more investment and generate new economic as well as job opportunities.

It also seeks to enhance road safety and connect to the motorway network, as well as contemplate the future port of Nador West Med, which would boost the number of products transiting through the region.

The project is expected to increase the Oriental region’s logistical competitiveness by improving access to Nador West Med’s port and prospective business park. In addition, it is expected to reduce transportation and vehicle maintenance costs as well as improve both mobility and road safety.

Morocco’s transportation sector, according to the same source, is a crucial engine of economic growth, accounting for 2.8% of national GDP by 2022 and contributing 10% of government revenue.

The project comes as part of an effort to boost Morocco’s transportation infrastructure and related services to strengthen its logistical competition and attractiveness.

https://www.msn.com/en-xl/news/other/african-development-bank-allocates-246-million-for-guercif-nador-highway-construction/ar-AA1lN1Fi?ocid=weather-verthp-feeds

Financial closure is not expected for several months.

Financial close of the CEG deal is not expected for several months.

Some time ago GH highlighted a Charlie Munger quote. It (or a similar one) concludes a Times piece today:

Patience and compounding are the really potent forces in successful investing. Munger, who died last year aged 99, had plenty of experience of that. “The big money is not in the buying and selling,” he once said, “but in the waiting.”

https://www.thetimes.co.uk/article/patience-and-compounding-are-the-watchwords-to-fruitful-investing-nv957jn0b

Is this another sign that Morocco plans to hem the company in, so that gains go to the PM rather than to PRD?

I hope not.

Obviously the Moroccan government will have influence over what happens after any PRD success.

PG & team have expertise in exploring and drilling, but it’s not obvious their time would be well spent in setting up a gas distribution operation.

If the tests are successful, maybe I’d be looking for someone to buy into those particular assets, so the new arrivals could get on with the relatively mundane implementation work, and PG & team would have a chunk of money to push on with exploration & drilling elsewhere in the licence?

In other words, New applicants please enquire here.

If anyone here is selling, I'd be interested to know why.

On Twitter, 'Advanced Search' lets you set the language.

Mumbo_Jumbo: I curb my enthusiasm, then!

MEM: I doubt it's anything bad, or I think GHH would have considered he had a moral duty of care.

MEM: And at £78m we're still well short of Touchstone (£97m) and Chariot (£100m!).

Chariot £92.4m

Touchstone £96.6m

PRD £72m

"Insightful discussions yesterday between @AljChakib, Abir Lemseffer, Principal Coordinator of CGEM’s Relations with European Institutions & Lord @DanielJHannan of Kingsclere, on ways to further strengthen trade between Morocco 🇲🇦 & the UK 🇬🇧 and to promote mutual investment."

https://twitter.com/CGEM_MA/status/1750464636460110265

Every little helps.

LookBothWays: "I spoke to Paul Braay of TXP a few months ago there is no interest from him of going into CM with Predator."

No surprise there. I recall from Touchstone's RNS that their cash seemed fully committed with no mention of CM. GH pointed out that TXP may have to pony up quite soon anyway. So there's a deal to be done & doubtless PG is pressing them.

BillyRayVal: Very interesting. It would be even more interesting if PRD spent money on getting some of its huge resource base into production, rather than on buying more potential resources.