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“Tariff negotiations with EDM, whilst taking longer than the agreed timetable, remain positive. We have received approval from EDM and other relevant parties to conduct further work on an optimised transmission integration solution that is expected to further reduce costs. This work is not expected to impact the negotiations and will continue in parallel with them.”
Sounds overall like the outlook remains positive, but equally the outcome not as close as we would all like.
Probably 4.5 hours for the trip might be a trifle optimistic at that pace / those roads ;-p
Great to see it on the move and am appreciating the company keeping up the updates allowing shareholders to feel like they are along for the ride
This is very true and does give me a lot of comfort to hold everything into the drill. Even if MOU-1 is by a stroke of very bad luck a total duster, provided that you have a reasonable investment time horizon the chances of AT LEAST regaining the current market cap / SP via progress on one or more of the myriad other projects / drills seems to me to be very good.
Hopefully next placing we get some supportive instos on board who aren’t going to churn.
Probably now there is also a fair bit of (understandable) top slicing / derisking going on among those lucky few who got in at 4p or similar though as well.
Ps god there are going to be some sleepless nights amongst this BB prior to the first drill RNS landing…gets my pulse up just thinking about it
It’s a bit cryptic but I read the reference to “different shareholders” as a possible future carve-out and separate listing of one of the two business lines, with an in-specie distribution to existing SHs. But this would imply that they will hold onto their interest in the power project though which others think is unlikely
That’s helpful and interesting, thanks Sefton. I suppose the contracted CO2 arrangement with Massy also helps to provide “stickiness” and prevent contractors who build up the “secret sauce” expertise working for us striking off on their own. Although more pragmatically it sounds like there may be more opportunities coming up in T&T than we could foreseeable manage anyway..
Holding as much PRD into the drill as I can manage whilst also stilll being able to sleep through the night atm, and then a bit more. And I still have the urge to add! GLA all.
Morning all. One thing I noticed in the Annual Report was that PRD has no employees, only service providers (ie consultants/contractors I assume). I understand that there are all sorts of reasons for this approach and also that the value creation in the identification, scoping and initial advancement of oil and gas projects like in Morocco and Ireland can be undertake by a limited team of skilled and experienced management along with expert third party consultants, however in respect to building up the T&T EOR business for eventual sale, won’t Predator need to establish a significant boots on the ground operation, given that it will largely be practical expertise and delivery (as well as the contractual rights to CO2 etc) where the value lies, rather than (for instance) a derisked / appraised licence area as in Morocco? Does anyone know how many “service providers” we have in T&T, I couldn’t find this in the report? Maybe some of the placing cash will go to hiring and building up the operation in Trinidad? Sefton or others with deeper EOR knowledge please correct me on this if I’ve misunderstood where the value lies in T&T.
Ps Like others i was pleasantly surprised with the quality and thoroughness of the AR. Perhaps, as some have mused in respect to certain RNSs, the excellent level of detail was aimed at potential acquirers of the various projects more than PIs…
F*** me, that was a staggeringly bullish speech for PRD. Sounds like we literally couldn’t find a more supportive government / regulatory environment to operate in, assuming what he says reflects the decisions taken by government on the ground (the polar opposite of Ireland, at least until the energy report comes out!). How exciting.
Would have been ideal if they could have included a shortish (eg a month or two) lock up in the placing agreement, given that I suspect many retail SH’s would have been happy to subscribe for more shares on those terms. Or at the very least gone to institutions showing interest in the medium term plan (and indeed, maybe they did). Feels like the days are over where PRD just needs cash from whomever will offer it notwithstanding their agenda or time horizon.
Changing the topic a bit, I have a couple of questions which I’d appreciate help with from those with (much much) deeper O&G knowledge than me.
(1) When a “chance of success” for a drill is quoted, what generally does “success” mean in this context? Is it the chances of finding best estimate recoverable reserves, or is it the chances of finding the lowest commercially viable find, or is it something else?
(2) The RNS notes that the initial drill is likely to take 14-20 days or so. How long after completion of the drill would we expect to receive an indication of findings?
Thanks and happy Sunday all.
Really hope they have gone into sticky hands, RNS noted that the placing was oversubscribed (no surprises there!), so hopefully supportive institutions with a long term view were prioritised. Agree with others that the RNS was all good news, great that they have capital to pursue opportunities, given how big PG thinks it would be ridiculous if he was constrained by a lack of relatively small amounts of capital. Think SP drop just due to people instinctively worrying they’re overpaying when they see SP so far above the placing price so quickly, confident it will edge back up pre-drill. Rollercoaster day, and exciting times! Have a good weekend all