Member Info for davwal

Given PG has stated he expected the extension to drop in mid/late April, I can’t believe they haven’t done anything.

An RNS notable for what is not said as much as what is.

Owing to no M&A having occurred in the period, the figures will be interesting as they’ll purely reflect the efforts and capabilities of the management. I don’t envy the broker having to apply lipstick to this one…

If it helps the confusion, it was Persia - land of the Hillman Hunter - that actually became Iran.

Or BP have already sucked our oil out….

Like all listed companies, PRD must inform the market of any material development. As it is currently outwith the terms of the licence and can do nothing operationally in Morocco, the issue of the extension is extremely significant and material. No way has it been issued and that fact withheld from the market. It’s a crazy system when the authorities take over a third of the extension period to sign it off - particularly given the alleged interest on high. I just hope PRD submit the next application immediately upon receipt of this one.

Surely prospective suitors are themselves waiting on the results of sandjet and SV101 activities before remotely reaching a point of commitment? Waiting being the operative word…

2 x 0 = 0.

After official delays PRD will be left with a 4-month window to carry out critical works before the next extension is required. It’s frankly nuts, particularly given the much mentioned logistical treacle, so I was surprised to hear PG state he’s happy. The situation seems unsustainable on the face of it. Give PRD at least a year at a time for heaven’s sake.

Drilling and testing immediately after - that’s an interesting concept…

I’m not sure it’s clarity of communication, rather a lack of clarity regard ever getting the stuff out of the ground. I know that sort of thinking is sacrilegious on here, but for heaven’s sake, that’s what it’s all about - and what seems to present our leaders with ongoing difficulties.

But PRD does seem to think they absolutely need the extension #4…

Regulatory approval of the Guercif Petroleum Agreement Amendment #4, which is proposing to extend the Initial Period of the Guercif Petroleum Agreement to 5 June 2024, is a pre-requisite before Phase 2 testing operations can commence..

If PG isn't still presenting on 14th he'll tell us - on the 15th...

No Petroleum Agreement #4, so nothing can go on in Morocco. It bemuses me that folk still hope to see something happening on the ground! PRD currently has no licence and is in total Limbo - it’s really quite simple. The 6-month extensions are stupid given the Ministry can’t process them in good time. The longer the delay, the more concerning it becomes - and this is a ‘supportive’ government!

.. go for a pint and when you come home there will be gas. Sounds about right..

Hopefully, the commitment to a presentation means agreement #4 is expected to be issued before then. Would sound a bit hollow otherwise.

As the head of a young family, I once had to claim benefits when my young business went down the drain in the recession of the eighties. I was mentally slaughtered at the position we found ourselves in and was eternally grateful for the dole etc - albeit for a limited period. It’s a safety net for those in need which unequivocally should be there. That it can be so easily abused is abhorrent. Tax avoidance is fair, tax evasion is not.

Blimey - from the awful photos it looks a very dangerous area to drive in.!

There was a self-made deadline insofar as PRD wanted to test as stated for Phase 1. If they hadn’t commenced on or before 5th Feb they would have had to suspend those plans. Regards extensions, they are usually granted before an expiry, and from the plan for Phase 2 commencing as soon as early February suggests PRD thought/hoped that would be the case. I’m not for a moment suggesting the licence won’t be renewed, but can’t help wondering why the ‘friendly’ Minister couldn’t process it without delay (assuming PRD had applied in good time). Roll on the new permit being issued and matters being back in the operator’s hands.

Whether additional management help would be beneficial is a good point to consider, particularly in light of T&T adding extra demands on limited resources. In an ideal world, a well experienced operations manager/executive would be very worthwhile, so long as that person was allowed to contribute fully and make proper decisions. Fewer operational gaffs and flip-flopping would hopefully result. P & L could then concentrate on executive oversight across their three domains. Win, win.