Member Info for FabPhil

As gold sponsors of https://energysummit.ie/ and with the summit being just one month away I am surprised that there is no Mag Mell Energy website.

According to a domain search “Magmellenergy.ie” is “unavailable” so hopefully it is a work in progress?

This was written back in June 2021 "It is a strategic offshore LNG storage facility designed to provide enhanced security of energy supply for Ireland."

It ticks all the boxes so lets get the marketing campaign up and running!

Hello,
I like the story here but could someone help with the likely economics of the Phalaborwa Project?
Many thanks

Things moving in Ireland?
Minister McGrath on RedFM "existing licences can be used"

http://sndup.net/w5zf

Security Of Supply

Does anyone else feel PRD’s Irish successor authorisations are about to be awarded?

With a single tick of a box it would instantly put these huge BCF numbers back in play:

Ram Head (1106 Best, 2740 High)
Corrib South (424.8 Best, 904.7 High)

The investment decisions behind the recently announced nine new GAS fired power stations will have included SOS concerns. Increasing imports, via Scotland, does not seem like a viable option.

May the power invested in PRD Save Our Souls!

And at 8p the market cap is still only £24 million.
The mind boggles!

Encouraging words from Eamon … particularly noting the word “vital”!

Minister for Environment, Climate & Communications Eamon Ryan TD said: “The Government has set an ambitious target of up to 80% of electricity consumption to come from renewable sources by 2030. This is double the current share of renewable electricity and will require development of significant levels of wind and solar generation. It also requires flexible gas-fired generation and storage that can support the variable nature of renewable electricity production and ensure security of electricity supply as we phase out coal and oil for generation.”
“The Climate Action Plan sets out the need for circa 2,000 MW of gas-fired generation over the period to 2030. This generation will replace existing high-emitting power stations and is expected to spend much of its time in reserve to operate only when needed. The provisional auction results published today are a key step towards delivering the generation needed. It is now vital that these projects are developed.”

https://www.offalyexpress.ie/news/home/737286/offaly-company-big-winner-in-new-power-generation-auction.html

Nice article which highlights the huge potential here.
Here talking about Massive … “For the founding team, it was an unbelievable success for them,” said James Draper, CEO of the in-game advertising firm Bidstack, which formerly employed Massive co-founder Katherine Hays as an strategic advisor. “They were only doing like $1.8 million of actual revenue before the exit — so for them to sell it for $187 million dollars was an unbelievable return.”

The Moroccan government announced its decision to resume air travel to and from #Morocco starting on February 7.

https://twitter.com/MoroccoWNews/status/1486828857265205252?cxt=HBwWiMC98fq9o6IpAAAA&cn=ZmxleGlibGVfcmVjcw%3D%3D&refsrc=email

Again in focus with headlines like this…

“Fears mount Russia will weaponise gas supplies over Ukraine crisis”

https://www.thetimes.co.uk/article/fears-mount-russia-will-weaponise-gas-supplies-over-ukraine-crisis-xxng6v87b

Here is a bit more on the timeline…

“If a majority of member states back it, it will become EU law, coming into effect from 2023.

The member states and experts consulted by the commission have two weeks to demand revisions to the proposal before a final draft is published in mid-January.
The European Parliament would then have four months to either approve or reject the text with a simple vote.”

https://energy.economictimes.indiatimes.com/news/power/european-union-moves-to-label-nuclear-gas-energy-as-green/88642464

The MOU-4 Competent Persons Report due to be published early in 2022 should be interesting.
In the September presentation slide 9, “MOU-4 proposed, testing 12 km squared & 120m gross interval. Potential deeper target too. “
Then in the recent RNS the gross interval is now interpreted at 293m.
The gross interval is now nearly 2.5 times bigger, how will that shift the MOU-4 (CPR (2020) gross Best Estimate resources of 393 BCF? Are we primed and ready?

Latest RNS “MOU-4 will test the same seismic amplitude anomaly as MOU-1 successfully encountered but in an area where a maximum provisional thickness of gross reservoir interval is interpreted to be 293 metres compared to approximately 70 metres seen in MOU-1. MOU-4 will target a sub-area of the MOU-4 Fan with an independent 4-way dip closure covering 7.3 km² and characterised by a favourable seismic amplitude response, seismic flat spots potentially related to gas-water contacts and a potential "gas cloud" developed at the eastern limit of structural and possibly stratigraphic closure.”

This article from yesterday. The Morocco government seem very keen to find solutions. The question is who are they examining FSRU details with?
https://www.reuters.com/article/morocco-energy-lng-idAFL1N2RZ27O

Morocco’s newly appointed Minister of Energy Transition and Sustainable Development Leila Benali has highlighted Morocco’s ambitious future energy goals…

http://marocgazette.com/story-z3895428

And she has quite a good track record! “Her work has contributed to energy policies for several major global players, including in Saudi Arabia with Aramco, in the UAE, and the World Economic Forum. Prior to assuming her current role within Morocco’s government, Benali served as Chief Economist of the International Energy Forum.”
It seems Morocco are getting serious on gasification!

Q20: If as you state the share price was over heated in the run up to MOU-1 drilling completion does that mean you feel that PRD was not worth a Market Cap of ~£45M

I think it was exaggerated for that time. Following the well it is a valid market cap figure given the well results and dramatic increase in the price of gas. We have a 7,269km2 licence area and are drilling less than 5 kms from the Maghreb gas pipeline to Europe. We have no debt. MOU-1 opened up a new gas basin. CNG is economic at 5 mm cfgpd. 1 bcf currently can generate US$ 11 million gross revenues - even before the spike in gas prices. NOW the market cap can be under-pinned - before MOU-1 it had a greater speculative element.

The Q&As are up on the Investor Meet Company web site.
With some very reassuring answers.
Here is a flavor
“ Discussions are commercially sensitive at this and we will not go into any detail regarding this. Suffice to say that the opportunity is there due to the shortage of gas and that it would make sense for a potential end user to be aligned with the upstream gas producer to secure a preferential option for gas resources, This should including sharing some risk at project/licence level.
There are alternatives too as given the current demand for gas, Morocco's favourable tax regime and under-utilised infrastructure Morocco is a target for investment in gas for a number of Middle East entities. We are exploring these options. At the end of the day we have to prove to these parties that there is a high chance of material gas in Guercif and that we have a clear path to monetising the gas. The CNG development option can be financed and some pre-development financing could be possible. The project economics are some of the best in Africa.”

After seeing the PRD presentation (they are looking for a partner with their Morocco gas discovery) this seems to be exactly the opportunity GKP could consider.
Spreading geographic risk and then we are not a one trick pony being held back by the MNR cowboys.

It is potentially a giant asset and this is one of the questions I have pre asked for tomorrow’s presentation…
What is the status and future plans for Ram Head and Corrib South?

A very upbeat presentation.
“That’s what Guercif offers, a material gas resource that can supply an industry market for up to 10 years or even longer”
1:24:52 https://youtu.be/CTT5BUA-70Y
No complicated infrastructure.
Develops Morocco’s ESG credentials.
First gas sales, end of 2022.
What a superb prospect!

Is this why MOU-1 was drilled under tight hole status?
Maybe Morocco have plans for the GME gas pipeline?!
http://www.jordantimes.com/news/business/algeria-says-divert-spain-gas-supplies-away-morocco-pipeline

Coming Sept 2021 according to the website.
Must have found something to talk about!
https://www.predatoroilandgas.com/investors/presentations/