Member Info for GRH...

Afternoon

I Tweeted the following... the other day...

WHAT IF:

FD were to observe that:

The current share price of (about) 6p

accounts only for the value of 15BCF

of gas resources in the Guercif permit

Out of 2C resources of 295BCF

identified by SLR in the current CPR.

😂😂😂

Regards

GRH

Morning

As some might recall...

I have long banged on about the wisdom of being free of debt

Many shouted me down ...as it seems to suit their agendas

In all the wording in the IOG RNS...

THESE words jump out ...CHILLING in the extreme

(Some might recall similar re GKP)

SENIOR

SECURED

'the Company is now likely to breach one or more of the covenants under the terms of its €100 million senior secured bond at the next covenant test date of 30 June 2023.'

Shareholders should REALLY 'thank the Lord'

that PRD is run by Paul and Lonny

Both with their heads screwed on

FEROCIOUSLY tightly

Regards

GRH

Evening...

I posted some time ago

about ‘take or pay’ gas sales contracts

I posted about the fact that they are not a one way street ...VERY far from it

and if you contract to supply XYZ volumes...

then you had better be sure you can/will produce XYZ volumes...

or whatever % tolerances are built into the contract

So ...outfits with 'small puddles' of gas could struggle

Well I have just wandered ...again... through the SDX results from a while back

and THIS jumped out!

((Morocco: 2022 production guidance is lower than 2021 production as the Company decided not to immediately renew a five-year customer contract that expired on 31 December 2021 until the Company has better visibility on future gas supply and pricing to support the full term of a new contract.

This decision is the main factor for a reduction in Moroccan capex guidance in 2022 which is http://c.US$6.0 million (32%) lower than FY21 capex.

The Company is exploring several options for re-entering into discussions with this customer.))

What this said to me is that SDX was not able to enter into a new contract due to supply doubts...

The small puddle syndrome

If I am right, it will mean that a VERY big customer is not able to rely on SDX supply

THAT is huge

I recall that their biggest customer took about 50% of their Moroccan output

It seems to me that this IS their biggest customer

If so... a MAJOR LEAGUE industrial customer cannot rely on SDX for supply?

PRD is not after small puddles

I will leave readers to join dots

Regards

GRH

From my early science lessons

Titanium gonads

are never affected

by wet nappies

QED

Regards

GRH

Morning...

The clue is in mentioning ONHYM

To me, it indicates one company in particular

To my knowledge…

They are the only company that gets gas from the ONHYM 4 inch pipeline

Others use the 8 inch pipe …built by Circle

I think they are a Belgian company

It is important for Morocco to retain them in situ

in case they up sticks to move to Spain…yes Spain

Moroccan industry is subject to wide international pressures of course…

That is something that PG/LB understand VERY well…

hence PG comments recently re pricing

I am VERY confident re both the scale and depth of industrial demand for gas

Some posters have rocked up here...seemingly by accident...

thinking they can trade the swings **

Good luck to them!

(**FWIW...Many years ago...I was MD at the Worlds second biggest Inter Dealer broker)

The above are my views

But others here might know better (!)

Regards

GRH

Yes...

Akri Bijeel worked in the end😂😂😂

I shall never forget the look on Adnan's face when I showed him our first outputs...

Hell of a moment for me

it was in the Indian restaurant...

he just looked at me and smiled his wry old smile

Yes...MOL has equity in Shaikan

Regards

GRH

Hello Oilyfred

If I may further assist your memory...

the field equity held by GKP in each of the four relevant blocks varied...

as did operatorship

It was a very deliberate policy of the KRG

(Dr Ashti Hawrami ...

with Adnan as his top man on point duty)

Thus ...in addition to the several factors I noted in my earlier email...

GKP had no control over much of the drill timing

Allow me to further assist you...the fourth block was Sheik Adi

It is an interesting factoid ...

but only in passing...

that the Akri Bijeel Block was drilled 8 times by MOL...

the Hungarian State oil/gas company

They had 5 dusters

they had two very limited 'shows'

they had one slightly better 'show'

Much of the licence was relinquished...

should we meet, it will be my pleasure to show you an A0 size paper copy of the technical evaluation of Akri Bijeel...

(I just got it out and one of my dogs has just walked in and decided to sit on it as I type)

Again ...the operating committee Chairman was Adnan Samarrai

MOL were believed to have lost $440m on the venture...

their entire top team was removed

Subsequently...I was invited...

(along with two senior colleagues...one of whom reads this very BB)...

to MOL HO in Budapest

to meet ...( on 25 Sept 2015) a large contingent of their THEN senior technical and commercial people

BTW...

'our' score out of the 8 highly varied results?

8 out of 8...all in advance

I think you might find the odds against that were rather long

The Akri Bijeel licence and operatorship...

then ended up with Rosneft as operator

It is now successful...

of course !

Yes...it really is a funny old World!

Regards

GRH

Hello Oilyfred

Odd post re BB...

as you will surely know...

Ber Bahr was NOT operated by GKP...

it was operated by Tony Haywood (Ex BP) at Genel ...with GKP holding minority %

My old friend Adnan Samarrai was Chairman ( on behalf of KRG and Government) of the operating committee

There is a post by 'ROB' pointing out that the chosen BB1 location was likely to prove poor

SO it proved to be

I wish you well with your activities

Regards

GRH

Hi Oilfyfred

Jeremy Asher is a friend of mine...

I did not class him as a PI due to his Deputy Chairman role

He lives in Monaco nowadays overlooking the Grand Prix circuit

Incidentally, Simon Murray is also a friend of mine...

he was Chairman of course...

Simon's contact book = second to NONE

Thanks for confirming your 'knowledge level' re resources etc...

It was what I expected

Regards

GRH

Thanks OilyFred

I am very au fait with the GKP story

as I was the largest private shareholder at 1%

having bought bulk at 4.5p

and twice posted when I sold down

I am delighted to say that several people ...(who copied my actions) ...did rather well...

indeed several are now good friends

You may be aware that there were some 'interesting 'activities' there...

re the MNR

re ISIL

re Directors...

re the very nature of the Bond legal Charge

As you cite GKP as example...

What was your view please of the 'Independent on Sunday' article

by Mark Leftley?

How accurate was what he published?

My question here remains ...

what is your view please as to value of the assets in PRD?

Thanks

Regards

GRH

Morning

OilyFred

Many here are well aware of your oft cited mantra...

re 25p would do you

But may I please ask...

What is your view please as to the value of the resources?

both currently and prospectively?

Thanks...

it is a genuine question

Regards

GRH

Morning...

I am not going to post the figures

for concern that I would be accused of nefarious deeds

(if ONLY such folk knew what I have not published)

But for the sake of new folk looking in here...

would anyone else care to please publish

the numbers being targeted by MOU3

And then by testing of MOU1

NB...

I am not even mentioning MOU4!

Thanks

Regards

GRH

For anyone interested...

I have posted a video in Twitter of a bore hole being drilled in our garden...2012...

Much smaller scale but the processes were not dissimilar

I do recall that the EXCELLENT blokes involved drank coffee...

A LOT OF COFFEE

As drilling was several hundred metres from the house...it fell upon me to act as barista

I recall that the owner of the company (a mate now) had bought shares in GKP

He was surprised when the contract was signed by GRH1

Funny old World

Regards

GRH

Would those seemingly at war with one another...please take it offline

Get a room

Or meet behind the bike sheds ...or similar

The BB is a valuable resource for many

and cluttering it with personal vendettas ...or whatever ...

really does nobody any good

Thanks

Regards

GRH

Morning...

Androcles...that was 656

▶️▶️▶️👓◀️◀️◀️

Regards

GRH

'

I used to put the industries largest global Turbidite Research Group though the ringer,

in trying to build predictive and risk quantification models for the above type of turbidite system nuances.

Amazing how much depositional system info can be extracted from seismic when global analogues are used for guidance.'

If he has a weakness...it's probably his lack of hands on experience

Of conducting Citizens Arrests😂😂😂

Regards

GRH

Was he seconded to ONAREP?

PARDON!

One of THE finest posters on here...

a great loss when he was treated less then well

Personally, I would greatly welcome his re-emergence and expertise here

Anyone who agrees might wish to express their views in the traditional ticking way

Off to do serious mow-age

Regards

GRH

Morning

I have just been going through several old posts...including those written by Caterham 7

Some folk might want to do the same?

I found several of them very interesting

Regards

GRH

😂😂😂

Regards

GRH

Folk are going to find out that emojis are quite useful 👓

Regards

GRH