Member Info for GRH...

Afternoon

I was very surprised that WorldWidePleb's post only garnered 6 ticks

The reason I commented on the movement in 'Cable '
is simple :

1...That movement is VERY large
2...It all goes straight to the bottom line

What I am hearing about PRD not wishing to overcharge customers
but ...as highly responsible operators...
to help the Moroccan economy to grow and prosper

is music to my ears

Imagine for a minute or two ...

just how great that music would sound
if you were running one or more such customers

Or if you were running Morocco

We are involved in a very big thing here

It is one of those things that are technically known in E&P as

'a doors removal mechanism ...par excellence'

Regards
GRH

Morning

I am so sorry

It appears that my recent post has upset some folk here

That was never my intention

I am slightly bemused
as I had previously thought that the initials 'OT' in the strap line of my post
would be clearly understood

And thus act as a warning to those disinterested ...
NOT to bother reading it

I also thought that the word DOGS in the strapline might be universally understood

But it appears that those who wish to feel aggrieved ...
do exactly that
A default position it seems

But...a VERY valid point has been made by another poster ...
that my post had pushed down the page a rather wondrous post timed at 11.30 pm yesterday

Yes, its worth a read!

I confess that despite posting a lot of stuff on here...
I am totally clueless in matters to do with finance and the E&P sector

Going back to my own state of bemusement...and general lack of knowledge...

I remain bemused WHY the chap in the following link
should have chosen to agree a rather large deal with me and to do so on live TV
and to then have me as guest of honour at a 450 person banquet

https://pbs.twimg.com/media/FQ4b9SFX0AMLSvv?format=jpg&name=small

But yes...the 11.30 pm author is undoubtedly better informed

Regards
GRH

Has anyone looked at the $/£ exchange rate?

£ at 37 year low?

What currency is used for hydrocarbon pricing?

Regards
GRH

Evening

Just FYI...I re-tweeted this ...

it had been tweeted by another investor

It's simple...

'Patience in investing doesn’t mean you make slow decisions.

It's usually the opposite.

Thousands of quick No's and a few quick Yes's.
I do think the quick yes's are the best yes's. They are obvious to you right away and obvious to others later.'

PRD had been obvious to me
since way before I bought my substantial holdings

All I now do is sit on my hands

Regards
GRH

Morning...

Do not lose sight of Trinidad and Tobago!

Just my view

Regards
GRH

Morning

Amidst the sea of chat on here about PRD and making money...

A worthy ambition for what we can then do with that money ...

There is something greater...at least IMHO

I was talking yesterday with a chap I now regard as a friend...he had followed me on GKP...really top bloke...runs a substantial business, giving work to many people

I had mentioned that I had not been able to fully pay my respects this time ...(close up at Westminster Hall) ...to our wonderful late Queen...
as I was able to do for Winston Churchill in 1965

He said that he had just come back from doing so!

He took his Mother...
That of itself speaks of the man

But here's the thing...here's the bloody thing...

His Mother is ninety one years old

I will repeat..ninety one!!!

The endeavour is not for the faint hearted...still less so at such age

I would like to pay my respects on here to that shareholder and to his beloved mother

Hats off to the two of you!

He told me that she has a sister aged 95 and a younger sister aged 89
and they have lived their lives in parallel with The Queen.

The Queen is all a lot of us have ever really known

and he told me that his mum feels her loss like that of a sister.

Respect Dear Mother of shareholder

Respect

And thank you

Regards
GRH

If I told my Wife that there are folk posting on a thread headed 'GRH'...

She would strongly advise folk to have a word with themselves
And drink less caffeine ...more red wine

Let's stop talking about GRH

And focus on the forthcoming drills...as they are now in touching distance

ATB
GRH

MEM

That's very decent of you...thank you

As you may gather, in my book 'decency'speaks of the man

BTW...
Mine's a large one!

Regards
G

Fordy

I can't think who that might be

Although...come to think of it...
There was an old boy on here who droned on

He used to post a mantra...

' I am here for Morocco'

Several 'crew' members shouted him down...much personal abuse

So he stopped posting his own information
restricting himself to 'market available' stuff

Funny old World

Regards
GRH

I did post about my Serica holding on here...
some here made money from following my tips

Those bigger holders made rather more than in that article!!

I know that some hate it...but quick back story...
IGNORE by all means!!!!

Tony Craven Walker and I had met courtesy of John Jay
(Ex City Editor of the Sunday Times...I had known him for many years...he used to follow my City activities)

BTW...
VERY few here will make 'big' money...
too many skimmers
They will always be skimmers...if they survive (its a hard game and bid /offer is often hard to beat)

Regards
GRH

Lion man...

Yes...some people (ha ha)
have invested years of their lives to reach this moment

A moment that has not involved great shouting from rooftops ...far from it!

That quietude has been totally unlike some other outfits I could mention

Some folk (!!)
have even put stuff on here...from way back when...
only to be the recipient of foul mouthed personal abuse from the usual crew

As I have said before, this cannot be devoid of all risk...due to the nature of the enterprise

But I have stated that I risk this at 85%

No...that is NOT 85% chance of failure
It is 85% chance of success

My analogies to Leviathan were not without considerable analyses...

I was able to swoop in some time ago and buy good seven figure shares at 1.5p

I considered it the bargain of a lifetime then ...even with a CLN in existence...
Used to be able to acquire the licences...plural!

Some on here shouted at me then

Funny old world

I genuinely wish the very best
to all who are trying to do the right thing for themselves and their families

There are some good people holding these

Conversely, I cannot begin to tell you the disgust I feel for some here

Regards
Zulu

Bladder man

Morning

CORRECT!!!

Are you on Twitter?
If so maybe tell them too?

I have been droning on about this asset from way back...my posts refer

But the so called market has not yet understood!

It will...

Oh yes, it will!

Regards
GRH

Afternoon

I am not going to say much at present...
new folk only have to spend time reading my previous posts (yes, I know!)

But some might consider the following to be of ,at least, passing interest:

NEOGENE
There are a number of seismic interpretations of the Neogene sequence in the Guercif
basin. Zizi (Zizi, 2002) produced an isopach map of the Tertiary which shows a thickness of
over 1,900m 25km SSE of Guercif town. ONHYM (Charrat, December 2004) produced a
time structure map on Base Tertiary unconformity (same as base Neogene). Sani (F. Sani,
2000) contains a base Neogene time isopach map that is very similar and also shows the
parts of the Neogene basin that were uplifted and eroded in the late Neogene-Quaternary.
The main isopach thicks are in the area around wells GRF-1, MSD-1 and north of KDH-1
which are west of Guercif town (see Figure 3 for locations). Here the Neogene-Quaternary
reaches 1,900msecs TWT which equates to around 2,000m. This is confirmed by the GRF1 well where the base Neogene was encountered at 1,932m. We believe the likely
maximum thickness of the Neogene-Quaternary sequence in the Guercif basin
is in the range 2,000 to 2,400 metres and that reservoirs in the interval 1,400m to 2,400m would be
attractive targets for biogenic gas

Regards
GRH

Morning

Another shareholder has contacted me privately

He suggested it might be

1...
a good idea if I were to post my own recommendation...buy or sell

2...
If I had any words of advice (what!!!!!!!!!!)
as we 'enter the run up to spudding'

(of MOU2 and the testing of MOU1 and MOU2
and, dare I say, other news too)

As to point 1...
I present the facts (sometimes very early in the game)
and my own strongly held views
I would never try to tell others what they should do

As to point 2...
All I would say is

' You have come this far...
it now becomes REALLY hard

Don't bugger it up now'

ATB
GRH

Afternoon again...

There was a post yesterday which I reckon is right up there with the most insightful of all posts on here

It was by Caterham 7
(Caterham...I hope you don’t mind me quoting it)

He included THESE words
‘What people need to understand
is that the Morocco CNG project has much lower project execution risk than the usual AIM snake oil ‘10 bagger’,
and PG does good job of describing this.

I have a few typical moonshot ‘10 baggers’ in my portfolio to which I assign a 10-20% chance of success.
PRD on the other hand I’m comfortable assuming a 50-60% chance of commercial success. Best risk reward I’ve identified in a long while.'

I have been droning on about this very point for ages...
it goes to the very essence of WHAT we are invested in...

As I mentioned in my earlier post today, I know a bit about the licenses of many companies

I am only invested in PRD

Whilst I am here, I just want to add the following
It relates to the discussion kicked off by Keith yesterday

Excellent discussion...thanks all

It’s good to have some useful debate about revenues and values.

I don’t think we have to speculate too much…..

The new presentation...page 7 I think...
tells us that 50 M cfpd would deliver net revenue around 36p per share EVERY year
($159m/380m shares, £1:$1.15).

Yes, that is un-discounted...
but with a 10% discount, that is over £2.20 NPV per share ...
and that’s assuming revenue lasts only for 10 years.

BTW...Page 9 of the presentation takes us to a similar level of share price.

The $1,317m quoted is worth an NPV of around £2 per share (10% discount rate, 380m shares, £1:$1.15, only 10 years duration)

And then look at how conservative these page 9 assumptions are...

For instance ...ONLY 21m of net pay and ONLY 135.75 BCF.

Not to mention only based on a tiny area of the license.

Did I hear 66 north sea blocks?

IMO Paul and Lonny are, in my strong view, trying to avoid any danger of over promising and under delivering.

We also KNOW there are extremely important local sensitivities
given the history of awful hyped up promotion/PR from other companies

IMO ...We should read between the lines.


Regards
GRH

One thing folk should REALLY have heard loud and clear

was Paul saying that he and Lonny are NOT out to skin end user customers!!!!!!!!!!!!!!!!

They will deliver large quantities of gas at sensible (historically high) prices
and thus share the spoils with the industrial end users

Lonny is absolute master of that in Morocco...as some of you have started to find out

Sure...there remains RISK...

it cannot be otherwise due to the nature of the business
But it sure as hell does not deserve CPR risking at 75% discount!!!!!!!!!!!

At least IMO
and in the views of some others!

Here endeth the rant!

ATB
GRH

Afternoon

This is a bit of a rant...warning if you like
Its one of my hobby horses

Those who know me
Know l that I regard very many so called E&P companies as a sure fire way to LOSE money

Often lose it ...hand over fist

The reasons are to do with the financially deadly combination of :

Easy online access...folk can buy shares at the press of button

Such folk wielding sometimes large amounts of money ...delivered by so called pension ‘freedoms’...SIPPs and ISAs etc
In reality ...often leading to financial purgatory

That amount of money wielded
being totally at odds with the meagre/zero research many undertake (I could knock socks off with tales of idiocy by several)

Many think they can ‘beat the market’...hilarious in the extreme...sorry
I have MUCH stronger words for it

I know some folk hate me saying so...
as it b*ggers up their shoddy little agendas
and IMO there are some disgusting operators on this very BB:

But, prior to floating my own investment bank, I was MD at the second largest inter dealer broker ...
in the World
So it is at least remotely possible that I have a reasonable view as to HOW risky the markets can be

Most PIs have no idea...not a Scooby

If folk don’t understand dealing off the back of the book
and how the ladder works...
they have no chance of ‘out dealing’ the professionals

Some folk even buy so called Level 2

Hahahaha
Total waste of time and money IMO

All of the above is delivered gift wrapped ...on platter...to greedy managements with no skin in the game
Sharp suits and white socks ...
often suffering from Dunning Kruger syndrome

As one of my very close /long standing business friends says:

‘Quick...employ a teenager while they still know everything’

Managements whose companies sit on licences that are ‘promoted’ as Assets that are really Liabilities...
Liabilities as the companies commit large amounts of shareholders funds to so called Work Programmes that have little CoS
The managements having upward only incentives and sometimes large pay packets

I very rarely invest in E&Ps as frankly I know far too much

What sits within my hard drives would blow many minds

It would send many running for the hills...and it should

As is well known , I have committed many hours to posting re PRD

I do so as it is SO far removed from the outfits I have mentioned above as to be on another planet

I am not trying to get anyone here to buy or sell shares...

frankly, whatever you do ...buy or sell...will not impact the outcomes as far as I am concerned

I had previously posted on here with my views of Paul and Lonny

I am pleased that many folk have now had the chance to see for themselves who is handing the wealth creation that is PRD
These are top quality people IMO
They are sitting on top quality assets IMO

The combo is SO RARE!!

That there are hens with more teeth

One thing folk should REALLY have heard loud and clear

Ford...

I would be surprised if there was 1BN OOIP

I think... if it's there...it's a lot more than that

So did my explorer friend

Regards
GRH

Morning

I wish I had been there last evening...
But it was not to be

Thanks to those who have kindly posted their views re the presentation...appreciated

I did mention some time ago that I thought Lonny would be there

I am delighted that more shareholders have now had the chance to witness ...close up...those I have posted enthusiastically about...
IE Paul and Lonny!

Class acts with class licences

Not common in this sector

It remains my clear view that these guys are on the cusp...
or even further than that...
of making one of the defining hydrocarbon discoveries of the modern era

Please bear in mind that PRD is engaged in both appraisal and exploration

Regards
GRH

As I have posted before

it is my belief that there are TWO fields here:

One has to consider ...

depositional changes
AND
structural changes

I remain firmly of the view that Guercif is a Mighty and Energetic asset

Despite what some might think...

these come along VANISHINGLY RARELY in one's lifetime

Regards
GRH