Member Info for GRH...

Morning

Beautiful heavy frost here in Sevenoaks...makes the garden look quite ethereal

Keith...no I met PG at 10 Basinghall Street EC2
Coincidentally... It had been my lunch venue about 3 days per week for several years... when it was The City Circle
I concluded very many deals there...

But time passes and, when I met PG it had been sanitised to become a wine bar type place

My meeting was not private...

or else I wouldn't mention it!
...and it was only about 30 mins.

but I liked him
and consider him a rarity in E&P...

an honest bloke ...
who knows his stuff...
With skin the game...

(((And who has actually acquired major league licences possessed of great fecundity)))

As to the posts re 100,000 shares...
I regret to say they are devoid of merit ...
as based on several false premises...

Regards
GRH

Afternoon

Pastabelly...

you seem to think that a single security (in this case an equity share ) can only be traded infrequently...

I have not the faintest notion why you would assume that...
other than that narrative might fit your agenda...surely not!

Of course...the truth is that a single security (equity share) can be...and often is...traded
multiple times per week or day...

indeed in the the case of HFT (which I have referred to before) many times per second

Of course it is always possible that you know your trading stuff
but chose to ignore what you know

What do I know about it?
Not much really...

Oh I forget...

I was MD of the second biggest inter dealer broker in the World

and founded/floated my own investment bank...Main market

Funny old world

Regards
GRH

Afternoon...
I think it was 9 SEPT 2021 when I posted about Ultradril...
copy/paste of that post as follows:

((Crikey:

This from Schlumberger website:

((The ULTRADRIL system has an inhibitive capability closely matching that of nonaqueous drilling fluids. Its triple-inhibition approach deters the most reactive shales and provides superb wellbore stability, preventing sloughing and swelling that can cause stuck pipe and washouts. The system encapsulates cuttings with a thin polymer coating that virtually eliminates shale dispersion, reducing the need for dilution and disposal of large fluid volumes. The ULTRADRIL system also coats the bit, BHA, and drillpipe with an accretion-inhibitive coating that keeps the cutting structure clean and effective, resulting in less bit balling and higher ROP.))

This stuff is used ALSO on shale drilling...
where the shales give up vast % of their hydrocarbon energy very early in the life cycle of the well ...causing well stability /pressure problems

The fact PRD is using this stuff in Guercif says much IMO

the washouts/sloughing off of the well bore may have been when a different fluid was used?

This is important information...its as clear as daylight...in the appendices

Blimey))

Barite too very likely

Morning...
It was Bentonite

Some chap on here has been talking about degree of gas charge and energy levels...for a long time

Regards
GRH

Evening...

I just received a note from Amazon
to say that my Wife's order of a book ,ordered some months ago ,has been dispatched

Unremarkable one might say

The book?

The Leviathan

Funny old World

Regards
GRH

Morning all...

If anyone wants a subject for BB discussion, may I suggest that one could choose worse than 'pressure control'...

I am talking about hydrostatic pressure rather than pressure on shareholders!

Regards
GRH

Morning...

Just to let you know...

I regret that I am going to cease my telephone conversations with shareholders

It has been a joy to talk with folk
who have always been most courteous and often well researched

As you might appreciate, a phone call can be a particularly ‘difficult’ medium to contain

This has nothing whatever to do with my recent spell of being under the weather

I do hope to continue with my posts on this BB and Twitter

Thanks very much

Regards
GRH

Afternoon

Several posters have found much to like in today’s RNS...myself included

BB conversation has correctly centred around the timing of such options / exercise date...

As I stated...I felt it was most significant...

and indeed, the inimitable Wackmeister pointed out the interesting timing ...
by reference to the extended well test of MOU1

But there is something else...
which a good friend of mine pointed out to me today

Take a look at the number of share options that have been granted to Lonny...
they are significant in number as well as re option price

Now take a look at the total number of shares options held by PG (in addition of course to his direct equity involvement)

You will notice that Lonny is now parri passu as to numbers of options

THAT is a big statement I feel

Another thing:

Lonny has waited many months since he joined PRD before being granted the options

BTW (!)

If I were to employ a senior Director, I would delay granting options until such time
as that chap had achieved at least part of his target performance/results!

I am not going to say any more
as this is an open BB and there I feel it would be wrong for me to speculate on here...
good manners being important

BUT...
Make no mistake...
I am even more certain that what I have banged on about for AGES is coming to fruition

Regards
GRH

Morning...

I am really pleased about the options...

As many know, most options are 'cliff vesting' ...
IE if there is a change of control, the options vest immediately ...notwithstanding the vesting periods stated

But I note with GREAT interest the stated vesting period here

Most outfits issue options vesting in 2 or 3 years

PRD has issued options vesting in 6 months!

Crikey

Regards
GRH

Afternoon Petermac

I do not wish to be unhelpful
but I don't speculate re deals

as there are myriad options one could envisage here

I find that... if the assets are good...deals follow

and I consider that PRD has some mighty fine assets indeed

BTW one of the biggest dangers here is simple boredom

PIs are notorious for getting bored and jumping ships...

In fact, I once did that...many years ago...
it cost me lot of money to get back in the saddle
even though my original selection had been totally correct

BTW...I think the goings on at CEG are woeful...
I did counsel against that outfit on line
Pity.

Regards
GRH

Morning all...

Nice post Wack...very helpful

If there is a deal, it will manifest itself as a clear blue sky moment...
folk will not be able to get in at low prices...

those who have bought their place at the table will benefit greatly...just the way it is

The board is quiet due to lack of newsflow

But the guys are working very hard (!)

BTW...it might be as well to remind folk that Michael Caine related to Morocco...

Morocco 'only'!

Really!

Not much more I can reasonably say at this stage

Regards
GRH

Ford...the post to which you refer is basically correct

Yes, I did make such 'predictions'

I have made many predictions re E&Ps over many years...

As several people well know, my track record has been 'OK'

No guarantees
DYOR
Caveat Emptor
Etc

Regards
GRH

Afternoon all

FootandMouth

Forgive me...the correct comparison is not how many more shares they have in issue

it is what is their ENTERPRISE VALUE (EV) when compared to that of PRD?

For anyone still unclear
(after all my droning on over many months about what might sound to be an arcane measurement but is REALLY vital to understand)...
and whilst its a bit more complex ...

basically...to work out EV... just look at the respective m/caps
and ADD nett debt
or take away nett cash

PRD m/cap is about £17m

CHAR's is about £77m (roughly 4.5 x greater)

Now take away from PRD their nett cash position

now ADD to CHAR their nett debt position

it is an ugly ...brutal ...way of comparing things

but it is hard reality

as you correctly say...

DEVELOPMENT costs are at least one ORDER OF MAGNITUDE greater for CHAR

I have nothing whatever against CHAR
but the mismatch is stark

ATB

Regards
GRH

Morning all...

Sefton...yes I am here for Morocco but reasonably well researched on TT and Ireland...

IMO the reason the SP is where it is is opaqueness...irritating perhaps to some shareholders but perhaps essential...due to commercial haggles

One has to bear in mind that PRD is a tiddler company but involved with very major projects...

each one of which involves governments and powerful commercial partners and / or interests...

as such it must be very frustrating for both PG and Lonny ...as well as shareholders...

I am reminded of the great Emperor Vesparian...who was able to bring about much from very little...he was lauded by his peoples as a result

I have not the slightest doubt
that PG and Lonny are working very hard to deliver value here...

Equally well, I have not the slightest doubt that much value is available for delivery

I am not here by accident

Regards
GRH

Afternoon all...

CO2 EOR'd resources, pending development,

for the entire Innis-Trinity field

were determined to be 6.8 million barrels

(Best Estimate or equivalent to P50 case)

by SLR Consulting (Ireland) Ltd.

I wonder who has considered the $$$$$$$$ net backs

Funny old world

Regards
GRH

Morning all

Geowiz...

it would be all too easy for me to respond flippantly to your post

by saying that whilst I didn’t understand it

NOR I suspect did YOU !

I agree with others that it is very evident
that that you are here to try to throw ill informed FUD...

But bizarrely your post has a useful purpose

You have tried to highlight how poor the Sound results were

and of course that is regrettably so...
those results cost very many decent people the ‘shirts off their backs’ (old Lloyds expression when a Name at Lloyds)

You may or may not be aware that there is one poster on all of the BBs
who correctly forecast every Sound drill CORRECTLY...in advance

He was widely vilified and the shout-ists bayed for his blood...many screamed at him

Funny old world...they were wrong and he was correct

((His name?
Oh come on ...your must remember
Still no clue (par for your course) ?
He was G
Something or other

I am sure it will come to me after a decent coffee))

Anyway
Sound was actually trying to find decent hydrocarbons in the upper TRIASSIC....
deeper drilling and very expensive

But their porosity and permeability and charge
were VERY different to those of the MOU1 drill of PRD

We are talking WORLDS apart...
Simple example 8% porosity versus 16% for PRD

Charge and permeability ...or lack thereof...did for them...
GREAT pity and an enormous regret of mine

MAKE NO MISTAKE:
I consider that Sound DO have terrific opportunities within their licences...
but they failed to heed clear calls to switch their chosen drill locations

They and their shareholders paid the price

Keith is correct...

PRD have very many choices at Guercif
re both areal locations and strata

So much so ...that PRD faces a different issue:

IE:
WHICH 25% of the licences will PRD choose to relinquish at the end of this year?
PRD would obviously wish to give back the ‘least pregnant’ (yes I know) parts

It is a dilemma which has affected hydrocarbon explorers many times before of course

one great example being MOL relinquishing part of Akri Bijeel

when in fact that relinquished acreage was and remains highly prospective

Thanks for allowing a decent discussion to ensue

Regards
GRH

Morning Geowiz

I was interested to read your latest offerings
where you had mentioned Sound in the same context as Predator

As you have drawn that (to me, very surprising) comparison ,
I look forward to seeing rather more detailed information from you on here

As a start point, perhaps you would care to explain :
why you consider the Neogene depositional characteristics
to be akin to those in the upper Triassic

I was surprised by your conclusions

but of course always happy to learn

I look forward to your dissertation

The floor is yours

Regards
GRH

Agreed...
good post Keith...

very helpful explanation

I hope to meet you one day

Thanks

Regards
GRH

Morning all

I just want to say that I think it very good that Lonny is now more engaged with shareholders ...via twitter

Regards
GRH