RE: IRELAND... extraordinary9 Oct 2021 17:17
Afternoon Deckstand
Your question is ‘will this go the same way as Sound?’
Hard to know where to start with my answer
Please bear in mind that, whilst Sound did not sign a confidentiality agreement,
common courtesy precludes me from saying anything that I have not previously covered in several previous posts
I am not saying ‘read all my posts’
but ...if you are at a loose end for an hour, some of them might be of help...I do hope so
I believe that Sound’s licences at Tendrara are very different in many key geological respects
to the PRD licences at Guercif
There is also the not inconsiderable matter of the monies expended /the funding methods
Sound drilled several wells into the Triassic...those did not come cheap
There was also the vast amount of 2d seismic thrown
It was always my view that they would have done far better to use very limited amounts of 3D ...
for structure sizing/verification...
once they had been 'technically guided' to the correct locations
As you might recall, through the good offices of my brilliant technical friends/associates,
I was able to inform Sound in no uncertain terms that they were most unlikely to find commercial hydrocarbons at the locations they selected...after TE5
Brian Mitchener (who I have a lot of time for)
and I spent many hours over coffees in Sevenoaks...chewing over the issues
It gave me no pleasure to see the Sound drills faring as poorly as they did
including of course Badile in Italy
BUT the Sound licences ARE thought to contain some highly attractive locations...
not necessarily in the areas they were exploring
a fact that again I discussed at length with Brian and his co Directors
it was a great pity that they did not follow the views that I was able to express
It cost EQUITY shareholders very dearly
In addition to several personal warnings,
I issued several clear warnings on the relevant BB...to try to warn equity shareholders
but I was consistently shouted down by very irritable PIs who were convinced they knew better...
clearly, they were wrong
Had folk followed my stated opinions (I am pleased that some did!!!!!!!)
they could have sold at about 45p ...
several folk lost life changing amounts of money on Sound
and that is a source of great regret to me...as it was SO unnecessary
some health stories are very sad indeed
As to PRD?
I hold a lot of shares here ...by my standards
The debt instruments used by Sound do not apply here...thankfully
The real estate is incredibly attractive in several dimensions and strata
PG is as good as they get
He holds REAL skin in the game
The bottom line?
Only YOU can decide what to do
There is always risk in E&P
You and I have never even met
I might be wrong this time
It is your money
Your risk profile might be different to my own
Regards
GRH
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