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The conspiracy from ROB is cringeworthy. ROB has previously threatened legal action for damaging his reputation, can he sue himself?
There needs to be some management experience added to the board in the form of a chairman. Paul down to CEO, a COO appointed and Lonny off the board to Morocco manager. It's getting painful watching them flounder out of their depth.
Permit has been awarded according to page 4 timeline. Stage 1 testing does not make good reading, could not get sandjet or the bigger guns but continued anyway. T and t delayed until 2nd half, no date for mou 5 as expected. Management unable to complete current projects so looking to farm out Jurassic is fair enough until they then say they looking at West Africa projects now as well. Lack of focus apparent throughout resulting in delay after delay.
They have issued that many timelines is anyone actually going to give any credence to the latest rendition. The boy who cried wolf etc
https://www.youtube.com/watch?v=KThbNtVCFs4
Watched the May presentation again over the weekend and they can basically recycle this and change the dates by a year.
https://www.youtube.com/watch?v=QdHMex84Utw
Since the completion of Mou 4 in July they have completed one failed testing program, signed a MOU and had T and T approved.
Time to start delivering some shareholder value. Time to start delivering on timescales.
Jimmy
60 days from application to get the exploration permit approved.
Page 2
https://cms.law/en/media/local/cms-cmno/files/publications/publications/conducting-oil-and-gas-activities-in-morocco#:~:text=The%20MMEM%20is%20in%20charge%20of%20granting%20exploration%20permits%20through,the%20MMEM%20and%20the%20MMF.
Char and Sou will have contracts as well, that's why they give an "expected" date. Sound "expected" the rig to become available by the end of March. Char has EIA approvals for 19 wells in five years, the owners of the rig will be bending over backwards to get this business.
It's an exploration permit it has nothing to do with the licence. They cannot carry out any work until the next permit is issued. There are no adjustments to the terms of the licence. The permits have already exceeded the two years additional scope, so maybe they are discussing a further extension to the initial period or the beginning of the First extension period which has a new set of commitments.
The 5th Feb was never more than an exploration permit expiring, it has no impact on established terms of the licence. It's something invented on here to promote the idea that they were forced to conduct testing with the underpowered guns. If they had cancelled the testing there would have been zero impact on the licence.
Just going off what Paul said at 11mins.
https://www.youtube.com/watch?v=QdHMex84Utw
Sand jetting has never been used in Africa so there are zero examples of it working there.
What else do you want people to say?
Posters allowed to post their views without being accused of having "dread" something which you are guilty of( note the dig at armchair geologists) The biggest armchair geologist on here is given free reign, apples and oranges.
The advocates for balance are usually always the first to attempt to stifle a discussion.
The zeal for balance disappears when 1500x baggers, special dividends and Facebook posts of road contractors are discussed though.
In the current market for raising finance, the board would be negligent if they were not considering the finances going into a high risk testing program.
Sand jetting operations have failed to clear the formation damage at BCE. They have announced a placing to fund a side track to attempt to rectify.
Different reserviors types but there is clearly a chance all three wells here are fubar, what percentage that is anybody's guess. The risk here has increased as perforating guns have failed and it's all eggs in the sand jet basket. Maybe the drop was justified on the phase 1 testing failure after all.
The presentation will hopefully clear this up.
Posters keep on repeating the 5th Feb as a deadline that the company was forced to meet. The exploration permit expired on the 5th Feb meaning that any work that was not started on this date could not be started until a new permit was issued.
https://www.cliffordchance.com/content/dam/cliffordchance/briefings/2014/03/oil-and-gas-regulation-in-morocco-one-of-the-most-attractive-schemes-in-the-world.pdf
"The exploration permit is valid for a maximum of eight (8) consecutive years divided into periods (an initial period followed by one or two additional successive periods) determined by an administrative order granting the exploration permit. When hydrocarbons are discovered during the last year of validity of the permit, its duration may be extended by the Minister in charge of Energy for an exceptional period which may not exceed two years."
Note the word extended. Not adjusted, no new requirements added. Extended. Testing is not a requirement of the original licence and cannot be added when the licence is extended. There was no forcing to do anything.
The exploration permit that refers to ends on the 5th meaning that no work can be carried out until a new permit is issued. It does not mean that if they did not start testing they would lose the licence. They could have delayed testing and waited for more suitable guns in the next permit stage without any penalty, they choose to proceed.
There is no mention of the 5th Feb date in the RNS for 12th Jan announcing the phase 1 testing program or the 26th Jan.
There is no requirement to test in the terms of the contract and PRD have exceeded the minimum requirements of the work commitments. Clearly laid out page 13 of the ITR. A contract is a contract.
They thought the guns would work, there was no forcing by anyone. If they had not proceeded with the test it would have had no impact on the licence.
Phase 1 was to test reservoir quality and potential flowrates. There was no mention of evaluating formation damage that they are now claiming as the main aim.