Member Info for Gudin

The licence expires today 5/6/24, no update

Mou 5 was expected between April 1st and 31st May no update.

Sandjet equipment available in April, coiling tube unit available end of April no update

Testing from March presentation first half of Q2 2024 no update

Testing to proceed as planned 1st May rns, no update on plan or even a released plan.

Sundays rant about long term share holders by lonny looks very hollow imo.

Ijt

Those figures are from memory maybe wrong, will check when I get time to see if I can locate them again. The board said firm activities were funded, £6.5m is not going to cover stage 1 and stage 2 testing, Mou 5, two work overs in T & T and general cash burn for 12 months. They are also currently committed to a spend for the second stage of around $6.2m which has 17 months left starting from tomorrow.

We should see some clarity next week and it is long overdue.

The rebuttal of the will not drill in June comment was so fact laden and brimming full of well researched points it is hard to disagree with.

Your opinion appears fluff with no substance , so I will reciprocate and take no notice.

I am no expert (no one will dispute that) but going from memory:-

The licence is split into three parts each covering three years. These three years are covered by an exploration permit in each stage allowing operators to carry out oil and gas activities within reason. Each stage carries a bond stage 1 $1.5m and stage 2 something like $3.5m ( $1.5m from stage 1 can be rolled over).

The first stage of three years has finished along with the associated permit and PRD rightly claimed covid had impacted the ability to operate and applied for an extension which was granted along with a new exploration permit till 5th Feb. They have applied for a new permit till 5/6/24 and that's where we are today.

IF the permit expires on the 5/6/24 they will either have to apply for another extension which in the past has taken 2+ months or commit to stage 2. Stage 2 has been reduced to 17 months to reflect the extensions and entering this stage will result in a bond payment and a new work commitment including 3d seismic but will have a exploration permit for 17 months.

Now the grey area. Work that has started on or before 5/6/24 can be carried out after this date ie if drilling starts on the 5/6/24 they are able to complete the drill. Does constructing a pad (if they have) constitute the start of work or does an actual spud. Without seeing the terms of the amendment I doubt anyone on here knows. The rig is not going to be onsite by the 5/6/24 if they have to apply for another extension or enter the next stage the regulatory process will take 2+ plus months with no permitted activity.

I do not expect Mou5 in June is the short answer.

It's certainly been frustrating.

Coming up to a disclosed deadline within 5 days, no clarity on whether this deadline still applies. No clarity on testing start date. No clarity on Mou 5 status.

The owners of the company ie us share holders deserve better communication from the employees regardless of their personal holding.

I agree it's plausible, but they should have included it in the 1st May update given they have previously stated 5/6/24. Hopefully it's just poor communication and MOU 5 goes ahead. But there is nothing wrong with caution until we are informed of the situation, building up expectations to something that might not happen plays into the hands of the traders once again.

The 1st May rns mentioned preparations for the Sandjet rigless testing programme can now be progressed as planned, nothing on progressing plans for Mou 5. An oversight or deliberate omission time will tell.

Excellent addition to the discussion. Reasons were provided as to the lack of timescales, you must have missed them.

Your thoughts are notably absent. I must be equally unworthy.

When do you think drilling will occur?

What impact does the disclosed expiry date of 5/6/24 have on the drilling plans?

This is a chance for your towering intellect to shine, instead of wasting it in petty point scoring.

Yours in eager anticipation

Gudin

Name calling the first port of call for the intellectual.

The simple answer is I do not know because the guidance provided by the company is outdated. I would be guessing like everyone else. One thing I do know is the permit per company guidance is due to expire and they said they used the smaller guns due to time pressure from the last permit expiry date.

Perhaps you should be directing your question to those that think drilling is happening in mid June as to what makes them think that, you know for the sake of balance. When do you think drilling will happen?

Yours in eager anticipation

Gudin

Those clever people should have no problem posting the applicable regulations that allow work to be carried outside of permitted dates then.

The permit expires on the 5/6/24 as indicated in the recent presentation, allowances were made for the testing starting out of permitted scope due to the weather last time. Mou 5 spud beyond the 5/6/24 is entirely reliant on the leniency of the Moroccans to allow activity outside the permitted scope.

Some have posted for months about the schedule and been proven correct, maybe the frequent drivel accusations can be refocused on those specialising in tales of fiction on rig movements. Those that loudly proclaimed about "the drilling contract" between April and May also seem to be less vocal for some reason.

The rig is still onsite concluding operations, just confirmed in an interview. Sou have indicated they are next, have to wait and see.

CHAR second well utilised slim hole well drilling which reduces well costs between 25% and 40%. If this is applicable to Guercif it will have a significant positive effect on well costs for PRD if used.

Jimmy23 keep on posting, these boards in general are unfortunately prone to over emotional posters who cannot accept critical views.

There are four companies currently operating in Morocco, only one is currently facing major delays and issues. Those three companies are not using amendments with short windows (36 days for the current one) so maybe questions should be asked of management decision making for the one company that is.

So it's other people forcing him and no responsibility for PG?

Because you never mentioned renumeration before you cannot discuss now, strange stance.

When you reviewed your investment there must have been some consideration to progress.

You have commented on things in the past without knowing what's going behind the scenes. Why the reluctance now?

Best the arrogant one stays on twitter if others are beneath him then. Pompous twit.

But you don't know what's going on behind the scenes with me yet you are able to comment on that strange.

It's some fairly simple questions and it's only your thoughts which you have offered in the past despite this new found reluctance.

So if you review your investments, thoughts on the last 12 months progress?

Any blame to management for missing those testing deadlines?

Is £320k and a hefty share award to PG in the last year a fair reflection of progress on the ground and share price performance?

How have I "launched my toys out of the pram"? That is hyperbole, some mild criticism is surely understandable.

Stick to discussing the share let others decide their position.

It is quite simple you make an investment on a range of criteria including management. My investment reflects management inability to deliver on THEIR not other peoples timescales. Not too hard to understand and no need to be abusive is there. You seem to have anger issues at those with a different view a recurring theme on this board. If I sold up in the GKP example from earlier because of poor management then I would have lost thousands.

The deflection from the issue is working though.

No, I will continue to exercise my right as a shareholder to criticise poor performance. If you are happy that it has taken a year to test wells onshore good for you. This is an investment it's meant to show progress and give shareholders a return.