Member Info for Gudin

It's not taking one section out of context. The increase in formation damage to what was expected is a change, the post claimed nothing had changed. If the best candidates have damage in excess of 12" then it's possible the areas with more damage are too badly damaged to test. I do not know if this is the case, but neither do management as they do not know the extent of the damage. Hence increased risk and uncertainty.

Anyone that has read the RNS and thinks nothing has changed should not be investing in these types of stocks. The RNS is quite clear on what has changed. They were expecting 8" of formation damage, they have perforated 12" and are still encountering reservoir damage. That's a minimum of 50% increase a clearly significant change and they have still not found the exact extent. There are possible sections to badly damaged even for sandjetting as these were the best candidates for the perforating guns.

Risk and uncertainty has increased whether posters want to believe or not, hence the fall. It's not an over reaction or the nasty trolls, it's as straightforward as that.

BCE managed to source, book and use the sandjet equipment in less than two months, over the Christmas period.

Mou4 was completed in July ample time as shown by BCE to complete testing using sandjet.

A bad workman blames his tools, the issue with the guns only became apparent after they did not work. Surely Paul would have advised loyal shareholders if he knew it was unlikely to flow using this method? Managed expectations rather than appear to be backtracking in the event of a failure.

Hard to disagree with that. There has been a slow (and painful) realisation over the past year that the current team are not as good as they seem to think. If Mou 1 had been tested in a timely manner this problem would have been spotted earlier and maybe the following wells drilling program could have been modified to prevent this. Instead of one damaged well we now have three as a result.

Fresh blood needs to be added to shake the current team out of their complacency and comfort zones.

The testing has been a shambles for two years. Multiple missed dates, now formation damage appears to be an issue that was rarely mentioned if at all.

Arrogance is fine if it is backed up by performance, Paul needs to start delivering results. They also need to hire more people, this small team is not up to the job.

Yes it's not market sensitive unless it's different. Here one with the sand jetting in action

https://twitter.com/BeaconEnergyPlc/status/1752294041713094956

Another delay brushed under the carpet by the usual suspects. It may only be a short delay but it again impacts credibility.

Resource numbers seem to be declining despite the wells exceeding expectations which is odd. The p10 numbers which the results suppased from the previous CPR were significantly higher.

It would help if PRD could get the planning right though, struggling to get the equipment on site repeatedly is poor.

Been investing in these companies for years GKP, Xcite and the Falklands and many more since then, so well aware of issues with wells and delays. Never known a company struggle so badly with logistics especially when others in the country seem to manage it. If there were issues with the testing then fair enough but flipping between sandjet and normal perforating and failing to get all the equipment on site together is poor project management. To have to cancel testing once because a piece of equipment failed to turn up in time I can grudgingly accept, but for this to happen twice that's bad management.

The testing process is very similar which is what I am talking about. Both companies planned to perforate and flow test the wells. SDX achieved this with little fuss, PRD are currently on their fourth attempt.

Unless of course you know of differences in the testing process? The sleeping giant that is often posted on here compares flow rates from the Rharb basin so using a well test process from this area should be similar.

Never said the CEO had to be there but if problems arise it probably helps if they are in the same time zone and not wandering around a field thousands of kms away. Unsure why they are travelling back or ROB constant updates that they are on site matter if they can solve everything by text. 100% focus on starting testing which has suffered numerous delays is probably more valuable than being in Trinidad at the minute imo.

Monty python could not write this. Imagine planning to start testing in Morocco and having a site visit in Trinidad in the same week. Thousands of km apart, genius planning.

SDX has shown how straight forward well testing can be in Morocco if management possesses focus and clarity.

The well testing is the same though, the size of the prize only comes into play for production.

So why can SDX execute permitting, mobilising equipment, perforating and testing in Morocco in months and PRD cannot?

Is this going to be different from the reasons given by rns?

Unable to organise the equipment in a timely fashion twice and one administrative error? Neither problems encountered by SDX.

Not interested in the companies more the well performance.

If SDX can manage to test in Morocco within a few months mobilising equipment, permits etc then why has it taken PRD so long?

It was sdx in sept 2023 my mistake any thoughts on the timescales as comparison AndroclesB.

Someone quite active this morning almost though they are trying to deflect attention. Was something supposed to happen before today?

Ah yes the tried and tested well testing used in thousands of wells worldwide but seemingly a struggle to implement a few hundred metres from a busy road in Morocco.

Sound spudded their latest well on the 4th September by 9th January they had drilled to td, logged the well, perforated and tested the well and tied it into production facilities.

Mou 1 reached td on 6th July 2021 no testing yet

Mou 3 reached td on 27th June 2023 no testing yet

Mou 4 reached td on 11th July 2023 no testing yet

"It would be quite wonderful if all the posts only contained company related opinions/views.

It now seems the majority of posts made is all about personal point scoring, the bigger man etc.

I may well have thrown in a couple myself and i wonder what value it adds.

How about debating the company rather than the man as a new year resolution.

You never know you might like it but i suspect not."

Well done lasted 24 days. Over the last six months the biggest factor affecting the share price has been the testing. Delays have seen the share price fall to 8p and the new program has seen the recent recovery. People want and have the right to discuss this, yet the longterm holders are always labelling those that do as repetitive moaners. The biggest current pivot point is the testing, confirmation will likely see further strength in the sp and a delay will likely have a negative impact.

If people are happy to wait with no limits good for them, but there is no need to stifle those that wish to discuss it. redmonkeydave has been hounded off the board this week for daring to suggest that a 10% fall might be concerning maybe some tolerance for different views is required rather than petty name calling.

Jimmy

For most companies that would be true, but PRD have usually not informed the market that testing did not start until weeks later. They specifically said in reference to Octobers testing

"Rigless testing MOU-3 using conventional perforating guns is currently forecast to begin on or before 16 October 2023, assuming that the wireline logging unit is released from its present contract on or before 10 October 2023. The Company will provide an update if there is any change to this date"

The update that testing had not started was issued on the 7th November. Once bitten, twice shy.

The past performance of missing three previous testing timelines means that PRD are not in a position over whether they do not inform shareholders that testing has started. People will rightly assume that if nothing is released then it has not started and as each delay has led to a fall in the shareprice then the shareprice will likely fall in anticipation of a further delay. Lets see how much value they really hold to "loyal" shareholders.

As expected the CM workover figures are meh, decent returns only start to come with new drilling at a cost of $3m per well and not planned until 2025. Netbacks confirmed at $19 which I have always used unlike the $40 some on here where touting. Still think CM is a needless distraction.

Lets get the testing completed in a timely manner, there cannot be much slippage in a date planned for 13 days away. Good to see the expected release of a new resource estimate for MOU including the new wells should be a decent uplift in figures as results exceeded expectations in the previous cpr.