Member Info for Gudin

Oak securities are no longer involved with the company. Their broker note and forecasts have not aged well and should be ignored. The prospect the Mou 5 drill was targeting is reduced due to lower reservoir thickness, undeveloped reservoir and more importantly the lack of gas. PG stated 1tcf potential in the Triassic with other smaller targets on the licence it has to be assumed that the Jurassic is now in the smaller targets bracket.

The divestment is focused on the Mou fan which has well documented issues that will be reflected in any agreement.

The basket case that is TXP have released their Q3 results and for 1051bpd oil production they received sales of $5.84m, as PRD is aiming for similar by Q4 2026 a comparison is available to estimate.

Using the 50% split from the presentation page 7 ie expecting production to be near 500bpd from bonasse and the CEG fields before CM comes online:-

Using the royalties and tax combined of 20% plus the 5% charge for the restoration fund and using a generous 12% combined working interest during the cost recovery phase gives a yearly profit of £760k for the CEG and bonasse fields.

Assuming PRD goes it alone on CM using the 20% tax and royalties plus the 12.5% hodl payment and opex of 18 a barrel gives a yearly profit of £3.4m for CM. They will need to fund 100% of the cost of the workovers and new drills on CM so this profit will be reduced to reflect this.

If they use a similar deal with NABI and get 30% after tax and royalties plus the 12.5 hodl payment and using 22% during the cost recovery phase gives a yearly profit of £1.33m

Total yearly profit in T & T if they can maintain 1000bpd over the year using the most likely NABI partnership route will be around £2m.

I will leave the numpties to continue biting at the bolds goading, most on the board have realised after two years that it's pointless replying although some slow learners still persist.

Unfortunately Keith page 7 doesn’t say net to PRD it’s gross production, the big clue to this should really have been the estimated 325bpd in q4. There is zero chance of a 15% stake in bonasse and the CEG fields producing this as current total production is under 300bpd.

The snow cap new drills are currently unfunded and PG talked in the recent presentation about striking a similar deal with Nabi to fund these.

Applying Keith's facts or fiction litmus test on his post.

Prd have 15% to 30% share oil revenue. Fiction PRD has a 7.5 to 15% share of bonasse and the three fields from Ceg.

Prd have no tax. Fiction PRD are liable for 8% tax after using the tax losses. There are also other taxes that cannot be offset by the tax losses

On the plus side it is better than the 150bpd per well average and ludicrous $50m plus profit per year he was touting last year. Gradual improvement but still overly inflated.

The company referred to which receives the 30% is Steeldrum ventures, which PRD own 51%. This applies to the Bonasse and the CEG fields.

PRD do pay tax, the tax credits are applicable to 75% of the PFT, other taxes apply.

The CEG assets had a supplemental charge for two funds for abandonment and another maybe restoration, this ranged from 75 cents to $3 a barrel depending on the field. PRD have not stated if these have transferred but is highly unlikely they have been waived.

7.5% of gross revenue from CM for 250bpd and 12.5% for over 250bpd is payable to T&T until the $3m HOFO is recovered.

The event that is a year out may effect the price perhaps. Couple hundred million for something a few months later that could be returned to OHYNM makes no sense no company is going to agree that without cast iron guarantees. Make no mistake PRD are dependent on OHYNM goodwill agreeing to change the 3d seismic requirement, PRD have failed to fulfill this licence term. No grey area, black and white and no legal address. No point pretending the possibility does not exist no matter the degree of likelihood

Dark forces hsmpering PRD have been mentioned by keithoz and grh. Those dark forces can conspire with OHYNM to get the licence in November I can guarantee keithoz and grh will not post this possible scenario. Only positives from those two "balanced" posters.

Unfortunately this is not true from keithoz. The first extension period has a requirement for 400km of 3d seismic, this has not been done. The company is planning on using Mou 5 to fulfill this instead and as far as I am aware this has not yet been confirmed as approved. Perhaps keithoz can provide a link to his one minute confirmation?

If they were so inclined OHYNM can refuse by the terms if this not completed which it will not in the timeframe and the licence will revert back to them. They will then be able to award the returned licence to whoever they choose. PG has often highlighted the good relationship so approval will likely be forthcoming but it is reliant on OHYNM agreeing.

I asked the question about the chairman not buying any shares, it was all the directors but PG swerved why he has not bought any in two years. There is no compliance issue with Ned’s buying shares in either London or Jersey. So this is a lie. Ned’s not buying shares may be company policy, but as this is the first time it has been mentioned then does questions asking why they have not bought shares really beggar belief when it was based on withheld information. Companies usually encourage Ned’s buying shares as they have skin in the game, hence the question. Not sure how independent Ned’s can be when they are receiving a salary, without shares the primary interest would seem to be keeping their salary. Are they going to rock the boat and risk being replaced by disagreeing with a man who is very prickly regarding any doubters?

Well cannot fault him on the q & a session very comprehensive, the less said about the start the better. Most will not care but I was planning on selling dependent on the presentation, going to give him the extra six months. Been sucked back in.

More productive than anyone on this call. Arrogance personified. That’s what he thinks of shareholders watching this. Do not question him he is better than you.

Currently wasting time waffling on about 2008 and how great he is. No one cares get on with what’s happening in 2025 and 2026. 10 mins of the presentation wasted so far.

The simple answer is that they made a mistake in thinking that the geology was similar to the Rharb basin. Lonny and the drilling manager paid for this mistake with their jobs, while the person in overall control and who repeatedly stated testing was not required continues on regardless.

Any partnership is going to take into account the still high risk in Morocco. They have a new drilling mud plan, but they need to demonstrate it works. The resources are based on seismics which to date they have struggled with the low quality Mou 2 and Mou5 for example. The Mou fan is classed as resources which fetch a lower price than reserves due to their unproven nature, reservoir risk and no one knows how the reservoirs will perform as they have been unable to achieve flow. As porters stated formation damage was greater than expected. It was initially thought to be around 8 inches, now they think it's 20 inches plus. None of this is a deliberate attempt to delineate as some have claimed, they have been working from a flawed initial concept for years and now hopefully they are on the right path. The Mou wells 1,3,4 and 5 are probably write offs. Mou 2 could be deepened using Mou 6 mud plan if successful, but it's more likely they will drill Mou 7 to have two production wells.

If PG was honest and had his time again I bet he would have approached it differently and tested MOU1, but with the tone of recent rns saying how drilling etc has improved I suspect he will be blaming Lonny tonight in a Trump lite rewriting of history.

Two posts that prove the point mouthy, nothing to do with the share petty arguments again. The first poster to mention Exxon in T&T was me, something the company has taken to adding to the presentations, what’s negative about that? I can comment on both the positive and negative you are unable to do the same. The only tweet from GRH you didn’t repost was when he sold, no need to ask why you are here the ramping of any tweet from X by you says it all.

GRH has taken you for an absolute sucker, you do not need to vent your anger on here. Try facebook that’s where the slow witted abound. Don’t bother replying you have joined the rest of your mates in the bin.

Surprised you are not an investor in Char mouthy you mention it the most on this board. No tweets from GRH?

Thebold / Titanasaurus

Micktrick / ParetoPrinciple

Two posters banned multiple times, yet here they both are once again spoiling the board with their petty arguments. Both sad individuals. Even on ignore they fill the screen with green boxes making threads unreadable. Decent post by silverfoil hijacked by two absolute numpties and the equally dim mouthy once again joining in.

Matt the company itself has declared T&T a safety net, investors in these high risk shares are not bothered about stable small scale revenue there are plenty of companies who do it better and pay dividends etc.I am here for the potential upside of a decent hit in Morocco. Mou 5 was a duster these things are to be expected of wells with a 12% cos, the complaints are mainly about the MOU 6 that was stated for this year now being Q2 2026. Plus the lack of anything in Morocco such as the planned testing of Mou4 from the recent raise, no mention of this. What about the other prospects in Morocco can some work not be carried out on these to firm them up. It seems like there is a six month plus pause in Morocco whilst they are working over some low production wells in T&T.

Valid complaints imo and lets hope he clears them up tomorrow. Tomorrow is not the place for another of his rambling rants blaming every one else and everything else and saying how great and experienced he is. A clear plan and path needs laying out, it needs to be realistic and it needs to be implemented.

The presentation is open to those registered on the investor meets platform, share holders have not been given instructions, they have been given the opportunity to view on a platform along with anyone else,not the zinger you think.

I have asked a few questions including when are share holders going to see some returns and why have no directors bought shares for two years. Lets see if they get answered.

If any one not able to wants a question asked, fire away and I will send them, as long as they are civil.

"15% of gross enhanced production revenues until cost recovery of workover and drilling costs, thereafter reverts to 30%."

Note the company referred to is Steeldrum Ventures which PRD owns 51%. The 30% revenue is a net 15.3% to PRD minus lease fees and Steeldrum Ventures running costs.

Poor presentation, company has switched to T&T focus away from Morocco which is not what most invested initially in. Mou 6 planned for this year now second half of 2026 very poor. Jurassic effectively written off, Triassic underwhelming. Gas storage plans for what some have been claiming is a supergiant, twitter ramper can be officially classed as a fantasist.

Onshore South America is the plan or latest carrot,PG needs to go whole thing is a shamble cannot execute anything within given timeframes. £1.37 becomes 23p.

Hi dickie

You posted your breakeven was 5p and you still held at 3p then appeared to sell out at that level as you said you no longer held. Making a great deal of money from that position is some frankly marvellous trading. How did you do it?

Made up profits, someone giving you the nod coming across as a total Walter Mitty. If you are going to invent a fantasy at least check what you previously posted first.

You also do not let an underperforming CEO carry on. Finding a replacement is the job of the rest of the board or shareholders to decide using a standard protocol for seeking a replacement. It was not long ago keithoz was proposing Lonny as a replacement, short memories on this board. For the record Lonny is part of the failure in Morocco so I would not endorse him as a candidate.