Member Info for hedgeman

Liked the focus, repetition... on project delivery to deliver value. I've not seen/heard another small cap CEO so aligned w shareholders....

Interesting....
Trinidad still expecting first oil by end june... hopefully operational update after site meeting next week. Get the impression that its a bit slower than PG wants... and any significant cf will be H2.
Ireland clearly trying to sell but nothing imminent.
Overall he's v focused.... no bs... in my opinion a v good, strong management to be invested in.
At current mcap £6.8m scope for appreciation is huge.

JB...you stated eor was unproven...its a well used/known technique.... we'll find out soon if works on inniss field geology....no one i know has said it's nailed on...if it were sp would be multiples.

Ceo shares clearly dont mean diddly squat.... he put in c.£1.2m of his own money... now worth c.£3m.... he has more interest than anyone in making it a success..... unlike a lot of smaller companies.

You completely miss the point.... companies go public for funding reasons...company raisdd £1.2m at listing.. will raise more at later date/higher sp to accelerate growth...not easy if private

Nothing guaranteed here obviously... but lot of potential...across assets/geographies.... news soon... heavily invested management acting like owners

Last time i feel a need to reply to your inaccuracies.

Ceo holds 44%... NOT apparently, but actually

Joebop ... last time you posted you thought no evidence that eor could work....looks like you learned something....now it works but is delayed?! Prd always said H1 for first cash... check the calender!
If eor gives the results expected I'll lend prd the money myself!!!
Ireland is slow admittedly... but huge.
Morrocco vvvv exciting
Trinidad has potential to provide all cash requirements... or yes they might raise for fast track... at 15 to 20p post positive eor
Clns are perfectly reasonable, especially when provider in for long term

Joebop ...

...so took it public but kept 50%... got best of both worlds... access to funding...and already has paper gain of c. £3m... soon to be much higher

3 to consider:-

I3e.. 3 n.sea drills this summer.. 1 is dev for production 20k bopd in 2020... 200mm brls if appraisal successful

Rbd.. production underway in US, west newton appraisal just spudded in uk... othet drills to come

Prd... trinidad co2 eor, morocco and ireland..any of which worth multiples of current £9m mcap imo.

Pls DYOR.

Bradley
Agreed
Just worth pointing out hard facts on co2 eor.
Would expect news soon on test wells fron trinidad.

Jbop
Why dont you read the company presentation on the website.... then you might understand the relevance of the 2 test wells...and the plans to scale rapidly on success/good economics..... the company are refreshingly open about the possible technical issues and risks.... clearly stated.

If you don't own any shares i suggest you do something more useful w your time than post here.

Not long to wait for news on Trin now.

It clearly doesnt mean 'Jack diddly squat'... it shows co2 eor is a proven technique and can generate multiples of current bopd production with v low capex requirements

Its being tested on 2 innis wells... and prd have the supply to execute rollout to 30+ wells if successful... you like RNSs... lets see what an update on testing brings

joebop ... oh dear....

lots of examples of CO2 EOR in the US. Only issues are the amounts of CO2 available and the economics. PRD already have secured the volumes - current testing will evaluate how much is required for stimulation of flow rates and the costs...

https://hub.globalccsinstitute.com/publications/what-happens-when-co2-stored-underground-qa-ieaghg-weyburn-midale-co2-monitoring-and-storage-project/8-what-co2-eor

'The Weyburn oilfield was producing only 8,000 barrels of oil per day by 1990. CO2 began to be injected in 2000, and within 5 years oil production had grown to nearly 30,000 barrels per day'

If CO2 EOR is successful for the two test wells the Innis oilfield will be a company maker for PRD based on on the rapid scaleability through the field and the potential to roll out the technique to other Trinidad oilfields....

PG in Trinidad last few days, so i would expect news this week/10 days

2x no of shares has changed... so = 59p

Just need positive test well results and will be start of v positive journey...
I thought they had put in a bid for co2 eor in Barbados end last year... might drop Paul a line on that... unless anyone here knows?

https://www.predatoroilandgas.com/content/assets

Recoverable resources within the AT-4 Block, which is the focus of the initial Pilot C02 EOR Project, are forecast to be 859,000 barrels for full-C02 EOR. This represents a 12.3% recovery factor based on the former operator Texaco's estimate of original oil in place. The AT-4 Block represents approximately 10% of the entire area of the Inniss-Trinity field.

Potentially 8m+ barrels total production.... at anywhere between $10 to $25 net value to prd less capex.... then potential to extend to other fields?... huge.... results of two test wells soon.... first cash flow in weeks....fast roll out in 12 months if successful... Always DYOR.

I place my valuation on Trinidad only... and conservatively i would say c.£20m to £30m+ short term on successful eor test wells .... but with considerable upside dependent on applying eor to more fields and dependent on co2 availability.

All depends on test results next few weeks.

Re netbacks...my understanding is Trinidad tax applied at $10 per barrel at $50 and over.... bit crazy as more profitable to sell for $49 than $50 with tax.

Trinidad can be scaled pretty quickly... so potentially could be self funding..or debt not equity. What I would say is given griffiths' stake last thing he wants is dilution.

Suspect morocco can find farm in partner... sdx? But could add hugely to valuation.

Ireland... from last interview might exit in part or entirely as too slow on approvals... not sure what it could be worth st.

MEM... best thing to do is go to the co. website and read the presentation... also suggest you go to vox markets and listen to PG recent interview... v impressive.

My take on Trinidad
Est' range is 8m-15m recoverable brrls if predicted pilot results are replicated across the inniss trinity field..at say $10-$15 net per brrl for #prd.. so 'prize' is $80m to $225m less capex & b4 discounting?.. then apply to more fields.. then add Morocco & Ireland.. vs current mcap £11m.
Dyor.

Thats before morrocco and ireland.

Move up in sp today suggests to me progress on 2x trinidad test wells ... if these prove up the opportunity to flow at anything above 150 bopd each then this will multibag from 10p.... it's the scaleabilty that is the beauty of the trinidad model.

Strong update.

Sounded like they will sell ireland.... realise short term value....too slow to hold and play out to production... not clear what its worth? PG on a mission ...not going to wait years.

Trinidad could... could be spectacular.... targetting 150 to 300 brrls per well in two test wells and could rapidly role out to c.30 wells. Huge upside from there if Heritage facilitate roll out to other fields.

Morrocco... about to finalise licence, plan drill for later in year.... short timescales to monetisation through farm in potentially.