Member Info for highlandmatt

Keith - another geology question. Is the logic path as follows? Different rock types in a section, coupled with the slope, equals a slide? Given the depths, layers and history, this is interpreted to be sub-marine, as opposed to a land slide? Sub-marine equals dead sea creatures / shells equals decomposition equals oil/gas?

A bit harsh. Those are legitimate questions. The 2 days of drilling statement is reassuring on funding. Timescales for Mou2 might be unknown at this point, depending on lab turnaround times. Hopefully we'll get something on Mou1 testing though.

Presentation here
https://www.predatoroilandgas.com/investors/presentations/

Quick question Smasher. Do companies RNS when UK Govt announces changes to Fuel Duty, VAT or Corporation Tax? I've not paid any attention to it, so just curious.

Yeah, wish I'd trimmed some and bought back cheaper, but the RNS could easily have been more positive. 20:20 hindsight and all that. Happy to hold on the basis of the Nutec analysis and CPR.

Social media is also free, whereas RNS is not.

I would agree in time, Polemic. But if the price was always 100% correlated then investing would be very limited. In the short term, markets can be irrational, which is where we get our best opportunities.

I find it interesting that the posters who appear to have relevant qualifications, knowledge, experience and expertise are focused on the probability of proving lots of gas and observe the clay to be a operational delay that can be overcome; whereas other folk are fixated on the short term share price. I know which views I weigh the most.

I recall PG also has options still to exercise.

I'm not convinced we need the money yet, but the words were - 'whatever it takes'. I took this to mean that PG would find a way, which might be either unpopular, disadvantageous to himself or innovative. A placing? PG agreeing to loan shares again? Or maybe sell some of his shares privately (maybe to one of the potential JV partners?) and doing a Director's loan? Using GreenPower to buy back in? Or maybe selling part of the new Trinidad field to Touchstone. Who knows. Either way, I think he has it covered. Otherwise he wouldn't indicate reentry. This project is still moving forward.

Good decision to stop. A 200m+ mud seal, at 1m per hour. 8+ days. $800k -$1m just to drill the seal. Stopping may have saved $0.5m.

Or could be in a timezone a few hours ahead of Europe?

Tom, I think you are twisting things. 'Drilling Completed' looks like just the standard wording on the template.

I don't know. I'm assuming that the rig crew such as pipe handlers on the drill floor won't be involved in the rig-less testing, as it is a separate apparatus and the well is already there. However, it still needs a things like a Blow Out Preventor fitted, so maybe they are. Maybe that was the efficiency / economies of scale of this plan. It's only moving people and kit in to country once? Anyone with knowledge of rig-less testing here?

https://twitter.com/GrahamHengland/status/1618920650265231362?s=20&t=4UafY_RcLW83CYoLRHLcFg

It would have been pointless drilling to TD if logging tools were then buggered up by the reactive clays

or lost in the clay

We would not have then known what we have found

And been unable to issue data based updates to market

Obvious

The risk was correctly managed

So, starting on 8 Jan, suspended on 22nd, equals 15 days. So no cost overrun so far on that. There will be standby charges, but hopefully PG and SV have come to a sensible arrangement. Better to be earning a bit than costing to pack it up and transport it back to the yard. It will be the salary costs for the rig team, but maybe the majority have been sent on a weeks leave in the hotspots of Guercif while the rig manager and the Mud expert are retained for problem solving? Testing of Mou1 and Mou2 is budgeted for and fully funded, so no cost overrun there. I'm guessing PG will be running the numbers and spinning plates while Lonny is dealing with the drilling issue.

I'm not convinced a raise is coming. The presentation could be to explain the Morocco situation, or the results that are anticipated by then. Or maybe it is unconnected and either Ireland or T&T has advanced. Or I could be wrong. To quote Hunt for Red October, "the data support no conclusions as yet".

One of those this morning is my buy.

Thanks Splice. A bulletin board is for sharing info, and sometimes humour or a story if we are passing the time.

Jimmy made an excellent point earlier comparing the logs of Mou2 to Mou1. Very similar, just the drilling speed challenge to resolve.

Anyone know how long this will take? I am assuming that as it was always in the plan for this phase, that all the kit and expertise is onsite.

I asked a geologist friend about it and the response was 'Not something we use in the North Sea. Without a rig, everything would sink'.