Member Info for highlandmatt

So, a third of the targeted 200 would be 66mmcfd. Coho and Casca initial volumes. A read across would be £250m. Over a pound per share. Getting closer to being online every day.

I wonder whether it might be better coming from the industry representative body though. More evidence, shared costs, less focus on particular companies.

Yes. Recent Italian court case shows the way and gives precedent.

There are updates on twitter and Facebook. PB has said that the preference is only to RNS 'material news'. But yes, contrast with Union Jack RNS'ing (is that a word?) every time it receives $1m. I'm treating this 'down time' as an opportunity to accumulate when funds allow.

To be fair, I bought JSE at 84p. The news that the FPSO was being taken off-line for repairs was a bit of a blow. Bought more at 70p as should rerate on restart.

https://twitter.com/GrahamHengland/status/1598369958127456258?s=20&t=vkLmU4SYvCHKq0y8i_j_Gw

Thanks for the response Porters. My new post just crossed with this. The company's stated intention is that once Mou2 is drilled and tested, a CNG plant will be built on a leased basis. There is also potential for a corporate action (cash for project equity). I'm not discounting another placing, but in the success case, it shouldn't be an issue. In the case of a technical issue with Mou2, if another well needs to be drilled, then I'd expect a placing to be much more dilutionary.

At the risk of getting shot down, here is the info re Cove. https://en.wikipedia.org/wiki/Cove_Energy_plc
I'm not going to claim or predict that PRD is another Cove, but it is worth pointing out:

a) Cove had 8.5% of 35-65 TCF. PRD would need a working interest of 3 - 5.5TCF to be equivalent. That's 4- 7.3TCF at 75%. We are not in that league yet, but it is not beyond the realms of possibility.
b) Cove raised 4 times. Placing 33m shares, 210m shares, 65m shares and 144m shares. If you held shares early and didn't buy more, you were significantly diluted in terms of percentage holding. I'm not sure on the original shares in issue, but if there was 100m, adding another 450m dilutes holders by approx. 80%.
c) However, market cap increased as assets were proved up, so those 12p shares were then sold for £2.40. A 1900% gain.
d) The CPR (conservative change of commercialisation of any gas) and PG have provided estimates of resource worth to PRD (over a billion) in the success case. Take these with as much salt as you like/need, but don't dismiss them.
e) As can be seen from Cove, if a placing needs to happen to develop the assets, it is not necessarily a bad thing to be feared.

Porters, how many times did Cove raise? And how much did this dilute original holders by? Was it a good thing? Placings of themselves are not inherently bad.

It doesn't matter what the SP is pre-spud, unless you want to grab some more cheaply. What matters is the drill and testing, and what happens after that. 20p pre-spud and 5 after would not be good (unless the market misunderstand the results again). 10p prior and 30p after is much preferred.

The original plan for Mou2 seems to have been designed to keep the costs down. Now they have been encouraged to perforate as many horizons as possible to 'see what it can do'. Costs for Mou2 have therefore risen.

Completely disagree. The BOD is seeking to maximise shareholder value. Quite rightly it should not be concerned with managing the share price, and certainly not for the convenience of short term trading strategies.

That might be expecting a bit much. 150p maybe.

A placing is only an issue if it just gets spent for no gain. If a placing is used for value increasing activities i.e. a successful well, then it's fine.

It's a tiny team, doing something innovative. I've seen Boards criticised for missing stated anticipated milestones, so can understand the reluctance to be definitive when you know something is complex. Better to under promise, and just report progress made.

Given most activity is done by partners, a project plan is difficult. CIZ is hardly silent though. Information is disseminated via AS interviews, twitter and RNS.

Think it depends who pays him?

Looks like the SP is on its way back up. Will we see a late reported large sell? The story starting to unfold a bit quicker now.

Placing flipped?

Or 'mutt's nuts'. Keith, I'm sure there must be an Aussie phrase? Dingo's donuts? Dingo's danglies?