Member Info for highlandmatt

Https://www.youtube.com/watch?v=-IP0sYvohmc

I've only skimmed it as it is late, but references to sands interacting with mud at 47mins and 2hr 09mins.

As you highlight, pressure build up was seen initially, so something happened to halt that.

Even better. I was sure I remembered a build up and then clagging, but didn't have time to sift through everything. So gas entered the Mou3 well during drilling. Sandjet got through the formation damage to the gas but then clagged. Perf guns got through the casings but not the formation damage. As Keith says, the gas is there, it's just an engineering challenge.

Unfortunately.

I believe that is incorrect Porters. RNS 1 Aug states the sands were perforated, but not beyond the formation damage.

I would imagine it isn't easy to work out exactly what is happening a mile underground.

Ignore that. That was November.

Says it was halted for 10mins?

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Up 7% at $115. https://www.nasdaq.com/market-activity/stocks/wshp

No, I was trying to help you. I am quite happy to accept that the company states current oil production and latest receipts.

I suspect the 25,000 barrels is including Bonasse. As you say, current run rate is 9,240 per month, so 18,480 from ex-CEG although production efficiencies have been found, so Sept might have been 290-300bopd? Now rerun those numbers using stated $200k net revenue and 308bpd for 2 months (18,480 barrels). $10.82 per barrel. The problem you have is that the company has made a clear statement based on latest receipts, and you are trying to reverse engineer it.

Great news Rob. So glad to hear it. That's definitely worth raising a glass to.

I would agree there. Either there was nothing accruing NET to PRD for the first 5 months, or PG has just given us the ex-CEG numbers and not Bonasse. However, I think you are focussing on comms issues to distract from the bigger picture - production up, revenues up.

I disagree. The company states "Net Predator revenues averaging US$100,405 per month" and "(average monthly Predator share of sales revenues for September and October 2025 US$100,405)". i.e. currently averaging. It is only you trying to turn it in to a statement over a longer period.

Of course not. That 30% also needs to be reduced to 15% for any works done by the partner. Then divided by 2 for the JV. Those numbers also cannot be applied for the whole period as production is ramping up to that end state. You are trying to compare different numbers to prove the current RNS doesn't make sense. So, let's try simplifying this. Taken in isolation, what is wrong with the numbers in the current RNS? Please bear in mind at a macro level production has gone from zero to approx 20 at Bonasse, and from zero to approx 290 to PRD for the ex-CEG fields, with a big jump in Sept. Income has gone from zero, to a tiny bit ($66k gross), to much better ($800k gross, $200k net). Trying to draw a straight line on that is not relevant and would actually be misleading.

Again you are trying to construct an average over 7 months when the fields have only been on for 2.

The numbers in this RNS stack up. I think the issue is you are looking at the previous financial RNS 19 Sept and comparing. That RNS stated $66k revenue, but I make that GROSS (although it isn't stated). Whereas this RNS is talking NET. You are then trying to work out the gap to check the run rate, but I think your calculations are starting with the wrong baseline assumptions, and there has been a material acquisition. Best to look at the bopd numbers and the stated current NET revenue to confirm progress.

The CEG fields only came over on 1 Sept, so it is just two months - Sept and Oct. The quote is current run rate, not average for the whole period.

Still, $100k a month to Predator is not to be sniffed at. After some folk were highlighting that the fields were lossmaking for CEG, PG has made them profitable. Well done PG.

Careful. Production is 308bopd. The CEG fields were 282, so added 26 so far. 2025 income is only a part year of the CEG fields, so 2026 will inevitably see an increase from a full year of production. Further increases are expected to mainly come from Cory Moruga workover and a new well, not CEG or Bonasse, so incorrect to link workovers to a large percentage increase.

That's the goal - a virtuous cycle allowing continuous drilling of dev and explo wells.