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I got a corporate action notification about the MVL a couple of days ago. I wonder if those without knowledge of the Ruvuma cash pipeline have decided to take the money out now before liquidation, thinking it's imminent?
Some open questions. What if:-
1. any delay is due to widening the scope of the test to make it more valuable?
2. one set of clinical trials has been done, but we didn't like the results, so are optimising to make it more valuable?
3. points 2 and 3 are linked i.e. CIZ tried to use the same test on different cancers but identified a different reagent would be preferable?
4. progress is being made ('scaling up' 'commercial' 'insurance codes') but folk are just impatient and don't realise how long the process takes?
Unless you have sector experience (I don't) and /or an inside line to the BOD (I don't), it's all guesswork. One thing is certain, AS is playing his cards close to his chest. I like the understated approach. He has a good track record, so I trust him to deliver to the best of his ability. However, I understand that other folks may have lost trust, and that is a personal thing for them, and it is hard to regain once lost.
Beacon Energy (BCE) has had to sidetrack the last 100m of its well after Sandjet failed to increase oil flow to the desired level. Conclusion was formation damage of approx 3m.
Is the significance in the use of wording 'commercial' and 'commercial grade components'? Is this as opposed to lab spec / prototype i.e. now producing a first batch of test kits that are the same spec as envisaged for sale, and running trials using these?
Fine by me - new ISA allowance...
Because cash burn is tiny.
Another solid presentation by a professional team.
It's only caused confusion for those that don't understand the principles of getting the best price for something.
But they are investing in Kaz as well, probably more so. I view this as a low cost long term option. Correspondents to existing mine life at SASA and Kounrad?
Https://oilprice.com/Energy/Energy-General/The-Gas-Find-That-Could-Transform-Europes-Energy-Future.html
Reference to Rhein Graben later in article.
Https://oilprice.com/Energy/Energy-General/The-Gas-Find-That-Could-Transform-Europes-Energy-Future.html
Now, where have we heard the term 'fractured carbonate'?
Https://aberdeenminerals.com/news/news-releases/
Getting UK gov grant funding. Explo results are there to see as well.
I believe the plan would be to either hive off Morocco or more likely just the CNG operation (mou fan only) at this stage, not the whole company.
Thanks IJWT. I was thinking in terms of a selling price. So, if NPV is $847m (call it £650m), in your experience what would PE pay for that? 565m shares in issue, so £282m is 50p...
Is that after royalties, taxes etc? Although Morocco has a 10yr tax holiday.... it's almost like PG has worked all this out already....
Assuming CNG runs for 10 years, what is $150m a year of revenue worth? $300m / £250m?
There is gas there (entered MOU3), there is overpressure (measured), good poroperm numbers (sampled), high percentage clean methane (sampled). All proven. We are just arguing over the size of the resource, and questioning when PRD can extract it, and how much it will cost to get to that stage.
PoC - the market ascribes a value of £46m. Given all the well data analysis and commercial scoping, I'm not sure how you can say 'nothing proven'. And that is just Morocco - Ireland has an interested Farm-in partner (presumably not on the basis of nothing) and T&T is a confirmed discovery that has previously flowed. If sand jet fails they can sidetrack (see BCE) - fortunately this is onshore so not too expensive.
Steady on Bob, it's just opening the door in 18 months time (once testing successful, and construction is completed). The annual revenue will be much lower.
Thank you BRV. Lots of positives and big numbers in the presentation. Just waiting on a successful test in Morocco, but Ireland and T&T may surprise folks.