RE: PRD24 Apr 2023 12:00
PRD had previously stated in an RNS that if Mou2 came in, it would not hesitate to implement a corporate transaction. This has just become Mou3.
Upfront and contingent payments are standard for O&G asset sales. Before anyone gets upset at the thought of 'just $150-200', think how much a 10% royalty payment on any additional gas is worth, if there is as much as we think there is.
PG has always said, 'prove up, sell up, leaving some on the table, move on'. This is being enacted.
I'm looking forward to receiving my share of the £100m special dividend (25p), whilst PRD retains $25m cash to develop T&T and enjoys 10% royalties from the CNG.