Member Info for Ibiza28

Do you think we have started testing 5 yer. If KOz is right it could sometime to get ONHYM approval as they will want to check and double check everything. Also why call Zennith in for what is a very small amount of He in 3 the main He seems to be in 5 so it makes sense to be continuing our testing before equipment gets called away. So. I think 5 has started to me it's logical. An not sure how long it would take.

I am still struck by how precise that RNS was when it said 5.914 tcf not 6 and 5.9 but to 3 decimal places.

I cannot see us developing this if big would cost too much and take too long also leave us open to take over bid as SP would take too long to develop asset. If this is as big as some on here think I reckon one of the majors will be very interested.

Nigel if course you yes to all your answers and I am sure your prices are in the 10s of millions. Zenith like all these will go where the money and not worry about reputation I reckon.

Part 2

Based on that assumption who would I want or more to the point what skill sets do I want from Non Exec Director.

The fact that PG feels the need for an MD is not going to be necessary very shortly may well be because Mou 3 is going to be resolved very shortly. Now that leaves Mou 1 4 and 5 what where and how could this be resolved. We are fully funded but I am never quite sure if this means completely fully funded or fully funded for what we are immediately got planned.

So what are the best options.

1) Sell on Mou 5 and use some of that money to fully fund Mou 5 etc.

2) RBL as KO mentioned

3) With the sell of M 5 the share would re rate considerably and it would take only a small placement maybe a rights issue to all current SH to raise that bit more.

Personally I favour option 1

AG from what I can see has a market cap of $832m to be honest if we uncover around 50mmcfgd this would be about the same again and that is just Mou 3..

So what if instead of us selling to AG Mou we went the full hog with Mou 5 proved up the whole lot and then performed a reverse take over of AG. After all we have the assets and they have the where with all.

So will all these scenarios who would I want as a Non Exec Director

1) Someone who knows the business

2) Someone probably with M&A experience at the sharp end of business.

3) Contacts in the Banking and Investment world

4) An added plus would be someone who is already known to the powers that be in Morocco.

Any body spring to mind.

Just me musing

Part 1

Through the time I have had to ponder the various announcements over the last few days I have been musing over several strands and pulling together.

1) Lonny leaving

2) Change of management structure

3) New non Exec chairman

4) Extended testing

1) Lonny leaving. I really hope this is not PG deciding to do the dirty pull the rug from under LB as now does not see the need for a MD. I am assuming that these are personal reasons and hope that he and his family stay well or recover soonest.

2) Yes does frequently happen that someone leaves from board and basically someone else steps in to fill the void until it is fully realised what is needed. Not sure if this is the case here.

3) New non- exec chairman. I think a lot of the answers to 4 the extended testing may well lie in the answer to this position.

4) Extended testing I will leave to the experts on here that I have trusted to provide fair and impartial views with considerable knowledge and an uncommon ability to boil complex subjects down to the lowest common denominator which dare I say it is required for and I am sure some others on here. I would like to thank KO and others on here for their help and understanding.

To sum up where we are we have an summary agreement with AG for upto 50mmcfgpd but what happens if we have altogether got more than that plus oil and even some Helium. Then what happens to that agreement and what would PG do

a) With that agreement and

b) What would he do with Mou 5.

So we have a tax break that is worth more about what our share price is at the moment. I always thought TT would underpin our SP but i was not expecting it come from this source.

I am not sure what to think. Often when a board member leaves a company has a re-structure but to remove the post of MD is slightly unusual except that OG is taking that over. Maybe they will just look for a COO (Chief Operating Officer)

One has part of making 2+2 add up to 25. GRH seems to be very quiet today wonder if he may have been approached to be Non Exec chairman. He seems to have a long term relationship with the company and has an extensive database behind him. Might be the right person to guide us through the next stage. Probably just pure fantasy.

Baker Hughes

"you do not get a multi billion pound business in to test if there is nothing to test"

I remmember thinking something similar to when they bought in Schlumberger and that did not pan out as expected.

Just hope you are right though

A big part of running a company is PR but the PR can only work on information received. If this is ill health on Lonny's part it may have been a sudden reversal over the weekend and PG is still reeling from it consequently giving the PR company anything would be difficult for him.

However if this is an argument and dispute over letting out the news then PG would have had time to ponder and reflect and come out with a way forward.

The question is which way you look at this. At the moment i am like a lot of people uncertain. But feel if the news was bad that would have been wrapped up in this RNS in whihc case i think it would have been done after hours Friday.

TBH I really do not know what to make of it but have decided to sit on the shares. Not selling at the moment but also not adding any more.

A friend of mine about Rugby matches the standard of the match is in inverse proportion to build up before the match.

The Trolls on here i think are reminding me of this the greater the possibility of success the greater the number of the trolls and their remarks.

I think the answer to that question is whether you believe the market has already factored in some sort of success into this price., If you do then around 20-25p would be my guess but if you do not then 30p. Some were along the line now we own 100% of Trinidad has to count for something.

As i understand it and i may be wrong there is a fundamental difference between us and Char. Char were looking for gas and unfortunately turned up a blank. We have the gas we are just trying to get it to flow.

That is how i see it unless i am completely mistaken.

I have another question that is now beginning to confuse me.

In one presentation PG goes on about flow rates and the excess gas from those rates over and above what Morocco need but latest RNS talks about a quantity ie 5.9TCF so my question is which is more important the flow rate or the quantity or does one imply the other ie large flow rate large quantity or small flow rate small quantity.

My thinking is this depends on finds. 1st testing ie Mou 3 is flow rate hopefully in excess of Morroco needs that quantity for Mou 5 (provided it flows).

God help us the Trolls are back from their work day CPE (Continuous Professional Education) on how to be a better Troll. As Cybertron says just chill boys.

IJWT

Thank you for reminding me of those posts back on Aug 19th i had forgotten about them. And also for clarifying your understanding of any agreement. Not long to wait now and GLA.

I am rather hoping this is not included in any RNS regarding Financials. I think this is too important to be put in that unless they need to hide it away. Personally i want this on its own especially if the news is good.

IJT

I agree that we should be serving the Moroccon market first and probably at an agreed below market value would not be suprised if this was something like cost plus or a percentage below market price. As you say we are on their turf and they have granted licenses albeit having paid for them.

There does appear to be plenty to go around but my question is more on divisibilty of the asset and the also the pricing because i think this affects the amount by which it becomes commercial.

All these number are hypothetical but are used as an example

If the morocco market needs 25mmcfgpd and we lets assume get a flow rate of 100mmcfgd is their 25% the 25 they need or do they get 25mmcfgpd plus 25% of the remaining 75% we have. Would make i think a big difference in the ultimate SP here after a find especially if we ( this case) only uncover a flow rate of 50mmcfgpd. Then we would be getting less than the ultimate pot. ie Morocco would get 31.25 (25 + 25% of the remaining 25mmcfgpd) = 31.25mmcfgd and we would just get the 75% of the remaining 25mmcfgpd.

And what happens if we only uncover a flow equal to what the Moroccon market needs.

I am not sure if they are any different from any other of these companies. I am not sure what you want a day by day broadcast of what they have been doing. Drilled 80 metres to day sand and mud. hard going. Wow what a daily up date that would be.

If there is no first call then there should be no priority pricing in which case we can charge what the market can bear and that would be the world wide market.

No I think this is week 5