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Oldslow
We get incentivised with options but not at the level of the Board. The bank has different remuneration structures for different areas in terms of Material Risk Takers versus counter staff.
The CEO recently departed and expected to retain options but these were withheld due to negligence.
Sometimes share options remain in place as a good leaver and we in Financial Services need to take our bonus (above a certain level as shares, although these aren't options).
Some of my options will remain in place as I move to my next role, it can be a discretionary thing based on how documented originally and how the leaver is perceived.
Thebold
Who is telepathically sending them to you, Ken Dodd?
Still surprising the share price remains subdued, seller working a position in the background perhaps.
We have a drill in next 12 months on acreage aiming for 4bn barrels with an initial drill that would likely target 500m barrels plus (bear in mind size of fields already discovered).
We have 6.5% of it and a carry so aiming for 260m barrels (big fields get bigger mind you). So at $5 a barrel that's $1bn plus on an MCAP of what £30m.
There is then of course Guyana where there are bidders in the data room for a field again of 4bn barrels plus where we have 100% and likely to get carried with an ongoing share of 15-20% so 600-800m barrels net. Again take 5 bucks a barrel and you get a chunkier number.
This will rerate osignificantly once drill timelines clear and Guyana news is available.
Davwal
The company has the discretion to decide when to release material information. It can gather the info across the testing package and drilling and combine to a single announcement so long as it does not disturb the share price while they are in the process of doing so.
If it looks like info is leaking and questionable trading arises then an earlier release of info/update may be required. Until such time it is at the companies discretion to decide the urgency and impact of news.
Nadia indeed OldSlow - very funny movie
BlueGlow and others
The scaremongering around a raise or cash shortage is more premature than Jim in American Pie (some may not get the reference).
PG has stated the shallow gas encountered can be tested as SJ is deemed capable of penetrating two drill string casings. The gas here if it flows would likely be enough singularly to get CNG up and running and give the company a base to re-rate from.
Also company has been clear we are funded for the testing and drilling currently contemplated. The drilling is relatively low cost.
Androcles
Fairly certain you're right it was 3D to better understand after TE-5/TE-6 if memory serves. Nothing is guaranteed once into the source rock - hence need to flow test.
MOU-4 tested 2M of the Jurassic did it not? If this is in communication with MOU-5 when testing is undertaken then it will give an indication of connection of the areas and thus the potential of size of the prize.
Sufficient likely for purposes of an initial sale with kickers built in one would think.
If we are flowing 50 - 230mm scfs per day from the various intervals then a sale of the CNG on NPV would be significantly remunerative and anything else is gravy.
Jimmy
Can they tests pressure connectivity in MOU-5 (to the 2m MOU-4) as a proxy for seismic. While further drilling would still be required we will not likely be around for the full prove up and the BoD may prefer to indicate the likely multi-TCF potential to a degree of certainty for corporate activity purposes.
deification of paul & lonny does nobody any good.
they may have reasons for waiting to test until mou-5 is done also but haven't necessarily gone about it the right way or explained things brilliantly and by own admission taken their eyes off the ball resulting in several months delay.
we are here because we believe the risks are reasonable for the gas which may be found but those delays have opportunity costs. the bod just dismiss this out of hand, they better have actual gas flowing as he will look a proper **** if not given the hubris.
i would just prefer a more measured style and where timelines slip then revised timelines they can stand behind instead of fall behind.
Wackmesiter
If it is going to be Dosvidanya then I'd imagine the money would need to be routed through Moroccan government as cannot see UK authorities permitting Gazprom to take out a UK corporate.
They are still awash with cash, think they're EBITDA 3 years ago was around $25bn annually
Calculated risk where the potential reward is aligned to, probably in excess of the level of risk based on prevailing info and probabilities. Wouldn't call it gambling, that is picking the Masters/National winners (I am Reckless/John Rahm for those interested!!).
While frustrated I remain invested as believe the gas will show when tested, just the when aspect which vexes.
As an addendum to my earlier post, back in Jan/Feb a pal who is on a WhatsApp with a number of other heavily invested folk here said PG record delivering results isn't the best. There will be an issue with testing and he'll want Sandjet so it will be June before we see see results.
He doesn't trade the stock and has held since 2p but bloody hell maybe he should be a trader as that seems the timescale we are facing.
PG reference to summer holidays is very poor and given previous timelines indicated should be an RNS not a throwaway comment if we are delayed to June/July/August or maybe he meant Summer '25.
It's not a positive update its an update with little definition around the questions most often posed here. Rig and Sandjet timing.
I'd also take issue with £440k not being enough in Directors fees along with options that they're paying themselves £200k plus for producing reports just because they didn't go to a third party, Come on.
Any thoughts on the $500k spanked on useless PH.1 testing.
The markets do not have access to all of the data but there is as yet no certainty without testing and as another poster says, he has had plenty of time to execute this.
Markets also don't like CEOs that take their eyes off the ball by their own admission.
It's kind of all noise just now until we know more about the Sandjet timings and the MOU-5 test date.
Success with Sandjet materially changes the game, imagine BoD would prefer to complete both in a similar timeline - issues with one may be offset by success in other.
Time will tell but PG unfortunately has indicated delays are no concern of his and he won't apologise even if they do occur.
My memory indicates 3k bopd nets back to around $4.5m monthly. Recall netbacks being c.$50 per barrel.
So 10k bopd is $175m p.a. setback, FCF which even on a stingy multiple of 3x is way above current MCAP.
3k bopd netback of $4.5m per month is $54m p.a. so the MCAP is around 1.5x FCF on a backward looking basis which is pretty poor.
Ironically PG retiring would likely see a wider management team brought in and the speed of realisation improve ad management bandwidth does.
However, he is well connected locally as is Lonny and that as GRH suggests is a relationship to carefully manage. There are though plenty of potential candidiates waiting for VR or packages at Majors who could come in and do the work as would Schlumberger for a fee so the health of Paul is not really anything to speculate on and to do so is rather unedifying.
The BoD is in touch with large shareholders who have experience in the industry also and there is a circle that know the company very well.
Speed of delivery might be a concern for me (which I hope in April/May will prove to be historic) but the health of management isn't so much of one execpt as to wish them well.
Av
Flip side also true- worth acknowledging positives/potential
Muckle
Don't think I was doing anything with TheBold but happy to be enlightened?!
Just suggesting one drill might be preferred over another and OHNYM ultimately holds the ace on permitting
Good to note OHNYM had a 25% share in Chariots upcoming drill ' the 3 prospects total 74bcf.
Now, if I was the Moroccan government and looking at drilling priorities in the area I'd personally be tempted to prioritise Geurcif over Chariots drills. Hundreds of bcf potentially even greater than 1 TCF is a bit of a bigger prize.
Just what my thinking would be and believe we also have an option on the drill.