Member Info for InJamesweTrust

Pareto

Just no desire to see it diluted more than necessary. However, as I said to some extent it is moot if they deliver.

Just don't buy in to the treatment of an irascible old sod who can't admit mistakes as a deity.

Think we disagree on the intervening share price, particularly when there is an ongoing need to raise funds and crap share price performance leads to much increased dilution.

I think Pareto both are concerning.

Realism is more important and in the next weeks the realistic prospects for PRD will become clear.

If the drill and swabbing go well these prospects will be positive.

The dilution means the results need to be significant to move the SP dial though as what price 2TCF that needs further exploration and flow testing to prove up in terms of upfront payment.

Based on the timelines might be H2 before material gains (not 1 or 2 bags from here) are achievable.

Of course if it doesn't go well then it will be a very difficult position not withstanding Ireland/T&T.

BooRadley

There are no givens for how SP will perform in run up to spud. Reasonable to expect a run to 30p+ I'd have thought but in some cases shares don't increase much.

If they're successful then who knows. It is forecast as a 4bn+ barrel field giving Eco 220m barrels if so. The two drills should prove a chunk of this op of successful so so who prob $3-7 a barrel depending on activity undertaken.

Again - it is anyone's guess.given interest rates, oil prices and the challenge of dealing with majors.

Wraith

Was the math geek in me thinking how does that work. Trading to achieve a free ride is a great approach if you can make it work, obvs not for all who prefer to buy and hold.

Couldn't trade in and out day to day myself as dont have the attention to make the calculations/calls.

Hopefully 4 weeks or so today we are looking at positive results.

Wraith

Was the math geek in me thinking how does that work. Trading to achieve a free ride is a great approach if you can make it work, obvs not for all who prefer to buy and hold.

Couldn't trade in and out day to day myself as dont have the attention to make the calculations/calls.

Hopefully 4 weeks or so today we are looking at positive results.

Wraith

Meant your 1.22p average if you bought 64% of your holding at 4.5 and 5.8p.

Wraith

I'm not sure your maths make sense there for your average.

Keith

Think we all get the industry can be challenging and some of us have experience but let's not forget we aren't setting the deadlines that are missed, Paul is setting them himself. It's also him that isn't clear where the money has been spent causing the need for dilution.

Hopefully such things are relatively moot following the MOU-5 drill.

Redwine

I'll be surprised if 3B/4B doesn't drill one or two shots sometime in H2, hopefully Q3. If this hits the black stuff then the current SP is a distant memory.

Total have alot of data close by and paid handsomely for the opportunity to drill.

Guyana is less in their control but does represent a good opportunity. If trade wars and tariffs drive a wedge between US and Canada then capacity opens up for heavy oil in US refineries.

He has been paid consulting fees on top of salary and bonus - worth noting he didn't take the list six figure sum in shares but grabbed the cash if memory serves.

Many will never hear a word said against him but better to be realistic.

Ross

He stated in May'23 when MCAP approached £80m (19p x c.420m shares in issue) that he wanted to take it through £100m towards a £200m target.

At the time that required the SP to rise 2.5x now it would require the SP to rise by a factor of 7.5x. In 18 months he has dropped the value of the company by around two thirds.

I focused my post on the assets yesterday asking what he had achieved that was set out in the May23 preso and the answer is very little.

So focus on either but delivery so far is very poor

BRV

For Irl and T&T with the delays in both I don't ascribe much value to them for now.

Hence it's on Morocco which definitely has value.

As GRH says, warrants can be useful in a takeover but if that is the intention then surely the cornerstone investor would be happy to be locked in for a period and the churn we have seen wouldn't be happening nor would the discounts in the last two raises from 10.5p.

Don't have GRH down as the charlatan many suggest he is, disagree with his defence of PG and think PG really gas to deliver something by end of March to maintain credibility in the story.

Do wonder as someone else did where the £10.5m from July '23 raise has gone and tangible outcomes for each spend item.

For one the company should operate on an arms length basis and nothing should be paid to PG other than his salary and we should not be running contracts through his consultancy company.

It's very much a binary outcome now.

Unless CNG can be scared up, the $3m a year is more than priced in to the stock.

So it's Titanosaurus or bust.

Any crap about T&T is just that his usual crap as this asset should have been producing cashflow 8 months ago.

No wonder the recording was taken down as I'm pretty sure some of the chat on there does not tally with another emergency placing for this efficient well run stock!!!

eurochamps

that thought did cross my mind but was also posted as a reason for the previous 2 raises by various people.

that's 20% of your potential investment return down a hole because the management can't do things on time.

i too hope it's a success but it's brazen to have a call less than 2 weeks ago and rail about how prudent he is and making sure the company is well funded, then this.

if he is so confident of mou-5 why raise before.

if he is so confident of swabbing why raise before

it isn't for long lead items and planning that was part of the november raise for mou-6 if memory serves me correctly.

**** poor messaging and management.

if this accelerates monetisation is he publishing a new timeline to pull it forward from q4?

Surely he needs to test MOU-5 before needing funds to drill MOU-6.

For cornerstone investors if they are so keen he should be raising at a premium not a discount and 10% to the brokers. If there are cornerstone investors advisors don't need 10% for the churn.

He stated in the call the last raise was to ensure enough working capital.

It's amazing how this asymmetric investment opportunity keeps getting pushed to be cheaper and cheaper by PG.

I'm sure the cheerleaders will see only roses in the garden though and this will be part of the strategic masterplan.

I've bought a few more here and elsewhere recently and will keep doing so as we await news.

The outcome is binarry here on drill results but with a major already signed up to drill for us there is a degree of certainty few other junior stocks can provide.

Simple request Dave - you either think something I said is wrong so resort to name calling or you don't like the narrative and it's the most intellectual retort you can manage.

Dickie & Dave

You call it vitriol, please tell me where I stray from the facts?

So Keith are you saying the recent placement, primarily needed as a result of delays and mismanagement has delayed you getting to your target as it has diluted your overall percentage holding of the business.

Guess you might be catching on what the impact of all the delays and broken promises from PG cause and why he should not be in charge given the litany of failures and exuses.

Remarkable that when these are legitimately raised he subjects the questioner to abuse.

What a pathetic little man he is, fighting against the ghosts of his past

Keith

Interesting you mention trolls and also how so many mindlessly jump to the defende of Paul Griffiths about how money was spent following the July's raise.

Worth revisiting the May23 corporate presentation to see what PG suggested could be done with the funds and where the company was then:

On the cusp or light CapEx CNG development if MOU-1 and MOU-2.

Management ambition is to move MCAP through £100m to a £200m target.

2C 295BCF in July '21 MOU-1 expexted production of 34MMscfd by Q2'24 (think this has passed has it????)

Mou-4 Jul23 to test Jurassic blue sky

Sandjet will allow testing of MOU 1,3 and 4 (we paid for this in Sept 23 it never happened though)

Pilot CNG start Q3'23 and beging Q2'24 @ 34MMscfd

MOU-4 testing July 2023

MOU-1 testing Jun-23

CNG expansion to 50MMscfd by Q2'25.

These are Paul's own timelines and the basis of the subsequent raise.

How many of his own targets has the incredibly busy and efficient board managed to meet?

All of these targets are at least 2 years behind and still no explanation from PG.