Member Info for InJamesweTrust

Whose Circle of Trust, idiots that have spouted crap and posted pictures of rockets while never recognising a missed deadline for years but chucks about threats of lawsuits!

More like a Ship of Fools than a Circle of Trust

Munnie

With people having waited interminably for PG to deliver results it probably would be their choice if they wanted to derisk.

As an aside, some investors buy news instead of selling it.

Ford

I'm invested. I've trimmed that investment as it was clear a raise was on the cards and there would be no substantive news and informed the board I believed this was the case. Funnily enough that afternoon the RNS on the raise dropped.

You may think that is nonsense but it is tangible and open.

Little of the questions have been answered and the financial accounts have a great deal of obfuscation.

The question front and centre is the timing of MOU-5 and MOU-3 activity which is of the essence.

I think the company should also undertake to be more honest in their Shareholder comms and stop using ambiguous crap like operations are underway because yet again they've screwed up deadlines.

A hut and 2 people making tea while they watch the site does not constitute operations.

No desire to see the SP drop, only to see nailed on dates of delivery and consequences id they are missed yet again.

FootandMouth

As its a discussion board, would be much nore instructive for us all if you suggested which questions you disagree with the premises of and why.

1 - can the company confirm the drilling date and rig contract being in place for MOU-5 and expected timeline for definitive results.

2 - could the company confirm the date for swabbing MOU-3? This and MOU-5 have been 5-24 months in planning and should be swiftly executed with funds available.

3 - why was MOU-5 not drilled before May31st 2024 given the statement a rig contract was in place? We're Star Valley served with a writ for non-performance of their obligations or did the company relinquish its option, if it did why was this?

4 - what was the cost of the perforation guns for MOU-3 and MOU-1 in Q1'24. What was the benefit of finding out the guns could not perforate the damage.

5 - could you confirm reason for departure of Lonny. Was there a cost borne by the company relating to this?

6 - in Oct'23 company stated exploratory discussions had commenced for sale of gas produced at well head. These needed a deflation of commerciality to accelerate substantive negotiations. Could you confirm if gas flow was obtained from MOU-3 Sandjet and it is reached the level required. If not, is swabbing the last option for reaching this? Is the agreement still binding? Is this a sale of the companies interest in gas produced or is this the MOU with Afriquia Gaz?

7- as a well remunerated employee of the company, could you confirm how it is reasonable to charge 6 figure sums for reports you have produced presumably on company time?

8 - in light of delays and unnecessary costs incurred during 2023 as a result of failing to grasp local regulations and/or secure equipment in a timely fashion please could the Company release the minutes of the Remuneration committee discussion on evaluation the award of a Bonus to management despite these failures.

9 - could the Company provide detailed spend of the £10m raised in the July 2023 fund raising line by line.

10 - if you cannot deliver definitive results of drilling of MOU-5 and swabbing of MOU-3 by 30th June 2025 after raising >£12m to do so and having had 3 years plus, do you consider your position would be untenable.

11 - please could you advise cost of Zenith contract and detail of the work performed to date and if they are still working for the company?

I'm sure there are more but with a spare 20 mins these are the ones that spring to mind.

InTheGo

Their window with the company elapsed - they don't provide windows free of charge. This was because they signed with the company without securing the wireline unit.

IntheGo

Read the RNS' there was a company called ECJ contracted last year who could not complete the work as they didn't have the permission in place.

This goes to the fact that so much of the £10m raised in Julyn23 has been spent to frankly little effect precipitating the need for a further raise of £2m.

If youre invested its good to have an idea what is and has gone on regarding management's execution.

IntheGo

That is the Sandjet from this year 2024, try to read the message. Sandjet was bought and paid for by a different firm last year but never progressed, so please do tell how that constitutes good value.

INtheGo

We paid for it and they could not begin let alone complete the work. Not sure of your definition of value or waste but that constitutes waste to me.

Interested to hear how you think it was value for money.

BlackDogTaff,

Still waiting for you to enlighten us on the reason the Sandjetting cost in Sept'23 wasn't wasted.

Taff

It's late and I'm about to hit the hay but there was I think a French firm contracted and on site from memory in Sept/Oct last year.

pv72

don't believe it is easy in morocco but i think not having the business sufficiently staffed has exacerbated the issues and pg himself doesn't understand what is needed hence a number of unnecessary delays.

some of the aspects that need to be taken into account in similar countries i've discussed before with senior mgmt at the likes of total and other majors on projects and their progress.

when the sj was ballsed up last sept pg should have enlisted professional oilfield services firms to execute the programme instead of ******* money away.

Marvin

It is heavy and sour but if mixed with other oil those effects can be reduced. It would mean the life cycle of the Xmas tree and piping to the FPSO would be shorter but with $100m of tax losses to offset and Stabroek developments repaying investment in 3 or so years the case for developing remains strong as acquisition cost likely to reflect the differential development equation.

Again FootandMouthpiece playing Man not ball.

Have you nothing lucid to say as your Delphic master hasn't commented or would you blindly follow PG until he or you have no further time left on earth constantly being in to the "Ducks in a Row" narrative between now and then?

F&M - if people's spelling is your biggest concern after today's RNS and the performance through this year then you're borderline deluded.

pv72/ninja

the challenges of morocco versus other jurisdictions have been played to death as an excuse and frankly after years of operating in the country they should no longer be valid.

have said before if pg had employed consultants last year to assist we would be much further on.

while i agree relationships are important i would expect that steps taken to accelerate the execution and establish the prospectivity of the field would be welcome.

by your (pv) suggestion that paul knows too much to hand over he could run down the funds and never deliver on anything (as has happened for a while now) while collecting salary and bonus.

he has had ample opportunity to **** or get off the pot.

surprising that cheerleaders like grh have touted a deal would be done by 2024 and all their rockets has now gone private on his comms. i'd say having built his audience he should really answer to them. he has made multetiple wrong calls here including singing thr praises of camarco if memory serves. to quote haaland, stay humble eh and perhaps give his thoughts why his targets are being missed.

i'm tired of people saying paul is getting his ducks in a row, the ducks are older than scrooge mcduck from duck tales now.

the drilling of mou-5 should be fully specified in terms of target and depth etc so should be easily executable without pg. the outcome is science based and easy for experts to pick up.

as for swabbing mou-3 zenith have been there and could take this on or pass data to another entity to process along with swabbing outcomes.

as for the other assets, trinidad would just ve used to pay salary and a crappy nominal dividend if it produces and ireland is broadly beyond pg control so personally i think handover is eminently doable.

ironically, the white noise about challenges of operating in country should exist less in a kingdom where power can be brought to bear where needed to resolve issues.

from what i hear, he isnt that well known at building relationships.

good luck to all, gives me no pleasure to suggest pg is removed but in very few companies would he have had the time he has here to delay and make mistakes.

Pv72

The risk reward is good but being blind to the incessant delays does nobody any good except PG as it strings out his compensation.

If MOU-5 is not drilled by end Q1'25 and MOU-3 hasn't been swabbed then very simply the Chairman should remove Griffiths from his role for repeated failures and appoint someone who can arrange the drilling in a timely fashion.

The bull headedness displayed in not employing a team to execute has resulted in the serious delays and resultant unnecessary dilution.

That type of thing is for a Chairman to call out and fix.

So on 23rd January he is going to talk about preparations to drill MOU-5- goingntongavr to be a quick drill to complete by end of January as noted in the RNS.

Sounds like more delays and obfuscation - wonder if we will have a presentation before to give an actual idea of the excuses and delays likely to be wheeled out.

Maverick

May have a bump when the share register is reduced. It's already known so it's hard to say what is priced in and what isn't. The fickle Mr Market decides.

Ross

I hope that 6TCF question is one that occupies ours and their minds and ideally in Q1'25 but not sure when we may know.