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Africa Oil had and has a bit more sway than Eco in these negotiations.

Slide 11 of their Q3'24 corporate presentation states- interest sold down for a carry with transformational potential. Targeting multi-billion prospects by end 2025.

I'd say that is clear what Africa Oil expects and therefore in 12 months I'd like to think we will know the results (personally believe it will be in H1).

If my understanding is correct - Total or Qatar didn't fully agree on way forward and one or other has been in the data room for Orinduik.

This is a major commitment for a full carry so tax, unitisation and other issues need to be clear to progress.

Guyana has two key factors which complicated proceedings- unitisation and the HESS court case.

Eco has said they would not drill alone but would that change if they got $100m unitisation payment now Hammerhead is being developed?

Drill 2-3 targets with appraisal and show oil and farm out becomes almost development discussion and percentage hold changes enormously.

The cash on balance strengthens Ecos hand enormously for legal costs and expert testimony if needed in this regard and gives good reason to request licence extension.

Good spot Macerick. Looks like a number of potential catalysts with the 3B/4B drill sure to take place in any case.

This msy be more up the age of the BB population than my Take me Out quote.

If candles is the topic, I'll take 4 of them please....four candles. ....

Keith

Think there was some forward selling before the placing but your analysis suggests not much afterwards. Called the forward selling or what appeared to be that on the day but that may be the people linked and the fee rather than the investor.

With cash in place, in the words of Paddy McGuiness on TakeMeOut "let the money see the drilling contractor" and tell us all when the date for spud is and an expectation on how lings ops will take.

That would be a big plus now for comms.

Surely everything he wants for ducks in a row must be aligned after this amount of time!

Do appreciate your posts and technical take.

Important to distinguish that.Namibia is significantly more costly to drill than Oronduik -

Where Namibia may or $80-100m I'd expect Orinduik to be $40-60m depending on stacked target.....

Hi Wallact

We know they will drill 3B/4B in 2025, most likely in H1. This will run up to 30-40p i believe as the spud date approaches. Hence, if Gil wanted to call someone's bluff a quick raise in the lead up to drilling to let them drill Orinduik stacked target themselves might be an option.

Ninja

It shouldn't really be SOP - we should have some confidence of when catalysts may occur and value crystallise.

PG states aim of Jan '25 for MOU-5 drill. That gives aroun 10 weeks. So not long to wait. He has had months to get the ducks in a row and with Zenith on board this really has to happen as scheduled.

I'm curious at what point his credibility would deteriorate for some of the HODLers who venerate him.

Not an easy sector granted but being so scantly staffed doesn't help navigate the pitfalls.

I'm fairly relaxed, this will relate on the drill in H1 2025.

If they want they could do a raise of 50m shares then for probably 30p plus a share to drill Guyana and it gives investors access to 3B/4B results and the multi billion barrel potential of Guyana for a multiple prospect drill.

What's not to like.

I should add, that for my money they will farm out Guyana and think Exxon is still the most likely partner. They can use the heavier oil in Joe/Jethro and mix it in to other drilling production at source meaning FPSO issues are less of an issue.

They'd be paying 15c a barrel for the existing discoveries if they farm in.

I'm fairly relaxed, this will relate on the drill in H1 2025.

If they want they could do a raise of 50m shares then for probably 30p plus a share to drill Guyana and it gives investors access to 3B/4B results and the multi billion barrel potential of Guyana for a multiple prospect drill.

What's not to like.

Ninja

Crossing fingers and hoping for news is eloquent proof of the problem with management. Shareholders believe there is potential but are left with little confidence that things will happen as scheduled.

Hi Bob,

To be fair, my post isn't calling in to question the potential of the assets. It is asking for more efficient performance from management.

Imagine if you will had PG employed 6 guys from Schlumberger/AN Other last year in secondment at varying seniority as a Project Team for £700k after raising the £10m.

Do you think the last year night have gone a little differently?

It isn't heresy to say things could be improved.

Fwiw - I think GRH probably knows his onions with rewards to the geology (although mother earth can surprise the best of us) - management execution has been significantly below par in my opinion.

Now I don't know a great deal about swabbing but there seems to be kit out there - this may not be usable for our field but it took a seconds to Google.

https://www.tradequip.com/search?category_level2=Drilling+Rigs&category_level3=Swabbing+Rigs&s-type=equipment

So we await word from our great leader, will it be white smoke at the Vatican, beacons across the hills of the UK or perhaps just grace us with an RNS. The plan to test needs a rig - PG with a spade won't cut it. This is supposed to be in January (2025 to be clear).

Recent events

- Placing was 3 weeks ago so funding should be there to secure drill and one is cold stacked locally. Surely signing a contract would merit an RNS.

- Helium RNS was 8 weeks ago - ah the great promise. Smoke and mirrors with estimates based on global averages rather than serious detail about what the analysis shows and why we should rely on global averages. Some mention of MOU-5 here too. So 8 weeks to plan

- Zenith - Dr Tingas performing work to flow test and provide assurance for the CNG solution. Since then crickets.

Now you might say stroking the shareholders isn't a CEO job but not many CEOs of listed companies survive a 75% drawdown in SP and repeated missed targets and wasteful use of company funding leading to further raises and dilution.

Surely therefore with 1 Dec less than a week away if drilling is in January would we not see some activity that it is clear the Company has had more than 10 weeks to plan for?

What exactly is PG doing.

Fair to day that even discarding Orinduik, when we have a drill date for 3B/4B this will motor. As first drill likely to be 30-40m barrels net if a discovery and derisk the other 300-400m barrels.

Orinduik is 4.5bn barrels in the Cretaceous from memory. With part of this subject to development from Exxon in Hammerhead. So if they retain 20% that's 900m barrels and I'd think they are looking to carry in drills and through to production for discovery.

Teardrop

Thank you.

The explanation given was they would not make available an ICU/HDU bed. They pushed strongly for a DNR (twice adding to patient file against express wishes) and from the outset stated there would be no prospect of a ventilator. The language around the ceiling of care was very much he doeant have prospect of a sufficient level of recovery to merit these levels of care/resource.

It was quite explicit whether that is the intended use of the term or not.

Thank you for kind thoughts, Bob do treasure those moments. Anything in the house that avoids a fall is valuable too.

We learnt a term from NHS called Ceiling of Care - a list of things they won't do for patients they don't deem worthy of partial recovery because they have other ailments preventing a full recovery. The Doctora seem to make decisions on quality of survival and what the treatment plan is accordingly- full bazooka or managed decline and death.

The nursing staff were superb but Doctors high handed and in some cases incredibly patronising and a little suspect. Doesn't feel like the Gold plated institution many believe. Alas feel they are just taking Euthanasia decisions without the law behind them to prevent bed blocking and spare the resources.

CCC

Don't think anyone serious here relishes the delay, ai know I don't.

Like yourself hope for results in early 2025.

Small acts of kindness are definitely important.

I've just seen a parent go from frail to hospital and passing away in only a fortnight after a fall.

So haven't posted much.

Hope you and those others here with personal pr closse relatives with health challenges are coping and seeing some positive developments.

See Russia has received and filled 43 tankers from North Korea this year.

How hard is it to ensure the Russian shadow tanker fleet meets a watery grave while protecting the sailors on each vessel.

Remove their income sources.

Hess will clearly know how far Hammerhead extends as will Exxon.

The seismic has been pretty good so far in terms of 2 drills from 2 for Eco (forgetting for now what was down there!!). Hence, I think Eco would also know.

With that knowledge and the value of the tax losses you'd hope for a generous carry from Exxon but given they are paying $53bn for Hess, Chevron may fancy a crack too. Dare say the court case complicates proceedings.