Member Info for InJamesweTrust

HBob

Good luck also to yourself and the rest, we are all here to see the value proven.

We should be able to voice our opinions and do so cordially, some clearly struggle to cope with that.

I believe there is Commercial gas and will be delighted if it is proven to be so. Doesn't blinker me to issues but again others can be bothered by them or ignore them we all make our choices.

Cheers

Haven't ever worked for the ABCDs of this world, done contracts with some but not worked for them.

If it's a world you're interested in have a read of The World for Sale.

Sefton

Final ask as train arriving.

What do you define as FUD and what have ai said today which would specifically qualify?

sefton

i'm well inside the top 1% of income tax payers in the uk and it isn't from some imaginary troll fsrm *******s. i've posted more.today because i've bee at an offsite with one of our lawyers and been travelling to/from this.

I cover multiple sectors and in one, when a plant refurbishment went over budget and time during 2023 into 2024 the CEO was removed.

This one was debt not equity so not my doing but did express displeasure at impact on FCF and trading and Sponsors hoofed him

He has spent more than he needed to.

If PRD doesn't have a licence they are unlikely to get customs clearance that should be simple to understand.

The delay with ECS was by Paul's admission down to his error if my memory serves.

To say you're using perforation to understand the minimum extent of formation damage is nonsensical. So what they know it is 8 inches - what if it's 35 - 46 - 54 inches. Perforation guns will have told them nothing useful. They expected some zones to perforate and said so in the RNS.

We have no idea what the value of the assets is just yet. Just because there may be value it isn't a reason to be shoddy and ill disciplined on organisation and timelines.

I'd not give much credence to conspiracy theories that the import Bureau has been infiltrated by big oil to stifle little old PRD.

So my point remains as simple as it was earlier, I'm frustrated by unnecessary delay and unnecessary expenditure.

PG may talk about the light touch G&A but spraffing £5m without testing I'd rather he had a few admin bods and engineers on the payroll.

Ninja

I feel for all those holders as well as the CHAR ones currently as it cannot be.pleasant particularly if one invests in these types of sticks with a large proportion of their liquid net worth as nothing is certain.

My point is simple - I'd prefer we hadn't been delayed a year and that with fees, 60m shares worth of cash had not been flushed through delays and mistakes. Not an unreasonable principle but others can argue it is because there might be an asset at the end of it. That is to conflate two entirely different things.

The dilution might cost me 6 figures it might cost me nothing if it's not commercial. Guess we shall see

Bob

I've been involved in deals with Total, PDVSA, Tullow and Essar. Also working on some rig deals and O&G services firm (supplier of 30 or so AHTS and 8 pipe laying vessels). Some deals in the multi billions with exposure up to around $1.1bn

Sefton et Al

Look at it another way, the dilution from the £5.5m spent since raise and before current Rigless Testing began is around 50m shares sp will knock 8.5% or so off your final take here if it is successful.

The message this morning was a tonguenin cheek run-through of issues just from the last year. The assets may prove to be spectacular but the journey to crystallise value has not been.

Day to day I manage debt and equity exposures and originate these also.

Tickets from £25m to £1bn plus and in my career have managed tens of billions of such exposures and never lost a cent. Where management has been wasteful, or made basic errors then the Board has been changed.

So I'm not into the veneration of PG but can believe there remains potential in the assets if he can ever announce actual results.

I'm not nervous just realistic and setting parameters so I'm not here in 6 years time like some of you have been waiting.

I don't have an immediate horizon for fulfilment being less than middle aged but I'll not wait interminably and instead redirect capital in phases if no news.

Sefton

Let's be a bit more reductive, is spending £5.5m of £10m cash for no tangible benefit acceptable?

I'm all for proving up assets - they are meant have been tested and drilled to prove up several times now just in the last year.

To waste half the company's cash is shocking and in my day job I'd be calling for the head of the CEO/CFO if one of my Borrwers/Equity investments was similarly profligate.

These events are nothing to do with the assets it is about management ability

Ford

Not sitting on a loss just frustrated at the continued delays and screw ups.

Can you answer the questions below. Cash has gone from £10m to c.£4.5m with no substantive testing having taken place that is frankly astonishing.

2x rigless testing which was missed or pointless

1x contract for SV-101 which was not drilled in the tineline advised.

That is a significant waste of company funds and in the main market a CEO would lose their job for such financial and organisational incompetence.

I believe gas hasfowed commercially, I don't believe in the £14 multi TCF case but I'm not here for that.

It is remarkable that despite setting out multiple failures by management posters still attack the poster, rather than perhaps critique the constant failures.

f&m

when you get a moment i'd love to hear your thoughts on pg and deadlines.

for me, the last year has been a doozy in terms of strong delivery and he fully deserves his generous comp. highlights below

aug'23 £10m gross, £9.1m net raised cash c.£10m

30 aug 23 - rigless testing on track for sept, 10 horizons on mou-1. jurassic being matured. sourcing long lead inventory (this should stop any customs snafus for sure(

5th oct 23 (sept has passed us by it seems) - discussions opened to sell share of gas now going to test mou-3 to accelerate the process (**** how long would mou-1 have taken). ecs stood down, never used and cost never disclosed.

dec 23 - we have been ******* awesome pass go and take 1.3m free shares

12 jan 24 - ph1 to commence 25 jan (oops ends up being 29th) assumption is some zones cam be perforated but that is revised to being a test for extent of formation damage (utterly pointless spend). corey moruga workovers commence and should produce $3.1m p.a positive cashflow. from h2-24 so cash should now be flowing......i wonder if it is.

5th feb - fabby sv-101 contracted to drill mou-5 by 31 may (haven't heard results of that one yet wonder how it went) and cost of contract options

5th june commencement of sandjet mou3 testing programme - wonderful and mou-5 to be drilled (again thought it was drilled apr/may per contract) upon entry into 1st extension period.

7 aug - 1st extension period entered into (goody drillbit must be turning on mou-5 with all that money raised and time to prep - any news yet)

despite all that forward ordering we couldn't get customs for the ctu so haven't tested yet. not to worry only 11 months overdue and 2 abortive/useless attempts undertake so far at ??? cost to company

programme at least t weeks we will give.ops update when complete (now approaching week 9 it's worse than big brother)

sept - no ops update, no drilling info but we have appointed zenith although we won't tell you why.

oh, there might be helium yippee.

obviously the above is amazeballs and lonny can't cope with all the success so he has moved on but probably just means a bigger bonus for me pg - bit no, this isn't a lifestyle company it's all about the results. don't know when you'll have any but it's all about them.

a++ for being a top chap and unleashing the next oil major which will trump the north sea and campis basin combined.

Footinmouth

Think the alpine air may be getting to you.

If only the company were transparent we would not all be left wondering for months, nay years on end.

still struggle with the narrative that pg is this master card player, slowly revealing his hand knowing he will get the royal flush with the river card.

it seems more he just keeps ******* it up and suffers delays and thinks what's the next carrot i can dangle to keep the hordes interested.

this is the reason i've set a timeline to review where the newsflow is and consider what the likelihood of progress/results in q4 are because frankly if it tips in to 2025 it is a bad bloody joke.

Ninja

If we were all to STFU it would be a rather quiet bulletin board.

Pareto

I've said I traded once, make of that what you will it means little to me.

As for patience, think we have all been more than patient the time for results is near but the great Oracle assures is it will be in 2024.

This share must be the slowest 🚀 ever constructed!!

I'm not short and I'm not trading. I've set a deadline for info when I'll review whether to continue holding which is in late October after a holiday.

I don't day trade as under MIFID rules you can't do it.

Sefton

I've traded in and out of here once for around 50% of my holding when I thought there would be delays and a drop in SP, using the funds to purchase more here.

So don't consider myself a trader here for the value but would prefer to see it crystallised sooner as it absolutely could have been.

Anyone who suggests they are glad of the delays is frankly mad as I'm sure most would prefer the outcome was known several months ago as should have been the case without unnecessary delays and mistakes.

Morning Oldslow et Al- I'm well and hope all here are also.

I'd equate paying yourself significant sums on top of salary and generous options for reports that under any normal contract would be standard work product aa about the same as taking the other and freebie flats. It seems the Covent Garden flat and living arrangements may yet have more stories to divulge.

Hear stories or Zenith being brought in to stabilise flows so another 4 weeks when we are in Week 62 since the fund raise.

For all the talk of value of assets and market dislocation without proving flow and long-term prospects it all means little. It should never have taken this long nor required £4m+ before we even got to testing.

Banging on about being the last to drill, I'd rather have drilled and tested a year ago. We still have little knowledge of plan for MOU-5 and 4 (and 1 &2) and the absence of clear planning and timelines just allows delays to rack up and means no planning discipline is required to adhere to timings. It's incredibly frustrating

Helium

Algeria

Tunisia

Honestly,I'd be content just to hear how the gas flowed in mou-3. That's been the aim since last Sept and 13 months later no news yet.

As for dilution versus accretive - the ownership of the asset by original/earlier shareholders is diluted. Value dilution may also yet occur let's see how the flow results come out.

Hopefully such an outcome is as likely as a multicoloured swan.

Sandy

Whenever the shareholders are diluted, PG is usually the beneficiary of a fairly large swathe of options quite outwith the level of bonus you'd expect as an AIM boss. This gives him some cover for the dilution which has occurred.

If this wasn't egregious enough, to have the temerity to pay himself, a full time employee hundreds of thousands for producing reports for the company who employ him is misguided.

He is no saint or marvel and the time taken to get to this possible stage of realising value has been extended due to silly errors and not having sufficient resource even if on secondment or contract.