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Great to see a spike above the previous issue point and good volume too.

Wouldn't get too carried away about full buyout immediately and billion pound MCAPs but a continued upward trajectory would be welcomed by all surely.

Harbinger of news - who knows, certainly its been a while since the SP had such a positive day

Good luck Rob and hope you get a good outcome both medically in terms of timelines and here also.

Speaking as a Dad, with AI and everything else it is such an important thing to help the kids along their path if possible.

I met him in London that day and it wasnt a case of oozing confidence. He believed it could be exploited commercially at the right oil price but at the time he was unaware of just how badly placed Tullow was from an Operator perspective.

Dare say many regret not going for Cretaceous first time around!!!

Oldslow

Probably best to temper expectations for imminent lottery sized windfall here.

If PG gets a deal to fund MOU-6 they will want their pound of flesh and a chunk of the licence would I expect t be required in return.

Great if the ITR says 2tcf but I'd not hold my breath on it being anything like this which may be provable currently.

While nobody seems to like the wors deadline, he has stated end July for MOU-6 so work back from thay to fund drilling supplies and when funding should be confirmed. Some early kit may be funded from TT cashflows....

As somebody else said, Im sure anyone funding would have their own ideas on how to test and understand flow.

There is an ongoing trust problem with the Strait.

Yes it might be open but nobody knows where the mines are - or at least that is what Iran wants people to think. Massive screw up from the Americans they didnt have this covered to prevent it happening.

In the time it takes to traverse the Strait - it is very easy for the Orange blob to put his foot in it and hostilities to commence again and then you are subject to Iranian rockets.

How we in the West allowed the minesweeper vessels of our Navy's to be decommissioned I shall never know.

How the US and Israel didnt monitor activity in the Strait in the run up to and during the war, I'll never know.

Security of supply will be on government's and companies minds in future and in that regard we seem reasonably well set.

Interesting that the only thing which happens here is people shouting Troll and FUD.

After 3+ years it is surprising that nobody ever questions what PG has achieved or his inability to stick to timelines.

Remarkable that the consolation of shouting FUD or Troll let's them sit on their losses comfortably instead of insisting on some action.

Each to their own I guess.

So with 6 months having passed is everyone pleased that PG has so little respect for shareholders that he provides no tangible update.

Guess the July MOU-6 becomes the next target, what chance he makes an arse of the long lead items required? If funded by other parties and given the time required for some long lead items should news of the funding not be imminent/immediately apparent.

You can see from the note shared by Robin but also from the Canaccord note there are remarkable possibilities here and as Brightspot says - the best Risk Reward out there.

Looking at the numbers of opportunities and stacking to the probabilities, taking into account

the data and discovery from Jethro (that Navitas will have seen) and their view that PL001 will have

an FPSO on it as their base case indicates the high success chance. Total want to drill Nayla as their highest priority in the area - any of these multi bags from here on the SP.

That says nothing of the 100+ remaining prospects and partners like BP farming in and IOC/Majors interested in CBK1.

Dont expect it to rise in a straight line but still see the trajectory overall as upwards to the right from current levels and expect a drill in 2026.

You can see from the note shared by Robin but also from the Canaccord note there are remarkable possibilities here and as Brightspot says - the best Risk Reward out there.

Looking at the numbers of opportunities and stacking to the probabilities, taking into account the data and discovery from Jethro (that Navitas will have seen) and their view that PL001 will have an FPSO on it a

There is already a discovery for JJ - hundreds of millions barrels.

Oldslow (and others who bemoan anything critical of PG/PRD)

You say it is poised to prove value/do deal/multi bag but it has been poised to do this for 3+ years. If there is no rigour to timelines I can see a chunk of you all sitting here still in another 3 years saying PG knows what he is doing, we just have tk keep the faith

Ive posed the question many times - does anyone here know what a deadline is or think he should be held to one. He mentioned 6 months nobody had a gun to his head pushing him to give a timeline.

What a surprise - 6 months elapsed and all we get is pish about 1.8m barrels of reserves and not a word about divestment or the timing of the process. Seems like he has never met a deadline he cant miss

JJ - 20-30k barrels is $210-315m per annum ($30net back)

PEL001 - 35%*55k is 19.25k bopd which at $30 net back is $202m per annum.

I'd say discovered barrels after drills are $8-10 with the contingent barrels derisked on the $4-6 per barrel.

Some of these are higher probability outcomes than others, it is O&G and Geology can be a bit cheaper but seems like JJ and PEL001 are strong prospects indeed and Total is itching to drill 3B/4B.

Would agree it makes sense to drill on PEL001 - of nothing else should they encounter serious issues with SeaLion there is a substitute available in event of a successful discovery. Depending on quality/size if a discovery, they may decide on further drilling to assess prospectivity and consider this when doing FEED and how that ties into the post FID work at SeaLion.

Would imagine there is a desire to do the JJ appraisal and Cretaceous appraisal if permitted on Orinduik and I would expect t any condition of renewal would be to get this done quickly so it an move along quickly.

Some of this may occur in 2026, some in 2027 but along with 3B/4B which will be very soon after the court permits we potentially have a drill in PEL001/3B-4B/Orinduik x2/Namibia x1 within 8-18 months.

What might each of those be worth

PEL001 - 35% of 55k bopd

JJ - 20% of 100-150k bopd

Cretaceous - 20% of 800m barrels of first discovery plus 20% of 3bn barrels derisk contingent

3B/4B - 5.25% of 800m barrels and 4bn barrels.

Thats all worth a bit more than 65p Id say!!

Namibia (Osprey)-

Oldslow

Think you are forgetting PRD hasn't built anything and nor has it tested anything in Morocco or as a volume producer. It is a long way from materially benefitting from the upsirge in prices, except to ensure PG can keep the lights on for his salary and bonus for a bit longer before he might come cap in hand again if a deal cant be done/was never there.

So what you all seem to be saying is he can take as long as he likes and none of you expect or require an update on progress?

What is it uncouth to think he would give and stick to a timeline?

Dont need it to go ballistic Wallact (is that what you meant instead if logistic?) Happy with stead price increments and as you say it will get there.

To me, this should now be over £1 in terms of value.

- 3 licences funded for seismic to identify targets by BP and drill costs funded also (subject to Ecos preference)

- Joe/Jethro potential for appraisal and FID

- Orinduik further propsoectivity depending on licence award.

- 3B/4B 2 drills funded by Total and carry

- PEL001 - carried by Navitas and they have already outlined their path to using an FPSO there.

Any one of these is worth several pounds a share - although 3B/4B more like £2.50.

On a risked basis it is much more than a pound so even discounted further by probably 50%+ from the risked price I see this as worth a pound.

Interested to see revised note which had applied little value to Namibia previously.

Perhaps Rob it is the lack of news as PGs deadline for divestment approaches.

Interesting to see if he archives what he stated he would within 6 months - or if he misses how does he approach it - respectfully apologising to shareholders and advising discussions are ongoing or by head in sand ignoring it as for what ge believes its his company and he can do as he likes.

If its the latter it will say alot.

Harel

Have to expect news incoming on CBK1 and Guyana soon.

I'd expect BP may have even raised CBK1 in the negs for Namibia but believe there is strong inbound from multiple sources there.