Member Info for InJamesweTrust

Just listened myself, not apologising for delays since September scheduled Sandjet because he took his eye off the ball for a couple of months is hubris indeed. If looking to attract partners, such belligerence serves nobody very well.

This also pushes back the CNG.

The small guns tested the minimum amount of formation damage but little else, this doesn't seem like $0.75m well spent as we know it is >12inches but Sandjet is budgeted to so up to 60 inches.

The maths to go from 120bcf to 7 TCF isn't hugely clear to me.

He can berate London as a 3rd tier market but the market wants testing not jam tomorrow before ascribing value.

While NuTech may ultimately prove useful for number of zones to test and where it was presented if I recall as a replacement for testing hence incredulity of many.

Licence due 3-4 weeks from presentation so by about 10th April. He will be in country from 15th April and testing due to commence.

The risks are Agreement IV not signed and coiled tubing doesn't arrive - interested to know whose property the coiled tubing is, Sandjet or another party?

He said it would take 3 months for big perforating guns from Schlumberger - not sure how this wasn't considered as soon as Sandjet in Sept was not feasible.

The sand could have been inn countey in Oct plenty of time for Japanese lettuce testing by customs.

Hopefully the obstacles to testing do not arise and we see this happen in late April and MOU5 drilled simultaneously.

As for the PE comment - doesn't seem fully formulated just a throwaway comment born of frustration.

So long as we test it should be a goof 6--8 weeks upcoming if its flows.

Not that great a presentation in my view in terms of style. Thankfully substance better than presenter.

If you have knowledge of the industry and deals they structure I'm surprised you're so dismissive Eurochamps? Hence the question around experience.

However,.we should maintain civility so apologies if it was dismissive/derisive.

In your vast experience of Private Equity Eurochamps?

I work on Mid-Large Cap Leveraged deals - they want to hit return hurdles more than anything.

The PE take out option is an interesting one. These guys can come in to fund drilling to prove resource and in doing so place an equity value on the remainder of the share capital.

For better or worse someone did it with Hurricane and I dare say there are plenty of hedgies/PE funds with money burning a hole so long as their investment parameters allow.

Board maintain autonomy which would I dare say please the kingdom and funds available to bolster expertise which the investor may even have in house.

Lots of potential ways to monetisation

Thanks folks.

Odd indeed, keen to see PRD and AXL.

Has anyone seen a link for last week's presentation? Just had a quick search to no avail - thanks in advance if anyone can provide a link.

Looking at bio, he founded and floated an Investment Bank - this bank was then involved in an advisory capacity on $22bn of deals. Doesn't seem like a full service bank more like a Panmure Gordon sort of outfit I'd guess - impressive nonetheless.

Think he has 2% from chat here so only cornerstone in sense of being in from the start again from what I gather.

Don't imagine he is over exposed or leveraged here so wouldn't worry on his behalf think he is more than capable of deciding his risk/reward balance.

The delay in testing remains a perplexing anomaly in company strategy. Regardless of Agreement IV, this could and should have been done with options on all long lead items sorted before the raise to pay for it. With a presentation demonstrating the engineering and process. Have seen plenty of that in others to be definitive on plans.

Admitting taking your eye off the ball and creating a 6 month plus delay in proving value is a fairly cardinal sin in my book. If Paul genuinely thinks there is 7 TCF plus why is he fecking around in T&T instead of getting Sandjet in country and under way with the petroleum agreements signed.

I don't buy the conspiracy nonsense, it would be easy to get a controlling interest if so desired without waiting for us to test and spending money to delay it through proxy actors/agents.

When I first posted here probably 8-9 months ago I decried the absence of testing then and was shouted down, astonished we are still waiting with little clarity on timing.

Gruv

Was lucky enough to have a chat with someone from company this week.

Think the farm out is a great deal and the cash element is vital in negotiations on other licences as like Gil said we can clearly say no rush.

6.5% of possibly a 4bn + barrel field and a carry on drilling, which if there is a find can be sold or contribution funded by PE/RBL is a potential game changer.

The carry provided by Total/Qatar is up to $216m a chunk of cash upfront and with the knowledge they have on adjacent blocks they would not be laying that down lightly so clearly have great confidence.

I'd imagine the first target will be sizable and net to Eco 30-40m barrels. If successful that is significant intrinsic value as well as proving the play, with the value longer term.

Very disappointing to hear people were haranguing the BoD last night. Sounds like PG gave something of a Mea Culpa on timings but that additionally some local ministries are tougher to manage than OHNYM which makes life a bit tougher but the prize is worth the continued effort in his opinion.

If that prize is anywhere near 7 TCF it certainly is.

Need to do EIA and complete the transaction, if that can be done expediently I think they'd like to drill in this year's weather window.

Thank you also from me for the more sensible posters (TT-T particularly) summarising proceedings of this evening.

Good to know agreement mostly buttoned down and.chimes with Fox view of SJ results end April and potential MOU5 drill in May.

Hopefully these will be broadly adhered to from a timing perspective and let's get to it and see what we have.

Some sensible comments from reasoned regular posters on tonight would be greatly appreciated.

Hope it was/is an.enjoyable evening

It isn't clear that Sound has primacy of call over us for the rig. Nor is it for Chariot as far as I'm aware.

The PA needs signed and boD need to be definitive on risk of it not being so if they feel there is any.

Is the end April Sandjet availability aligned to signing and has the correct gun and operating team been procured in advance.

For SV101 do they have a timeline.

Simple straight questions they should now be able to answer.

Not withstanding above, government entities cam be horrendously difficult to deal with.

If there is more gas than Moroccan authorities believed then there may be alot of backroom negs requires but there is sufficient time for this to have been sorted by now.

For all of the WhatIfs - the Sandjet availability for end April indicates this is when they expect to have Amendment agreement signed by to bring in country.

If they can't do it by then it looks very foolish.

Conspiracy theories don't really wash about oil majors delaying little old PRD so they can't get their slice of the billions when we have a liquid traded share with a MCAP of £45m and falling!

Spoke to a friend who is ex Schlumberger for c.15 years all over the world. They have used sand jetting multiple times and based on description of the clagging, they thought Sandjet was eminently sensible.

However, if not done soon I could have converted my own fossils into fuel in the intervening period.

People are probably still happy with the potential risk vs reward but capital has a time value and the longer the timelines are stetched it also has an opportunity cost.

Money was raised in Sept to test and PH.2 was scheduled for Mar/Apr in the full knowledge of the need to get Ageement IV signed off so any further deviation from this begins to call competence in to question.

Appreciate the company has to deal with local bodies but they should also have these ducks lined up in a clear schedule.

Hopefully the purpose of Thur is to tell us what this is for Guercif and not just to blow T&T trumpet.

Perhaps they'll get Kate M to announce testing once she has finished with Photoshop

HBob

It's all well and good having Delphic pronouncements about the bidders being known but the truth remains we haven't satisfactorily tested. The BoD need to have ducks ina row to do so and be prepared to update on where Agreement IV is come Thursday or incur some peoples displeasure.

Alas I cannot make it now as have another engagement in the City but really a proper plan and schedule should be in place.