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If he isn't the second coming, Is he just a very naughty boy

Nigel not suggesting they will terminate early but you infer the pipeline is unlikely to be available and that simply isn't true. National necessity and commercial imperatives have a habit of trumping contracts.

Nigel just out of interest, who are one of the key owners of MEG? Entities relating to Kingdom of Morocco? Now I wonder what might serve the country better, exporting gas and receiving significant royalties or taking a royalty from Shell for allowing their gas to run through the pipeline.

It is not usually challenging to find small contractual infractions and use them for a purpose that you desire to elicit a new reality.

Clearly gas has to be there but the Shell southbound contract is a red herring.

The environment foe a deal will be constantly evolving. For CNG solution, how much kit is off the shelf and how much is an LLI and how is the whole funded.

I'd need to check reference to CNG as a cost but recall I think low 10s of millions mentioned. This may come from the state as a royalty adjustment, offtaker as an adjustment to pricing in a GSA or potentially from one of the banks still involved in the sector. Any funding has to be copper bottomed to prevent a Horizonte Minerals and I'm sure it will be.

PG may wish to have a CNG agreement in place and a drill of Jurassic then an exit and let someone else with the pockets decide their wider development plan if the gas is there.

Will be interesting to see how it all unfolds as testing hopefully progresses.

Putting above in to a plan may be difficult as there are likely still many variables on which road PRD will take.

I'm sure they are being considered though

Shortashrift

CPR often takes longer than envisaged so there is little point in correcting and it rhenium slipping in to 2024.

Compared to what most people see as risked potential in Guercif then Corey CPR isn't really the be all and end all unless just looking for a delay to shout from the rooftops about.

The success or not on this investment will come from Guercif and the testing whenever it takes place. If that doesn't happen in January then excuses will be wearing thin.

Gudin

Don't know if that was to me or another poster, better memory of my posts if for me!!

Took alot of stick too for saying it isn't a widows and orphans stock. Fee in this sector are.

However, I'm in because I believe the assets will deliver to what extent we don't yet know but materially from this base. The journey of discovery should be an interesting one. Think Paul, Lonny and Moira will also be thinking about how to manage workload of coming months.

The word reinforcements makes me think of A Bridge too Far and the division stuck in Arnhem and the chap with the umbrella who doesn't take the German surrender.

Gudin

The delays are frustrating but think the BoD now know it needs to be done. Better late than never ultimately.

Not necessarily an RNS but as the company organises testing they may find ways to communicate with some well informed individuals around strategy and steps in an ideal world. With the aim for testing to begin as early as possible in January that process will likely start just prior to or just after the Xmas holiday period.

For my money then will crack on and test proving up enough gas at least for the Afriquia Gaz deal and likely some additional similar deals.

Jimmy

There are banks who will still engage in funding also. Some of the Japanese and French banks are particularly keen to lend where a construction contract involves one of their major industrial companies. For instance Marubeni in Japan who undertake major projects globally.

Debt foe junior explorers is clearly something to be very careful about but depending on T&T cashflow needn't be the Sword of Damocles it results in for some exploration endeavours.

I could certainly prove the point of sale and price achieved.

art

you are talking out of your ****, i was in sound. stayed in after the £ but got out around 80p mark which if memory serves was the te-5 or te-6 results.

at no point could sound report wells were over pressured as far as i recall. james was highly questionable in his conduct.

while i have my issues with comms and timing here, the asset has the potential to be of a different order of magnitude to anything sound had or has.

afriquia gas would not feck around with an mou if they didn't think it worth their while . the timelines have changed but the end game has not and while working on t&t is initially frustrating the cashflow could prove very useful in terms of preventing dilution.

Good posts from Keith and others. The delay and comment are the cause of frustration not the asset potential.

Ultimately geology was the issue for Sound but the hubris cost alot of investors a significant amount. To be talking about golden tickets in his fireside chats and big bashes in the Gherkin is frankly highly questionable.

While there may be some challenges, as don't believe Paul and Lonny come anywhere near that. Keith Oz has posted some useful stats on what flow rates and revenue mean for various levels of GSA and Arfica Gas wouldn't screw around with MOUs if they didn't see the value.

So they now need to test and prove it up but ultimately if it flows it pays and does so handsomely. Same as for any junior explorer.

For those shouting Titanosaur and a new Moroccan age of gas for Europe it is maybe a short term reality check but such prognasticatuios for a £50m MCAP company are obviously risky.

We (should) all know there is risk in what they are trying to do but there is reward too.

Art

The wells are inexpensive so depends on organic cash generated by T&T.

The GSA, Afriqyia Gaz on the bright side would not waste time negotiating a GSA if they didn't think gas was there.

They are funded for testing but administratively it is getting to the stage where the dynamic duo seem to be struggling, hardly surprising it can't be run as a two man band for much longer and again cash from T&T may allow more expertise to be contracted in.

There is a credibility gap developing, January is not far away and this gap needs to be urgently addressed.

the dream team haven't yet become a nightmare but if pg says t&t is just as exciting as morocco then i'm surprised and makes me sceptical for the multi-tcf case so many people make for guercif.

with all the time spent in morocco but t&t getting worked over possibly before guercif is flow tested is very odd timing wise.

they were meant to do sandjet months ago so how did the admin faux pas not come up then - this seems rather convenient or they don't know their ****s from their elbows.

still nothing definitive on testing really and it is **** poor.

The silence is frustrating and if not for the reasons of commercial confidentiality due to negs and pushing on with testing then PG/Lonnie will really need a good story to convince.

Ibiza 28

Would add that Eco after two drills had an MCAP of £300-350m where their net was 45m barrels. Now in that there was hope value for the rest of the licence, which applies here too. That was also offshore.

Would suggest good flow rates should prove more than 45m barrels of oil equivalent. That £350m at 85% is maybe 55-50p so perhaps I'm a bit overly cautious

Ibiza28

Hate to rain on your parade but think any initial announcement will maybe take us to 30-50p range. Depending what stage they are at, if they have tested of if they've just agreed an MOU.

There would as part of the pre-sale of gas be a payment freeing cash for drilling to test the depths, perimeters and flow rates of the key zones (MOU1 etc).

As this testing progresses if successful then there might be staged further payments if these are agreed up front or negotiations. Even if staged payments are agreed up front I'd imagine time is needed for the interpretation of results too at each stage.

Hi BRV

Ultimately people do bear their own responsibility and depending on age/health/earning potential make decisions based on their own risk/reward factors.

For all of us I hope there is a successful outcome but as you say - ain't no such thing as a sure thing.

The posting from KeithOz/GRH and others does help the decision making process and stimulate one's own research.

If PG is confident, I do wonder if he wants a big bang solution to remove the "wall of worry".

(Ie a sale announcement for x £/p so people don't have to keep top slicing on news up the curve of results). Seems testing needed for that though and possibly drilling.

Thanks Ford707 - I've done so and also at Keith Oz posts.

While disappointed by the silence the risk/reward is still pretty good, so remain invested.

Was on a call with CEO/CFO of a chemicals company yesterday (big but not Ineos big) and they see quite a mixed 2024 outlook. Hence, an injection of urgency would be no bad thing IMO.