Member Info for Jimmy23

The rns stated that mou 5 would start after the commencement of the 1st licence extension which in turn will not commence till after the completion of the sandjet perforation which is due to start within a few weeks. So my guess is mou 5 is probably about 2 months away.

Jimmy

Trifle.

The rns stated.

“ The Company is fully financed for all its near-term operations.

Following the results of the Sandjet rigless testing and the first two well workovers in Trinidad designed to re-establish oil production, the Company will re-assess its funding needs for the next 12 months.”

Jimmy

Trifle.

My reading of the rns update was that the 4th amendment period would end on completion of the current sandjet perforation plans for mou 3 and mou1 with a possibility of mou4 included.

Then a new licence stage commences at which stage mou5 will be drilled on commencement of such period.

Prd are funded for these work programs and will review funding after such works are completed.

I believe that prd will be re rated if it achieves a good strong flow rates at more than 20 mmcf per day, which will give them financing options at that time.

Jimmy

Foot and mouth.

GRH, does seem to focus a lot on chariot so perhaps you should post on the chariot LSE site.

With regard to $400 million of share premium, it would be appropriate to also mention chariot were incorporated in 2007 compared to prd in more recent years. If you were to include Paul’s previous companies that operated offshore then the comparison would be more appropriate.

Jimmy

Mick.

It’s irrelevant to future performance. It provides a financial cushion to absorb losses, so it facilitates the payment of dividends from future profits, in accordance with companies act.

Jimmy

Hi BDC,

You are right to be careful , it’s such a pity that they did not address funding in the public relations about the annual results.

J

I do not know the person who talked to ap , but his previous posts have seemed genuine .

Having been in a similar situation to chariot previously, if you did not have funding well advanced, then you would do a placing to buy some time . They chose not to do a placing even after the Dartois gas discovery, to be validated by flow test.

Clearly it’s not ideal , perhaps Ap is providing interim finance , he is not going to let chariot go under being so close to sustainable cash flows both onshore and offshore, in my view.

Jimmy

Renewable asset sales

Legalwolf.

The key issue is that the directors believe funding will be available.

A member of the telegram group contacted Ap who confirmed there will not be a placing, and that asset sales are getting strong interest.

Jimmy

Kingbilly,

I am very surprised by the financial performance.

In these circumstances, board and senior management should go straight into salary cuts/deferral till in positive ongoing cashflow.

Priority is to get loukos onshore into production asap, 200 meters of gross sands and 70 meters of gross reservoirs should provide a strong flow rate for sustainable cashflow.

I need to study the financial statements to understand where did all the money go in 12 months.

Demerge renewables and release cash to parent company and get loukos into positive cashflow asap.

Shocked,

Jimmy

Fernan,

The $3 million was the full cost of each well including flow testing and the second well was drilled as a slim hole in half the time so I think your $6 million could be reduced to $4m.

Still , the overheads are too high for a pre revenue company.

Additional funds needed from de merger of renewables and balance of energean funds for the farm out.

It’s now urgent to get loukos into cash production.

Jimmy

Fernan,

The share based payments are non cash expenditure.

That still leaves $10 million of opex, which is too high for a pre revenue company.

Demerge the renewables and get a cash injection and bring onshore into production asap.

Jimmy

Fernan,

I agree, focus on near term cash flows , reduce overheads, and then expand from positive cash flows.

Jimmy

Ccc, sorry to hear of your cancer challenge, there are amazing new treatments and early stage diagnostics in development at the moment. You might wish to see if there are any clinical trials for immumotherapthy that would be suitable to discuss with your doctor.

Best wishes

Jimmy

M.robb.

My comments regarding the 7tcf are that is the calculated amount of gas generated by the biogenic source rocks.

The economic value is what % migrates from the source, % is trapped in a reservoir and then a % of that is recovered by production wells. So it’s very much smaller than 7tcf from the source which has economic value.

Just for clarity the jurrasic carbonates are sourced from thermogenic source rocks, so a separate source.

With regard to my posting history, I expect companies to do what they say, yes there can be delays for all kinds of operational reasons, but the time had come for the long awaited sand jet perforation, as that’s why I invested, so would have been unhappy if it was deferred again .

I post based on the facts as they evolve, good or bad.

Jimmy

We simply do not know what the size of the mou 5 prospect till we firstly proove that gas is present and then what thickness of reservoir rocks are present.

The quick route to proove the gas is to sand jet and perforate mou4 jurrasic carbonates, if successfu, which I expect, then that justifies an increase in the chance of success to 50%, which is great for an exploration well.

As I have stated previously I view the sand jet and flow testing as the key priority to early cng cashflow, which in turn provides finance options which are not available now.

The new information regarding mou5 is that the jurrasic carbonates found in mou4 are in fact early jurrasic, which happens to be very important new information.

The jurrasic carbonates have not been found to be high porosity elswhere in nearby wells, but at the mou 5 location they are considerably more shallow. The key to high porosity carbonates is karstification , when carbonates are partly dissolved by rain water , and fracture porosity.

This area of Morocco underwent its first period of inversion in the middle jurrasic, which is likely to elevate carbonate reefs above sea level and hence increase karstification, then followed by subsidence and further inversion in the Miocene which are likely to increase fracture porosity. So it’s the right prospect in the right place.

Predator now report a280 meter carbonate section . The ITR suggested 20 meters of reservoir porosity with predator view at 50 meters. Predator are to revise their estimate based on revised seismic processing. We will only know by drilling, that’s why it’s a 50% chance of success.

With regard to the 7tcf of gas for the biogenic source rocks, please do not equate that with gas reserves in the Miocene which is a fraction of that amount.

Looking forward to flow testing at long last.

Jimmy

This rns is so much better than previous rns as it provides more clarity on the way forward.

As I have stated previously, I believe the market will re rate prd when it demonstrates that the “ likely and or possible” gas reservoirs actually flow gas. The volumes to be proved in mou3 by sandjetting perforation for the tgb6 and Ma reservoirs are expected to be smaller than flow testing the mou fan. That does not matter at the moment as the priority is to get to cng cashflow to give predator financing options with the least equity dilution.

It’s great to see that the jurrasic carbonate prospect has now been related with a gcos of more than 50% , in line with my thought. I will be kind to say that the 12% gcos included in the independent technical report was an early estimate that should have been revised for the results of mou4 which were known at the time.

I am also pleased that each of the three zones to be perforated in mou3 are to be flow tested independently of each other in order to get the best pressure data from each targeted reservoir, co mingling of reservoirs flow testing as had been suggested by some was a lower cost option but would miss valuable reservoir data. So good news here also.

Mou 5 will be very interesting and its success will depend on reservoir quality and lateral continuity of high quality reservoirs. Usually such reservoirs assessment are based on 3D seismic , but it looks like prd will want to drill instead. The potential daily volumes make it very attractive being so close to the pipeline.

Thank god sand jetting is to start soon.

Jimmy

Keith,

Viv Caxton is a geologist and previously was ceo of Bp exploration in Ireland, many years ago.

It’s good news about the Irish licence, and if the corrib owners are going to farm in it’s an obvious good fit.

I expect a farmin to acquire a substantial equity interest in the new authorisation with a carried interest in the first exploration well, with the option to convert to a net royalty interest.

So this has value, where previously many would have considered it very high risk, that’s political risk.

My guess is that predator will acquire thesus in exchange for predator shares thereby allowing pg to increase his holding further and allow Viv Caston to spread the exploration gcos of 44 % to paricipate as shareholder in the jurrasic carbonate appraisal well with a 50% gcos.

Win win all round.

Jimmy

Great update which I will study later.

The use of professional communication advisor has had a great impact.

Jimmy

Tritoretire.

My views are based on public data , there have been lots of hints by many posters here of some unspecified underhand actions, without any evidence being presented and that prd is going to be taken over by unknown parties at some knockdown price. No one has presented any evidence so I find it hard to take seriously.

My view is that if prd have a quick route to positive cashflow, then the market will re price prd.

J