Member Info for Jimmy23

Keith .

Thank you for your summary and views,

We know that mou 4 encountered 2 meters of good carbonate reservoir with very high gas saturations, and that in the shallow zone 50 meters of reservoir was gas bearing , per neutech.

So it seems to me that source rock in the area has been proven and is not the factor behind the it’s gcos of 12% for mou 5.

You stated.” As an aside, these recent source-rock studies greatly increase the gcos over that suggested in the January ITR“

Can you please explain your point further.

Jimmy

Ijt.

The average success rate in the rharb basin is circa 80% for prospects that Avo seismic signatures, which is one reason why I invested in predator as it also has Avo seismic signature.

It will be interesting to see whether chariot or predator achieve an onshore gas flow test first.

Predator report potential gas reservoirs of over 175 meters, which need validation by flow testing, then I am expecting the market to substantially re rate predator.

Chariot onshore primary targets are two wells with a reservoir thickness of 10.5 meters each, so a lot less production potential. Both companies need to flow test.

Jimmy

Clearly chariot could use the rig to perform a flow test but it’s at a much higher day rate, previous operators have flow tested after the rig has moved off location, got to wait and find out.

I believe there will be two wells drilled by chariot sequentially.

Note the large deep structure in the second well called Navette, which is suspect may be similar to the O sand offshore.

Jimmy

I guess it will take 2 or 3 weeks to encounter the first target.

Drilling the deeper target may take another week if they have to change the mud system to avoid drilling problems encountered in the deeper reservoir at lnb 1 nearby.

I expect flow testing will occur after the rig has moved off location, using a coiled tubing system. I expect that will be within 1 or two months thereafter. Just a guess though.

Jimmy

Great news.

My guess is that if the main reservoir target is gas bearing then they will continue to drill the deeper higher risk larger prospect.

Jimmy

For those that track the onshore rig situation in Morocco, note that chariot now have the drilling and started drilling to day.

Jimmy

I am not the Bold, and have never met the person .

I am simply looking for pg to do what he said he would do in a timely manner .

I hold both predator and chariot and my last top in predator was after mou 4 , which is now in a loss situation , due to delays and deep discount equity dilution.

My view is that generating cashflow quickly is the route to shareholder value, unfortunately the market discounts potential assets such as mou 5 heavily, hence my view that it should take second priority to production testing by sand jet.

I see no evidence of other companies looking to takeover predator at this time and the best defence to any takeover is for management to do what they say they will do in a timely manner .

Hopefully predator will announce the mobilisation of sand jet equipment shortly and we can look forward to a higher share price based on strong production volumes.

Jimmmy

Who is Jimmy Bold

J

I will be delighted if sandjet perforation starts in three weeks as Keith suggested and the only basis for my estimate of a couple of months is past performance on meeting timelines.

Not doing the company down, just trying to be realistic.

Jimmy

Porters.

You will note that the rns did not state the date of the licence extension . So I am assuming it’s longer than the 5th June.

Pg has previously commented on the frugality of operations, so my guess is money is only now to be spent to mobilise and jet and coiled tubing.

J

This is indeed good news, at last.

My reading of the rns is that the preparations for sand jetting can now commence, so it’s probably a few months away before it starts.

Jimmy

Keith.

I believe Sou had a major tax disagreement with Morocco which has only recently been resolved and now they get their licence updated.

When lonny worked for SDX in Morocco, they were abele to flow test numerous wells within a couple of months of completing such wells. It’s nearly three years since mou 1 found gas and still no sand jet flow testing , hence my frustration at such delays, as I invested on the basis of promised sand jet perforation and early cng production which I am patiently waiting on.

Jimmy

IJT

The rns stated the timinung of sand jet was as follows.

“ Mobilisation of the Sandjet crew and equipment will occur shortly after Petroleum Agreement Amendment #4 has been ratified and all necessary regulatory approvals for Sandjet rigless testing have been received. The time framework for the Phase 2 rigless testing programme will at that time be updated.”

The licence amendment no 4 was submitted on 23rd January 2024.

If the relationship with onhym was as good as many investors think then the licence amendment should have been completed by now. Unfortunately, prd seems to have a poor history of getting timely regulatory approvals in Morocco.

Jimmy

Ford,

I expect anchois to be in production in about 2.5 years, which I expect will be fully financed by energean

So far with predator it takes nearly three years to perform a flow test since mou 1 and even then i expect a successful flow test will be followed by a period of 12 to 18 months to get a production concession from the government.

It’s now more than three months since the application to extend stage 1 of the licence, it should have been awarded by now, I hope there is not a problem

Jimmy

Ford,

I am invested in both chariot and prd.

Yes, there are problems with chariot, it’s renewables business has a long payback, it’s hydrogen business is not yet commercial and it’s unclear as to how and when it will be commercial, and like predator, they are not in production cashflow to finance follow on drilling.

However, they do have onshore and offshore 3D seismic, the reservoir intersections offshore are very much thicker than typically found by predator onshore and chariot extensively measure and sample gas reservoirs which predator have opted to measure by way of the long awaited flow test.

J

Keith,

Thank you for posting the details of Scotforth and their technology.

I can easily see how such technologies can identify where source rocks have generated hydrocarbons based on surface seeps and micro seeps.

Can such technology identify those deeper horizons which have sealed the hydrocarbons in a reservoir, compared to reservoirs where the top seal has been breached by basin inversion and gas escaped.

Jimmy

Tritoretire.

Please explain the three fundraising and nearly three years since mou 1 to sandjet perforate, last fundraiser at a huge discount, I purchased shares shares on the basis of sand jet perforation, and now no licence extension after 3 months since submitted.

It’s not unreasonable to expect prd to do what they say they will do.

Perhaps you should check out their balance sheet to understand my concerns.

No other agenda despite your best efforts to imply otherwise.

Jimmy

GRH,

I note your view that testing has never been urgent.

I think after nearly three years since mou 1 and three fundraisings to carry out sand jet perforation it does look as if you are correct.

I know that it’s been indicated by many on this bb that there is a fear of a take over bid when flow testing occurs.

I have not seen any justification for that view. Indeed , if flow testing occurred successfully it would justify the board of directors looking for a higher price and they can then defend a higher valuation and create competition for the asset, if that’s what they want.

My fear is that continued delayed sand jet flow testing is just used as the basis for further equity dilution rather than go for cashflow generation to sustain exploration drilling.

Jimmy

Should read, the no 4 licence amendment to extend the licence.

The requirement for any licence operations is that the no 4 licence is extended. The signing of the star valley rig contract was subject to the necessary regulatory approval. The extension to the licence was submitted on 23 jan 24 to extend the initial phase of the licence to 5th June 2024 in which time sand jet perforation of discovered gas was to occur and the drilling of the mou 5 well.

It’s now three months since the licence amendment was submitted and it looks like chariot will be next to get the rig to drill two wells, so it’s unlikely prd will get the rig till early June, by which time the licence extension will expire. I think a revised licence extension date is required.

However, prd did say they were ready to perform sandjet perforation from end of April when coiled tubing unit would be available .

The extension of a licence should not take 3 months, hopefully we get news very soon.

Jimmy