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If MOU1 testing gets us back to the teens it will beg the question as to why it wasn’t done sooner. It can’t be cheaper to run both at the same time if there’s been raises in that time (that were always going to be needed for drilling)in single digits causing more dilution than might have been.
Also he backtracked on 13th Dec RNS and didn’t give a spud date. Next due was TD which wasn’t reached. If it was a few days to sort why inform the market when they didn’t have to.
I’m not sure they are going back in imminently. PG words RNS poorly as it is but the investor presentation coming out the same day looks like a raise is coming.
It is what it is. They will go in at some point to get it finished.
Investor presentation coming out today with all this going on looks like the bowl coming out. If drilling and testing was to resume imminently surely you’d have it after the results for the next phase.
It may well be it good news long term geologically but it’s how they get there now.
I haven’t sold and won’t before results.
Why would I want to drive the price lower.
You may well be wrong about that like the won’t go below 10p and the simple really comment about spudding over bank holiday weekend.
Just because someone has a different opinion to you doesn’t mean they have an agenda.
The RNS will not be viewed well by the market and history tells you PG does placings at crap times for crap value. It would not surprise me if this costs more than they have and a raise comes. That’s an opinion, not an agenda.
Short term objectives? Been here 2.5 years in what remains one untested drill from mou1. This is not good news however people try and spin it.
They will need more money, that is highly likely to come from a placing from a depressed price.
Share price generally tracks to true value when the asset is sold or a dividend is attached. They need to sell it one way or another or dividends for us to realise anywhere near value. There can be momentum driven spikes but probably not to that level.
Encountering pressure and taking longer than expected has got nothing to do with announcing when they were spudding, which they stated they would do two weeks before they said they wasn’t anymore.
Comms have been and continue to be a problem for PRD.
But yes, results will come when they come. We are close to the answer of what there is in Morocco, assuming we’ve spudded.
PG has created the speculation with not announcing the spud like stated in the 13th Dec RNS. The assumption was it was spudding over the bank holiday weekend so why would he need to issue a firm date. Turns out he probably had enough of investors asking why his timeframes kept being missed and knew it was going to be mid Jan. Next RNS basically says i’ve had enough of being accountable for anything I say so you’ll be told when we finish not when we start, and even then with partner approval. Wasn’t a problem for MOU1.
As moody as the governance has been, doesn’t mean the gas isn’t there.
Get through the drill and results, assuming positive, the next hurdle will be trying to monetise it without getting his trousers pulled down. That starts with a results RNS that the market can understand.
PG mentioned being a possible target if the results are good. I don't recall seeing a TR1 since I've been invested which i find odd given the scale of the opportunity.
It's all about the results, assuming we have spudded, a few more weeks doesn't really matter.
They may have to raise again and it wouldn’t surprise me if they did. They are managing three projects. T and T and Ireland will almost certainly need finance if they move forward. With Morocco the CNG plant may have some other kind of finance but they might want to drill MOU3 quicker than it takes for revenue to come in. That’s not a problem as long as the timing and price is optimal.
Unfortunately the market is bent. It can take it down prior to good news or allow people out prior to bad news. Any price action can be indicative of good or bad results.
Won’t know until company says what it has from the testing. I’ve been here 2.5 years and will hold for results. If it’s good or bad the price action a few weeks before won’t change what they have.
Any raise prior to results will show a lack of positivity from the company as presumably they could raise at much higher amount next month (assuming drilling has started) if positive.