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Those shares will be hitting the market at some point. It is a placing. A raise was always coming. After yesterdays price action it looked like 10p. Posters wanting to get in after the raise will save on yesterdays price but pay almost double from a few weeks ago.
Traders can’t see more than a day in front of them. PG has said he wants to sell Morocco. He is going from one drill to another. Value will be recognised when he sells it. There was always going to be a spike followed by a holding back pending finance. 20 years ago two months would be a short term hold, now it’s two days. If it sits here until testing so be it.
I’ve not seen institutional investors since I first bought. I am invested in another company where the raises have been at a premium to market price. What if new arrivals didn’t get their discount, albeit they could have bought in single figures a couple of weeks ago.
Fully agree. They will have most if not all for mou4. I would raise $4m for testing, mou2, cng modelling and headroom. Had anyone said 4 wells drilled and tested by this summer with modelling for cng in place, under 500 million shares with the full 75% working interest, I’d have said no chance. To get to this position where PRD were at a year ago is remarkable.
I would raise enough for testing and nutting off MOU2. Even if MOU4 came up dry they’d then have three wells for the financial modelling for CNG.
It might not be a standard placing but given the timeframes I’d be surprised if it wasn’t. Relatively, it would not be a lot and would be value accretive.
If you get in early and wear the risks you get the rewards. In September people will wish they could have gotten in at 13p. Exciting times.
CNG they will. Drilling and testing within a month I see a standard placing. Nothing wrong with that. Anything double figures with the amount needed is a win.
PG is racing towards packaging something with a bow on for maximum price. I can’t see Morocco being on their books by Christmas.
They should have most of the money for mou4. Will need a raise for the remainder and testing. Fully expected and no one should complain about that. Thought I’d get in first before it becomes a negative angle on here.
For balance PG never said $150-200m ‘per’ 40 bcf.
I do believe he will exit Morocco this year. Let’s see what he gets. Certainly worth more than 10p if it comes in. I like the Royalty idea. Will he get 10%?
With PG comments on the Sunday Roast about testing not being as important, could it be he forgoes testing (at this stage) and uses the money towards getting MOU4 drilled asap, assuming MOU3 hits TD and they are happy with the logging? Then test MOU1,3 and 4 at the same to tie it all up?
Depends how quick they want to get on with drilling MOU4. Not sure they’ll go down those routes for that drill. That will likely come in for financial planning for the CNG.
If this drill is successful I don’t see a problem with a placing if that was the method to finance MOU4 drill.
On schedule would see them hit TD around this weekend. If there’s no RNS tomorrow or Friday they are not ahead of schedule. Just two days more of unnecessary panicking for you and it’s answered itself and you can get back to normal.