Member Info for Jonmo91

They have to give the appearance that they are willing to take it all the way so they don’t get had over. This is why the Sunday Roast was an own goal. I see things moving very quickly after testing, assuming they get the relevant numbers.

This is why he floated the 10% royalty. I believe the deal on the Sunday Roast is what he is looking for and getting to that stage as soon as possible.

As he admitted, it was not how he wanted it to come across. He was better off announcing a willingness to sell after all the ducks were lined up. He is now doing that with the financial modelling after testing.

I get what PG is saying but stating he knows corporate I’m surprised at what he did. You don’t get top dollar by saying you want to sell, specifically quickly with little due diligence. He needs the pretence he’s willing to take it all the way. He’s saying it now but the horse has bolted. Take away that Sunday roast and everything is moving in the right direction, albeit with delays. Should abandon the broker who advised that. Certainly will make life harder trying to sell for a decent amount. Need a couple of interested parties competing after testing and it may override the predicament.

I believe what PG stated in the Sunday Roast is his intention. He has realised, or didn’t explain it properly then, that he needs to get the CNG business further down the road to sell it for anything like what he wants. PRD won’t be proving up TCF’s of gas. That will be the next person, hopefully with the royalty he suggested.

Every RNS or investor presentation PG issues contradicts the previous one or/and every objective is missed. Why believe this one is the one to come true.

Cut through the noise, that includes whatever PG says and see what he actually does. He only has to be right once.

The point of the Sunday roast chat appears to have been to tank the price for a lower placing. Remove that podcast and todays RNS would be, although delayed, geared towards the overall previously stated objectives.

425 million shares now with one competed drill still no testing. Why will the latest ramblings actually happen, he’s failed to deliver anything else he’s stated. Change of strategy again, market loves that. Good if you like dilution with horrendous placing prices.

June it is then, until it isn’t.

Objectively it’s one untested completed drill in nearly three years with numerous raises. Sunday Roast he said testing not that important. He should have tested MOU1 by now. If he was confident and did that all subsequent raises would have been at a higher price.

See if anything lands before the 18th.

Not convinced it’s a placing though. PG had to loan his own shares because of lack of headroom on the last one. I don’t think he has enough left for any meaningful raise.

I’m not sure anything of Ireland is actually priced in. Looking at the sudden start in selling this afternoon someone has wind of something.

The market wants a clear strategy to monetisation. PRD were all in for CNG. Was looking at a JV, binned the JV to go alone, then change of direction to sale of gas in the ground leaving the development to the purchaser, not clear on the structure from the last podcast.
PG is changing strategy frequently. Who’s to say it won’t change again. The market will not take notice until he actually does one of them. Once a concrete deal is signed or put to shareholders for a vote, why would the market take notice of the last thing said.
Drill and testing needed. See what happens then.

The deal PG mentioned was an example payment for around 40BCF. Anything over that a 10% royalty. That would typically be 10% of net sales from the purchaser for anything over the initial amount, in this example 40 BCF, presumably over the term of the licence. This would be easy to retain through the subsidiary company. If he could get that deal it could be very lucrative over the long run.

Would be odd to schedule the podcast when an update wasn’t required then claim hands are tied due to the current situation. If that was the case either announce on the 18th or better still after the results when a deal has been agreed. It won’t need a shareholder vote.

That’s how I took it. If that’s wrong to a greater upside, happy days.

I am the one happy with a Moroccan exit at the price PG said. Given the current market cap and IPO price I think to realise $150-200m and 10% going forward would be some achievement. My only concern would be a special dividend but I’ll wait and see the deal.

*should he get that amount in total

What is known is PRD isn’t going into the CNG business as planned which would have allowed them to self fund any drilling and testing they wanted.
Is a large buy in for a purchaser and 10% royalty going forward with not being on the hook for any drilling, testing or CNG costs too much of a temptation for PG. Retaining 10% in the subsidiary allows him to still advise and use his contacts for the purchaser. He mentioned something about telling people what to do instead of doing, or something to that effect.
He’s never been interested in gas to power and if not doin the CNG now this looks like the Morocco on exit.
With it still being in the ground and no up and running CNG facility he isn’t getting $150-200m per 40BCF.
Should he get that amount I hope he returns a decent amount to shareholder as if it’s all retained for other projects a decision will need to be made to hold or sell. T and T isn’t a good a prospect as Morocco. Ok to hold if a decent dividend already paid, not so much if PRD just have a large balance sheet.

A successful drill stated by PRD even if independently verified will still require DD on the purchasers behalf. What would make them speed up that process, getting something for 150-200 which is worth a lot more.
See what he says on the 18th. My guess is more questions that answers again.

I’m not twisting anything. People are twisting to suit their confirmation bias. I am saying wait until he clarifies. Maybe listen to what he said about the DD again in the timeframe he stated.

He also said he wanted to get that 150-200m with no or little due diligence. Highly unlikely for that amount unless that DD was done with the previous prospective JV partners. Even then no chance if approaching $1billion.
Jimmy did a post on 27th Apr at 1342. I also thought PG was getting CNG up and running for cash flow to pay for all future drills without further dilution.
He now wants a quick sale prior to doing that without the need for DD in the next few months. It could change again by the investor presentation.
Everything on here is opinion until PG clarifies as what he said can be taken both ways.