tk95: it would appear that you have concluded that the only reason for this is poor management. May I suggest you do a little lateral thinking as to what other reasons there may be for the delay, like for example there being a confidentiality agreement in place.
My final thoughts before my bedtime:
* I agree with GRH that PG has throughout quite sensibly chosen to retain as much of the Guercif licence as possible, and with Wacky that 'something is afoot, Sherlock'.
* Lonny has been very quiet of late, then suddenly has Twitter diarrhoea, mentioning CNG processing plant, and options for NEDs (why hasn't this been RNS'd?) and thanking them for their contributions already made.
* Suppose those well-connected NEDs, with plenty of experience of O & G asset development & financing, have said to PG "let's continue the strategy of non-dilution, don't give 25% away to a JV partner, just leaving PRD with just 50% (25% is with ONHYM). Based on the resource being declared Contingent, we can find you a loan for $20M that will cover the first drillhole and the CNG plant. After that the operation becomes self-financing, and VERY attractive to a partner"
* Our friend Sefton will be delighted to see maximum VALUE realised.
BDT - I was thinking exactly the same - we were told that MOU-5 was the first priority - has there been a change of strategy since 17th March RNS? In the 12th May RNS we were only told that "The civil works contract to build the first of the three well locations has been awarded to Skayavers Sarl", but not which was the first. I assumed this related only to the drill pads - it now appears (maybe) to be also a CNG plant location.
From Lonny's tweet today it looks like MOU-4 is going ahead first, unless of course MOU-5 has already been completed. I have asked him about the situation via Twitter.
They say a picture is worth 1000 words - on p10 of the original SLR CPR for Morocco (p.185 of the entire Prospectus), there is a nice 3D depiction of the Guercif graben, showing potential reservoirs. Note the faults either side defining where the strata in between have slumped to form the graben, the extensive potential reservoirs on the floor of the graben, and the fans that have flowed down from the sides. MOU (or TGB2 as we now have to call it) is one such fan. Looks like perched reefs on the side as well (MOU-NE, etc).
A few mentions of the Leviathan prospect over the last couple of days - imo the article below provides a good summary, and hints as to why folks here are talking about it. The interesting bits are the geology (remind you of anywhere else?) and the USGS estimate for the whole Levantine basin, rather than just the Leviathan prospect itself. Of course, it's offshore and in deep water, so expensive to develop (unlike somewhere else?)
Harel - I have the same problem with my Australian keyboard. In order to get currency and other symbols the solution is to hold down the ALT key while typing in a number sequence - for £ it is ALT 0163. Here is a link to a list of ALT codes:
I try to present factual information on this BB, if I indulge in speculation I present my assumptions. So first, the facts:
Fact 1. In the interview at 3.32, Mike Williams quite clearly says "We've been planning around any potential logistical choke points, and have already mobilised some long lead time items ... for you wouldn't want the operation to be delayed by congestion, for example in the port of Shanghai"
Fact 2. So items are NOT stuck in Shanghai, as ART123 claims.
Fact 3. ART123 has posted 16 times today on this BB.
Fact 3. All his posts are negative, factually incorrect, or based on false assumptions.
My speculation. ART123 is a paid deramper, trying to lower the sp so that his employer can get in cheap before the inevitable string of positive announcements over the next 6 months.
My conclusion. ART123 is now filtered.
PT - The reference to well approvals/numbers you quote relates to the position at year end (Dec 31 2021).
The 12th May RNS stated "Environmental Impact Assessment for MOU-4, MOU-5 and MOU-NE well locations approved". and that is confirmed in the 28 June 2022 Annual Report under 'post-period events' - i.e. the 3 locations PRD plans to drill Q3/4.
With regard to the other 2 locations, these were approved at the same time as MOU-1. From the Annual Report: "An Environmental Impact Assessment (“EIA”) was commenced for three possible well locations in addition to two other potential existing well locations on the TGB-2 submarine fan approved under the existing EIA for MOU-1." I assume they are the ones designated MOU-2 and MOU-3. I have seen 2D seismic plots for these, but have yet to work out the exact geographical locations. If the 3 current targets are successful, there is therefore an option to continue straight away on 2 other approved sites, assuming 1. there is rig/crew availability and 2. follow-up on MOU-NE does not take overwhelming priority!
The difference today is that members of his own department are saying it.
John Melvin, CRU Director, Security of Supply & Wholesale Markets, Dept of Environment & Climate:
“The Department of the Environment and Climate is conducting a review of security and supply of electricity and gas, and our view is that diversifying our sources of gas should be an important part of that review."
Matt Collins, Asst Secretary, Dept Environment & Climate:
“As we move into the next decade, when we are not making electricity from renewables, the go-to fossil fuel is going to be natural gas for the next period of time”
“The reassurance I have is that we know what the issues are. Storage is massively important, something the department is committed to. We will build gas and will be using gas over the course of the next decade.”
Minister Ryan must be under pressure from all sides, including his own people. I think that things are at last getting moving in the ROI.
Confirmed further this morning...
"we are pleased that the project established "Proof of Concept" for CO2 EOR operations in Trinidad. This has allowed us to move forward quickly with a new CO2 EOR project better suited to our commercial guidelines for business development in Trinidad. We remain a niche provider of CO2 EOR services with unique practical operational experience and subsurface technical understanding of CO2 sequestration."
As an afterthought on visibility of REEs - across the border in South Africa, the large and geologically complex Phalaborwa carbonatite has been mined for decades, originally for its copper resource. Last year it was discovered that one of the mine waste dumps (mostly apatite) contained 1-2% TREOs. Rainbow Rare Earths (LON:RBW) has signed up to reprocess the spoil heaps in order to extract & separate the REEs, which no one had previously spotted, even though it is known that REEs are associated with apatite. Assays at Ditau are a must.
Indicators that there may be REEs, in order of visual obviousness (is there such a word?), high to low:
1. Carbonatite - looks like light coloured larger crystal marble
2. Fenitization - multi-pulse of hot alkali fluids change the mineralisation in the rocks around the carbonatite intrusion, most noticeable where the carbonatite intrusion is in direct contact with the host rocks.
3. Minerals associated with REEs possibly visible within both the carbonatites and fenites, especially in veins related to fractures and brecciation.
4. REEs occur as replacement of other more common elements within these minerals, so assay will be needed to confirm the indicators 1 - 3 above.
On 1st June, I posted:
" I have previously speculated here about three possibilities -
* that the I10 'intriguing' core is similar to one I have seen that contained Carlin-type finely disseminated gold in the pyrite.
* that the coincident magnetic and gravity anomalies at I10 are similar to those at the GRS - perhaps another smaller IOCG, this one haematite, rather than magnetite, based.
* a little more speculative is that the apparent layering of mafic & ultramafic rocks may be similar to that seen in the Bushveld Complex, which is the world's largest source of Platinum."
Gold & PGEs don't show up reliably on hand held XRF, mostly due to the likely very low concentrations and fine dissemination. The main value of XRF when looking for precious metals is to identify elements that commonly occur together with gold - the 'pathfinder' metals. As Metalhead has noted, maybe they have seen a Carlin-type pathfinder metal on the XRF, these include not just arsenic, but barium, mercury & antimony. There are different groups of pathfinder metals for different gold deposit styles.
A while back I had some brief correspondence with Ben on the likelihood of this being Carlin-type, clearly the KAV geos are aware of this possibility, equally clear is that he is unable to go into details at this stage. I should point out that most Carlin-type deposits are overprinted on to carbonates, whereas to me the I10 'intriguing core' looks like metamorphosed BIF (banded iron formation), brecciated, then overprinted with silica and pyrite in two different stages.
fyi, the original Carlin trend in Nevada is believed to contain over 500M oz of Au - I don't want to be accused of ramping, so I won't point out that the Carlin in-ground value is over a $Trillion.
From the latest geophysics, I8 does look like a classic carbonatite, the first hole must be at the increased target depth by now, so we will find out soon what the structure is, and if there is likely to be any REE mineralisation.