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Dear Mr Bold.
You, Sir, are a fraud.
Today you are claiming expertise in all matters relating to drilling and testing.
Six weeks ago, on 19th March at 16.24 you asked "Hi, can you advise What’s geology got to do with wellbore fluid invasion and reservoir damage, does that change with the geology ? Ie is it easier or harder to fix in certain rock types ?"
At 15.14 the same day you posted detailed information indicating your knowledge of perforation techniques. Out of curiosity, I copied your post and pasted it into Google. The result was this: https://petrowiki.spe.org/Perforating_methods
You have just copied direct from Petrowiki, changing a few words here and there to make it look like your own work. Hardly surprising that you continued to get things wrong throughout your 19 posts yesterday, having to amend them on multiple occasions when you were corrected by others who actually do know what they are talking about.
Goodbye.
A claimed 200,000 shares, 384 posts in 3 months. That's 1 post for every 520 shares, or £48.00p a post. Considering how much time must be spent on Google / Petrowiki / ChatGPT coming up with this redundant verbiage, you have to wonder what is behind all this.
@Androcles - 100% correct. I am genuinely curious about some people's claim of vast personal experience. Just because they use some big words does not make them knowledgeable. Quite bizarre to think you would use Sandjet to "remove the well bore debris and gunk" - indicative of dangerous ignorance.
There are some here who are continuing their effort to undermine this company. Today the theme is that "it will be months before the start of the SandJet programme". Let's take a look at the timing.
On 14th March (just 7 weeks ago from tomorrow) we had an RNS of presentation slides in the morning, live presentation in the evening. At 6m10s Paul says (with reference to the licence extension) "We expect approval within 3 or 4 weeks" and "We're happy with the regulatory process in Morocco". Slide 3 shows that "Sandjet ready to mobilise in April 24" and "Coiled Tubing Unit available by end April 24." This is confirmed verbally, and we are told the CTU is being sourced from Italy, so none of the previous nonsense with Tunisian Customs.
Historically, PRD management have only informed the market (i.e. us) on the issuance of licence extensions retrospectively, not on the day of award as some here seem to expect. The licence extension could have been granted within the timeframe stated by Paul - that means it could have been issued 3 or 4 weeks ago, which would mean everything is on track as stated in March.
The worst case is that the licence extension was only issued yesterday; if so. that would mean we are running at most 3 weeks behind schedule. As others have said here today, PRD management will have been maintaining a dialogue with ONHYM on this matter, so they will have been kept informed of progress through the ministerial signoff process, and will have a very good idea of timing. That timing will of course have been discussed with the providers of the SJ gear and the CTU.
Paul also mentioned during the presentation about Customs issues, and that management were dealing with this proactively. Some here would like you to believe that this something that Paul & Lonny are just starting to think about. I would expect that everything possible has already been procured and is on site or at the Guercif warehouse - including the abrasive sand, which although more expensive than the stuff at your local builders' merchants, is hardly an item that will break the bank if bought in advance of licence extension approval.
In summary, we are most likely on track with the SandJet programme, at worst running 3 weeks behind schedule. I cannot see that there is any justification for the 'months away' agenda being pushed on here by the usual suspects.
Half of Trinity's total production is onshore, from six old oilfields that would benefit from CO2EOR. Five of those just happen to be adjacent to Cory Moruga, where we just happen to be in partnership with TXP, the new owner of these assets.
"prd seems to have a poor history of getting timely regulatory approvals in Morocco."
I suggest a more accurate rendering is that "exploration companies in Morocco seem to have a poor history of getting timely regulatory approvals in Morocco." If you take a look at the SOU RNS this morning, you will see that they applied for an 18-month extension to their exploration permit in December 2022. 16 months later, they have approval - of sorts - but still awaiting Ministry sign-off with only 2 months of the 18 left to run. To be fair, they have also arranged a further extension with ONHYM, but again, this still does not have official ministerial sign off.
To intimate that these delays are the sole fault of PRD management is clearly misleading.
So no real exploration (aka drilling) until 2025. I'm a little puzzled that further EM is to be performed - I recall what I presume to be the same prospects were delineated by EM about 5 years ago. At least KoBold are still involved, but no mention if they are actually going to revert to 49% as a result of missing the 2024 15-hole drilling target, or perhaps more importantly, who is paying what for any drilling in 2025. If JAY are now obligated to come up with 51% of the drilling costs, presumably there will need to be yet another raise at depressed prices, unless by some miracle there is an asset sale.
@TheBold. You state "Keith from Oz, looks like you personally know our world famous GRH, from your last sentence". If I did, why would this be a problem for you? For clarification, I have never met GRH nor spoken to him, in fact the last time I was in the UK was 2005. We do occasionally exchange technical views via the messaging apps, as I do with many other serious investors, some who post here, some who do not.
I first looked at this BB a couple of days after the first MOU-1 announcement, because I was totally bemused by the fall in share price after what I viewed as a very positive RNS, made even more positive after the two following RNS's, which clearly indicated an important discovery. At that time, GRH's opinion (and that of several others who clearly had a good technical understanding) was the same as my own. There were of course others with an opposite view, based on no stated facts, such as some clown called Nigel who said at the time 'admit it, MOU-1 is a duster' or words very close to that.
Over the following three years it is apparent that there are two types of commentators here:
1. Those that provide a generally positive commentary, based on stated assumptions and referenced facts.
2. Those that provide a generally negative opinion, based solely on unverifiable opinions.
@Jimmy. I am not an expert on RSDD-H nor other hyperspectral analysis tools. I have asked questions previously, and understand that the way it works is not just by identifying low levels of hydrocarbons at surface, but among other indicators, to recognise the effects on soil and vegetation of long-term exposure to H/Cs. As such, detection can occur through what might otherwise be considered total seals - there is an instance of identification of a reservoir through 2km of salt, subsequently confirmed by drilling. You will of course be aware that salt is widely regarded as the ultimate reservoir seal. There was also a suggestion some months ago that MOU-2 was not totally sealed, confirmed only recently by Paul that gas had indeed been detected above the slumped mud seal in the borehole. There are plenty of published reviews on the web suggesting that hyperspectral analysis is a valuable exploration tool - however, it is clearly not a standalone holy grail, but brings very much enhanced results when used in combination with traditional seismic, particularly in optimising drill positioning.
btw, you have recently repeatedly referred to "reservoirs where the top seal has been breached by basin inversion and gas (has) escaped." Guercif has of course undergone two periods of inversion - the first was 175 Ma, so some 170 million years before the gas was emplaced and the basin sealed, therefore not relevant. The second inversion was quite minor, and just before or during when the Neogene sedimentary seals were laid down, thus unlikely to affect these. This is why all the seismic slices show the complex fault structures in the Guercif Basin terminating below the surface. I am confident that the geologically recent seals are very much in place and that the gas which was emplaced shortly after this has not escaped. I base my views on a number of published technical papers, in particular Bernini & Sani 1994:
https://www.researchgate.net/publication/46603074_The_Neogene_Taza-Guercif_Basin
and Gomez 2000: https://pubs.geoscienceworld.org/aapgbull/article-abstract/84/9/1340/39833/Structure-and-Evolution-of-the-Neogene-Guercif
I have a file of over 200 relevant academic papers, articles and extracts from textbooks, which all present essentially the same viewpoint.
Imho this GRH X post yesterday is of 'some' importance:
"When seeking evidence
Of current hydrocarbon ENERGY
🌟It is a mistake
🌟Of great scale
🌟To consider only the visible light spectrum"
I strongly suggest reading this link:
https://www.scotforth.com/index.php/exploration-methodology
Then this one, you will need to scroll down half a page or so to the very long post at 16.27, 20/12/2011:
https://uk.advfn.com/stock-market/london/gulf-keystone-GKP/share-chat?page=5661&xref=chatnav_i_6_t
(in case this link shows asterisks, it is to the other bulletin board - alpha delta victor foxtrot november).
You will then understand (one of) the reasons for GRH's record of success, and why he is so bullish on Guercif. As GRH told us recently, Adnan Samarrai has also reviewed the Guercif data, and was very positive.
As always, don't invest based on bulletin board advice. Do your own research. Graham has. I have. Your turn.
RNS 12 Jan 2024. "The Company is fully funded to execute the Phase 2 rigless testing programme."
RNS 05 Feb 2024. "The Company is fully-funded to drill MOU-5 using currently uncommitted, discretionary, cash on the Company's balance sheet."
Corporate Presentation 14 Mar 2024. p.3 "SandJet ready to mobilise in April 24" and "Coiled Tubing Unit availably by end-April 24"
It's AND not OR. Equipment (SV-101) delays with other in-country companies (yet again) looks likely to delay MOU-5 drilling until after the SandJet programme is completed. I'm happy & relaxed, expecting an operations update later this week or next week. I don't understand why others have vortices in their underwear - Paul Griffiths, 14 Mar 2024 09m10s "We have a path here to develop a world-class asset that will be very, very saleable, in a very benign tax regime"
An updated report for Europa on the CO2 intensity of Inishkea West gas vs. imported gas - remember Inishkea West is adjacent to Corrib, but on the opposite side to PRD's Corrib South, so we are likely to have very similar emissions.
https://www.londonstockexchange.com/news-article/EOG/updated-irish-licence-emissions-report/16432823
@Jimmy "I am more interested in the top seal of shales and blue marls as it these rocks which seal the gas in place in most locations. This is particularly important because the basin went through two periods of inversion which can cause lesser top seals to crack and for gas to migrate to surface."
If the seals were not competent, how would you account for MOU-1 and MOU-3 being overpressured from top to bottom, as stated by Paul in the last presentation? I would also assume that transient pressure testing would indicate reservoir connectivity between wells. I don't see that the time and expense of 3D seismic is necessary at this stage - but I agree with you maybe later, when the flow rate from the initial production wells begins to decline, and optimal positioning is required for the next few producers - but this is likely to be a few years down the track, and by then readily financed from cashflow, or done by a purchaser. I guess we will get an operations update in the next week or two, hopefully including start date for the SandJet testing programme.
GRH tweets: "Many times have I posted about extreme levels of hydrocarbon ENERGY. I do so for many reasons. I have been asked where the hell does such Energy come from. Folk might want to research the power and scale of magma flows. Yes...the Earth's very core is powering the BMD. Folk who have not yet done so...might want to research the Bou (spelling corrected) Msaad Diapir. I reckon it's over 100 km long. It's over 7km deep 😂 It's likely to be the feeder fault 😂 To end all feeder faults.
My response: "Indeed - folks may recall I previously posted this map showing the extraordinary geothermal gradient around Guercif - that heat is from the BMD, a remnant of the Central Atlantic Magmatic Province - another map for you.
( 2 maps at: https://twitter.com/KQuick20704342/status/1781121332039852459 )
The BMD is overlain by a very large fault system - the longest and deepest trends NE/SW, along the line of the Moulouya River and beneath MOU-NE. This fault 'tree' is the conduit for the gas & oil and is sealed close to the surface. Hence the overpressure from top to bottom in MOU-1 & MOU-3."
Seabright has posted about this in the past - I strongly recommend reading through his posts - not very many of them, but they demonstrate substantial knowledge of what PRD are just about to test.
https://www.lse.co.uk/profiles/seabright/
Then we won't have to take notice of any positive developments. Just 3 days ago we got this from our learned friend: "Obadhia, I've said similar about our 2 man band spinning 3 plates in 3 continents. It doesn't stack up whatsoever and IMO dilutes the attention"
Today we get an RNS announcing a senior legal/financial appointment in Trinidad:
"Geoffrey Leid is the Company's in-country managing director of T-Rex. He will focus on promoting and developing the Company's business activities in Trinidad with special emphasis on assisting to accelerate the processes required for the execution of the Cory Moruga field development project. He is a corporate consultant/adviser with a particular focus on oil and gas development projects. His extensive experience in the acquisition and funding of resource projects in Trinidad spans ten years."
Paul & external specialists did all the sub-surface work last year - see the T & T ITR for details. An action plan has been agreed with MEEI. Lonny & Moyra will focus their attention on workovers for Cory Moruga wells once MOU-5 is finished. It is PRD's belief that use of NuTech & SandJet will unlock the substantial potential of the block - in addition to the 20M Bbl already identified.
Geoffrey is the right guy to get the finance in place and negotiate all the agreements - including for the sale of oil, and further down the line setting up CO2EOR with other companies in the country.
But you didn't want to mention any of that, did you?