Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
@TheBold. My profuse apologies for misreading what you have written. I am delighted that you actually acknowledge that:
1. There is external interference causing delays to Predator activities - as has been intimated on several occasions, including by Paul Griffiths last night.
2. Predator has assets that promise a financial return - from just one of many prospects - that dwarfs all other companies currently operating in Morocco, and possibly any other company with such a small current market capitalisation.
It is indeed a pleasure to be in full agreement.
@TheBold. Thank you for making it clear to everyone that you talk total nonsense. No one apart from you has mentioned any of these companies. However, it has been alleged that you just happen to be a large shareholder of another O & G company with operations in Morocco, and that you spend a lot of time and effort posting on lse and elsewhere, often several times a day, in support of that company. In the interests of transparency, perhaps you would like to inform the readers of this BB if this is true, and if so, which company, and of your relationship with certain members of its board.
@mossman - I'm aware of these difficulties. They do not explain why equipment already in-country, urgently required by Predator, has been withheld by other operators after they have finished using it, thus preventing Predator from carrying out their work schedule. Nor do they explain why ONHYM has done everything required to enable timely issuance of licences, but sign off from other ministries has been inexplicably delayed or 'forgotten'.
I spoke with a number of people shortly after the release of the presentation, and touched base again this evening (UK time). Our pre-presentation concerns were:
* What has happened to Extension #4, since nothing can happen without it.
* Why no spud date for MOU-5
* Possible ongoing dirty tricks campaign to delay PRD progress in Morocco.
We now know that 1 & 2 are progressing as expected, 3 is still a concern.
It would appear that Sandjet testing and MOU-5 drilling will both be taking place in May, with results of both by the end of May. Volumetrics & reservoir connectedness data may not be available until June.
Interesting that PG says that data currently available suggests up to 7 TCF. That's worth a lot of money. Also interesting is that we now know not only that this is a very big system, but that overpressure was present in MOU-1, MOU-3 at top & bottom (so presumably also in between) and at the bottom of MOU-4. If you re-read the ITR, it is clear that for that document they have only evaluated a limited number of potential reservoirs, and in fact refer to the many other potential gas sources within the system that have not been taken into account.
I haven't seen the transcript of the comments relating to potential purchasers having already expressed interest, maybe more was said afterwards at the bar - PE interest does not excite me, they usually want not just their pound of flesh but your soul as well.
All the feedback from the non-prostitute using shareholders was around 90% positive. Clearly the Morocco assets are as valuable as we thought, it is just commercialising them is taking longer than originally planned - this is of course not at all unusual. Has anyone here who has done a real job ever worked on a project that came in on time and on budget?
@TLBLDN - Thanks for your input, a far more useful post than the majority on here - why should I ridicule it? I don't recall doing anything to offend you in the past - if I did, my apologies - Keith
What I like -
* Focus on Morocco.
* Sandjet & CTU both available by end April.
* Lots of detail on Sandjet performance.
* p.14 - Revenue of $13.8 Bn from MOU-5.
* p.8 - MOU-3 was overpressured by 700psi at TD - we already know the shallow sands were +120psi, so presumably overpressured all the way up.
What I don't like -
* Licence Extension #4 still hanging.
* No spud date for MOU-5.
Neutral -
*No news on T&T or (especially) Ireland - but hopefully something for IRL in the next fortnight.
A little too far for me to come for the presentation, but I look forward to feedback from those able to attend. A has already been said, Happy Birthday Michael Caine.
That not all posters here have your best interests at heart. Some may quote apparently factual information that relates to oil wells, not gas wells, but forget to mention that. Some may be large shareholders in direct competitor companies, operating in the same country and after the same customers. Some may even be associates of the CEO/Founder of such a company. They may also be active on other social media, such as Telegram, pushing the same FUD. If you are unfamiliar with a poster, it's always worth clicking on the poster's name to see what they have said previously about this and other companies, and form your own opinions.
Other indicators:
CEG RNS 20th December 2022: "Following mutual discussions, the Company and Predator consider that a broader collaboration in relation to CO2 EOR projects in the Company's existing portfolio of mature oil fields across Trinidad could provide a mutually beneficial outcome for both parties, leveraging shared past experiences utilising CO2 EOR techniques and methodologies."
PRD RNS 20th December 2022: "Predator and Challenger Energy have agreed to establish a collaboration in relation to CO2 EOR activities and projects in other areas in Trinidad, including but not limited to potential application of CO2 EOR techniques across Challenger Energy's other fields".... "Leveraging Predator's expertise in CO2 EOR techniques and methodologies."
and
"An Engagement Letter with Optiva has been executed by the Company regarding any potential M & A transaction with, or an investment by parties directly into, Predator Oil & Gas Trinidad Limited ("POGT"), a wholly owned subsidiary of the company, to gain specific exposure to CO2 EOR activities. Any such external investment specifically into POGT would allow this project to progress simultaneously with Predator's other projects, while not diluting the value of those other projects."
14 months later, and just two months after completion of the acquisition, PRD has a small ops team in place for Cory-Moruga, hopefully their remit will extend to other T & T projects in due course.
Financial close of any deal takes months - all the relevant & time-consuming regulatory approval has to be obtained.
The Cory-Moruga deal was announced 20th December 2022, not completed until 7th November 2023. I would not expect any further T & T deals to be much different.
This morning CEG have announced a farmout of 60% of their Uruguay block to Chevron, The RNS also says " Chevron will pay to CEG US$12.5 million cash on completion of the Transaction, these funds will be used to support the further development of the Company's business."
CEG are presenting alongside PRD at the end of next week - I am curious if some cooperation on T & T assets will be announced, perhaps a restart of the CO2EOR operations.
An alternative possibility is that CEG will focus their efforts on Uruguay, where they will still have some financial commitment - this is not a free-carry - and get out of T & T completely, as they have previously hinted. It just happens that PRD have the best knowledge of the potential of CEG's T & T assets, so possibly a further deal there.
According to the Tawheed, Volume 9, Book 93, Number 476:
Narrated Ibn Umar:
The Prophet said, "The keys of the unseen are five and none knows them but Allah: (1) None knows what gender is in the womb, but Allah: (2) None knows what will happen tomorrow, but Allah; (3) None knows when it will rain, but Allah; (4) None knows where he will die, but Allah (knows that); (5) and none knows when the Hour will be established, but Allah."
Since modern science has allowed the knowledge of 1 & 3 to become more widespread, may I suggest, without causing offence to the Faithful, we replace them with 1. When the next PRD RNS will be issued, and 3. If PG will stick to the timelines therein.
Looking at the Europa presentation, I have just realised that Inishkea West is in 700m deep water, as opposed to 200-250m for Corrib South. That increases the engineering costs substantially. So, which should I choose?
PRD has an important advantage over Europa. Corrib South is a direct continuation of the Corrib Triassic Sherwood sandstone reservoir, both prospects are within the same 4-way dip closure. I would expect Vermilion to be pretty confident that they know the geology.
Although Inishkea has the same potential reservoir, it is separated from Corrib & Corrib South, and is fault-bounded. Inversion during the Cretaceous has resulted in removal of at least 1km of strata from above the prospect together with mobility of the Triassic salt layer, leading to speculation that the seal may be poor. Corrib South retains full thickness of overburden.
Europa have been trying to farm out Inishkea from at least early 2019, possibly before that.
Since there's not much to talk about at the moment.
When I was a child, I met Nubar at the opening of the theatre named after him, and which he had financed, at Canterbury University. His father owned 5% of the Iran Oil Company - Nubar originally worked for him, but didn't receive a salary. After the Chairman of Royal Dutch Shell married his father's mistress, Nubar continued his oil career working there. Having learned the ropes, he went about buying up promising oilfield locations in the Middle East, developing them, then selling them on, thus becoming one of the wealthiest men of his time.
During WW2 he was a British spy, setting up escape routes across Europe. He was well known for his extravagance and eccentricities - he drove around in a gold-plated London taxi that was fitted out with a Rolls-Royce engine. Despite always being surrounded by attractive women, he is famous for saying "the best number for a dinner party is two – myself and a damn good head waiter."
Lots of photos of him (& his cars) on Shutterstock - https://www.shutterstock.com/editorial/search/nubar
I'm sure Graham will fill us in on the rest.
one of the noxious twitterati that graham & i have been busy blocking, has lots of share price charts on his account. yesterday, in reply to grh & me:
"chris murphy
@chrismu30759689
11h
get your ******* head dowm.youve cost enough ppl money.you havent a clue what youre on about"
the day before:
"chris murphy
@chrismu30759689
feb 24
i bullshiited to the dr and now get £1150cash a month plus £800 housing benefit and £200 council tax benefit.a handsome award and i dont have to look for work.i spend my days buying and selling shares.happy days"
While on the topic, did you remember this? - Thanks to Kurt on Telegram for reminding me.
https://www.challenge.ma/gaz-naturel-lonhym-lance-sa-societe-de-transport-et-de-stockage-269050/
"(ONHYM) is launching Onhym Midstream Co. This new subsidiary, which aims at 'the transmission of natural gas, including the management, construction and development of transmission networks, the maintenance, repair and construction of infrastructure related to the transmission of gas, in addition to activities related to storage', is headed by Mohammed Benzaria ... an engineer graduated from the École nationale supérieure d'arts et métiers ParisTech, is responsible for "developing ONHYM's activities in connection with the Midstream sector, which correspond to hydrocarbon transport and storage infrastructures, to manage and coordinate the strategic projects and infrastructures of the Nigeria-Morocco Gas Pipeline and the Maghreb Europe Pipeline (GME)". Benzaria also has, among other missions, to 'contribute to the search for international partners, to the negotiations and to the monitoring of partnership contracts related to Midstream activities', according to its job description, which specifies that Mohammed Benzaria reports directly to Amina Benkhadra, Director General of ONHYM.
Some on here take offence at speculation, even when it is clearly marked as such. So, here's some simple facts, you can speculate about them as much or as little as you wish.
* Afriquia Gaz, the largest gas distributor in Morocco, owned by the Akwa Group, has signed an MOU with PRD for CNG offtake at Guercif.
* A new subsidiary of Akwa was formed just after the MOU-4 results were known. Its purpose is the import / export of LNG.
* Akwa is owned by the family of Aziz Akhannouch, Prime Minister of Morocco.
* Akwa is planning an LNG import / export terminal at the Port of Nador on the Mediterranean coast.
* Nador is unusual, in that it is a freeport built jointly on Moroccan and Spanish territory (Melilla is a Spanish enclave).
* Construction of a €250M motorway between Guercif and Nador has just begun - see photos at https://www.facebook.com/guercif24com - you will need to scroll down a bit.
* It will join the A2 motorway at Guercif just a couple of kms east of MOU-2 & MOU-3, and just north of MOU-4.
* Open all the comments from the above FB article and use the translate facility. You will see that construction is apparently delayed at the Guercif end, awaiting finalisation of MOU-Jurassic drill pad positions - see translation of comment from Abdelhak Bouchtita: "the problem is not in the (road construction) company, the problem is in the gas excavation companies. They demanded to delay the work to determine exactly the gas points in order to make sure that none of these points are in the place of the road".