Member Info for KeithOz

Hi Jasper, here is MOU-4 in false colour, 3rd June. The new object is bottom r-hand corner. If you click on NDSI on the colour menu on the left (may need to scroll down) it shows a very obvious heat reflection. Use the date menu at top left to click back one (last cloud-free view was 29th May) and you will see that it was not there a few days ago. imo too big to be a 40' container.

https://browser.dataspace.copernicus.eu/?zoom=18&lat=34.28853&lng=-3.33585&themeId=DEFAULT-THEME&visualizationUrl=https%3A%2F%2Fsh.dataspace.copernicus.eu%2Fogc%2Fwms%2Fa91f72b5-f393-4320-bc0f-990129bd9e63&datasetId=S2_L2A_CDAS&fromTime=2024-05-29T00%3A00%3A00.000Z&toTime=2024-05-29T23%3A59%3A59.999Z&layerId=2_FALSE_COLOR&demSource3D=%22MAPZEN%22&cloudCoverage=30&dateMode=SINGLE

At 1/43 scale, that's16.3m.

Something white or pale blue has just turned up on MOU-4. It is rectangular, around 5 x 25m, and strongly infrared reflective, indicating that it is metallic. I suspect it is the CTU.

This article is out of date, construction of the motorway began late last year.

On the Facebook page of the Guercif24 news outlet on 23rd February, there were a number of photos showing progress. In the comments, someone had complained that the Guercif end was still not started. In response, Abdelhak Bouchtita, a manager at SAKA, the construction company that holds the contract for the Guercif section, replied: "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". (approx. translation from Arabic).

The junction of the new motorway with the existing A2 motorway to the north of Guercif town is just to the east of MOU-2, just north of the assumed site of MOU-SE, and very close to the MOU-NW & MOU-NE sites - the latter appears to be drill-ready. One possibility for the change of drilling plan is that this latter site needed to have drilling finalised before road construction started.

There is another, more interesting, reason that GRH has alluded to. I will expand upon this once spud is announced.

Antivenom: which of the two words in Lonny's message did you not understand?

@affc22 - you are correct, this is only groundworks (concrete pad, flaring pit, etc) plus some equipment - presumably drill pipe. Of course the rig is at Tendrara until next week, once on site it will show up as white when viewed in true colour.

Other sites - I posted this elsewhere a couple of days ago "I have just carefully reviewed satellite pix for all 5 sites from the start of April until today, making allowance for shadow length, wet ground, etc. MOU-1 - no changes. MOU-2, -3 & -4 all show changes between 17 & 22 April, and again between 22 & 24 April. "

Interesting timing - Paul arrived in Morocco on 15th April. Must have been planning for something.

Links to X

General location: https://x.com/KQuick20704342/status/1797095249619349983/photo/1

17th May 2023: https://x.com/KQuick20704342/status/1797095415206318530/photo/1

22nd May 2023: https://x.com/KQuick20704342/status/1797095661994971385/photo/1

1st June 2023: https://x.com/KQuick20704342/status/1797098725799829887/photo/1

@BRV's & @Sefton's interpretation of 'Current Liabilities' is correct according to both GAAP & IFRS. It does not mean that they have to be paid off in 2024, but that there is currently a defined future pathway to their being paid off. This payoff mechanism is presented in detail under the Cory Moruga / MEEI agreements - see RNS 07 Sept 2023:

"It has been agreed with the MEEI that this will be satisfied by a payment of US$ 1 million to the MEEI by PRD on the Completion Date together with a quarterly arrears payment of 7.5% of gross revenue derived from the sale of all production on Cory Moruga up to 250 bopd and 12.5% of gross revenue derived from the sale of all production on Cory Moruga above 250 bopd until the balance outstanding of US$3,192,690 of the HOFO is recovered by the MEEI."

As @BRV succinctly puts it, both the T & T and Directors' liabilities are contingent upon success.

OK, the first assumption was wrong - the SV-101 is now with SOU at Tendrara, so we will have to wait a week or so for them to finish with it.

Don't understand the multiple posts during my night time, nothing to do with me. It's been a boring few weeks with no news, so I'll climb out on a limb and troll the trolls.

The SV-101 drilling rig & crew should be finished at Dartois. It will take a day to drive the five trucks eastwards along the A2 motorway, and another day to drive south down the N15 to Tendrara. Just as they would make that turn south, they are within 3km of PRD's MOU-NE drill site. Several separate stacks have appeared on that site within the last ten days – possibly drill pipe, casing, cement, mud, etc. Although, if someone else is using this site for which PRD has EIA clearance, as suggested by one poster here, I could be badly mistaken.

SOU are not in a hurry for the rig, which they will use to install production tubing in two wells (should take a week) – all their other LNG gear is still being assembled, and will not be operational until the end of the year – see their latest tweet and video. They already have 70 people on site without the addition of the rig & crew. PRD have an administrative target date (5th June) to meet for start of both operations, SOU do not.

Let's have some fun: I'll put forward this possibility for your consideration and see how many of the usual suspects post mocking comments within the first hour - I'm guessing it will be four.

I am proposing that PRD will get use of SV-101 before SOU. Sandjetting MOU-1, -3 & -4 should take around 3 weeks. Drilling the shallow MOU-NE should take 8-10 days, then up to another week for precise NuTech analysis. It would be cost-effective to start drilling with SV-101 as soon as it became available and to roll the Sandjet gear & crew straight on to MOU-NE, in each case to avoid paying standby fees.

Therefore, Sandjetting would ideally need to start at earliest a few days before drilling. Drilling could start this weekend or early next week, depending upon rig mechanical service requirements.

If the above assumptions are correct, and if we are to be informed in a timely manner of operations progress by RNS (and not, as everyone knows, by email from the PR company) then that RNS would need to be issued between today (Thursday 30th May) and Tuesday (5th June).

The initial agreement with Afriquia Gaz is for up to 50 mmcfg/d. At $12 per mcf, that gives $220M revenue per annum, hardly unambitious for just one project for a 3-person company with a market cap of not much over £50M. I have previously performed a full financial analysis of the proposed project, and stated here that it gives by far the highest IRR (internal rate of return) of any project I have ever worked on.

PRD management had never had connection to the MEP as their initial plan. It has always been the intention to prove up the capacity to be able to do so (250 mmcfg/d), and then for an acquiror to take on the expensive, less profitable, time consuming and complex project of G2P and/or G2EU.

There is a mention of "large scale hydraulic fracturing' potentially being required for the MOU prospects. Fracking is used for 'tight' reservoir formations, typically when porosity is in single figure %ages and porosity is well below 50 millidarcies. We know the MOU sands have exceptional poroperm qualities - porosity in the 20-30% range, and permeability likely to be in the 500 - 5000 md range. How do we know that? - drill cutting studies, comparison with analogous outcropping strata, and of course the fact that counterbalancing the positives for these extraordinarily open and unconsolidated sands is the negative that this makes them more likely to have experienced penetration of drilling mud, giving rise to formation damage. Most importantly, we know that at least MOU-1 & MOU-3 are overpressured from top to bottom, with precautions having to be taken to prevent the catastrophic ingress of high pressure gas - the absolute opposite of conditions where fracking would be required.

Were this not such a knowledgeable poster, I would point out to them that the MOU well situation is very far removed from that seen in the recent 'discovery' by the company they have just invested in - there the presence of gas is indicated by increased resistivity readings on the well log, as opposed to PRD having to take rapid action to literally prevent the doors being blown off (see RNS 13th June 2023).

@Porters - I am sure you are aware that the MWN article was full of factual errors, which is why I suggested it was published in error - again, as I'm sure you know, the article was quickly withdrawn. It stated *- *CHAR had discovered 12BCF of Reserves (not Prospective Resources). * that the R2K-1 well (Gaufrette) was also successful, *CHAR only held 30% of the Loukos licence, *that Anchois (offshore) was part of the Loukos (onshore) licence. Given all these incorrect statements, and my very reasonable assumption that the well would not be finished until the end of this week, I suggested that the article was possibly a mistranslation of the spud RNS. My estimate of well TD timing was out because the drilling was only to 900m, compared to the widely stated 12-1500m by supposed CHAR experts, and they also used a slimline drill. I also published a retraction and apology 7 minutes after the RNS was announced "I'm very pleased for you that I was wrong with my assumption that TD would be reached at the end of this week." Again, you of course knew that, but it didn't fit your agenda when posting here.

Rather than making snidey ad hominem comments, how about providing some comment which is of use to other bulletin board users?

Correction - location is MOU-NE drill option as shown in ITR, (not to be confused with MOU-NE Prospect) - not MOU-N as I said. Sorry, must type more slowly. What we have been calling MOU-5 is MOU-SE in the ITR.

Some more speculation for certain folks to manipulate to try and make me look foolish. Some complaints on here that they cannot find the MOU-5 drill pad. NickN and others have suggested a couple of sites to the SE of MOU-4, but no recent activity is apparent.

Three clues we should perhaps consider. 1. EIAs were granted mid-2023 for three site locations for the Jurassic prospect. 2. The ITR shows the locations of those on p.38, fig.22. 3. There was a comment on the Press Guercif 24 Facebook page that the Guercif-Nador link road construction had been delayed at the start of 2024 due to a gas company wanting to finalise their well pad locations.

I can't see anything at the proposed location of MOU-N in the ITR, but something looks suspiciously like a drill pad can be found at the location of MOU-N. This is about 3km to the NNE of the junction of the A2 and N15 roads, very close to where the new motorway would go. Geolocation is 34.37722, -3.292564. Google Earth latest pass is 03/2024, just shows small olive trees. More recent Sentinel shows a cleared square site, with equipment moving around from 22/5 onwards. Here's the Sentinel link (loads slowly, it is showing enhanced colourisation). You can jiggle backwards in time using the calendar link at top left, and zoom out to see the location.

https://browser.dataspace.copernicus.eu/?zoom=17&lat=34.37835&lng=-3.2903&themeId=DEFAULT-THEME&visualizationUrl=https%3A%2F%2Fsh.dataspace.copernicus.eu%2Fogc%2Fwms%2Fa91f72b5-f393-4320-bc0f-990129bd9e63&datasetId=S2_L2A_CDAS&fromTime=2024-05-27T00%3A00%3A00.000Z&toTime=2024-05-27T23%3A59%3A59.999Z&layerId=2_FALSE_COLOR&demSource3D=%22MAPZEN%22&cloudCoverage=30&dateMode=SINGLE

So what do you think - could our first Jurassic prospect drill be there?

@SamL - of course he is always correct, he told us "Rig then goes to Char for 2 x 1800-2000 mtr wells" which would take 8 weeks. 2 x 900m wells and 4 weeks later....

I'm very pleased for you that I was wrong with my assumption that TD would be reached at the end of this week.

CHAR have now finished at Dartois, which was a shallow well, only 900m - gas found over 70m, well completed for future testing. The question we would all like answered - where does the rig go next?

Sorry, guys, girls & indeterminates, but MoroccoWorldNews has an unfortunate habit of presenting matters incorrectly - in this case, hope and intention are conveyed as actual achievement. Apart from the totally incorrect statements of the first three paragraphs, there are numerous factual errors throughout the article - some possibly the result of mistranslation. I don't expect the current drill to reach the upper prospect until the end of the coming week, and if that is successful, would reach the lower target a couple of days later. RNS wording would then need to be agreed with ONHYM before release.

@Hampshire Lass. Good guess, but incorrect. Here's a clue - they just posted more of the same tripe at 09.04 this morning.