Pads.18 Feb 2024 04:44
Not drill pads, although I will mention them.
There is a very, very small team on the ground in Morocco, bearing in mind the scale of the operations underway. Their scheduling is dependent upon availability of equipment and specialist operators, who may arrive late or even early due to factors beyond their control, and subject to short term change. Ongoing results may suggest doing things in a different order, in a different way, or maybe simply doing different things. ONHYM & Afriquia are breathing down their necks and requiring both daily updates and being able to provide input. There have been a couple of days with dodgy weather, including high winds.
Not surprising that shareholders are not getting daily updates - if I were PRD management I would want to wait until there were both concrete results to report, and a clear path for next steps.
For what it's worth, here is my guess as to what's going on:
* Extension #4 has been granted.
* Early MOU-3 testing delivered results beyond expectations.
* SandJet equipment and crew became available unexpectedly early.
* The decision was taken to complete testing of all sequences in MOU-3 before moving to a new location.
* MOU-3a has been drilled to a depth of 350+m, to penetrate the overpressured A-Sands found at 339 - 350m, using SV101, from the existing MOU-3 pad.
* All horizons of MOU-1 are now being tested, should be finished shortly.
* An application for an Exploitation Concession will be submitted if reservoir connectivity & flow are proven.
* If all has gone as planned, a GSA will be signed with Afriquia Gaz - this may be enhanced beyond the terms we have already seen, if flow rates are sufficient.
* An RNS may be issued at the end of this week to communicate some or all of the above, including flow rates and reservoir connectivity.
* SV101 might then be moved to MOU-2 for re-entry (3-4 days drilling?).
* Followed by MOU-5, depending upon availability of casing & wellhead (8 days drilling?).
* Testing will then move to MOU-4 for four horizons as planned, plus MOU-2, where it is likely to be just the MOU-Fan.
* A corporate transaction may arrive sooner than later.
Oh yes, pads. Rumours are that incontinence pads are selling fast in Rabat, with people in high places wetting themselves with excitement. It is recommended that PRD shareholders buy theirs early, just in case.
Sign In
Follow the stocks
