Member Info for kn0wles

Wasn't the drilling rig still at MOU-4, could this be the object now at MOU-2?

FFS Will everyone stop jerking off the BB troll, everyone he gets a mention he gets off on it, it's the sole reason he still lingers around, starve the fuel of oxygen and the fire goes out.

Morocco gearing up to be a major gas exporter, interesting read.

https://www.atalayar.com/en/articulo/economy-and-business/morocco-future-major-gas-exporter-africa/20230228140628181964.html

Thanks Keith very informative, everyday is a school day.

Louis, I see no open shorts on PRD but feel free to check yourself and if there is any it would be below 0.5% as reported.

https://shorttracker.co.uk

I think you would be surprised, there would be pipework to be manufactured and delivered, pumps and valves to be ordered, a compressor to name a few thing. You have to think, if the items where being ordered for CNG development then there must be a very high expectation of success.

Below is from the 31/07/23 RNS regarding the next steps so for me that is quite clear what the plan is, what we are missing is timescales and if we are in a position to actually start testing so we could do with some clarity regarding this issue. I'm assuming (or hoping) the long lead items are for CNG development and not required for testing? Does anybody know if we have have all items needed?

"· The net proceeds of the Placing will be used for completion of an extended rigless testing programme for MOU-1, MOU-3 and MOU-4, commencement of CNG development studies and tendering for long lead items, residual MOU-4 well costs and general working capital."

I know exactly how you feel, I was very pished off myself having topped up at 20p and could not fathom why they would raise now before releasing a CPR and the prospectus if they are going to be favourable, surely the SP would have been higher and the dilution less.

But on the other hand the II's participating in the placing would have seen the draft prospectus, and they invested £10m, makes you wonder why. I suppose we only have a couple of weeks to find out for ourselves.

Keith, I believe my post was taken the wrong way, likely my execution, I was not suggesting PDR did anything underhand as I do not believe that at all, they needed funds and it was a great way to do it, Novum on the other hand... well?

Its easy to understand how PI's feel a little mislead with this current bookbuild placing, I have read through the last "Loan of Net Proceeds of Directors Share Sales" RNS as it does insinuate that the prospectus and the CPR would be released before a further fundraise although it does not specifically state that fact I believe it is just a clever way in which the RNS was put in order, whether on purpose or not?

Seems strange how there was:

"Accordingly, Novum Securities have received firm orders to buy 18,000,000 existing ordinary shares of no par value in the Company at a price of 10.5 pence each."

Would they have had prior notice of another fund raise in order to sell down, explains large sells the last couple of weeks? This part to me seem a little off.

Part of the fund raise announced today will be used to buy back the shares that were loaned by Paul and Lonney and in my opinion rightly so:

"Under the unsecured Loan Agreements the Loans will be capitalised with the return of the same number of Sales Shares to Mr Griffiths (17,500,000 ordinary shares of no par value) and Mr. Baumgardner (500,000 ordinary shares of no par value) when the Company has additional headroom and at an appropriate time"

Its all there in black and white when you read through with hindsight, the loan company waited for the high price, sold down and possibly bought back to repay back the shares in the current placing, all conjecture on my behalf of course.

Anyway, that's all in the past so lets look forward, as a saving grace I'm hoping they have saved something to stop the price crashing to the placing price but I'm not expecting much at this point, a possible TR1 with a large institution would be nice.

All IMO...

I wonder if we will get further news in the morning, we should see further info on the bookbuild to state what price and if it was fully subscribed, could possibly see a TR1, will we get any further updates, it seems pointless to me for the ii/ii's to invest otherwise as the price will drift lower if not, alarm set for 7am.

This explains the accelerated bookbuild process

https://www.investopedia.com/terms/a/acceleratedbookbuild.asp

We will find out soon enough, lets hope one II investor wants the whole slice of the pie, we could see a TR1?

Most likely to be fair, they did say if there was more interest they could potentially issue more so I hardly doubt there will be a bidding war, we can only hope.

I stand corrected in an accelerated book build, it is an auction style bid, hopefully there is plenty of interest?

"The issuer solicits bids in an auction-type process and awards the underwriting contract to the bank that commits to the highest back stop price. The underwriter submits the proposal with the price range to institutional investors. In effect, placement with investors happens overnight with the security pricing occurring most often within 24 to 48 hours."

https://www.investopedia.com/terms/a/acceleratedbookbuild.asp

Vacation, that is almost correct, bidders will submit closed bids and the winner is the highest bidder so the minimum is 11p they can bid then upwards from there, before they submit the bids they will have seen the draft prospectus so I'd assume this is now compete and just awaiting final sign off by the FCA as stated.

To quash the placing rumours once and for all read the 28/06/23 RNS

"The Company does not have sufficient headroom to enable issue and admission of new ordinary shares without the production of an FCA approved prospectus"

They cannot issue shares until the release of the prospectus and at the same time the release of the CPR

"An updated Competent Person's Report will be produced at the time of a Prospectus."

I believe the CPR will give us a very good idea of exactly what we have in terms of volume/reserves based on the information we have gained from the drilling of 4x wells albeit 1 unsuccessfully to date, the share price could well be way in excess of where it is now before any raise is required, all IMO.

There will be no placing announced in the morning or anytime prior to the CPR a d release of a Prospectus, I said everyone re-read the 28/06/23 RNS, panic over.

Reading through the RNS we are due a CPR followed by the prospectus which is now over due so possibly this week?

Henceforth I’ll refer to the Sunday Blog as Kn0wles’s Letter. Hold on, did I just refer myself as a third person, hmmmm?

Apologies to everyone else for clogging the board with crap, this is the last on the matter.