RE: Giant fields through the decades11 May 2024 15:24
Thebold….. thanks to BRV for the following which he originally posted on 21st March.
“Morning all,
I’ve drafted up a transcript of Paul’s Proactive presentation. It’s a fairly lengthy document (8 pages) so, rather than completely block up the bb by posting it all, I’ve made it available via this link: (hopefully you can all access it OK?)
https://www.dropbox.com/scl/fi/74w8ol699sni3zoiwaxaj/PRD-Proactive-Presentation-TRANSCRIPT-MAR-24.pdf?rlkey=ux8tvjba5wql6es9flfsmb9g7&dl=0
I also think it’s worth highlighting a few specific things that Paul talked about: (And sorry, even the highlights are pretty lengthy!)
“Lonny’s actually in Trinidad… but I’m happy to say, as of this morning, he’s found lots of wellheads for us in the right place, and very interesting wellheads particularly in relation to the extension of the Moruga West field into our block.”
“[re MOU-5]… it actually is mentioned in the presentation, we didn’t feel we need to over-emphasise it because we said in February exactly what we were going to do with MOU-5, exactly when we were going to drill it, it’s all there and nothing has changed.”
“… this presentation is focused on what our shareholders are interested in, and that’s the testing programme in Morocco, the testing in Guercif, that will potentially with Sandjet unlock 120Bcf or $1.56 billion of immediate revenues in the next 18 months, not in the next 5 years, in the next 18 months.”
“To put it in a geological context... it’s very similar to the eastern Mediterranean in Greece and the extreme eastern Mediterranean and the biogenic gas discoveries, the huge biogenic gas discoveries that have been made.”
“So, on the right hand side, you can see the value chain for spending about $1million on the Sandjet testing, we can create that $1.56billion of gross revenues, we have 75% of that, and then you’ve got to factor in taxes etc. But that is still a massive uplift to our current share price and achievable within the next few months.”
“We’re building an oil and gas company, we’re not building a liquidity market for people to trade in us, that’s great that they can do that but that is not the tail wagging the dog, we have a project to deliver and we will deliver that project.”
“The bottom right hand corner, I own 8% of the company. So, in real terms, that’s like at current price 26-times my annual director’s fee. So if you think I’m going to jeopardise the value of the company for my annual director’s fee, well think again.”
“So this year we’ve applied for another extension to June 5th. That’s gone in and been all approved by ONHYM, it’s actually with the Ministry now and we expect a joint ministerial approval within the next 3 or 4 weeks. So the whole process is now running very smoothly… So we’re very happy with the regulatory process in Morocco.”
(cont...)”
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