Member Info for Masterfly7

Agreed, ex UK M&A banker with DB and Close. Wouldn’t be at all surprised to see something here pre summer.

2008 IPO valued the company at £185m, share count 141m

2008-2026 equity raised £238m

As far as I am aware zero distribution to shareholders from 2008-2026

2026 market cap £23.6m, 1.58 billion shares outstanding.

Painfully clear there needs to be some form of “success” in Morocco before too much longer. Could they even raise capital again at over 1p?

Bait and switch to T&T, rinse and repeat on raises despite the fully funded line.

The only value in Morocco is the carrot to try and keep PI invested.

T&T - just look at the typical decline rates on mature wells. 15% on revenue but doubt they will hit the 30% on workover wells. Not even enough to cover costs hence the 300k for admin.

PG has his retirement plan firmly in view just 18 months more clipping the salary and perks.

1b shares before long.

She’ll deal is off, will Vivaro walk?

C $3-4m PA inc Etana revenue from trading.

Worth taking a look at theoakbloke write up on hunting on Substack one of his picks for 2026.

theoakbloke@substack.com

FT today:

Chevron will prioritise boosting shareholder returns over production growth over the next five years, according to a new business plan that emphasises cutting costs and reducing capital expenditure. The US oil major said on Wednesday that it expected to increase earnings per share and free cash flow by more than 10 per cent a year to 2030 at an average Brent crude price of $70 per barrel.

Oil and gas production is forecast to rise 2 to 3 per cent annually over the same period, with the company cutting annual capital expenditure by about $1bn to a range of between $18bn and $21bn. Chevron’s focus on sweating assets to boost profits contrasts with that of larger rival ExxonMobil, which has been increasing capital investment to boost production despite sliding oil prices.

Santander UK Chief Executive Mike Regnier said:

"We believe that the level of concern in the industry and market is such that material changes to the proposed FCA redress scheme should be an active consideration for the UK Government. Without such change, the unintended consequences for the car finance market, the supply of credit and the resulting negative impact on the automotive industry and its supply chain could significantly impact jobs, growth and the broader UK economy. This could also cause significant detriment to the consumer.

"While the FCA considers the outcome of its consultation, we believe it is our duty to do all we can to secure an orderly and fair outcome from this consultation process. This is not a question of investor versus customer interest, quite the reverse. What is at stake is the supply of credit that customers need and that supports a very important sector for the economy."

Santander has called on Rachel Reeves to intervene over the £11bn car finance compensation scheme after warning it risks damaging the economy.

The Spanish banking giant wants the Chancellor to help limit the number of drivers who can access the redress programme by narrowing its scope.

It issued the plea after delaying its quarterly results on Wednesday, a decision bosses blamed on uncertainty surrounding the Financial Conduct Authority’s (FCA) redress scheme for drivers mis-sold car loans.

The track record of finding hydrocarbons in Morocco over the past 50+ years is very poor by global standards. 300+ wells, less than 7% have yielded measurable O&G and only 2% have ended up producing. Predator back this up, 5 wells nothing flowing. Why do the rampers honestly believe there will be significant interest at generous terms?

Correct Highlandmatt we have salt.

pg is stuck in a different era. The market and acquirers put a very different value on exploration firms in 2025. That is why LSE oilers have such a low market cap. PG harks on about a bygone age.

Yes, the sunk licence cost are exactly that sunk.

Still we have the potential for future wax treatment to look forward to.

I am scratching my head on this announcement but will hold long term.

Nicknorth, any sign of a swabbing unit? We have been waiting for a year!

Dsam55,

There is no 7th August 2025 RNS. You are clearly ramping based on imagined ‘facts’. - beware the rampers!

“If you look at the RNS dated 7 August 2025 and the Interim Results (H1 2025), the company stated that:”

Dsam55 - can you point me to the gas shows in Mou-5 please? Not something I have seen confirmed…

GreenEnergyDeath,

Yes I hold shares (although a lot less than I once did). Do look at my posting history. I suspect you don’t like it when posters point out the obvious failings here.

Beware the rampers…

Joining the dots is very simple in Morocco:

5 wells

3 phases of testing

0 proven gas

0 flowing gas

Amazing that most on here still seem to be talking about the master plan. The only plan is for PG and his chums to stay on the payroll for as long as possible. Use your votes for the AGM wisely…

Madman Rob,

As you know Snapcap drilling and Mou-6 are not commitments. Raise will be incoming before the end of the year.

No assumptions but a 73% drop in the share price over 2 years . Can’t imagine too many are jumping for joy at managements performance unless … they are ramping and playing LT holders.