Member Info for middleEastMoney

Some continued selling in large chunks, flipper(s) making £12k per day profit, sooner or later this will cease :)

I am hoping for some clarity before Xmas re the investigation, plus a trading statement in the run up to Xmas.

Complete transparency, full accountability and solutions going forward

Aimster. We do not know exactly why we did not go down the JV route, I am guessing the Terms were not agreeable, however PRD will be in a far better negotiating position with a positive MOU 2 result.

As for the probable oil, do not rule out the Moroccan govt stepping in if we find multi billion barrels of oil.

If you find oil, the refinery follows, look around the world, or maybe a pipeline up to the coast, there are options.

But do not dismiss the oil (assuming it is there) as a worthless asset, that would be folly.

MEM

I agree with GRH, big oil would love this opportunity. Do not forget about entities like the QIA sovereign wealth fund, part of their remit is to look at special situations just like PRD.

I have a chum who works out of Doha, for the QIA. I am NOT saying QIA are looking at us, but we tick a lot of boxes, but too early in our development for them to be interested, yet.

Obtaining a fair price is the issue.

MEM

Hi Ford, your figures are totally believable, plus the gas.

MOU 1 to 3 inc only looks at 135 sq km of our total license area of 7,200+ sq km !!!

As someone said earlier, when we then examine 4,5 and 6 we might have covered 5% in total !!!

This is so far off the ‘normal’ E&P venture.

I am still buying at every opportunity, and I will continue to buy at these dislocated prices.

Reality beckons…..

MEM

Let’s home we don’t end up in a sticky situation, as sticky as sticky the stick insect, stuck on a sticky thing??

Hi KeithOz,

Thank you for stepping up re the calculations.

Tin hat at the ready !

MEM

I have not shared them as I am always accused of ramping !!

So why not sit down and make the calculations yourself, you will not believe the figures unless you do your own calculations.

GRH thinks my RF is too small and requires an upwards adjustment, he is probably correct, but again, I have taken a conservative position.

I stress, use the figures you are happy with to reach your own conservative conclusion.

Therefore you might use only 335 sq km, or 15m thickness, or $2 pb in the ground.

The numbers are huge for a small co like PRD.

As I suggested the other day, I wonder what info PG is using to formulate the CPR ?!!

Fascinating juncture we are at - volume = value

MEM

Nm

Has anyone run any calculations over possible OIP figures of MOU - 3 ?

I have taken the larger area of 102 sq km and various column thickness from 30m all the way up to 210m.

Then applied various RF from 15% upto 40%

Then calculated values assuming $3, $5 and $8 pb in ground valuation.

Divided all the answers by 400m shares, to allow for a small placing, and only 60% ownership after Government 25% and 15% JV - adjust figures to suit your requirements.

A very interesting set of figures that are possible in the near future.

I respectfully suggest every holder does this to appreciate what we could own and what it might be worth.

MEM

Yes ! Re rig

I expect some eye watering volumes in best case scenario from the CPR, figures that will make people sit down.

If anyone is expecting a token 60m barrels, you will be massively surprised to the possible upside!!

It’s all about to happen on MOU 1 & 2, with 3 to follow. Remember we ordered 4 well heads…

MEM

Nm

Hi C7, fair enough sir, all I am saying is we don’t know, but I get your point, very likely not an all in contract

MEM

As we are not party to the specifics of our Rig contract, might I respectfully suggest we do not know one way or the other if there is even a daily rate.

PG/Lonny might have negotiated an ‘all in’ rate, therefore knowing exactly what the financial exposure will be, leaving no grey areas.

Either way, I am waiting for spud news!!!

MEM

Agreed, let us hope no more Placings ! Only a balanced JV to raise funds, twin track approach, Gas and Oil.

Imagine Morocco as an exporter of both hydrocarbons with PRD/PG the King makers.

Multi Billions to play for.

MEM

SP now shows nil change on the day - someone still selling into our positive news…..

MEM

Ask yourself what info the company has and from where, in order to publish a CPR ?!

MEM

No point arguing- but look at the sells, 3 x 250k within 20 seconds of each other, plus a 1 x 150k and a 1 x 100k

If not flippers ? Who or why are they selling ?

MEM

Hard at work, how many more days of flippers selling in to a slight rise.

Once they clear the price will move north fairly quickly

MEM