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Reading Graham's post iam appalled at the way some people behave.
Some of the posts on here in recent days and on twitter regarding this share, have been gutter level at best.
Death threats, well that is the lowest of the low, no doubt made by people who if they were stood right in front of you, wouldn't have the spine to make those comments.
I wish Graham and all the other genuine people on here all the best, I look forward to reading this board, however, I believe it needs to be policed better. Unfortunately, free speech is often hijacked by those who wish to create fear and confusion and in this case intimidation.
Silverfoil, I remember taking my lad into Manchester to watch the open top bus parade through the city centre, I sat him on my shoulders and he nearly pulled my head off because he saw Teddy Sheringham waving in our direction.
Two mates from the pub went to the final, one of them got so drunk he fell asleep when they got to the ground and missed the entire match.
I watched the May 18th 2023 presentation again last night, in part to remind myself what the back of my head looks like, where once was a thick dark haired mane.
More importantly reminding myself what a great asset PRD have in Morocco, interesting to note this presentation took place before MOU 3 and 4 had been drilled, I've also attached the RNS for the completion of the drilling for MOU 3, in particular I have always been drawn to this line in the update 'The shallow gas potential of MOU-3 has exceeded all pre-drill expectations.'
https://www.youtube.com/watch?v=QdHMex84Utw
https://www.lse.co.uk/rns/PRD/completion-of-mou-3-drilling-and-logging-77nekzdof9lxnu8.html
I don't think CEG is the best example to use considering the debt the company had to service from its previous incarnation.
Trinidad may create revenue for PRD, however, there are some invested here who have experience of Trinidad from the days of Cerp and Lgo, which due to a number of issues didn't work out.
Most I feel are here for Morocco and want the testing to commence and see the results.
BPC were a basket case, they bought the Trinidad licenses from Columbus Energy, and blew a fortune chasing an offshore drill, ran up a load of debt then changed to CEG.
I attended the presentation last year, same time as PRD and listened to the CEG boss, an Aussie bloke whose name escapes me, he can talk the talk, but I wouldn't invest my hard earned in his company.
A positive for me, the acreage purchased by PRD is proven to have oil in place.
I don't recall any of the directors of BPC or CEG having invested anything like their own personal wealth in those companies, unlike PG, as you say they took a lot more out of the company.
The overheads CEG had would probably explain why little surplus cash was generated after costs, I would be interested to see PRD's projected costs and net revenues, I have been looking for information from previous owners for revenues generated from production.
Short, I notice you have been a member here since September and have already clocked up nearly 950 posts, most of which are negative and not just about this company, anyone reading your back catalogue will note you like to talk a share down.
30 posts in the last month about PRD all of which are negative, including unwarranted comments about other posters on here.
Perhaps you would care to elaborate about your position? But I think we have already worked it out.
Go away, you are boring and predictable.
Afternoon All
I meant to post this the other day, someone mentioned TXP net backs being $19 boe, and the price of Brent crude, firstly Trinidad use WTI for their oil price, the information below which mentions net backs has been taken from an RNS issued by Challenger, it would suggest if the agreement PRD have in place is the same as Challenger, the net backs would be higher than $19 bopd with the current WTI oil price being $71, with the OPEC cap on production in 2024 I can only see oil prices rising, please see below.
Challenger Energy (AIM: CEG), the Caribbean and Atlantic-margin focused oil and gas company, with oil production, appraisal, development and exploration assets across the region, provides the following update on its Trinidad and Tobago business unit's operating results for Q1 2022:
· Total gross oil production for Q1 2022 was 32,183 barrels, representing an average daily production rate of approximately 358 barrels. The gross production rate of approximately 400 bopd at the end of Q1 2022 has sustained consistently into April 2022. This current level of production is approximately 12% higher than the overall daily average for Q1 2022.
The increase in average daily gross production is principally because of the successful recompletion work undertaken in March and April 2022 as communicated in the Company's previous announcement dated 20 April 2022. Additional near-term production enhancement activities are being planned for the coming months, with the objective of further increasing production by up-to an additional 10%.
· Total oil sales in Q1 2022 amounted to 29,727 barrels with a gross realised average price per sold barrel of US$83.37. It is noted that the realised gross average price per barrel sold in March 2022 was US$97.13, approximately 17% higher than the quarterly average, reflecting the rise in global oil prices seen through the quarter. The prices realised by the Company are at an approximately 10% discount to the quoted WTI prices. The Company does not currently use any hedging instruments in relation to its oil sales so is making full gain of the current pricing regime.
· Revenue received by the Company from oil sales (being gross revenues less Government royalties and mandatory source deductions and adjustments applicable under the relevant licences)1, amounted to approximately US$1.17 million in Q1 2022 and represents average net revenue to the company of US$39.29 per barrel sold. It is noted that average net revenue for the month of March was US$46.20 per barrel sold, approximately 17% higher than the quarterly average and, again, reflecting the increase in global oil prices seen through the quarter that continue to be sustained.
@ 22 minutes is also worth a listen, confident that gas is there and he feels that a £200 million M/cap is achievable.
I attended the presentation in May, one thing I did note from that day, when reading the comments prior to the presentation and whilst on the train heading back to Manchester, was how much misinformation/incorrect speculation had been posted on here, in particular the comments from one poster who recently stated on this board we run the risk of losing our licence in February.
Feel free to check my history.
Just catching up and trying to avoid the numerous BS posts from nobodies trying to persuade us sheep that we have a dodgy investment, amazing how much time they are willing to spend on a forum, whilst they claim to not be invested.
Meanwhile, great post and summary by Keith.
The trolls seem to be in melt down, many masks have slipped, unveiling the true colours.
Why would somebody devote so much time to a forum when they thought the company was worthless, some of those posting multiple times a day.
I note none of these so called experts reveal their identities or fields of expertise, some I doubt even have a field of expertise.
Myself, I have been invested here for 3 years now and believe we have something special here, I attended the presentation earlier this year, and have listened to some of the more knowledgeable posters here and done my own research, having added to my initial investment when I thought prudent.
In my opinion this share will provide me with s good return, perhaps life changing who knows, but it will be worth the wait.
Better still, tell us how many shares you hold Shrift.
Whatever amount of shares GRH holds is his business, perhaps he didn't buy all the shares in his name and perhaps purchased shares for family members, either way its his business, he has been transparent about who he is, were as you hide behind an avatar.
I suggest you drop the letters r and f in the second part of your moniker, it seems better suited to your posts.
BRV
Taken from the CEG RNS 29th September is the revenues generated from oil sales in Trinidad.
The Company sold approximately 58,000 barrels ("bbls") of oil during 1H 2023 (1H 2022: approximately 60,900 bbls), equating to approximately 320 barrels of oil per day ("bopd") (1H 2022: 336 bopd). However, the Company divested its South Erin field in February 2023, resulting in lower oil sales during 1H 2023 as compared to 1H 2022. Oil sales from the Company's fields excluding the South Erin field were approximately 56,000 bbls during 1H 2023 - in comparison, 1H 2022 oil sales excluding the South Erin Field were approximately 53,800 bbls. In other words, on a like-for-like basis, there was a 4% increase in barrels of oil sold, reflecting operational efficiencies achieved as a consequence of the Company's strategy to focus on core assets.
· The Company's revenue for the period was $1.9 million (1H 2022: $2.7 million). All revenue is attributable to oil sales in Trinidad, net of Government-take and other deductions and therefore reflect the Company's cash revenue entitlement from oil sales. This represents a decrease of 30% as compared to the comparable period in 2022. Again, on a like for like basis (i.e., excluding the South Erin field), 1H 2023 revenue was approximately $1.8 million compared to $2.3 million in 1H 2022 representing a decrease of approximately 22% compared to 1H 2022. The reduction in revenue is largely attributable to approximately 30% lower average realised oil prices in 1H 2023 (of $63.52 per barrel) as compared to $90.50 per barrel in 1H 2022. Oil prices have since risen in 2H 2023, and we thus expect higher realised oil prices and revenues during 2H 2023.
Anyone know what net revenue PRD would receive for the price of oil in Trinidad?
I've assumed at the current WTI of $79 bopd, less taxes etc. PRD would be getting $40 bopd net. 150 bopd from Snowcap @ $40 bopd would be $6000 per day, $180000 per month and $2,160,000 over 12 months.
Anyone care to comment?