The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Non commercial flow rates. That is if they ever get round to testing it.
There is no will to flow test here... Let's just call it for what it is.
Trifle - by now you should realise that there will be delays, it's almost a given.
I fully expect it to be a waste of time dud.
Morocco should be full focus.
nigel - not meant to down play someone's investment but haven't they been involved in a royal **** up with drilling of two wells. drilled with a wrong rig and messed that up and then second time round they bought a second hand junk rig that broke down twice in drilling and hence they abandoned plans to get to target depth.
perhaps he1 can learn a thing or two from lenny and pg about drilling?
Jimmy23 - do you see them flow testing at all this year?
Rosso123 - there is no comparison. There is no debt here. You worry when you have massive debts with conditions attached on drawing that down. Once you break covenants you are at the mercy of the debt holders and that is where everything goes wrong. There is no concern here. One of the reasons why I invested heavily here is because of PG's severe reluctance of being indebted to someone and the fact the has a very large shareholding himself.
My gripe as you know is due to lack of testing when he said it will be done.
Well if he doesn't test then he clearly duped investors, but he knows he can rest easily as LSE will not do anything. Let's just hope testing is around the corner.
From memory I believe they will buy stake in Moroccan subsidiary.
Ibiza - Harbour energy is just one that came to my mind. The sort of figures PG was talking about was in the region of$150-$200 million dollars. HBR can easily do under a billion.. What are you expecting that PG is negotiating in billions with this buyer?
Nick - nobody is going to put serious money down unless it's been tested. Would you buy if you did not know it was flowing commercially. In anycase, we as shareholders will not get the maximum value unless it's been tested. So it is in the interest of both parties.
Ibiza - More of a reason to test and prove commerciality as quickly as possible. Remember this is not about the size of the resource, but whether it flows in commercial quantities. Like I said in another thread... Cart before the horse going on here.
Ibiza
On the contrary, this has come at a perfect time. Gas is being propped as the transitional fuel towards net zero and add the geopolitical uncertainty around the globe. The more the global south gets richer, the more fuel will be required to keep up with their increased standard of living.
Who can afford it... Leaving aside the super majors, just off the top of my head, some of the large North Sea producers like Harbour Energy are desperate to get out of UK. This would fit right in with them.
If you are LTH then it's already given you a return and hence, not many old posters are seen posting here regularly these days.
1. Regretfully I am more inclined with this now.
2. Is PG working in the interest of the phantom buyer or the shareholders? Common sense would dictate that you first prove that you have a resource that you are able to sell as in it flows and is commercial. You have raised funds precisely for this. Then secondly prove up as much of it as possible to get the maximum for the shareholders. It's all common sense.
Come on seriously, did you ever buy in Louis10? Your share sale is as imaginary as the proposed flow rate for the MOU :)
There should be nothing stopping the testing as money has already been raised for it, so just go ahead and test. The MOU will be for naught if the wells are non commercial anyway. So first objective should be to flow test and determine commerciality. I can understand if there was no money for testing and someone put up money for you to test so you wait for the legal agreement to be signed, but the case from what I understand is that the 3rd party wants to buy the gas at wellhead, and PRd are happy to do that.... so all good. But the elephant in the room is .... where is the friggin gas? You haven't tested whether it flows and it's commercial!! So what exactly are you signing a MOU for... imaginary gas flow?
This is all becoming very reminiscent of COPL JV or the EUA sale.....
what a load of wacky bull**** and insult to intelligence. indeed a day to remember for yet another let down by pg.
the wells have been drilled and they are reluctant to drill... why? i suppose it's the fault of the mysterious force that has tied their hands and not letting them carry out the well test?
some of you need your head examining!
MEM - likewise have increased my holding in good faith based on previous RNS about testing. I expect them to hold true and test and whatever the outcome, that's fine by me.
Louis10 - conned is a strong word, they will have to test.
No Interview from Paul thank you. He will just make it worse by going off tangent. Get the testing going asap.