Member Info for Mumbo_Jumbo

Roger65 and Lucian - care too expand on what you are saying? It makes no sense, unless I have missed something.

Why would anyone not want an independent forensic audit after years of missed timelines and work programs? Let's see if it's just incompetence or otherwise, shareholders have at this point a right to know, you can only give benefit of the doubt for so long.

The only way to get answers to all this is for PG to be removed and new BOD to carry out a forensic audit.

KeithOz - not long go, Morocco was being heralded as "benign" and investment friendly jurisdiction, now suddenly its difficult to do business there. Perhaps you can tell us why between September and end of Jan (in reality will be months longer than this) he is down to do sweet f all. Other than to give us hypotheticals and list of excuses at the end of Jan. Maybe it has escaped your notice that CHAR, SOU and SDX collapse isn't down to morroco but the nature and economics of the resource they have. If CHAR last drill had met expectations, ENOG would be on its way to working on the field development plan by now. I mean if He1 can drill and carry out well tests in the middle of nowhere in Tanzania, I am sure a prospect with good access to major road system and very proximity to Europe, anyone serious about getting the job done would have done the drilling and testing years ago!

pv72 - with respect, after years of obfuscations, its time someone scrutinises how he spent the money that he raised promising to do this an that and yet not doing so. The shareholders deserve to know what happened to that money.

Great post IJWT.

Only thing I could add is that we know testing was completed in summer round about the time Lonny's departure. So what has he been doing since the start of September? You would think that in this time, he would get the swabbing done as its only a few days job (his words) and testing completed. So from Sept till end of Jan, his sole work commitments are, preparing a presentation with jam tomorrow and list of excuses to present to share holders on 23rd January. That says it all. If he was to be replaced, I would follow that up with a forensic audit of accounts during his entire tenure.

So this meet will be to regurgitate information that we know already.... We all know about hypothetical values of cng, helium etc... Does that need to be repeated again? Why not just provide a full and frank RNS on the work done so far and the results, so we know whether MOU3 or any of the wells drilled so far have any gas at all or if they have, is it economically viable. But ofcourse he won't provide that anytime soon or have any of this in the presentation.

So thats it folks... enjoy your time off till Jan 23rd, nothing is happening here. True to form, no progress on the tumblweed at Mou3 and Mou4 that Donald posted back in October or in Trinidad. End of Jan spud is no longer happening, and if it does happen, it will be sometime end of Q2. But my money is on no Mou5 drill at all.

I suspect the real reason behind this meet could very be that he needs to raise as much as he can before he is forced to reveal the results of the mou3 and mou4 testing, which will show no gas or that its not economically viable.

John - Just my observation but the problem is TT - the island has been over exploited for hydrocarbons and thus you see high decline rates in TT now, which impacts how much you have to constantly spend to drill new wells, just to keep up the daily rates over a period of time. Add the high taxation and royalties and you are left with next to nothing as a producer, which is why the net debt remains as a constant thorn. It's great for the TT Government and locals as most of the money is staying locally one way or another. But as a shareholder, you see very little coming back in return from operating in TT.

To make money for share holders?

or

Provide jobs for the BOD and the locals and taxes for the TT government?

I am inclined to go with the latter.

Hi pv72,

I agree the story should come to a head in the next few months and we will find out who has been swimming naked. I can only give my opinion for someone who has been a shareholder until the very recent past. I can only judge GRH on what he said about this share for the 2 years that I have been here, and eventually all his calls here have been spectacularly wrong. I didn't invest here because of him but on my own risk and reward profile. When I invested, it was about Mou-2, finish it with new drilling mud and test it. Without finishing Mou-2, PG moved onto Mou-3 and Mou-4 with the promise to test within months of raising the cash at heavy discount. You re right, I am quite forthright, I always advocated for an equity raise to finish testing once and for all, so we know exactly where we stand with this resource. It's the same pattern repeating itself over and over, raise money, drill, obfuscate on the testing, find another drill target, raise money, drill....... One can give benefit of the doubt once or maybe even twice but surely everyone must be tired of these same old tricks, and someone has to point that out, which I do every now and then.

I do agree with you, this is now at the end game, this cannot continue forever, the market is too wise to this.. Mou-5 will be the last throw of the dice if he decides to drill. I have my doubts, I think he will try the switcharoo with Trinidad or resign. I think this is now like BCE and IOG, where the resource failed to flow economically. Although, this won't go bust as it has no debt (one of the good things PG has managed to achieve), but it will be like the minnows with sub £2-3m mcap until some other maverick comes along and takes over the reigns. Just my opinion ofcourse.

I wish you well, and ofcourse I will be very pleased if PG manages to prove me wrong and does deliver on what we all thought he was going to a year or so back. I might even jump back in at that point.

Almost every he said turned out to be wrong, thats the real reason if I was to hazard a guess.

MEM - PRD are not on the Lassonde Curve. The evidence to date suggests that It doesn't flow or there is no gas, so what exactly are they going to exploit? PG leaving is probably same odds as mou5 getting drilled and flow tested.

The total value of your shares will remain the same as before. This is an optics game for potential new share holders. They can keep it as is and let the price go down to fractions of a penny, but thats not a great optics for trying to get new shareholders on board. This is a clear sign that they are getting ready to raise and current and long term holders will get royally shafted along the way.

MH01 - I would buy 1 share and turn up just to grill Omar the anonymous and his gang but it's 9 am in Slough of all places!! Why not in central London where the offices are registered?

What's the economics like at say $5-7/mcf? It's unlikely that the Government would lock itself into a long contract much above this price.

So they don't actually own the right to the wells they wish to re-enter. They have permisson to re-enter from the owners but the agreement has to be reached post entry if they find anything?

Rather careless in their wording or accurate whichever way you want to look at it.

Are we expecting another update when all the issues are resolved and they provide a stabilised exit rate before the year is out?

EuroChamps6 - I am in a unique position in the sense that I owned shares here for almost 2 years to give an opinion when I see the obvious being ignored which I did myself. The most obvious was when Lonny left. Even as an investor, I had been vocal about testing and releasing the data, raise equity if need be to do what's necessary. Actually I had reduced my stake even before Donal's trip ( You can find it in my history somewhere here) as I was over exposed.

I want PRD to be a success, but is not down to any of us but for PG. The reality is when you look at it objectively that PG has strung everyone along for years without publishing flow test data and we all got caught up in the Sunk Cost Fallacy.

Just to digress, the one company I was uber negative on was 4dpharma, I could not believe that they had hundred million+ valuation based on IP that was really worthless and so simplistic even with a partnership Merck. A friend of mine asked me to look into it, I stopped him from buying and went on that board and said so, causing much consternation. The share price was £1+ if I remember correctly. Year or so down the line it went into administration after loan sharks called in their loan, the auditors tried their best to flog the IP unsuccessfully. I retired early from academia and this field is my area of expertise, I knew ultimately they will keep flogging this till they can before it all goes belly up which it did.

I am not saying that this will happen here don't ignore the obvious negatives and I will continue to point those out and give my opinion till PG can prove me wrong. I still think that there is a good chance PG will retire because of the non commercial nature of what has transpired so far and he must be now looking for ways to get out. The fact that they didn't flow test Mou4 to give them data about Mou5 is a strong indication for me that he will jump ship at some point. This is an opinion, not a fact. We should all voice our opinions and state our reasons, that is the whole point of these BBs.

Porters - He said all that to protect the share price to get a raise done at a reasonably high mcap.

If he had released flow test results, PRD would have tanked and be sub 1p right now. In that respect he has managed to successfully fudge to not release any data and keep everyone on the hook for Mou5 in Q1. Forget about the tiddlers in TT or the swabbing, it's not happening. It's all or bust with Mou5. The share price will continue to realign to where it should be and thats somewhere in the region of sub 10m mcap.

Stevehuges - they also said this on 24th October:

"The Company will test multiple formations from the bottom of the hole upwards. If initial results of a perforation are positive the Company will report gas composition to the market and perform an extended well test on the interval before moving on to the next horizon. "

It's clear that there is nothing to report on Clink1 and it's effectively a duster.