Member Info for Mumbo_Jumbo

Thanks Keith for the clarification.

So Nigel, was it a misunderstanding or deliberate obfuscation on your part?

Context?

It is safe to assume that nothing was on the cards or was real till they tell us who they were negotiating the JV with.

Jimmy - can you please explain the importance of finding the gas water contact. Thank you.

Could do with some clarity and assurances for testing next month. Or do they only matter when PG needs to raise cash.

I been sitting on the sidelines for quite a while and trying to understand what are they trying to achieve. A tier one asset that they are neither developing and nor aggressively marketing it for a sale. There doesn't seem to be an urgency for anything, which surely Ecuador will not want it continue for much longer. How do they even justify their salaries for the past year. Aside from getting re-elected at the AGM, what exactly is the management plan for going forward in 2024?

CCC - promise we all know about, now they need to prove commerciality, which they are reluctant to do. I invested heavily on the premise that testing was meant to have been done by now.... But here we are, excuses upon excuses. Let's see what excuse he digs out for January. I don't think he will flow test and will continue to tag us all along till they drill again sometime end of Q1 or in Q2.

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.