Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investors. Watch the full video here.
MEM
OK, no probs... lets see.
If mou1 data is convincing then a jv is not impossible although personally I think chances are low as I think significant risk remains that a jv partner would want reducing via an appraisal well result.
Trinidad oil flow results have obviously disappointed but again its still possible to move the process to a new field... Griffiths has said many times he has NDAs signed and deals lined up.... I doubt it without proof of concept from Inniss-T, but its not impossible.
I genuinely hope I am wrong ... will sign off until further news.
GL.
MEM
I'm afraid it isn't "tosh" though is it.
Trinidad is miss after miss after miss after miss... just read old presentations, listen to old interviews.... its dead...CEG had enough , told them to pack up their kit and go. You don't think they did that if it was producing much needed revenue do you??
Morocco.... if you think they aren't going to need an equity raise you're delusional. First gas now h1 2023....again ....look back what Griffiths has said in the past.... makes it up as he goes along...."be patient trust me, we will deliver"...so the board can take money off you to pay themselves for another 2 years.
Anyone know why NED Louis Castro was sat there and said not a word? Is it just Paul loves the sound of his own voice??
My suggestion to Tommy boy is realise your loss and reinvest it somewhere else before the equity raise.
Observations on that presentation.... I'm concerned.
How good was the NED chairman?
Says something about Griffiths that he didn't introduce Castro properly or let him say a word, not one word....
Trinidad .... its obvious why there's been a bust up... after several years of promises prd have delivered no extra oil production hence CEG have lost patience and kicked them out. Prd will not get their costs back and I suspect a lot of capital costs will have to be written off.
More importantly.... it provides no funding.
Ireland
Political quagmire. No tangible progress.
Morocco.
If mou1 was as good as Griffiths says he would show CP the data and they would take a stake.
Company needs funding and a lot if it.... I'm afraid there is a lot of dilution coming.
A discovery but no discovery bonus payable.... interesting.
Gas users aren't in the business of funding exploration wells.
If mou-1 is so good and cos so high on mou4/5 why doesn't another oil company farm in??
Trinidad... covid was there before the annual report was written ... the pressure build up obviously hasn't delivered oil flow.
Its obvious why Pilbeam left... 2 main projects brickwalled.
I strongly suggest people think about whether to wait for $7m placing before adding.
But its your money, your choice.
Good luck whatever.
There's a lot of misinformation here and wishful thinking.
Paul may eventually succeed in Morocco but there's a lot of risk and SP could easily move well under 4p short term... I'd suggest for wealth preservation await firm positive news before adding, averaging down.
Trinidad.... the annual report had clear timelines for increase in bopd with appropriate pressure increases. ... by July. No news is bad news.
If it was ok a simple reassuring "its all on track" could have been said in the pres.... nothing. There is no good reason.
Trinidad may well "just" be a carbon capture scheme now.... is there any value in that.... maybe, maybe not ... but a lot less than previously expected.
Ireland. Who knows ... but its years in the making.
Morocco. No discovery bonus payable.... prob tells you what you need to know about mou-1.
There may be a possibly huge discovery still to be made.... but its going to cost $7m.... cash prd doesn't have.
Does anyone really think industrial users of gas will fund risky exploration wells when other oil companies won't?
Therefore expect a raise of $7m once AIM move completed.
Without other concrete positive news the time to invest is post placing, post inevitable delays for mou4/5... and once spud dates are announced.
Could still come good but entry or top up price could be a lot lower than today's SP.
If you publish an annual report in mid June with a clear forecast of bopd from your Premier project for july... seems to me its reasonable to expect an update if its on track but just delayed....
My goodness what a load of tosh.
Annual report issued 10 June 2021.... 20 days before the start of July..... clearly spells out Trinidad should be producing 200 bopd in July to be on track.....
Question I have is it working at all..... there's another reason Pilbeam may have been "resigned"
At v v least should issue a clarification rns..... nothin.
Leaving is one thing selling is another..... pilbeam knows where the business is on all its projects.
Its a big red flag.
Doesn't mean cant deliver but does suggest as far as pilbeam sees it t least, there's no definite route to delivery soon on any 1 project....
I'm afraid there is no good reason why a key team member sells most of his shares post mou1 result and pre placing.... and then gets "resigned" a few days later.
Be careful here given this stuff going on.
But pre drill expectations weren't met were they..... Read the company presentation(s) pre drill, the annual report.... its all nonsense in the rns. Pilbeam share sale and departure confirms big doubts at the very least.
Annual report was v specific about Trinidad bopd increase as well ... July was critical. What has covid (excuse) got to do with pressurisation and increasing bopd.
Prd may still be worth a punt ... but I hope no one has serious money in here still given recent news...and huge questions over governance, theseus, arato, funding, etc.
Nonsense.
What don't u understand about a director's share sales pre placing, post result followed by "resignation".
Zebra better named ostrich perhaps?
I'm not asking for replies - most will stick their head in the sand and see only what they want to see.
I have made these few short posts to raise serious red flags over Predator. The 'Predator' has a bad smell around it.
This will be my last post on the matter - I don't wish to engage with the paid rampers and nutcases on LSE.
- Shareholders have been kept in the dark about the beneficial ownership structure of Theseus.
- Information provided about Arato was inaccurate - RNS 15 Feb 2019: "Arato Global Opportunities is an investment fund focussed on small and midcap growth companies." Not true - set up for a single CLN, fronted by an individual barred by the SEC for 3 years in 2008, with no traceable ownership or source of funds.
- Arato was awarded an unnecessary CLN on terms far too favourable.
- These terms included additional shares for allowing Predator NOT to pay off the CLN - Tucked away on page 114 of the prospectus for the £3.6m placing announced in the RNS 14/02/20 - Arato were given 2.5m shares to waive Predator using placing proceeds to pay down the CLN - yet a few short months later Griffiths was paying off the CLN with another placing - so an additional £100k at the then placing price of 4p chucked in Arato's direction for no good reason. Wonder why you would do that? If you own 40% of the company why dilute yourself with an unnecessary CLN of v favourable terms to the lender.... unless??
- Predator could clear up any issues over Arato by providing full transparency on ownership, funding, holdings of PRD shares and timing of share sales .
- Pilbeam sold most of his shares only hours away from a discounted placing while loyal shareholders were in the dark.
- Did Pilbeam sell because Mou1 was a stonking success? Did he sell because it provided information that now made Mou4 a certainty? Did he sell because the July bopd update for CO2 eor from Trinidad promised in the annual report is on schedule and is going great?
- No - he sold because Mou1 was a miss, it questions their whole geological model and it makes the chances of success at Mou4 less likely (although - it is still a possibility of course). He sold because Trinidad is delay after delay after delay - and they are likely having significant trouble getting it to anything like commercial flow rates.
- I conclude the management of Predator have little time or respect for the shareholders who have funded their salaries for the last few years. They will have to continue to raise more funds from placings in the near future to fund their personal contracts, and to fund their 3 projects which appear to be struggling to deliver tangible progress.
Over and out.
There are clearly matters of concern for The FCA, Hmrc and The SEC in the US.
Novum and the Predator Board may well find themselves with many questions from the authorities
Griffiths' big play has always been... trust me I'm totally aligned with you.... I'm not so sure.
You are right re TW .... but the article throws up HUGE RED FLAGS.... ignore at your own risk.. .
1) who knew Griffiths had 50% of Theseus which meant he wouldn't be diluted on the Irish assets with prd raises?
2) why is the holder of the other 50% of Theseus hidden via Isle of man? If you think it isn't deliberately hidden write and ask him...
3) arato and the cln..... arato weren't a "real" investment co. Just created for the cln.... why? who?
4) The who.... Arato fronted by George Sandhu ..... banned by the SEC in the US??
5) Why the incredibly favourable terms for the cln given away by Griffiths for whoever was the real funder behind Arato....?? Why was it even a cln and not a placing.... for the benefit of the hidden cln provider!
6) Pilbeam insider selling at around 6.5p pre placing.... why? Presumably he knows a lot of interesting stuff and the details on mou1.... available info on mou4
7) Non disclosure of related party transactions... obvious why u do that!
Will say again as its worth repeating... tax losses alone of $20m worth more than m.cap.
Not yet a beautiful swan... but a duckling that seems to know what it is and where its going ...and looking pretty good?
$20m of tax losses and pqe worth more than current mcap.
Cleaned up balance sheet.
Clear strategy to move to decent production levels.
New operating and technical management structure give confidence of delivery.
Directors taking fees in shares, skin in the game.
Been long time coming but looks like fair price should be established much higher.
News tomorrow.... 1 000 buy = £1.90 = 1 code?
....and ....does Mayan retain interest?
Have to concur with most of what expressed here... a couple of points to add...
1) I would hope despite PQE share price fall sale of this can fund the business to beyond cash breakeven.
2) New non exec has good oil experience and is chair at Predator Oil & Gas ...which is x 3 float price earlier in year and has great prospects. I assume she would have wanted sight of review prior to joining.