Member Info for NigelHaemoglobin

PRD will need to present a strong balance sheet to the Irish govt in order to retain Corrib S. Fair enough! With good operational progress in the future PRD can do this if Guercif or T&T are successful.

No one has answered the Q though, does PRD intend to farm in to Theseus. That would be truly bizarre and even the happy clappy cabbages on here must surely be disturbed by such an eventuality. I seriously hope that I am mistaken but that would be the greasiest, most weasley and slimy tactic imaginable.

Good that ambition has returned and that the only real option to realise multiples lies with the MOU-5 and the Maghreb Europe Pipeline.

Bad as per my last post and today's confession...

"Following the results of the Sandjet rigless testing and the first two well workovers in Trinidad designed to re-establish oil production, the Company will re-assess its funding needs for the next 12 months".

Also bad/negative is the now unknown delay to importing a new rig (and entire crew don't forget) and then ensuring that they are fully employed. Could be a positive though? Make some money selling rig services.

Surreal...

Now I genuinely don't get this re Corrib South, is PG suggested farming into Theseus?? He would be swallowing his own tail!!

As for OZ's comments re 'third world' country that's a bit ironic: one nation is excellent at tourism but tends to farm goats whilst the other is excellent at tourism but prefers sheep...All hilarity aside OZ makes the entirely valid observation that the time horizons of PI's are way too short.

In simple terms Bond dealers are generally smarter than AIM boards and almost always sharper than us. I would be very careful indeed if promulgating positives about bonds in relation to the stranded asset. FYI have a modest V V high risk punt on BOR.

Very difficult to call, it's not so easy as before when it was so glaringly obvious even blobby old Hartlepool could have seen it coming (he didn't).

PG has to be self aware and admit that some geological risks are implicit in testing and that an expensive and high risk well will spud in due course.

So from a strategic point of view I would raise imminently at the present high mcap but from the pure cash aspect there will be enough after MOU-5 to battle on for a while. Placings in the event of testing difficulties and MOU-5 failure will be dilutive to the extreme.

My decision is to leave it for investors to decide rather than speculating on placings. That said I reckon a placing is more likely than not before MOU-5.

A good idea to buy into an uptrend.

Haha! That is exactly what happens. AIM investors typically buy on sp rises. Go on, ask other punters on here if they are buying ?

That said it is of course to buy in to a genuine uptrend.

Sorry about this, refers to PRD but I have a numpty stuck to my boot.

Morning

As a non industry investor the MOU wells are certainly interesting. Downhole photos have the appearance of loose gravel. Therefore, are horizontal completions probable? We do not have the XEL problem of friable sand in heavy oil that burnt thousands of numpties.

In other words, why does the company refer to 'unconventional gas'?

Have a look at the downhole photos you old fool.

Possibly being walked up for a placing tmh, more complex now though. Calling placings previously was a fish barrel shoot tbh, not so easy now.

What we should all understand though is the show must go on. So if that means that a cash raise is required before a high risk expo well then so be it.

Morning

As a non industry investor the MOU wells are certainly interesting. Downhole photos have the appearance of loose gravel. Therefore, are horizontal completions probable? We do not have the XEL problem of friable sand in heavy oil that burnt thousands of numpties.

In other words, why does the company refer to 'unconventional gas'?

Fair point, happy to learn from a clear explanation of geology. What has exasperated me though is the somewhat unambitious CNG idea and the apparent abandonment of the initial plan to link up to the MEP.

Not as averse to PRD as many think here but the constant delays of varying causes, some of which may lie with logistical management, have so far been a deterrent to investment.

Porters have I missed something? Where is the evidence that flow testing will start within a week? Good news if it does but if the results are sub commercial or demonstrate that large scale hydraulic fracturing is required a 1-2 sp is possible.

It's not a question of 'undermining' or 'sharing' Jimmy. The weak will eventually be eaten by the strong. At the moment PRD have relative strength as a populist share: if SJ fails and MOU-5 is a duster it's only worth 1-2p.

Mumbo, yes I probably have. Such derangement syndrome made me buy DES after multiple failures, FOGL then bought out DES for beans in order to spread their risk and gain a foothold in the NNFB. RKH then bought out FOGL. All were held using my ratio system.

I made a LOT of money without one drop or one fart of gas being commercially produced.

Top tip, to make money in O&G it is not necessary to find or produce anything haha! Good luck...

Would NOT pay the mcap, typo.

Sefton call for the nurse please? There is no 'coordinated' negative posting, organised ramping? Probably mate.

Certainly suckered you in...

Muckle don't be a plank, Char or indeed any other company would pay the actual mcap but make a low cash offer for a farm in.

The market has assigned PRD's mcap which does not appear to correlate with the fundamental value.

Could Chariot take up a stake of Guercif and become the operator? The title of my post should have been farm in. Is there any doubt that PRD is massively over valued?

Thanks Jimmy, even so if they do achieve first gas in 12 months-ish I would be astonished. We shall see. As an engineer you will know that efficient draining of reservoirs is the priority, that may involve more discoveries and a complex FEED program.

Over to you, I'm just a PI.

Hoho hilarious Mr William of Orange. What is clear though is that anyone who thinks that any hydrocarbon can be commercially produced within six months of initial discovery without comprehensive testing, FEED, infrastructure build etc is either clinically deluded (raving) or ought to invest in a low risk fund.