Pv72, CCC., Andydaw
None of you are worth the time engaging so I'll make this short.
I raised a genuine concern regarding an area of business that I believe affects rate of progress, a viewpoint on which you could sensibly interreact.
Instead of any attempt to discuss you automatically label me as a troll, first time I've heard that accusation in 12 years posting here. As a PRD investor into my 4th year here holding well into a 7 figure holding I find your attitudes insulting, childish in the extreme and alien to a well-conducted board. The sooner you come to your senses by recognising alternative views could be good for discussion the better.
That's it from me, try having a calm day.
We have two persons only working full time on three active operations, on three different continents.
Ludicrous. A poorly structured company that demands an impossible workload from these two and in turn incurs delays in timetables and errors in procedure.
PRD have a chairman that additionally takes on the role of CEO/FD, a sole supremo who, by his own admission couldn’t make a scheduled trip to Morocco due to work processing regulatory paperwork, annual report, financial statements. He is now there, late.
Is this situation acceptable after 5+ years, growth to a £50m+ company with a world class asset in the making? Would it not be sensible, and certainly affordable at this stage, to employ at the very least a middle manager to progress chase and oversee company administrative requirements? PG/LB with their Moroccan connections especially must know of several ideal candidates.
The company continuing in this present highly limited and unattractive structure imo is a disservice to the common shareholder and for some a big negative in attracting new investment.
To quote the obvious, as time elapses current funding collapses.
Huge and tiny in the same boat....
https://www.thisismoney.co.uk/money/markets/article-13285171/City-shock-Shell-threatens-quit-London-stock-market-U-S.html
20/2 ...Mobilisation of the Sandjet crew and equipment will occur shortly after Petroleum Agreement Amendment #4 has been ratified and all necessary regulatory approvals for Sandjet rigless testing have been received. The time framework for the Phase 2 rigless testing programme will at that time be updated.
14/3...“So this year we’ve applied for another extension to June 5th. That’s gone in and been all approved by ONHYM, it’s actually with the Ministry now and we expect a joint ministerial approval within the next 3 or 4 weeks.
4 weeks next week.
Sincerely hope there is a RNS issued before the Proactive event, with real news, whatever the content, otherwise there's a fair chance of suffering the same old presentation diet of ambitious plans for the near future bearing overly optimistic/unrealistic timelines, hearing fully-funded for discretionary dog legs before the inevitable placing.
There's been enough enthusing over the last few years, time to deliver hard results for your loyal shareholders Mr G.
Well, it’s all pretty clear that PRD’s future in Morocco and shareholders’ wealth hangs on a favourable decision by OHYM re. granting regulatory approval of the Guercif Petroleum Agreement Amendment #4, which is proposing to extend the Initial Period of the Guercif Petroleum Agreement to 5 June 2024. Without it Phase 2 testing ops cannot progress, teams and equipment involved, firm dates etc hang in the balance.
In all probability, imo, the matter will be sorted favourably and we hope quickly. As far as we know PG and LB have to date conducted themselves honourably in the pursuit of business within the Kingdom, built a solid business relationship and are trusted partners. You don’t ditch such agreements without risking your country’s reputation in worldly commercial matters.
And so we await news, patiently, nervously, confidently, whatever, all part of the rollercoaster journey.
BACKTRACKING
Columbus Acquires Steeldrum Oil Company 13/7/18
The Development Plan is based on the Snowcap Field discovery which was first drilled and tested with the Snowcap-1 exploration well in 2010. Upon Field Development approval, the existing Snowcap-1 will be re-instated as the first development well and further development drilling will follow. During an extended well test in 2015, Snowcap-1 averaged 120 bopd.
Columbus Energy’s Leo Koot on his ‘transformational’ plans in Trinidad 22/1/19
Meanwhile, Cory Moruga offers recoverable reserves of around 1.1MMbbls oil. It contains a discovery called Snowcap, where a well called Snowcap-1 has produced 11,400bbls of oil through testing. Columbus has been bringing Snowcap-1 online using existing cash resources since completing the Steeldrum purchase in October. In January, it announced initial oil production of 70bopd following the safe and successful appraisal of Snowcap-1 and another well called Snowcap-2.
(Thereon CERP focussed attention on their Goudron field and the SWP drill. BPC spent little effort on Snowcap, if any, and CEG less, if possible)
BACKGROUND
(moving forward, as per PRD release 20/12/22)
The Cory Moruga field in Trinidad was first identified by Predator as a prime candidate for CO2 EOR in 2017. An option to acquire Cory Moruga was outlined in the Company's Prospectus published in 2018 at the time of admission to the Main Market but was later dropped when the Company elected to focus on the Guercif Licence in Morocco.
The Inniss-Trinity pilot CO2 EOR Project allowed the Company to develop valuable CO2 EOR operational expertise and for it to establish exclusivity in respect of using the surplus liquid CO2 supply in Trinidad for CO2 EOR operations with Massy Gas Products Limited ("Massy").
The Cory Moruga field is under-developed as a result of which higher reservoir pressures have been maintained. This makes it relatively unique in Trinidad as it creates the possibility to execute a miscible CO2 EOR project to generate the potential to significantly increase the oil recovery factor.
Cory Moruga is covered by 3D seismic which shows less fault compartmentalisation relative to many other mature fields onshore Trinidad. It has never been water-flooded. This assists the development of a CO2 injection strategy to potentially maximise the effectiveness of the CO2 sweep through the reservoirs.
A small part of the Moruga West field extends into Cory Moruga. The ex-BP field continues to produce from the same Herrera reservoirs as have been encountered in Cory Moruga drilling to date. In 2017 the Company unsuccessfully bid for the Moruga West field, which was then owned by Massy. The geological understanding of the development and extent of the Herrera reservoirs in Moruga West has been invaluable in the Company's assessment of the growth potential of the Cory Moruga asset.
An airplane was about to crash, there were 5 passengers on board but only 4 parachutes.
The first passenger said, "I am President Biden, the chosen one. The world needs me, I can't afford to die" So he took the first parachute and left the plane.
The second passenger, Eamon Ryan, said "I am the Minister for Environment, Climate & Communications of Ireland and I am the smartest man in Ireland's history so Irish people don't want me to die." He took the second parachute and jumped out of the plane.
The third passenger, John Kerry, said "I'm a Senator and a decorated war hero from the Army of the United States of America." So he grabbed the parachute next to him and jumped.
The fourth passenger, ex-President George W Bush said to the fifth passenger, a 10-year-old schoolgirl, "I have lived a full life and served my country the best I could. I will sacrifice my life and let you have the last parachute."
The little girl said, "That's okay Mr President. There's a parachute left for you, Ireland's smartest man took my schoolbag."
Merry Christmas to all PRD investors and a stonking 2024
We're very good on this board, generous even when it comes to providing reasons, excuses, for PG doing this or not doing that. Are we shareholders being purposefully kept in the dark for tactical reasons or is it the case of the usual dire lack of IR?
Split opinion as always, I'd favour the latter as it's the PRD norm.
But when we are brought back into the loop can we believe, trust, what we hear or read having been advised that testing of MOU 1/3/4 still on for July (RNS 27/6 following May PowerPoint presentation), still on track for Sept (RNS 30/8) and now of course asap Jan '24?
Overall we are a trusting lot, many in over sensible personal levels, so we've little choice having come this far so stick. Can't imagine PG/LB haven't picked up on the drop in sentiment for PRD, easy to improve matters in 2024 - here's hoping.
Last year, on the last weekday post Christmas, we received news that the rig had arrived at our subsequently ill-fated MOU-2.
News so near to the Christmas break may well get less market appreciation than one a couple of days before the New Year.
Sentiment-wise questionable but news releases arriving as per PG guidance are so rare that we should all be humbly grateful for such small mercies.
So, if no RNS next week, n'ayez pas peur, mes amis
certainly makes you wonder then as to why the plan is to sell up before the licence is more fully explored effectively swopping the goose that lays golden eggs for, in comparison, a lame duck.
'the cory moruga project is equally as exciting as morocco' - what absolute bull****e.
Good post Jimmy, a reality check.
To the late arrivals to this company take note that PG has a 100% success rate schedule-wise in over-promising and
under-delivering so much so that whilst holding belief in the amount of gas within the Guercif licence I've little faith in the timelines he publishes. Be aware.
Haemoglobin & Hartlepool, total balloons yet again fouling up the board with sad attempts at witty rhetoric.
Sling your hook both of you, your rubbishy posts do a disservice to genuine investors and potential new interest alike.
I'd like to know exactly what operations are being carried out on the ground whilst we all await the outcome of a presented MOU.
Prepping both 1 & 3 would have been completed days ago so what physical work is being progressed right now?