Member Info for Obadhia

Naturally lots of different opinions re the above but I'd have preferred PG sticking to his message 15/12 last year, namely
'The Company's view is that it does not wish to be burdened with operating in Trinidad at the expense of efficiently managing it's potentially valuable assets in Morocco and Ireland where the potential for high-impact returns for shareholders are substantially greater. Maintaining an equity position in a dedicated CO2 EOR services company with a technical advisory role is the Company's preferred business strategy going forward into 2022, particularly as Trinidad is currently suffering a new COVID wave.'

Since then numerous mentions of Lease Operators stepping in, but still nothing firm. For essentially a two man outfit why venture deeper into troublesome territory that prompted a disposal intention two years ago (we know why that didn't happen) instead of pure concentrated effort towards Morocco and Ireland successes.

That was PG's thinking, it should remain the case. He's 69 on Jan 4, not old and not young, time to chase the winners not the maybes.

Aren't we critically close to the Guercif licence renewal date or has there been an extension to this I've missed, or maybe even mention at the London meeting during conversations?

Quiet here, isn't it.

With the obvious exception of the rah-rah band is the general feeling here one of being slightly underwhelmed?

This unusual recession requires fresh thinking to protect the least well-off
by Cormac Lucey
Sunday September 04 2022, The Sunday Times

This article, an economic outlook for Ireland, included –

‘Paul Griffiths, chief executive of Mag Mell Energy Ireland, called on Eamon Ryan last week to explain his continued non-dialogue with energy companies offering solutions to ease pressure on supply. His company proposes to set up two low-footprint vessels — floating storage and regasification units — and establish a mooring point 50km off the Cork coast, linking to the Kinsale gas pipeline to store liquefied natural gas. But our minister for the environment, climate and communications — anything but energy — is too busy to meet. Griffiths also wants the renewal of existing licences that have not been deployed for exploration of gas, and for the decommissioning of the Kinsale gas pipeline to be taken off the table.’

(Courtesy of Flagstaff)

Everyone has in past life a story to tell, brushes, and that's all they are, with Names without which, of course, there's no story to relate.

Folk, especially the elderly which certainly includes myself, tend to backwards gaze and to an extent seek to impress total strangers. No real harm but, on a financial thread, no real point.

So I won't mention my meetings and conversations with the Bee Gees, Lulu, David Crosby, Slade, The Who, Rory Gallagher, 10cc, James Last, Pavarotti, Herbert von Karajan, Billy Connolly, Neil Sedaka - to name but a few..
All in the past.

My interest now is solely the success of Predator and a more secure retirement, ie the immediate future, I hope., for an awful lot of us.

PS. with apologies to Redbox.

It should be of interest to see who takes up and re-prints yesterday's Final Mag Mell press release and any resulting developments, pressures applied.

It sent an unequivocal message, there's our customised solution to helpfully assist Ireland's energy problem, take it or leave it, we're not spending any more time and money in the absence of firm government interest returned.

And so the ball remains very much in their court.

From Flagstaff:

I thought this press release issued in Ireland today might be of interest :

A major public inquiry may be required into the lack of Government engagement with viable options which could have prevented Ireland’s mounting energy crisis. That’s according to CEO of Mag Mell Energy Ireland, Paul Griffiths, who today (30.08.22) called on Minister Eamon Ryan TD to explain his continued non-dialogue with energy companies putting forward solutions to ease pressure on supply.

Key decisions Mag Mell Energy Ireland has been calling on the Minister to engage on include:
• The renewal of existing licences that have not been deployed for exploration of gas.
• Decommissioning of the Kinsale Gas Pipeline to be taken off the table.
• Approval for a gas storage project proposed for Ram Head, Co. Cork.
• Government buy-in to the offshore importation of non-fracked LNG via Kinsale.

The accompanying press release came as a PDF which, I'm sorry, I can't convert to here, timed obviously for today's appearance by Ryan before the Oireachtas Committee on Environmental issues.

Strongly critical as you'd expect, almost make or break for Mag Mell.

GRH, there are no dwarfs on this board or any other.

It's purely your perspective from your high horse.

Climb down and you'll see what I mean.

NH, out of the 7 dwarfs I'd put you as Dopey, me I'm definitely Sleepy and Redbox perfect as Grumpy.

Others can fight over the other four, Bashful, Happy?, Sneezy and ... is there a Doc in the house?

Him of total knowledge and perfection is of course for ever more Snow White.

matt, maybe miffed they weren't involved in placing or found some company detail they didn't like.
I too doubt we'll ever have an explanation.

Gone already.

What a day!

Well, there’s divided opinion for all of us, those choosing for rampy tweets over considered official news output may benefit from a visit to a neurologist.
‘Admittedly a company should keep up with these things. However, do they really need to now?’
and ‘The ned’s are short/mid term basis, why do we need to go through all that malarkey.’
FORD, failing to add to a company website NEDS of this calibre, and importance to PRD’s situation right now, three months ago and no website acclaim is highly negligent, why post such a tripe question?

And GRH, here’s your own challenge . . .
Publish a post, on PRD’s progress, without any form or mention of self-aggrandisement.
The likelihood? Slight at best, never to be repeated, disturbingly certain - such an obvious objective. Suppose it keeps those joined at the hip happy.

GL to all investors with feet on solid ground, stick with your own self-beliefs, call into question others.
Reasonably, without real and intended malice.

And possibly, just maybe, this heat’s getting to me!

Seems a fitting subject header to retain for my post . . . we know they've got their hands full at the moment (or at least hope so!) but it's pretty slack to announce the arrival of two highly capable NEDS joining the company on May 12th only to find there's no website mention of them three months later under Directors. We still have Louis showing despite the fact he left end of May.
I know there's even older out of date operations info still showing but accurate info on those running the company is a must, especially for new researchers.
If you're reading LB or PG, get a grip.

Just 21 market days between now and Sept 8th presentation.

What do folk think is the true reason behind this presentation?

Is it a) To elucidate on any forthcoming and intervening news as to the chosen way forward, ie JV, placing or GRH's highly secretive method, known only to himself ?

or b) To once more broadcast his plans, intentions and hopes in order to shore up confidence and attract new shareholders to replace the disenchanted?

Certainly hope it's a) - we've heard enough b) in its many forms to date already.

RNS 17/3 ... secure option on rig to drill within a definitive time window (£275K set aside from £1m placing to achieve option)

RNS 19/7 ... SV Rig 101 is prepared to commence drilling operation on instructions from the company

September/October drilling schedule planned, ie approx 7 - 12 weeks from now, so likely late Oct/ early Nov results.

Time won't fly but soon comes round ... meantime good possibility of Irish progress, fingers crossed.

In view of all the widespread talk of Vugs and Darcies, multi TCFs, NuTech etc etc does it not strike folks odd that we hear of no direct approaches, no advised interest in our Moroccan assets shown by acquisitive O&G companies?

PRD, as we all know, don't operate in a war-torn zone or a failed state. Morocco is widely regarded as a desirable, fast improving, generous pro-European regime welcoming business.

I can't believe that O&G company M&A directors are unaware of PRD's licence, their CPR and potential present. It's their job to keep tabs on developments. Far cheaper for them to take over a minnow's proven assets than carry out their own exploration/development. So where are they?

To think PRD had to basically advertise via a marketing exercise to see if they could generate partner interest at a time when gas supplies are globally at critical levels slightly concerns me.

KeithOz,

'Something around a financing arrangement whereby PRD retains all its field equity, and progressively rolls out a drilling campaign self-financed from CNG production'.

Agree, there's certainly a likelihood but I do hope not and if we go back 6 months to PG's comment it would be second choice. He did say ....

'The realisation of Contingent Gas Resources gives the Company an additional option for shareholder monetisation. In order to create greater financial substance a reversal into an entity wanting exposure to the Guercif opportunity should not be discounted as a future option.
Management and the largest individual shareholder would be very supportive of such a move if the value proposition was sufficiently attractive for shareholders and guaranteed accelerated exploitation of the full potential of the Guercif licence area.'

Retaining 50% ownership is massive enough, progress and value realisation much faster and I certainly favour the thought of a huge buy out deal within a year lending full concentration to pending Ireland activities.

But we'll see, very shortly we hope.

As per

https://www.ft.com/content/f2dd3263-7f79-40aa-aedd-af93ea50c3a4

Increasingly convinced we’ll see rewarding moves in Ireland and positive share price action before any Moroccan joy contributes. But as long as we escape this tiresome under-valuation will be delighted to be proved wrong and any contribution from long shots such as TT and Romanian GH acquisition most welcome.

Hi TT-T, wouldn't you have expected confidentiality agreements to whittle down to exclusivity over time rather than the other way around?