Member Info for Obadhia

Just a thought, PRD may have, or be advanced in the process of, offloading their T&T CO2 operation.
A few weeks back PG advised that Lonny was charged with regaining all monies spent to date and he's also on record as stating this whole venture is work intensive for slow return.
There's supposedly a deal with Lease Operators that should be finalised by year end, maybe this involves a closer relationship between LO and Massy. We should soon know.
With Morocco and ROI hotting up, certainly more than enough for the size of this company, I'd welcome hearing that T&T has become a royalty game from hereon.

It's a pre-requisite condition to the granting of an IPSC that EOR is actively carried out by the field operator. In the case of IT waterflood is out of the question which only leaves CO2 injection and there's only one licenced operator in Trinidad as we all know.
Are PRD willing to resume their service without debts to date firmly settled, or a believable payment plan in place?
CEG cannot yet firmly state they have successfully renewed this IPSC, PRD would appear to hold the key to this taking place.
We await PG's advice regarding this situation.

mem, yes, a positive update has to be very close. We've seen and heard the plans and presentations, the optimism and confidence. We now await a definitive outcome, on any front. An outcome that guarantees income, the positive step to progress an AIM introduction in the best possible light. There are so many balls in the air that it would seem impossible not to add value to their current valuation, developments in ROI are just another layer in an incredible investment case on offer.

2022, for those that possess 'stickability', should prove a defining year for their wealth.

Lease Operators for me, in tandem with Massy of course where EOR suitable.

nicidemus, when CERP and BPC merged Potter became top dog and Koot later was made a BPC director until he resigned and transferred all his 20m shares to his wife.
I'm open to correction but as I understand it once the merger was up and running all CERP's assets were transferred to within BPC and CERP ceased to be operational. As such I can't imagine there is a BOD still in place and would assume that Potter by 'resigning' is merely acting late in updating Companies House.
LayLadyLay on the CEG board has a reasonably accurate recollection on all matters LGO/CERP/BPC and will definitely add comment if the above is wide of the mark.

Hi PT, I too was looking forward to hearing more about this particular concern so welcome this update. Shame we chose lame outfits to team up with in proving the pilot scheme, CERP/BPC/CEG - weak, weaker, chronic.
We've paid the cost, now with WTI in the $ eighties missing out on valuable income that would have resulted now with a co-operative partner and, to be fair, a Covid absent world.

Importantly PRD now require their services to be solely funded by those companies choosing to participate in CO2 EOR, thereafter on an agreed negotiated profit share on EOR flow results. As it should be, lessons learned, no upfront costs.

Half a million is a lot of money owed to PRD whilst but a fraction of CEG's debts which of course include FRAM's debt.
My guess, and it's only that, is that PRD are a shoe-in for the I.T. IPSC and FRAM-owned field equipment will transfer/ be offset against their indebtedness to Predator. Ultimately this could prove the best outcome for both parties and avoid legal redress. All to be revealed within the next couple of months.

Half a million is an appreciable amount of money owing

Last nights 'The Bottom Line', Evan Davies exploring Carbon Capture.

Available on BBC Sounds

So what is TW AcTually saying today about PRD?

Is it more of the 'can of worms', ' more skeletons than a graveyard' rubbish he's come out with before or is there anything remotely representing a checkable fact?

Can anyone advise just exactly what he's said to panic some?

Hi LochNez, yes, Bath really taken to the cleaners!
Just as well I follow Exeter Chiefs.

Apologies for O/T

Whilst I’m waiting patiently for the Bath/Sarries match to begin my view FWIW on our prospects in Trinidad. As CO2 EOR is in relative infancy and PRD’s operations now worth a miniscule fraction of what that could be in, say, 5 years from now I think it unlikely we’ll see any sort of special dividend paid for some time. It’s just too valuable to monetise too soon.

If you stretch imagination and liken PRD’s CO2 EOR operations to a valuable vehicle (maybe one of GRH’s fleet!) I see Lease Operators in the drivers seat, Massy as co-driver and in the back seat sits our Country Manager, Myodeen Ali, keeping an eye open on the road ahead.

We own the car but have handed the keys to LO who have paid a licence fee to PRD in return for access to and wider usage of our technology. What they pay upfront could quite likely represent recoupment of all expenditure made to date which Loony was charged with achieving. Furthermore, if we’re successful in our bid for the T.I. IPSC I expect LO to carry out all field work. They’re very big, very capable, have good relationships with Heritage and I expect Massy and are prepared to work on a risk/reward basis.

PG marked Trinidad down as the first business for monetisation but we should all accept that events have unavoidably changed plans. Trinidad is never going to rival the Moroccan super-duper jackpot provider but it could be seen as a future valuable income stream, a possible stub investment the workings of which I have little knowledge (cue GRH/Sefton).

All of the above thinking could well prove wide of the mark but at least we won’t have to wait long before PG spells out developments. Looking forward enormously to 2022, could/should prove a monster year for PRD and its shareholders.

Right now we could have been enjoying our 50% share of EOR oil, around a shared 350bopd, currently at WTI @ S81+ had CEG management not for unexplained reasons hampered progress. To be taken into account no doubt.

PRD do state in their financial statements for year ending 2020 that the group is not involved in any litigation.

Page of Cups, agree, looks like I read this incorrectly. It's a weird way of making statements BUT apologies to all for misleading and this post I'll duplicate on the CEG thread. (copied from PRD thread)

Page of Cups, agree, looks like I read this incorrectly. It's a weird way of making statements BUT apologies to all for misleading and this post I'll duplicate on the CEG thread.

GRH, page 17 of the annual accounts stood out for me, namely the adequacy of accounting records, info and explanations received by Pricewaterhouse Coopers. They reported;

* we have not received all the information and explanations we require for our audit
* proper books of account have not been kept, or proper returns adequate for our audit have not been received from branches visited by us
*the company financial statements are not in agreement with the books of account and returns
*certain disclosures of directors' loans and remuneration specified by law have not been complied with
We have no exceptions to report arising from this responsibility.

I'd be amazed if Heritage, prior to granting any licence or extension of, doesn't run the rule very carefully over applicant's financial standing and the way they go about business. Interesting times ahead in Trinidad, lots to play for.

Following on from that new tax credit news really hope we're successful in acquiring the Innis Trinity IPSC next year, this government's initiative imv greatly increases the attraction. Whereas PRD would see benefit currently from offsetting FRAM's cumulative tax losses against 50% PPT this is more than made up by this new tax concession.

Huge scope remaining at I-T, 86 wells (albeit not all suitable for CO2 EOR), OIIP 66mmbo remaining.

With Massy as our JVP on home soil, the restraints to progress removed and WTI futures looking rosy for some time I-T success could prove the showcase in promoting Trinidad's capability of producing 'greener' oil - good for the government, good for PRD's income.

BRV, if you knit together the PRD's New Business RNS of 12/3/21 and the 'News' section from the HGP site which reads,
Coming Soon:
Announcement of an exciting new decarbonisation project
congrats, you've come up with a great find.

A very satisfactory update, the Trinidad situation with CEG hardly comes as a shock rather creates an intriguing choice of future possibilities. Morocco tremendously exciting, even more so now and the Ireland plans building nicely.

Current investors are right now holding a baby tiger by the tail.

ConocoPhillips Sells Secondary US Acreage. Following its $9.5 billion mega-deal to buy Shell’s Permian assets, US major ConocoPhillips (NYSE:COP) decided to sell some of its conventional acreage in west Texas and New Mexico worth roughly $0.5 billion, in a bid to partially offset the effect on its balance sheet.

Would it really come as much of a surprise if Massy hereon become the dominant partner and play a greater role in this business both in financial and operational terms?

An in-country outfit of their size, reputation and clout could turbo-boost progress, would imagine other oil companies far more enthusiastic and confident to team up directly with their country’s only CO2 supplier.

MOU-4 plus demand the total focus of our very small team, I’d be happy to hear of such a new arrangement next week. All to be revealed very soon, hopefully.