Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
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)
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.
With MOU1/4/5 testing results due next spring, just about the Bed & ISA moment, can't help contemplating can I get the timing right next year for transfers without stock loss. The answer of course is highly unlikely, mind you it would help enormously to those in HL if they provided the service in 2022.
Apologies if this thought interrupts those intent upon replying to the knobs intent upon causing doubts and fears on your investments in PRD, it's just that your replies gift them more coverage, further clogs the thread and discourages fresh interest. Rely on sensible folk newly interested in PRD's potential to disregard life's insignificants and to determine prospects by making their own judgements backed up by the brilliant research done by the few on this board.
FCS just filter them, they're totally time-wasters, go with your gut feel about PRD's future and your judgement.
Nothing else matters, learn to ignore.
Winston (WLSC) also quoted as describing success as the ability to move from failure to failure without any loss of enthusiasm.
In PRD's case there has been no failure, 'just' covid which defeats, temporarily, all plans of great leaders.
Well explained in top post by Zebra yesterday 18.38.
Hi MEM, Massy must be absolutely key to any bid for an entry into oil production in tandem with PRD, it quite possibly is within their company expansion plans, it would make perfect sense for this partnership to prosper.
The only downside, from an impatient and elderly investor's point of view, is that it would likely delay the planned early monetisation of the T&T asset. But I could live with that for a few extra months delay!
Hi GRH, thanks.
As I recall the IT field was producing around 120bopd prior to EOR work.
Quoting from the AR 'gross contingent CO2 EOR oil resources are in the range 5.5 (Lo) to 8.9mmbo (Hi) with oil in place
89mmbo, cumulative production 23mmbo. Huge forward potential.
It's well documented that PRD's expectations are that EOR will produce between 243-521bopd by Nov although allowances must of course be made for Covid. This from a fraction of the total 86 wells that could benefit from CO2/EOR.
Does PG really want/afford to be involved with an IPSC oil field agreement? .... wouldn't like to guess?!!
Excellent post MEM.
nicidemus, FRAM is 100% owned by CEG so even though the IPSC is in FRAM's name it is still down to CEG to pay costs owing to PRD. Page 14 of the AR notes the fact that PRD reached its agreed investment of $1.5m in CO2/EOR, re-payment comes via 100% of operating profits until debt paid in full, thereafter after-tax operating profits split 50:50.
But will there be a thereafter, and I say this because the IPSC is due for renewal in 4 months time. I very much doubt CEG are that popular with Heritage, additionally there's the huge question as to the state of CEG's finances. It's not clear to me as to what has been paid to date which maybe points to a possible deal forthcoming for the Innis Trinity field.
One thing is clear, no new IPSC is granted without EOR work guaranteed.
Morning Sefton, you may enjoy this piece, it's for all determined to hold PRD til 'the end of the line'!
https://www.youtube.com/watch?v=UMVjToYOjbM
Good find BLT, it goes hand in hand with PRD RNS 24/5....
Morocco
"PGVMB is submitting a response to AMI No.1/DC/2021 dated 26 April 2021 issued by the Department of Energy and Mines Fuel Department in Morocco: "Call for expressions of interest in the Construction and operation of a FSRU" for Morocco to import LNG. Deadline for submissions is 31 May 2021.
The initial scope of the FSRU project is for an annual requirement of 1.1 BCM by 2025 rising to 1.7 BCM in 2030 and 3 BCM in 2040. By comparison Predator LNG Ireland Ltd has a scoping annual requirement of 2.6 BCM for its FSRU design concept for the Republic of Ireland ("ROI").
PGVMB is utilising its experience and know-how that it has acquired through the development of its FSRU concept for security and diversity of energy supply for the ROI together with management's involvement with infrastructure stakeholders and regulatory authorities developed over many years in the gas sector in the ROI.
The FSRU project is envisaged to be a much longer term project that does not compete with the Company's short- and medium-term plans to explore for, appraise and develop gas in its Guercif licence onshore northern Morocco. It is potentially a complementary addition to the Company's business development strategy for Morocco to increase both materiality and the potential for future gas exports to Europe once the domestic Moroccan gas market reaches capacity. Guercif is ideally located adjacent to the Maghreb gas pipeline to support multiple development scenarios both for the domestic and international gas markets.
Discussions and negotiations continue regarding the potential for three additional Collaboration Agreements with European companies specifically in relation to the FSRU concept both in the ROI and Morocco that potentially may lead to further announcements in the coming weeks should these discussions and negotiations successfully conclude on terms acceptable to the Company."