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In the absence of any further development taking place in Ireland, best to hang on in Morocco creating as much value as possible using CNG revenues for drilling and proving up as much as possible!
Aimster, what is your targetted low buying in price which would be derived from this deramping effort of yours? Now be honest!
Hoping the DEFRA or who ever it is give approval soon.
Hi Keith,
Regarding the 1000 m or ft. The moment he mentioned it the first thing I thought was 100m? That's half of the 2km column of oil discovered at GKP. I thought I heard metres but then I guess after a few glasses of white wine who knows what I might have heard? I believe someone also heard the same who has also said exactly what I said but there is a chance we both on the white wine that was flowing freely there with a willing and great quality staff team ready to tip more of the stuff into your glass :) .
I also asked about the areas to be given up ie the 25% of the acreage and I was made aware that Paul might have decided on those but they won't be given up until 2023. However ,Lonny wasn't really bothered as he said ''We have more than enough areas to achieve what we want''. I then proceeded to ask him what would happen should they want those areas instead of giving them up and he said that would involve new negotiations and eventually a new contract and all that.
With patience and hard work this field should deliver.
Great presentation no doubt. Lonny I spoke to for sometime and was convinced that we have a great oil guy in our company. I spoke to him at length and also discovered that the Guercif block used to be the Old Merada block in the days of Fastnet, damn, were it not for a lack of finance in those days think of what might have been. So far we are looking at $1.3bn from a small part of the block, not bad Eh.
Sorry Lonny if I came across as asking you a lot of silly questions but I had to having been stung by the GKP experience, but on this I feel I am dealing with decent human beings who would deliver majorly. I am convinced that going forward they would deliver big cashflows on the CNG which would then be used to continue the exploration.
With what they have found so far on MOU-1 Lonny is convinced that it is commercial and this would be further demonstrated when the testing takes place of it and MOU-2. They potentially have I believe u to 230 clients looking for gas, their business model is quite socially friendly and would help the Moroccan economy no end in that they have a sustainable model which is not into pricing their products to kill their clients.
As the field is quite large they have areas that farminees would deal with while they continue with their work . Going further there was an allusion to a 10% probability of coming into a 1000m oil column which he mentioned needed to be planned for so as not to meet surprises down the line.
I tried via various crude ways to get him to come up with figures regarding what sort of figure overall he expects the field to contain , on that he wasn't talking at all. He radically changed the way drilling was done in Morocco via import of technology from his Canadian contacts . A great person to relate to , a great explainer and listener .
The payback period on loans for developing the CNG would be short going by the returns it would generate , were they to decide to go into the business of paying dividends they definitely would have the cash to do so.
Goodnight folks , it has been a great evening. Thanks to LB and PG.
4.8tcf on a conservative basis would still give more than the £27+ per share that GRH's Michael Caine came up with even including full dilution of around 380m shares in issue. That basically is just from one small area, Looks like this field is littered with all sorts of prospects as well .
The loss of 25% of the asset on a farm out probably made management wake up and do some new calculations. Now if the new well is successful, then they would start producing within 6 months plus funds generated could then be used for further wells on the block, smart move no doubt and we could stil lretain our 75%.
His psychiatrists would become billionaires before you make a penny from PRD! :)
Folks, sorry for my ignorance on this question. Is there a possibility of CNG gas being exported to other countries or is it a case of exports are only possible via LNG?
Permanent closure of Nordstream? Very likely possibility as the continuation and opening of it would only send Russia's stength and wealth in only one direction ie up. Now does the west want that given the problems we are facing when so far that hasn't been the case?
Mouth watering prospects if we hit at least 19tcf as MEM is pushing daily. Now GRH said 1.823tcf is likely to be worth around £23 per share! Assuming we really hit 19 tcf which is around 10 times what he is basing his prediction on , would it be possible for someone to take us over at £230 p/s? This is basically giving me sleepless nights , at the start of that prediction, I had difficulty sleeping. I resorted to counting sheep so as to be able to sleep. Now constant sheep counting has meant that I have run out of sheep to count in order to fall asleep meaning I am now an Insomniac !
Anyone encountering same problem? Please keep this in house . Thanks guys and girls. Problem is that I haven't even factored Ireland and probably Romania into my thinking. What would happen if those and then Trini were to come on board?
Now let's not detract from the problem, anyone know a new sleeping cure for what is likely to be come a widespread problem on here pretty soon?
My suspicion is they have probably not reached a deal with those JV folks and have now decided to do offtake deals with local consumers of gas who would pay upfront for gas.
Probably pulled off the farm outs!
With ideas like that Jonmo91, very soon the usual drift down would start. Wait for an RNS please.
Wait a minute, it appears like one of our prospects in Guercif is 100sqkm !
Wow! Is that all? If size were the important thing in these endeavours, our 7k + sqkm would be a major monster if the same level of find were extrapolated!
What is the total area of the field please if I may ask?
Looikng fwd to that Nic.
The idea for financing I guess would have been to use Trinidad income for developing Morocco etc but that fell short thanks to CEG! If there is a resolution there in time , things might be better