Trolls have feelings too6 Feb 2026 07:51
Great response Keith - Very Much Apppreciated!
On several occasions I have posted in response to certain individuals accusing me of making stuff up. My responses have then been rapidly removed by lse admin. I can only assume that the same certain people have attached offensive posts to the thread, resulting in the entire thread being removed - this classic troll technique has also been used against other posters here. The claim is then repeated and the cycle continues.
A. In response that 'I refuse to admit that MOU-5 was a duster':
Why would you put an expensive wellhead on a borehole that has not initially intersected hydrocarbons? Take a look at the top centre seismic chart on p.33 of the October presentation, and it should be obvious.
1). To further investigate the discovery of a Helium concentration of 3120 times the normal background level.
2). To appraise the intersected salt as a potential future gas storage medium, for which a separate ITR has been prepared.
3). To deepen by 1000m to delineate the boundary of the underlying 100kmº anticline of Triassic TAGI sands, which are sealed by a cap of impervious salt.
B. With reference to delaying announcement of a commercial discovery in order to maximise tax exemption benefits.
1). It is correct that the standard ONHYM hydrocarbon contract states that the 10-year exemption from corporation tax begins upon commercialisation. However, the situation is more nuanced than this simple statement may seem to imply. I appreciate that nuance may be difficult for some to understand.
2). Upon the declaration of a commercial discovery, an Exploitation Concession must then be applied for within a defined period. This application must include timed and costed proposals to proceed to production.
3). Moroccan Hydrocarbon Code (Law No 21-90 and Decree No 2-93-786) then come into play. The concession can be revoked ("déchéance") for non-compliance, explicitly including "failure to timely complete development works and start operations."
4). It should be obvious that a company or its co-developers would not wish to prematurely announce a commercial discovery until it was in a position to be able to commence large scale production right from day 1, otherwise it would be losing serious amounts of tax benefits on the larger scale production likely in the later years of the exemption period.
5). PRD could have announced a commercial discovery a long time ago. They have not done so, and will not do so, until they have all the ducks in a row. These include * Completed quantification of available gas volumes. * Signed a definitive cooperation and gas sales agreement with an appropriate third party. * Ensured that a fully costed Field Development Plan is agreed. *The financial wherewithal and technical expertise are available to complete such an FDP.
6). The overarching reason for delaying announcement of a commercial discovery is for maximising tax benefits.
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