RE: A well formally known as MOU-612 May 2026 09:31
Madman great post.
I think there are a few considerations here.
1. Deal news comes when it comes. The ONYHM transition to a public company likely impacted this already and now that is largely sorted it could come any day.
2. PG is well aware of the timelines and the options here. It is clear to me that when you consider PRD have done no drilling for 16 months (but could have done) AND something material changed in August/ Sept last year at MOU3 that PG has deliberately imo created a window to hire an agent, speak to interested parties, share the revised ITR and have MOU6 drilling timed as a carrot and strategically all well before the 5th Nov which allows for drilling, testing , ITR and an EC. This is by design. Cleverly he has not incurred mou6 costs by doing this but has created a 10 month window to negotiate all the while retaining optionality to drill and pay for mou6, execute a GSA, benefit from a revised Mou6 ITR and submit an EC supported by T&T revenues and other options for funding. This also means interested parties by extension are up against the same timelines in regards to the license. What is the cost of majors not dealing on this asset in a benign region at a time of wider volatility? It makes sense for them to be in sooner than later. He stated previously he did not need to drill more wells or flow gas to do deals. I think that is true.
3. What else has PG been up to here? Anyone else noticed it has been 50 days since the 'February Oil Sales and strengthening oil price' RNS. Why nothing for April despite being mid may? I'm not ruling out this asset is also in play here. It would be in PRDs interests to highlight more revenues, larger volumes and higher prices achieved. It would reduce funding questions, highlight the upcoming SC3 drill and across the board it is positive. Anyone who has been digging will be well aware that certain suitors for Morocco would likely have an interest in T&T given their activities in the area....Exxon and BP just to name two that are active in that area and have exposure in Morocco and or shallow gas!
Has PG been playing a monster game of 5D chess here with both T&T and Morocco assets in play simultaneously, multiple interested suitors active in these areas, licenses with huge running room, upcoming drilling for SC3 and MOU6, favourable pricing environment. He has even been telling you about assets he wants to buy and some of those are discovery producers his expertise is exploration!!!
PG has told us he wants to divest both by Q3/4, he has told us suitors want upside and planned activities, he has gone on about tax efficient structures and the importance of the tax holidays etc etc. The time is now for something material, in what form we will soon know.
Has anyone been made inside?
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