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Drilling was suspended 22nd. At that money they would have been eyeing up MOU1 without delay. So we are five days in already for MOU1. PG might have a good read on MOU1 already… interview and presentation might have surprise positives
We have multiple gas prospects in this area of the Guercif licence for further "running room" without any requirement to expand our licence portfolio.
The option to prudently finance further step-out drilling on the back of revenue generation from CNG sales is an attractive business development strategy. However MOU-2 and MOU-1 rigless testing could potentially confirm continuity of the Moulouya Fan over an area of 30km² to support a case for the higher end of the net contingent gas resources to the Company of 708 BCF, as defined in the independent SLR Consulting Ireland Ltd. ("SLR") Competent Persons Report ("CPR"), (February 2020 and January 2022 "MOU-4" updated). If this were the case the Company would not hesitate to initiate a corporate transaction to monetise shareholder value. In the current climate gas assets attract a significant premium as they can contribute to security of energy supply and the Energy Transition to help stabilise the near-term cost of energy."
8 Nov - as Graham tweet
Has anyone reached out for clarification from Paul / Lonny / flagstaff ??
I’m stuck on a busy train but sent a tweet to Lonny. They should be able to explain why one RNS said spud date to be advised, the next undid that (explanation is appropriate)
Management credibility is a fragile thing Paul and Lonny. Very disappointed that every possible time frame is stretched to the limits and then broken, it’s unacceptable to put shareholders through this. They have the experience and should be managing this whole process better, regardless of the problems (excuses).