Member Info for Rustyrat1970

Completely agree Keith. Two wells, two known accumulations, high commodity prices. The market is giving us all of that for 3.45p !!!!!

SC-3 targeting a reservoir that previously flowed 1,450 bopd on initial test in the adjacent Snowcap-1 well. MOU-6 only 600 metres from MOU-3 with the reservoir geology already established.

The geology is not the risk here.

Not long now.

Been watching the AXL tape closely today and something significant is happening.

Pre-market this morning a 419,500 share block changed hands at 24.85p. £104,000 before a single retail trade had been placed.

Then at the open an unconditional trade of 402,950 shares at 24.50p. £98,700.

Then at 11:00 a 300,000 share unconditional trade at 25.80p. £77,400. Above the ask price. Someone paid above the market to secure that stock.

Three institutional blocks today alone. Over £280,000. And this has been happening every single day for the past two weeks.

The reason isn't hard to find. IC-2 has reached total depth. The well was spud on 18 May as a significant step out to the north of IC-1. The company confirmed at the Investor Meet Company presentation last Thursday that IC-2 is expected on production shortly. The RNS confirming results is imminent.

IC-1 is already on production at 628 BOPD restricted from the C7 alone with two further formations still to test. The CEO called it a material discovery and said Icaco could become a major production platform.

Q1 results confirmed EBITDA of $14.1 million in a single quarter at $80 Brent. Current Brent is over $100. Cash balance was $24 million on 1 May and growing at approximately $10 million per month.

Market cap is £65 million.

Someone paying above the ask to secure 300,000 shares at 11am on a Monday has either done the maths or knows something. Probably both.

IC-2 results are coming. Watch the RNS feed.

DYOR as always.

Https://www.linkedin.com/posts/nj-ayuk-jd-mba-6658662_drillbabydrill-acf2026-africaceoforum-ugcPost-7461685900557791232-9xAJ?utm_source=share&utm_medium=member_ios&rcm=ACoAAAUu0usB6fFtxImVrPO0JqxW0POCrmo55iw

NJ Ayuk at Africa CEO Forum this morning on LinkedIn. Executive Chairman of the African Energy Chamber, the same man who opened IAE Forum Paris last month where Benkhadra presented Morocco.

“This is going to be an African Decade of Energy Additions. Let’s seize the Drill Baby Drill opportunity. Make us compete for the dollars to build AI Data Centers.”

Morocco Gas, Infrastructure adjacent to Europe. PRD sitting right in the middle of it.

DYOR as always.

Something worth considering this morning, before the knee jerk reaction to the placing sets in.

The RNS states these activities are "prudent activities to support the ongoing partner negotiations, whilst third party technical and legal due diligence is being completed."

Due diligence is being completed right now, by a third party on PRD's assets.

So the placing de-risks the asset package SC-3 starting, MOU-6 inventory ordered, Corrib South back in play, CNG planning underway whilst a partner completes their homework. Shareholders carry the de-risking cost, partner enters on better terms once the work is done.

Could be farmout, could be something bigger, the RNS doesn't say. However, due diligence being completed right now is not nothing.

April revenues 26% ahead of forecast. SC-3 site works commenced, Ireland back in play.

The placing stings, the direction of travel hasn't changed, this is getting exciting.

DYOR as always.

Rambo has done excellent work on the ONHYM transformation. Bill 56.24 converting ONHYM from a state office into a public limited company was approved by the Chamber of Advisors on 5th May. It now goes to the King for royal assent. As a public company ONHYM can enter commercial agreements and take equity stakes in ways a state bureaucracy cannot, the timing is not coincidental.

In addition as Gardie states tomorrow ONHYM's Petroleum Exploration Director is presenting at the Africa Energies Summit in London. Her presentation is specifically about investment opportunities and hydrocarbon exploration in Morocco, ONHYM at booth E29. Less than three weeks after Benkhadra was in Paris at IAE Forum.

ONHYM becoming a commercial entity and immediately appearing at two consecutive major international energy conferences pitching Morocco hydrocarbon investment, draw your own conclusions.

Rambo's 90 day MOU-6 equipment window is ticking., someone has already ordered it.

DYOR as always

Good point Bladey — existing II's positioning ahead of what could be a much larger ASX capital raise at a premium makes complete sense. They know the story better than anyone and they're topping up before new Australian money comes in.

TenBagTag — fair point on the 25% discount to the 40p raise, but context matters. The 40p raise was before the full Thomas assay results, before 17,000 samples at Intertek, before the high grade core above 7% was confirmed. The institutions averaging down at 30p now have more geological data to support their conviction than they did at 40p, that's not weakness............ that's calculated positioning.

30p with full knowledge of the Thomas results is arguably more conviction than 40p without them.

£8 million at 30p, from existing institutional shareholders ;-). Not new money from outsiders who've just discovered the story, the people who already know Pitfield inside out have chosen to put more money in and the institutions who placed at 40p, have just averaged down.

The proceeds fund what matters, pilot scale testwork, MRE updates, engineering studies, product development with TiO₂ pigment and titanium metal end users. In addition the ASX listing confirmed H2 2026.

Good post from AGEOS's on the mechanics. If the listing is timed with the MRE update in July and the ASIC Prospectus needs to be lodged before end of May, that RNS could land this week.

Australian investors understand large scale titanium in WA. They understand critical minerals, they understand what globally unprecedented grade actually means. The AIM market has been pricing this like a junior explorer, that conversation changes on ASX :-).

£14.5 million cash, fully funded, existing institutions adding not running and only 3.5% dilution.

I'll take that all day long.

DYOR as always

Manlord that Canaccord note is worth everyone reading properly, gulp.

62p target price initiated before today's RNS. That's before the high grade core at Thomas was confirmed above 7%. That's before 17,000 samples were delivered to Intertek and before the Q3 MRE update that will incorporate all of this data.

The 62p was based on a 0.5x NAV multiple applied to the unrisked resource. As you say what happens when the NAV multiple moves to 0.65 or 0.75 as the project de-risks further? What happens when the unrisked NAV itself increases because the grade profile across the resource is materially higher than the original 5.1% average?

As Kongolasse correctly points out the difference between 5% and 7% grade isn't incremental, it's multipliers of profit margin. The economics of mining don't scale linearly with grade, they scale exponentially because the revenue per tonne increases while the processing cost per tonne stays broadly the same.

The ASX dual listing adds another layer. Australian resource investors understand large scale titanium deposits in WA, they will apply different valuation frameworks to Pitfield than the AIM retail market currently does.

62p was the starting point before today. The Q3 MRE update and pilot plant results are what moves the conversation to the next level, so not long to go indeed.

DYOR as always.

Fantastic !!

Drilling campaign complete. 712 holes, 34,844 metres drilled. 67,846 metres total across the entire project. The largest campaign Empire has ever undertaken !!

But here's the thing, we only have assay results back from the first 88 holes at Thomas so far. 17,000 samples are sitting at Intertek Perth awaiting full geochemical analysis and those first 88 holes have already returned this.

54m at 7.08% from surface. 48m at 7.90% from surface. 47m at 7.77% from surface. Peak grade of 17.83% TiO2. All near surface. 36 of 88 holes returning average grades above 6%.

The original MRE average was 5.1%. The high grade core at Thomas is consistently coming in above that with individual intervals hitting 10-12% and a peak nearly three and a half times the resource average and we haven't seen the rest yet.

Cosgrove extends over 10km x 5km. The Q3 MRE update is going to be a very different document to the one the market is currently pricing.

Shaun Bunn used the words globally unprecedented and potential strategic significance, he doesn't overstate things.

The pilot plant results remain the commercial catalyst, but this RNS materially de-risks the geological foundation those results will be built on. At a time when Russia's titanium supply is effectively gone and China controls 66% of global sponge production Pitfield just got a lot more important.

Going to be an interesting morning ;-)

DYOR as always.

Great post and I think you've nailed it with the kitchen sink framing. Management clearing the decks, becoming financial operator of Tapir, documenting the worst case boilerplate from the low oil price era. All of that makes sense and the harvest phase argument is compelling.

What's interesting is someone else has clearly read the same playbook and they aren't waiting for the market to catch up.

Been watching the tape all week.

Monday — 220,000, 50,000 and 46,000 in closing institutional blocks.

Tuesday — 62,000 pre-market then 200,000, 250,000, 250,000 and 250,000 through the afternoon. Over £220,000 in institutional blocks in a single day.

Wednesday morning — 80,000 pre-market. Wednesday close — 150,000, 150,000 and 152,894 within 90 seconds of each other.

Thursday morning — 380,500 pre-market then two simultaneous 250,000 blocks at 09:13.

Four days. Nearly 2.8 million shares. Over £615,000 of systematic accumulation. All unknown or matched bargains. All at 21.50-22.50p. Same price range every day. Patient, methodical, never chasing.

Someone is building a serious position and they haven't finished.

The fundamentals explain why. 2P reserves NPV $245 million calculated at $67-77 Brent. Brent is $120 this morning. That NPV is out of date by about 75%. No debt. $13 million cash. Icaco spudding imminently with management saying they believe it will result in a material discovery.

Market cap £62 million.

The tape doesn't lie.

DYOR as always

A lot to digest but been through the full annual report rather than just the highlights. Something worth flagging as well.

p85 states, the Company has been able to continue negotiations under Confidentiality Agreements with two unnamed entities for reasons of commercial sensitivity to partner in a fully funded CNG and Micro-LNG pilot development.

That is competitive tension we need for our negotiating position to maximise value. PG is not dealing from weakness here.

The report also states separately that the Company has been approached by several companies regarding its gas assets in Morocco but has chosen to focus on a single entity capable of funding MOU-6, reimbursing past costs and purchasing processed gas.

DYOR as always.

Absolutely right Jasper, this is new language

“Results have been the catalyst to accelerate negotiations for a Gas Sales Agreement incorporating a third-party carry for a pre-development well MOU-6.”

Its not vague, that is a specific deal structure being described publicly for the first time. Someone else is paying for MOU-6 as part of a gas offtake agreement so the negotiations are accelerated,not ongoing.

PG’s own statement —

“In Morocco we stand on the cusp of the first potential CNG development in the country.”

Cusp !! Not approaching, not working toward, cusp.

SC-3 remains the absolute number one priority with long lead items ordered and the well described as forecast to deliver a material uplift in production by end of 2026.

Four years of waiting, some many more but PG uses the word cusp.

DYOR as always.

Agenda copied from Linkedin, if anyone is interested. Morocco Executive Country Dialogue is on today's agenda, that's the session Benkhadra will be presenting in. Closed door investors at 11 ;-)

Day 2 of the Invest in African Energy Forum (IAE) 2026 will continue the excitement and insights from Day 1, ending the conference on a high note.

Strategic Conference | 09:00 - 17:00

The morning sessions will include:

🔸Investor Roundtables hosted by PDSL (Closed-door) from 11:00 -12:00 and Cymco Group from 13:00 - 14:00.

🔸Keynote Address by H.E. Dahir Shire Mohamed, Minister of Petroleum and Mineral Resources of the Federal Government of Somalia

🔸De-risking Exploration for Africa’s Billion Dollar Finds

🔸Executive Country Dialogues including; Sierra Leone and Morocco

🔸Monetizing LPG to Enhance the Value of the Barrel in Africa's Inland Market

🔸Business Facilities Corporation Group S.A (BFC) Presentation

This will be followed by a networking lunch, before going into our afternoon sessions:

🔹Keynote Address by H.E. Farid Ghezali, Secretary General, African Petroleum Producers’ Organization (Video Address)

🔹Sovereign Rating Trends in Africa: How Oil & Gas, and Commodities More Broadly, Impact Sovereign Credit Quality Presentation

🔹From Risk Perception to Market Action: Africa’s Commodity Frontier

🔹Stabilizing the Grid to Scale Renewables

🔹Partnerships in the Age of Africa-Europe Critical Minerals Relations

🔹The Dual Mandate Navigating Growth and Decarbonization in an Integrated Energy Sector

For those wondering why IAE Forum Paris matters to PRD holders, here is whats happening so far v what we know.

Global LNG markets were expected to tip into oversupply by 2026. That outlook is now being reassessed according to the GECF Secretary General speaking at the forum today. Deferred investment decisions, geopolitical disruption and rising demand from AI and data infrastructure are tightening the market structurally not temporarily. He estimates $11-12 trillion of global gas investment needed with the majority toward exploration and production.

That is the backdrop. Now consider that Morocco has 5.9 TCF P50 prospective gas resources sitting largely undeveloped with pipeline infrastructure already adjacent to the licence area and some of the best fiscal terms in the world. In a tightening LNG market with a structural investment gap that asset becomes more attractive not less with every passing week.

Amina Benkhadra, General Director of ONHYM, is in that room today. The CEO of Golar LNG is in that room. Shell Trading, TotalEnergies, Energean and the US Development Finance Corporation are all in that room. Deals are being signed today not discussed.

Gabon converted MoUs with ExxonMobil and BP into firm contracts at this forum today. A Guinea Bissau JV was signed on the floor of the forum today. An MoU is a Memorandum of Understanding, a formal written agreement of intent between parties and the step before a binding contract.

PRD have MoUs in place for Morocco.

Draw your own conclusions.

DYOR as always

Https://invest-africa-energy.com/about/download-event-brochure

I've been going through the IAE Forum speaker list today. Worth sharing a few things for those following the Morocco story.

Amina Benkhadra, General Director of ONHYM, is a confirmed speaker at today's forum in Paris. ONHYM are also a past sponsor of this specific event, this is not a room they are unfamiliar with.

The forum runs today and tomorrow. 650 attendees, 250 global companies, 40 countries including Morocco, UAE, Saudi Arabia and the USA. Confirmed speakers include the CEO of Golar LNG, Senior VP Africa at TotalEnergies, Head of Business Development at Shell Trading and Shipping, CEO of Energean and the Managing Director of the US International Development Finance Corporation.

The forum describes itself as where deals are made and not where they are discussed !! Closed door meetings, leadership roundtables and a Morocco Country Spotlight session all on today's agenda.

Morocco is not a sideshow here, It is centre stage !!!

Whatever is or isn't happening in Paris today, ONHYM know exactly who is in that room. Does anyone know if we are there ???

DYOR as always

Fair point Porters, should have said virtually none sold. 30k against 2.55 million bought, I'll take those odds ;-)

Still here, still watching, still waiting but its getting hotter

Since Wednesday the buy volume has been extraordinary. Day after day of millions of shares bought against negligible sells. Friday was 2.55 million bought against none sold. Today looks even bigger, the ask has been quietly creeping up and the spread tightening day by day.

Colon asked the right question this afternoon about where all the shares are coming from ? FiremanSam's departing MM theory is interesting and would explain a lot of what we have been seeing.

IAE Forum Paris tomorrow and Thursday, could be very exciting.

Doors are firmly in place now and dynamite wick visible from where I'm seated, just waiting PG with the lighter.

DYOR as always

Keith's summary this morning covers the headlines nicely. One thing worth noting a bit more is the H#8 classification and why it matters.

This isn't prospective resources with a geological chance of success attached. The news describes it as "3C Contingent Resources of 1.84 MMbbls and a known accumulation" That's a completely different category, they're not hoping to find oil in H#8, they know it's there. SC-1 flowed at up to 1,450 bopd from H#8 and Rochard-1 tested at 696 bopd combined in 1955. New seismic now connects those two data points and potentially extends the oil bearing interval further southwest than previously interpreted.

SC-3 goes in with H#1 as the primary target and H#8 as an additional objective that is already proven. Meaningful de-risking that wasn't in the original ITR numbers !!

Been waiting four years for this, long lead items ordered, rig on site.

Doors blowing off time is getting close.

DYOR as always.

Fair points from Manlord on the cash and tax reality, £275k upfront plus an immediate tax liability is a very different conversation to simply clicking exercise on a broker app. That context matters, and I hadn't looked at it from that perspective.

But even accounting for all of that he still extended to January 2028, not just to the end of this year. If it was purely about managing the cash and tax timing he could have kicked it 6 months, he went to 2028.

That's still a big statement about where he thinks this goes but only he knows, i expect ;-)

DYOR as always.

Good question Justaguyinashed. In a cash takeover option holders typically receive the difference between the offer price and their exercise price paid out directly without needing to exercise first. So if a bid came in at say 50p and your options were at 5p you'd just receive 45p per option in cash. Most modern LTIP schemes have change of control provisions that trigger this automatically.

Which makes the Shaun Bunn options extension this morning even more interesting. He had 7.5 million options expiring in 9 days, all deeply in the money right now which he could have exercise and take a decent profit today, instead he extended to January 2028 ??.

Think about who might be watching Pitfield right now. The established titanium players ATI, Chemours, Tronox are all scrambling for feedstock with Russian supply gone and Chinese sponge not aerospace qualified. The primes are feeling it on the shop floor and Western governments are desperate for critical mineral supply chain security.

World's largest identified titanium resource in Australia, a friendly jurisdiction and still under the institutional placing price.

Shaun extending to 2028 could mean one of a few things. He thinks standalone value well exceeds current levels by that date.......... Or he's got change of control protection built in for other scenarios............. Or both ???????

Make of that what you will.

DYOR as always