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Interesting RNS this morning. The EBT stuff is standard but the Shaun Bunn options extension jumped out at me.

He had 7.5 million options expiring in 9 days, all deeply in the money at current prices. He could have just exercised and taken a very nice profit.

He didn't,. he extended to January 2028 as his confidence must be sky high.

Make of that what you will but I know what I make of it.

DYOR as always.

New holder here, been watching this one for a while and pulled the trigger recently after doing a fair bit of reading on Pitfield.

What got me initially was something rooters picked up on, management committed to a large scale drilling campaign before the pilot results were even in. You don't spend that kind of money if you're uncertain about what you've got.

I work in aerospace and I can tell you first hand how hard titanium is to buy right now. Lead times are out and costs are creeping up across the board. The supply chain disruption isn't theoretical, it's real and it's being felt on the shop floor. Boeing, Airbus, Rolls-Royce — the primes are all scrambling. China controls around 66% of global sponge production and most of it isn't aerospace qualified. The Russian supply is effectively gone. There's no quick fix, qualification alone takes up to 10 years.

Now layer Trump tariffs on top of that. Section 232 investigations into critical minerals, steel and aluminium at 50%, aerospace supply chains that have operated tariff free for 40 years suddenly under pressure. The primes are absorbing costs they can't easily pass on and the tier two and three suppliers are feeling it hardest. The last thing any of them need right now is another squeeze on titanium feedstock.

So when you look at Pitfield, world's largest identified titanium resource, Australia, friendly jurisdiction, simple flowsheet — the geopolitical and commercial timing couldn't be better. This isn't just a mining story, it's a strategic supply chain story and the primes know it.

Worth noting today's trades as well over 2 million shares bought versus 875k sold, £634k of buying against £279k of selling. Someone is building a position here and they're not being subtle about it.

Manlord's three things to watch — grade consistency, recovery consistency, flowsheet scalability — that's the right framework. Geology is done. The only real question now is whether the lab results hold at continuous pilot scale and we're about to find out.

If they do this moves from pricing potential to pricing proof. Still under the 40p placing price which tells its own story.

DYOR as always

Picked up a few yesterday as a new holder so still finding my feet on this one. Done quite a bit of research today including reading the Mobileye DMS announcement from last month.

Bought in on the GSR mandate thesis pure and simple. July 2026 is a fixed regulatory date written into EU law and SEE already has $390m in awarded OEM programmes ramping right now. Production volumes up 62% year on year, royalties up 33%, positive EBITDA expected Q3. That story hasn't changed today.

The Mobileye win is real competition but it's a 2027 start of production story not a 2026 one. The programmes SEE has already won are locked in and producing. Mobileye isn't displacing those, they're bidding for future awards on a different architecture.

So for me this is a 2026 catalyst trade not a long term hold. Ride the GSR mandate volume uplift through the summer, reassess before year end as the competitive landscape for 2027 programmes becomes clearer. Eyes open on the Mobileye threat but not spooked by it for the timeframe I'm in this for.

Happy to be corrected by longer term holders who know this stock better than I do.

DYOR as always.

Gudin fair point and worth answering properly because the NABI deal gets misunderstood a lot on here.

Yes NABI takes the majority of gross revenue on the wells they drill and restore. At $106 WTI that's more dollars going to NABI than at $60. No argument there. But think about what PRD actually gets in return.

PRD put up no capital for drilling, no operating costs, no rig fees, none of the risk if a well doesn't come in. PG confirmed in the Flagstaff interview that PRD takes 15 to up to 30% of gross revenues depending on the field and where they are in the cost recovery cycle. At $60 that was decent money for putting up nothing. At $106 it's roughly 75% more per barrel for still putting up nothing.

The other thing people are missing and scrwal nailed it earlier. At higher oil prices NABI recovers their drilling costs faster. Once those costs are recovered PRD's share increases. So $106 oil actually shortens the period where NABI takes the bigger cut. Higher oil prices bring forward the point where PRD moves to the better end of that 15 to 30% range.

The deal also gave PRD operatorship of fields bought for next to nothing. Bonasse was acquired for $1 and is now approaching 50 bopd. PG confirmed the higher revenues are bringing forward utilisation of tax losses and reducing effective PPT to 12.5%. Those tax losses get used across all PRD's fields not just the NABI ones.

As for capping NABI at $80 that's hindsight. Nobody was forecasting $106 WTI when this deal was signed. And if PRD had tried to cap NABI's upside NABI would have walked. Why would a contractor accept capped revenue but uncapped risk on well failures? PRD needed someone to restore these fields at zero cost. NABI needed the revenue upside to justify that risk. Both sides took a view when the deal was done and it's worked out for both of them.

And remember the NABI arrangement only covers the fields they work on. SC-3 is 100% PRD funded and operated. Every barrel from Snowcap goes to PRD at whatever the oil price is. At $106 WTI the SC-3 economics from the ITR which were modelled on $60 look very different.

Was it the best possible terms PRD could ever get? Probably not with hindsight. But was it the right deal at the time for a company with no production no revenue and limited cash? Absolutely. And at $106 oil everyone is making money which is the point.

Happy Easter everyone. Lets hope next week the doors blow off.

DYOR as always.

Been clicking through the trade history on here all week because the price action wasn't making sense to me. Thought I'd share what I found.

Basically big chunks keep getting sold first thing or mid session. Talking 250k, 500k, even a 2 million share trade last Monday at 3.10. Always round numbers, always smacking the bid. Price drops to around 3.10 every time.

Then within minutes buying comes in and mops it all up. Monday that 2 million sell at 3.10 and by afternoon we're at 3.37. Yesterday 500k sold at 3.20 first thing, another 500k at 3.15, then a million at 3.10 in the afternoon and still buyers came back at 3.22. This morning 500k dumped at 3.10 at 08:02 and within six minutes someone put nearly 20 grand in at 3.175 then another 25 grand at 3.16. That's not messing about.

3.10 has been hit four sessions running and held every time.

Remember some people on here have said their buys show up as sells. Something to do with limit orders on the bid getting classified as sells when a seller hits them. So the buying is probably even more than it looks.

The other thing I keep thinking about is we're five days from end of tax year. Could be people booking losses on PRD in their dealing accounts to knock down their CGT bill on gains elsewhere. If that's part of it then the selling stops after the 5th.

SC-3 end of June. MOU-6 on partner money end of July. Production growing. And whoever is dumping seems to be running out of shares.

Make of that what you will.

DYOR as always

BREAKING. Heard from a very reliable source that PRD have signed a transformational deal overnight.

Details under NDA but can confirm the following.

SC-3 brought forward to next week after some bloke called Dave tripped over the power cable and accidentally started the rig. First oil expected Thursday lunchtime and Paul said "not ideal but we'll take it."

MOU-6 now fully funded by an anonymous board poster from the proceeds of a helium research paper which Netflix have optioned for a six part series called The Granite Whisperer

ONHYM have offered to increase their stake to 99% in exchange for a lifetime supply of tagine and naming rights to the wellhead, now officially called "MOU-6: The One That Actually Worked."

Bonasse production surged to 50,000 bopd after NABI accidentally drilled into a Nando's hot sauce reservoir at 200 metres. Caribbean Wiggle Blend pricing confirmed at $4,000 a barrel.

Board consensus is "not impressed."

Market cap now roughly the same as Shell but share price still 3.15, because the MMs haven't updated their spreadsheet.

Happy April 1st everyone.

DYOR as always

Been holding UPL for a while now and it's finally starting to feel like the pieces are genuinely coming together rather than just promising to.

The Lost Soldier partnership is what really caught my attention when I went back through the RNSs. Marc Bruner isn't your typical small cap promotional figure — built Ultra Petroleum to $7bn and sold Pennaco to Marathon for $550m. He's taken a 6% indirect stake via Lost Soldier and accepted an advisory role. That's not something a guy like that does for the fun of it.

Wild Mustang Q4 first gas is the near term watch point for me. First actual cash flow changes the story completely for any explorer and UPL is the only listed vehicle with exposure to it. The OTCQB listing means US retail chasing the Wyoming angle can now get in directly via UPLLF — that's a fresh buyer pool that simply didn't exist a few weeks ago and as Q4 gets closer the FOMO could get real.

SE Asia PSCs are longer duration, no point pretending otherwise, but the Kalimantan 2C numbers are substantial and the team around Bolhassan Di clearly know the region.

Risk stock, size accordingly. At just over 3p the optionality looks mispriced to me though.

DYOR as always. GLTA.

Rob worth pulling the funding position together as it's a fair question for anyone new to the stock.

SC-3 is already funded. The £4.5M placing was raised specifically for this with the ITR budgeting the well at $4M all in. In the Flagstaff interview Paul confirmed long lead items have 65 day delivery times and they're on schedule for end of June. You don't order long lead items without the money to pay for them.

MOU-6 Paul stated on the record will not currently be funded by the company. So no placing needed for Morocco either.

Company had £2.6M cash at June 2025 before the placing, plus production revenue now running at $337k+ a month and growing. Directors confirmed in the interims they don't expect to require further funding for current operations.

No funding gap here. Both wells funded and on schedule.

Good summary Keith. Watched the full Flagstaff interview myself and a few other bits worth pulling out.

Paul confirmed pricing is WTI not Brent which matters for anyone modelling revenues. January was $55 WTI and he's guiding $75-90 for March. He also said revenues could increase up to 50% over the next couple of months combining the higher oil price with production growth. That's stronger than the 25-35% price increase in the RNS which was price only.

The NABI revenue share he stated as 15 to up to 30% of gross revenues. So it's a range not a fixed number which makes sense depending on the field and the terms of each agreement.

Bonasse bought for $1 and now approaching 50 bopd. At his own $20,000 per bbl per day valuation metric that's already worth close to $1M from a $1 outlay. Says it all about the deal making.

Also worth noting he said no debt, no going concern issues, annual accounts out end of April on time. And that peer companies are coming to them with opportunities because they recognise what PRD has delivered operationally. That's the industry validation you keep talking about.

Also thanks to P.P. for the work setting out the T&T deal structure.

On Morocco and your granite research. The buried pluton extending 30km toward Guercif connected by deep transfer faults is exactly what you'd need to explain a meaningful helium resource. Paul acknowledged in the interview that they don't fully understand how to progress the helium yet but it's clearly on the radar. He made the point about helium being vital for microchips and global supply concentrated in the US and Qatar, with Qatar's supply particularly vulnerable right now.

Do you have a feel for what ppm threshold would be needed for commerciality and whether deeper drilling would show higher concentrations given the granite source is at depth? Wondering whether this gets tested as part of MOU-6 or needs a dedicated helium focused well.

Titanasaurus, some fair points in there worth discussing honestly but a couple of corrections on the numbers.

Production isn’t 300 bopd. The RNS footnote states Bonasse produced 1,077 barrels in February with only 459 sold, balance to storage. Total production was 9,626 barrels across 28 days which is 344 bopd. Not 300.

The Brent discount is a valid point. $60.21 received versus roughly $72 Brent is about a 17% discount. That comes down to Trinidad crude quality differentials and the cost of trucking versus pipeline sales. Worth factoring into models rather than using Brent as a direct proxy. That said, Griffiths is guiding March pricing 25-35% higher than February so the discount may be narrowing, and the planned pipeline tie-in to Moruga West which is only 1.5km from SC-3 will reduce logistics costs further down the line.

On keeping production flat. BON-18 and BON-19 only came online during February. We’re seeing a partial month from brand new wells, not a full month. BON-20 is logged across three zones and ready for perforating but that production hasn’t hit the numbers yet at all. Six workovers planned but not yet done. Judging the growth programme on one partial month before half the planned activity has even happened is premature.

The NABI revenue share terms are a fair consideration and I’d welcome more detail on the fiscal split if anyone has it. That does affect net revenue per barrel on new production versus legacy wells.

On decline rates and waxing. Nothing in today’s RNS supports “serious well and production declines” or suggests waxing is causing operational problems. The ITR acknowledges waxing as a known characteristic and confirms chemical injection plans are in place. If you have data showing decline rates I’d be interested to see it but it shouldn’t be presented as fact from this RNS because it isn’t in there.

The challenge on pricing and fiscal terms is useful, we should all be modelling realistic net revenues not headline Brent. But the damp squib framing doesn’t reflect what’s actually in the announcement. Production is growing, new wells are coming online, and the majority of the planned activity for Q1/Q2 is still ahead of us.

DYOR as always.

Thanks Keith , the geopolitical context adds an important dimension. The broader point stands regardless of any specific parties . Gulf state producers with disrupted operations need to rebuild portfolios, and stable jurisdictions with proven or near-proven resources in favourable fiscal regimes are exactly what they're looking for. Trinidad and Morocco both tick those boxes.

Meanwhile the company is quietly de-risking the assets that make them attractive to exactly those kinds of buyers. Today's production numbers and the recent ITR do more for long-term value than any amount of share price movement.

Agreed on your closing point, it will be industry players that determine Predator's true value.

Good point Spiritefan, six months ago any Morocco JV negotiation was from a position of need. The company required partner funding to drill MOU-6. Now they sit down at that table as a funded a producing operator with growing revenue, an independently verified 8.73 MMbbls resource at Snowcap, and SC-3 approaching.

That completely changes the negotiating dynamic and they can afford to hold out for the right terms rather than accepting whatever's offered. Same logic applies to Ireland if the regulatory process ever concludes lol, a producing company with cash flow negotiates very differently to an explorer burning through its balance sheet !!

Something worth stepping back and recognising from today's RNS , a genuine production floor is forming under the current share price.

February: 9,008 barrels sold, $337k gross revenue, four producing fields. Actual production higher at 344 bopd given Bonasse put 618 barrels into storage beyond what was sold. BON-18 and BON-19 online. BON-20 logged across three oil zones and ready for perforating. Six workovers planned. Increased swabbing. Back-to-back Bonasse drilling being evaluated. And March sales pricing guided 25-35% higher.

Run the numbers forward conservatively.

If they reach 500 bopd by mid-year, which looks achievable from the visible pipeline of BON-20, workovers, increased swabbing and continued Bonasse drilling at $75/barrel that's $13.5M annualised gross revenue. Even at a conservative 50% net margin and a modest cash flow multiple, the current production base alone starts to underpin a valuation in the range of 3.5-5p before you assign any value whatsoever to SC-3, Morocco, helium or the Cretaceous.

At 3.4p and a £27M market cap, the market is essentially pricing in the existing production with minimal growth premium. Everything else, SC-3 with 8.73 MMbbls 2U prospective resources, Morocco with 5.9 TCF P50 gas, $100MM of tax losses, the Cretaceous upside is currently being valued at close to zero.

A year ago this was primarily a speculative exploration story. Today there's real oil being sold, real cash coming in, and a visible production growth trajectory. That changes the risk profile materially so the floor gets firmer with every barrel sold and every new well brought online.

None of which diminishes the upside, it just means the downside is better protected than it's been at any point in the company's history.

DYOR as always.

Titanasaurus

On Morocco — you’re right that five wells without commercial production is a legitimate concern. Nobody should pretend otherwise. However, the MOU wells weren’t all failures in the traditional sense. MOU-1 established a gas discovery. MOU-3 confirmed gas saturations but suffered formation damage from over-balanced drilling — the recent rigless testing with larger perforating guns validated the NuTech interpretation and identified the causes of that damage. MOU-5 confirmed the Jurassic target and recorded helium, but was drilled significantly down-dip from the structural crest. Each well has added to the geological understanding, and the proposed MOU-6 well design specifically incorporates the lessons from all five predecessors to mitigate formation damage. That’s how exploration works — you learn, you adapt, you drill better next time. Whether MOU-6 delivers is genuinely uncertain, but it won’t be drilled blind.

On the broader point about assuming success — agreed. Nothing is a given. SC-3 has strong geological support and a high compound probability of encountering oil in at least one target sand, but that’s not the same as guaranteed commercial flow rates. The ITR itself describes these as Unrisked Prospective Resources subject to geological risk and technical uncertainty. Anyone treating this as a certainty isn’t reading the documents carefully enough.

What I’d say is that the risk/reward at a £27M market cap looks attractive given the number of catalysts in play across 2026. That’s not the same as saying everything will work. It’s saying the current price doesn’t reflect the upside if even one or two of them deliver.

Healthy scepticism keeps us all honest. DYOR as always

Well put Footandmouth. I think you've nailed the key point — the market hasn't meaningfully priced in any of the three potential value drivers yet. Trinidad production growth, SC-3, and Morocco are all live catalysts across 2026 and any one of them delivering would justify a material re-rating from where we sit today.

The shift in tone from the company is notable too. ITR published today, management on the ground in Trinidad last week inspecting the rig, SC-4 locations already being scouted, BON-20 in progress. This feels like a company moving into execution mode rather than just talking about it. That's what attracts serious money.

At a £27M market cap against the numbers in today's ITR alone — before you assign any value to Morocco or helium — the disconnect is stark. Agree that 2026 should be the year the market starts to close that gap.

The critical point — and Keith flags this well — is what a successful SC-3 means beyond the well itself. If oil is proved in H#1, H#2, H#3 and H#7, those sands get de-risked across the entire Snowcap closure, not just at the SC-3 location. That would significantly upgrade the wider resource picture — the full P50 recoverable across all Herrera sands for the Snowcap structure is 14.31 MMbbls (2U + 2C). And as Keith rightly notes, Snowcap is only part of the Cory-Moruga block.

Other points of note from the ITR:

- SC-4 locations already being scouted in the western closure between SC-1 and Rochard-1

- Star Valley Rig 205 inspected on site during management visit last week

- BON-20 drilling in progress with update expected after completion and testing

- Pipeline tie-in to Moruga West gathering station only 1.5km south

- Section 7 identifies three potential Cretaceous structures beneath Cory-Moruga. Keith notes these are analogous to those in the Cipero field to the northwest which showed presence of oil — deep targets that would most likely be explored in partnership with a major. The strategic implications given who is operating in the Guyana/Suriname basin are obvious.

Well cost budgeted at $4MM, 20 days to drill, vertical well with no deviation required. Spud Q2 2026, production from Q3.

The market cap at 3.4p is roughly £27M. Make of that what you will against the numbers above.

These remain prospective resources until SC-3 confirms them. But the geological support from offset wells, the quality of the new seismic interpretation, and the proximity of proven production analogues make this a well-supported prospect by any measure.

DYOR as always.

Scorpion Geoscience for Snowcap-3 — worth reading the full document rather than just the RNS headline. Credit to Keith for his earlier summary which prompted me to dig further into the detail. A few key takeaways:

Resource base: 8.73 MMbbls 2U (P50) Unrisked Prospective Resources across H#1, H#2, H#3 and H#7 sands from a total PIIP of 37.1 MMbbls. As Keith rightly points out, these are restated from the Nov 2023 ITR — not new numbers — but geological confidence has been materially strengthened by access to a better quality legacy 3D PSTM seismic dataset. The combined unrisked total across the full Snowcap structure remains 14.31 MMbbls recoverable (2U + 2C). The earlier ITR was completed before PRD had acquired the T-Rex operatorship and increased its interest to 83.8%, with Touchstone retaining 16.2% non-operating, hence the minor upward revisions in this version.

The H#1 sand is the primary target and the numbers here are compelling. MW-112, just 1km south of the proposed SC-3 location, has 28m of net H#1 sand and recovered 342,492 bbls with an IP of 327 bopd. The ITR expects up to 30m of H#1 at SC-3. For context, SC-1 never reached H#1 at all — it was faulted out — and still managed initial rates of 1,100-1,450 bopd from just 2m of the shallower H#8 sand above. The new seismic shows significant thickening of the H#1-H#3 interval in the hangingwall at SC-3 — potentially up to 250m (820ft) gross Herrera interval versus the 180m (600ft) base case.

Keith makes an important point about the conservative assumptions in the ITR. The target sand thickness estimates are projected from old RD wells where logging was rudimentary and incomplete — in particular, resistivity data is missing, which could mean missed pay from additional intervals. The base case therefore likely understates what SC-3 will actually encounter. Similarly, quite harsh risking has been applied to other parameters. This is what you'd expect from a responsible independent evaluator working with incomplete historical data, but it does mean there's meaningful upside baked into the numbers if SC-3 delivers thicknesses closer to what MW-112 shows next door.

Flow rate expectations: base case 500 bopd, equipment being specified for up to 1,000 bopd, with the ITR noting potential for up to 2,000 bopd using modern completions. Higher reservoir pressures at Snowcap's deeper structural position versus Moruga West support the upper end. Full field plateau target of 3,500 bopd referenced based on Moruga West analogues.

Economics: at $60 WTI the single well model gives 44% IRR, 2.9-year payback, NPV10 of $7.024MM from H#1 and H#2 only. Still commercially attractive at $40 WTI with 19% IRR. As Keith notes, the financials were completed before the latest Gulf conflict — at $75 WTI keeping other parameters the same, that's roughly an additional $1M Year 1 profit from SC-3 alone. Current prices are well above the base case. PRD also retain up to $100MM of tax losses from recent mergers.

The million dollar question (or should I say the million yuan question). Nobody knows yet what per-pack pricing will land at in China, and it's arguably the single biggest variable in how much this is worth to Shield.

For context, ACCRUFeR retails at around $710 for a month's supply in the US. Nobody expects anything close to that in China. The NRDL reimbursement negotiation process is well known for squeezing innovative drugs hard — 50-70% discounts off international pricing are common. Realistic estimates probably land somewhere around $100-150 per month, maybe less depending on how aggressively ASK wants to pursue volume over margin.

The revised deal structure gives us a hint too — the $3m pricing milestone is structured as "up to" $3m, meaning Shield gets paid on a sliding scale depending on where the final price lands. That tells you even Shield and ASK don't have certainty on this yet.

But here's the thing — the bull case for China was never about matching US pricing. It's about volume. China's IDA market is projected to grow from $280m to over $600m by 2030. And crucially, ACCRUFeR will be the first differentiated oral iron in that market. The IV competition (Ferinject) is already approved there but requires hospital visits. An effective, well-tolerated oral option in a country where hospital capacity is under constant pressure? That's a genuinely different value proposition.

Even if per-pack pricing is a fifth of the US, the addressable patient population is multiples larger. At 10% royalties, Shield doesn't need ACCRUFeR to be a blockbuster in China — it just needs ASK to build steady, growing volume. And with 900+ sales reps already focused on GI, they've got the infrastructure to do it.

Won't be a short-term game though. Approval late 2026/early 2027 at best, then NRDL listing, then commercial ramp. Meaningful royalty income probably 2028-2029 realistically. But it's another building block in the global story.

DYOR as always.

Huge milestone this morning that I think the market is underappreciating. The NMPA has accepted the MAA for ACCRUFeR in China — this is the culmination of six years of work since the ASK Pharm deal was signed back in January 2020.

Let's not gloss over what's happened here. ASK completed a full Phase 3 clinical trial in a Chinese population, demonstrated comparable efficacy to Western trials, and the NMPA has accepted the filing for review. That's not a formality — it means the data package has met the threshold for regulatory scrutiny.

What excites me most is what sits on the other side of approval. China has one of the largest addressable patient populations for iron deficiency in the world, and ASK Pharm isn't some small distributor — they're a Shenzhen-listed company with over 900 sales reps and deep GI expertise. These are exactly the people you want commercialising this product.

For Shield, the economics are milestone payments plus up to 10% royalties on net sales. The $7.9m development milestone should already be banked. Next up is approval (typically 12-18 months for NMPA review, though priority pathways could shorten that), then a further $3m pricing milestone, and then ongoing royalties on what could be a very significant revenue stream.

And let's not forget the bigger picture — US revenues hit around $50m for 2025, paediatric approval is in the bag, Japan Phase 2 is underway, and Korea is licensed. The global footprint is expanding rapidly. Analyst targets averaging 17p with a high of 23p, and we're sitting around 10-11p.

I've held through the lows and I'm not going anywhere. This is a company that's quietly building a global franchise in iron deficiency, and China could end up being the biggest piece of the puzzle. DYOR as always, but I'm very pleased with this morning's news.

Here's how the 2026 timeline shapes up based on what they've laid out (Using AI, interesting ):

Q1 2026 (now — happening)

-BON-18 in Bonasse started drilling 20 January, was expected to take about 2 weeks — so results from that should be imminent or possibly already in.

-BON-19 exploratory well follows straight after.

- Up to 12 new wells and 14 heavy workovers scheduled through H1, so this is an intense drilling period with NABI Energy-Pedia

- Ongoing production updates as they work through the infield programme — expect regular RNS announcements as wells come on stream

Q2 2026 — the big one

- Snowcap-3 is scheduled for Q2, expected to take around 20 days to drill and log down to approximately 5,300 feet.

- it's targeting those 8 Herrera reservoir sands and the 56.9m barrel 3P resource. The original Snowcap-1 well flowed at initial rates of 1,100 to 1,450 bopd before stabilising at 500 bopd , so if SC-3 hits properly it could be genuinely transformational for the production profile

Q3 2026

- SC-3 is intended to be put into production in Q3 after drilling and testing completes

- Morocco — targeting completion of work necessary for an Exploitation Concession application by end of Q3 , which would crystallise the value of the discovered gas at Guercif

JV partnering discussions for Morocco should be progressing through this period too

H2 / Year-end 2026

-The overall target is to exit 2026 at 1,000 bopd, which they estimate would generate a five to ten fold increase in monthly production revenues v $100k/month they were averaging in late 2025

- Earnings expected around April 2026

So realistically, the next few weeks should bring news on the Bonasse wells, then the real share price catalyst is Snowcap-3 results in Q2/Q3. If SC-3 delivers anything close to what Snowcap-1 did, the production and revenue numbers change dramatically. If it disappoints, it's a very different story at 3.3p with diluted shares outstanding.