The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
Morning all,
This was published yesterday after the company rns.
Well worth a read
https://www.marketscreener.com/amp/quote/stock/PREDATOR-OIL-GAS-HOLDIN-43499904/news/Predator-Oil-Gas-FSRUP-Regulatory-and-Environmental-Checklist-39934548/#page1
And the link to the original document by SLR 2020
https://docs.publicnow.com/viewDoc?hash_primary=53E80CDCB9D7CD8E0900276F8FAFF5BBB2256080
Could this be what prd are referring to as in none ship to ship transfer ?
https://lntmarine.com/wp-content/uploads/2019/02/LNT-Floaters.pdf
Ps page 4 of the market screener report joins a few dots.
AIMHO of course.
GLA
Wacky.
Hi all,
Mem, I do hope you decide to keep posting, I for one enjoy your contributions very much. Thank you.
With regard to the Rn (corporate update and placing) this paragraph stood out above all,
" MOU-5 is now being prioritised ahead of MOU-4 for the first well in the drilling programme. Following desk-top modelling of seismic response to gas in MOU-1, two shallower gas targets additional to the primary "MOU-4 Fan" appraisal target have been identified at the MOU-5 well location. The shallowest of these targets had strong formation gas shows in MOU-1 (dry gas) and was penetrated in MSD-1 where good quality reservoir was logged".
We now know that as well as Mou4 being connected to Mou1 (and Mou 2 & 3) Mou5 is also very likely to be connected to Mou1 through the "kitchen" or sands.
This paragraph also tells us that Mou5 has the same sands ( formation gas shows) as Msd1
Is this important ?
Yes very much so.
This tells us that the same sands run South of the fault line separating Mou1 and Grf1.
My research has also indicated that Grf1 Msd1 and Kdh1 are also all connected through the same formation.
So what does this mean ?
There is the possibility that there is another active petroleum system to the south of the Mou1 fault line of equal size to that of what we already know about in the North ( not including Mou N/E)
More importantly, above all else we now have confirmation that for many years the Kingdom of Morocco has known about the active Hydrocarbon systems in the Guercif basin. According to the 2012 pathfinder SLR and I quote.
"TransAtlantic re-entered, logged and tested the MSD-1 well, originally drilled in 1985, in the
fourth quarter of 2008. The logs and test failed to establish the presence of hydrocarbons.
The authors have not seen data on this re-entry".
If TransAtlantic were the last to enter the Msd1 well they must have found what we have disclosed as in the above RN paragraph but did not or were told not to do so.
However and this is the big However, for PRD to release this information, because of the previous embarrassment's endured by the Royal Family the approval to confirm Hydrocarbons in Msd1 and also Taf-1X must have come from very high in the Moroccan establishment.
Would they want to endure the same again ?
Do we have friends in High Places ?, that I will let you decide upon.
AIMHO of course.
GLA
Wacky.
Hi all,
As a follow on, according to this article, planning for Shannon LNG will be delayed until September because of the complexities of the project.
Reading between the lines this is the important message from the Irish Government.
“ Asked about the possibility of changing Ireland’s LNG policy, Taoiseach Micheál Martin said: “I think we’re in a wartime situation. So we have to be working through all potential scenarios to make sure that we can guarantee energy security and also for the proper functioning of the economy in the short term.”
https://www.irishtimes.com/business/energy-and-resources/bord-defers-decision-on-planning-permission-for-650m-shannon-lng-plant-1.4820778
Difficult times require difficult decisions for some.
AIMHO of course.
GLA
Wacky.
Morning all,
Lonnys tweet may have something to do with this.
https://www.bloomberg.com/news/articles/2022-02-17/eu-plans-strategic-gas-storage-push-to-avoid-crisis-next-winter
Published before Russian invasion of Ukraine.
Pray for them.
Wacky.
Bad Gastein
Austria
:)
Hi all,
Grh, wizzing down an alpine slope with a couple of planks strapped to the feet and trying to post at the same time doesn’t work that well, so I will be brief.
Option 2 all day long.
Forget about end users, I would go straight to the distributors preferably the largest one in Morocco and then let them work out all the subcontracting to the end users.
As most of Morocco runs on bottled gas (@45 million bottles in circulation) it would make sense not to get involved with all that mularky.
When the time is right then introduce gas supplies to the Maghreb pipeline or offshore FSRU for export depending on contracts and timeframes.
Enjoying all the discussion.
GLA
Wacky.
Hi KeithOz,
The Hassi-Burkane license as far as I know is up for grabs, after Maxim departed no other entity has shown interest.
You are correct it is an extension of the Guercif basin and was originally part of the Merada license, known as Guercif east and Guercif west when Atlantic Oil were prospecting in Morocco.
Atlantic Oil relinquished Guercif east and concentrated on Guercif west with the 2D seismic survey, which is currently where PRD are drilling.
All this info is in the 2012 Pathfinder cpr.
Atb
Wacky.
Beat me to it Lancy
:)
Wacky
Hi all,
Lonny has just posted this on twitter
https://mobile.twitter.com/lonny1971
https://t.co/DaNLhynv0B
Coming along nicely.
GLA
Wacky.
Morning all,
Hydrostatic pressure explained.
https://www.quora.com/What-does-hydrostatic-pressure-really-mean-in-the-context-of-petroleum-geoscience
Quite a few replies, but the general knowledge is in here.
GLA
Wacky
Hi all,
Have just re-tweeted this with a link to our MagMell project.
Apologies, it’s a pay per view article but you will get the jist.
https://www.businesspost.ie/energy/brexit-fallout-leaves-ireland-short-on-energy-options-2c2f650a
GLA
Wacky.
Morning all,
GRH, Crikey is definitely the correct word.
@7.5 million options to be exercised within
6 MONTHS.
That would equate to not very long in time after MOU1 extended well tests.
London you are on Notice.
GLA
Wacky.
Hi Kieth,
The Prd license’s are current and fall under existing, so what we are waiting for are the Frontier Exploration licence’s.
I did read sometime ago in a Prd rn or presentation that for the Frontier Exploration license to proceed, the next step was to prove suitable financing arrangements.
It may or may not now be the case.
Hope this helps.
Atb
Wacky.
Morning all,
No coincidence that our Coo, Lonny Baumgardner twitted about exciting times in Morocco.
The interview with french news outlet Le360 was centred around Chariots recent announcement, however Guercif got a mention in the interview.
“The boss of the National Office of Hydrocarbons and Mines (ONHYM) assured that Morocco has a strategy to counter the end of the supply of Algerian natural gas via the Maghreb-Europe gas pipeline. Amina Benkhadra also confirmed the importance of the discovery of gas off Larache, by the British firm Chariot.
“We have a strategy to deal with the closure, since October 31, of the Maghreb-Europe gas pipeline and we are working on this project which will allow us to ensure security in terms of electricity supply from various power stations in Moroccan production,” said Amina Benkhadra, in an interview with Le360.
The official also indicated that the gas pipeline, which has become the property of the Moroccan state, "remains, until today, technically subject to constant maintenance".
The Director General of ONHYM also dwelled on the recent discoveries of gas in the Anchois-2 deposit in Larache, granted under the Lixus Offshore permit, and in the Guercif site, near Taza.
The production of natural gas from the Larache field will start at the end of 2024, she confirmed. Gas from Larache could be used to produce electricity, by supplying power plants in Kenitra, Mohammedia or Tahaddart and to supply industrialists in the Kenitra area.
During the years 2022 and 2023, many works will be carried out “related to the assessment of gas potential and to simulation studies of geological reservoirs”, underlined Amina Benkhadra.
Other stages will concern, before that of a decision on the value of the investments, “engineering studies including expertise on the environmental impact and the route of the pipes”.
According to the boss of ONHYM, the integration of all the results and their interpretations will make it possible to assess the gas potential to be developed in this area.
Preliminary data from the discovery of the Larache deposit show the “presence of an accumulation of good quality gas at the level of the Anchois-2 well, over a net thickness totaling 100 meters spread over 6 zones, with a thickness varying from 8 30 meters for each of the zones”.
The British firm Chariot announces a major gas discovery off Larache
Drilling work began on December 17, 2021 to reach the final depth of 2,512 meters on December 31, 2021. A few days later, on January 10, Chariot announced “an important discovery” of gas at the Anchois-2 well.
“The production of the Anchois-2 field must supply national gas needs as a priority before selling, if capacity allows, abroad”, explained the director general of ONHYM.
Good quality Gas, in plentiful supply, (Guercif reading between the lines)
AIMHO of course.
GLA.
Wacky.
Afternoon GRH
Regards
Wacky.
Hi all,
Talking of shares, did anyone notice the befuddledment of the Sound energy investors on their chatboard today,
I must admit, Sounds management announcement to bid for Angus Energy, when the company is not flush with cash, has more than it can chew with the Tendrara license, is in talks with the Moroccan tax authorities about a £7.0million liability and willing to dilute its shareholders again to buy a small gas field in the U.K. is quite baffling.
Unless they want out of the current ties in Morocco.
Which would mean the license and all its current contracts (Africagaz , gas sales agreements etc) would be up for sale.
I’m not suggesting we are going to buy the assets,
Where would the cash come from ?
Would we want this extra exposure when we are already fully loaded ?
But who do we know that knows where the real gas deposits are in the Tendrara license ?.
Just a thought.
GLA.
Wacky.
Hi all,
Redbox, thanks for posting.
A similar article in the British press would be most welcome.
But in the meantime I spread the word the best I can, everyone has the opportunity to make a decent return on their investment with this company.
AIMHO of course.
GLA.
Wacky.
Hi all,
A tad late for this carry on, on a Sunday evening,
But if f we’re going to speculate this would be one of my bets.
http://www.afriquiagaz.com/images/plaquette_081020.pdf
Out of 45 million lpg bottles in circulation in Morocco, Africagaz has 25million on its books, so to supply indigenous gas for its customers would be so much better in all regards than importing the fuel, which it currently does.
(Morocco’s only refinery closed down 2016, however the Russians have agreed to fund a €2.0 Billion replacement, yet to be built, which can reform Natural Gas into LPG)
https://www.google.co.uk/amp/s/mobile.reuters.com/article/amp/idUSKBN1X22KG
As we know Africagaz has recently tied up with Sound Energy, Paul’s first exploit in Morocco which was taken away from him when Fastnet decided to bail out of the O & G industry prematurely.
(Paul knows where the gas is on the Sound licenses)
It would be politically good for Morocco,
and finally Africagaz is owned by this chap.
https://www.google.co.uk/amp/s/billionaires.africa/afriquia-gaz-controlled-by-moroccan-billionaire-pm-aziz-akhannouch-reports-567-million-in-revenue/amp/
AIMHO of course.
Ps if this is way of the mark, I’m blaming it on the single malt.
GLA
Wacky.
Lonny’s re-tweet
https://mobile.twitter.com/lonny1971
Atb
Wacky.
Yes HM,
The market took those figures in the wrong context which I went onto later prove were “quite good” as in a comparison to Grf1 and Anchios1. And also importantly taken from a well which was drilled on the periphery of the Mou field.
I still believe Paul was under orders from our partner not to “Shout from the rooftops” on what we have discovered.
Things have now changed, the last rns has put a small amount of detail available to Market, a relatively small amount of gas unrisked worth £590 millions.
As for the trust issue, I agree it does exist, I for one don’t trust the Market as far as I could throw it and I believe Paul may have the same thoughts.
I tried a dummy sell on IG just before close of play yesterday and they would take in one hit 2.5million shares @ 0.49p on the bid worth £122,000
A bit short on them are they ?
What about all the other houses ?
AIMHO of course.
GLA
Wacky