Member Info for TT-T

It's interesting that PRD were one of the bodies consulted, and Fram were not. Massy also consulted there.

There is no argument we are part owner of that that I can see. I don't see that there will have been any misuse of any of our assets that could be traced to that.

It means that CEG have assets from which damages could be paid, but it isn't CEG directly that would owe PRD is it. They would have to want to contribute.

Seems like an unusually large number of cancelled trades recently, including many of the larger purchases.

BDT - I had interpreted that as relating to the success of those drills. I.e. as with MOU-1 the results of the log indicate a discovery and something worth testing there. That way, simultaneous testing can take part on all wells that have 'hit the right spot(s)'

"known" accumulations. Not predicted, hoped for, estimated. They are known to be there. There was no plan in place as to how and when it was to be developed. That is what the JV partners are discussing now.

So all that is needed to turn the known accumulations into reserves is the final testing and plan for development.

I am with GRH, the market has largely ignored the shift from estimated resources based on unknown accumulations, to known accumulations. PRD have shown there is gas there and were able to declare a discovery, that is a significant achievement

There is a possibility of news, but not a strong one. For example, the settled terms of the 60 day period. That is not what the pitch was in the heads of terms, but what the cost would be to either side of walking away after that period.

That said, whether that walk away fee is considered material is another question.

I expect the heads of terms don't need to be spelled out being uncertain and only a proposal at that stage. The same with a successful candidate. Aside from the walk away fee they are not committed to anything that requires announcement yet.

Yeah... This isn't wall Street bets.

I've done my research and I'm happier with the prospects than ever before. This JV candidate auction is the end of the beginning. It's what we have been waiting for. Yes there is uncertainty, and yes a possibility is that the potential partners will both walk away. However, that does not seem a strong possibility. I expect the usual fear mongering from the usual faces, and you have to ask what possible motives anyone would have to do that.

Nothing much more to say, I am happy to await the outcome.

Unlike Covid, the Gas boat isn't going anywhere fast.

Although if it's right that heads of terms are agreed first, and the exclusivity is for due diligence etc, then getting stronger in that period would be of no effect. A placing may be necessary to contribute further to costs, but I would expect that after the news of the JV when it could be done at a much stronger price. Better to be in a stronger position for any placing than to seek to posture during the exclusivity period.

I agree. Neither partner can make an offer only just better than a placing. If they do, they won't be the successful candidate. So they have to decide how much better an offer to make. They may consider gambling on a couple of factors better, but what if the other candidate offers a few factors better. It's the beauty of blind auctions.

Quite possibly - I used "we" in the PRD sense more than the PI sense. It raises a question as to whether we would need to know as something likely to affect the company significantly. Quite possibly not as its not an actual agreement, only an indication of an agreement.

That must be right, there are two candidates currently negotiating. In that period they will be setting out some form of outline/heads of terms as to what they expect to propose pending due diligence.

Out of those negotiations, PRD will choose one (from a successful candidate) to grant a sixty day period of exclusivity to run their checks and formalise their offer. Exclusivity would not make sense if more than one person had it either. However, at that stage, we ought to have an expectation of what the deal is likely to be pending due diligence and any last minute attempts to make modest changes to the framework, and agree more favourable specifics for the deal.

This is fundamentally different from those worst case death spirals. Shares are converted at a premium, not a discount. To take the shares, the lender must confirm they are undervalued which sends a positive message to the market. It is more likely to send share prices spiraling up.

Well that possibility is another reason to hang on to your shares and keep the votes

I hope it's clear that these are not things which could easily have been drip fed out to us too.

It's just as easy to enter an echo chamber of negativity as it is positivity. All the concerns are about timing, not results - nothing has changed in all the well presented geological research on this board. The contingent resources are there or they are not, and whatever the financing options it doesn't really matter. You will only be worrying about how many multiples of the current price we end up with.

I understand the nervousness and concern, but I ask myself whether the probability of a positive outcome has actually changed? No, I don't think so.

Does it not say the logistical planning for that testing is continuing? That could include working with the drillers to confirm a cost effective drilling slot following Covid delays to their previous timetable.

I've sent something small to international committee of the red cross for now. For the time being at least I'm working on the basis that the more international/neutral the charity the more likely they may get in safely and effectively.

We mention it often. The FUD brigade just don't care to engage in debate after throwing it out there. Lots of options have been discussed, we just don't know which is most likely because we don't know what negotiation is taking place behind closed doors. The balance of convenience in those discussions are changing swiftly though.

I expect it would be declarable income as foreign dividends. I.e. taxed at dividends income rates with different reporting rules. Possible different personal allowance levels, I would need to refresh memory on that.

I haven't yet looked at whether there would be any normal withholding tax I jersey. However, if you own over 2% there may also be some tax implications in Jersey for a distribution from the company. If that occurs, then it gets complicated as you have to deal with the double taxation treaty between UK and jersey.