Member Info for TT-T

Why is that article still claiming that the previous RNS has ruled anything out? It didn't. That was their error and was corrected by various people here.

It's not unprecedented in a region such as Morocco. The company is not the final arbiter of the contents of RNS, ONHYM is. The strategy of holding cards close to the chest might be Paul and Lonny. However, it is more likely that it's ONHYM being very cautious about anything being released before it's ironclad. They have been burned before in highly embarrassing events.

Reporting that two of four prospects ruled out? Specifically the sections where the closure had not been premapped and where there were borehole issues. That isn't how I read that announcement. It says both of those prospects are being assessed to determine next steps. That isn't ruling it out or why spend money on analysis?

Don't forget that there is was gas at MOU 1, but when they told the market what was there it reacted very badly. As PG said recently the conditions in guercif make analysing the well results difficult and it does take some weeks to do reliably.

Now in relation to MOU3 it was easy this ay there was 3% gas shows on the shallow formation, but no numbers on the rest. Either conditions were easier to measure in that part of the shallow sands, or there is an awful lot more gas seeping out there than it looks.

Testing awaits now and I look forward to the results

A takeover of the Moroccan subsidiary could do that for us. I don't believe anyone is currently expecting a 'planned' sale of the entire Co, though hostile takeover is a possibility.

We need the prospectus and CPR as early as we can now to restore directors percentage voting power and guard against hostile bids

If all wells drilled in 2023 are expected to be tested in or around July, have we just been informed that the mud question is fully resolved and that we'll will be completed after MOU-4?

Drilling MOU 4 and THEN testing all wells, potentially as quickly as in July. That is far quicker than I was expecting MOU 4 to be drilled and tested

That's just a calculation for what might be in the surprise 11m section announced this morning. It's not any comment on what's in the main targets.

PG has consistently and frequently referred to the ceramics industry as a core customer sector for gas - my assumption is this will be largely for the firing in the kiln.

The focus was very much back on general FID options with no plan as to which they will take up. I wonder if Paul was encouraged to trot out some examples and the broadcast interview just used one of them leaving us all with that very confused single example. That would certainly explain the vitriol.

Paul's presentation seemed more bombastic than his earlier ones over the years. My impression was of a man so very close to fruition the excitement was bubbling out.

I didn't hang around after the presentation, jet lag was insistent I'm afraid.

Wasn't the MOU2 mud needed likely to be the mud originally used for mou1? If the mou3 mud needs the MOU2 mud then this proposal doesn't apply

Remember that the previous placing was for the advanced purchase of long lead items for MOU3 - see RNs 24th November 12:10. Was the casing ordered long ago?

PG shares are loaned, not sold. You have to expect they will be replaced so it will be closer to 10% as a result of this step. It may not be immediate but I think it would be an oversight to dismiss that.

From memory PG has always talked about selling off parts of the business for some sort of return if capital without giving any indication of preference yet. Special dividend is an option and sort of became short hand for the principle

How else would they all let us know that the sky was falling?

These are serious and detailed proceedings. You cannot just expect to write in general terms about broad expectations. You need to know where, when, what and how much. For that, it all has to be ready so when you get permission it can move.

Why does everyone assume this could have been done a month ago before arrangements were finalised? This is very positive. It means its all there ready to go. With onhym on side, does anyone think permission won't be granted?

As of 7 October 22, the following was left from the Feb 20 issuance:

"4 pence per share (2,193,750 on 17 February 2020)"

Don't forget how fickle the market is. Any RNS which is a simple progress report, but does not contain tangible solid "X has been achieved" invariably leads to a sudden drop in the share price. We don't need a running commentary unless there is a clear position to update us with. Even simple traders don't need that, the only people it would benefit is those hoping to spook the market to be able to buy in cheaper. I just don't see the benefit of spending money for a running commentary.

I think we will mark that 'must try harder'.

The strip log confirms drilling 0-69m took 8.5hrs and that point was reached on 8th Jan at 8:30pm. Spud date has been confirmed.

The same log tells us that the suspension point of 1260m was reached on 22 Jan 1023 at 11:30am.

We were told that the rig was then left in situ at no further cost to PRD. That point has been made very clear in the interviews despite the attempts by some to claim uncertainty.