Member Info for voskos

AndroclesB.... I am not sure at what point the bank guarantee is no longer required but I suppose if a discovery was declared then one would expect that the minimum work requirements had been carried out BUT it could be that a minimum number of wells had to be drilled and we know that PRD have satisfied that requirement.

I assumed that if a discovery was declared then the funds being held under the guarantee could be used to pay the bonus of £1m but I really don't know and I only mentioned it because Keith (who I have a lot of respect for) made comments on ADVFN based on PRD having to make the payment of £1m within 30 days of announcing a discovery.

Thanks for your reply Keith...

Tmhsdx6... so is it reasonable to assume that the £1m we get back will offset against the £1m bonus???

KeithOz can you please confirm where it states that PRD has to pay £1m bonus to Morocco on declaration of discovery.... the below is all I can find and it states PRD will get the funds back....

(i) The Company's subsidiary, Predator Gas Ventures Limited, on 19 March 2019, provided a bank guarantee of US$1.5 million to Office National des Hydrocarbures et des Mines, who act for the Moroccan State, as a condition of being granted the Guercif exploration licence. Predator Gas Ventures Limited was required to lodge a security deposit of US$1.5 million with Barclays Bank Plc to secure the guarantee facility. ONHYM have agreed that the US$1,500,000 bank guarantee for the Initial Exploration Period be rolled over to the First Extension Period to replace the requirement for an increased US$3,646,000 bank guarantee.

The restricted access cash balance of £1,188.863 represents the aforesaid security deposit and is denominated in US Dollars. These funds are refundable on the completion of the Minimum Work Programme set out in the terms of the Guercif Petroleum Agreement and Association Contract. All other receivables are denominated in Pound Sterling.

Https://youtu.be/wHjieD6CTYs

The interesting bit is how many companies visited the data room. Bodes well for PRD.

Time to buy into an African energy adventure

An energy group is in the final stages of selecting a partner for its flagship Moroccan gas project

June 28, 2023

By Simon Thompson

Several third-party farm-out offers to fund Anchois project

Chariot progressing towards binding GSA offtake

Chariot (CHAR:15.8p), a £152mn Africa-focused energy group developing and delivering transitional energy projects, is in the final stages of selecting a farm-out partner for its flagship Anchois gas development project in Morocco.

Around 40 companies accessed the data room and I understand that multiple offers have been received from significantly larger exploration and production companies, according to the company. Chariot has already spent $50mn (£39.2mn) on the project and the board anticipates “retaining a material stake in the licences and a [significant] upfront cash consideration”.

https://www.investorschronicle.co.uk/ideas/2023/06/28/time-to-buy-into-an-african-energy-adventure

The total number of voting rights in the Company remains unchanged. The figure of 426,403,418 may be used by shareholders in the Company as the denominator for calculations to determine if they have a notifiable interest in the share capital of the Company under the Disclosure Guidance and Transparency Rules, or if such interest has changed.

GRH I believe your old posts are there but what’s not working is when you click on your name the system doesn’t display your posting history as before.

Https://simplywall.st/stocks/gb/energy/lse-prd/predator-oil-gas-holdings-shares/news/we-think-predator-oil-gas-holdings-lonprd-needs-to-drive-bus

The Group operates a share option plan for directors. Details of share options granted are noted below:

On 24 May 2018 both Paul Griffiths and Ron Pilbeam were granted share options each of 4,005,486 exercisable at £0.028 each and Steve Staley and Sarah Cope were granted share options each of 1,001,370 exercisable at £0.028 each. The options are subject to the following vesting conditions:

1/3 of the option shares 3,337,904 on gross production from the wells drilled under the Well Participation Agreement Predator Oil and Gas Ventures Limited and FRAM Exploration Trinidad Limited of 50 BOPD (measured over a consecutive 30 day period)

1/3 of the option shares 3,337,904 on incremental total gross production from wells for which the Company receives revenues of 1,000 BOPD (measured over a consecutive 30 day period)

Each option shall lapse 5 years after the date on which it vests, assuming it is not exercised before then and no event occurs to cause it to lapse early.

On 27 October 2020 both Paul Griffiths and Ron Pilbeam were granted share options each of 3,850,000 exercisable at £0.05 each and Steve Staley and Louis Castro were granted share options each of 1,650,000 exercisable at £0.05 each.

In February 2021 vesting requirements for all options held by Executive Directors Paul Griffiths and Ronald Pilbeam became subject to any one of certain targets being reached as follows:

Thanks for the correction Caterham7...

I am assuming now that the rig contract has been executed PRD will be paying a daily rate .. that would suggest we can't be far away now.

nametrade why don 't you keep your advice to yourself... every shareholder has A RIGHT to ask questions... whether YOU like it or not makes no difference to me .

Once again there is speculation on this BB and why?.... because timelines were set by the company and not met and shareholders are left to make their own minds up as to what is causing the delays. If there are genuine delays I don't think it's unreasonable to tell shareholders. If the price goes down because of it what does it matter... the bottom line is that if you have done your research and are comfortable with your shareholding then you will hold until true value is realised. One question I would ask and that is... do long items need to have been delivered before the well pad commences construction .. If not then why have we not had a RNS as before with MOU-1 confirming start of construction.

Olderandwiser I do believe Paul and Lonny will deliver for us but I don't want any unexpected surprises along the way.

The well is anticipated to be drilled and completed for rigless testing between September and October this year. The drilling window will be updated as well inventory arrives in Morocco from overseas. Star Valley Rig 101 is prepared to commence drilling operations on instructions from the Company.

RNS of 19th July stated the above and I suspect they are waiting on arrival of all long lead items to issue another RNS update BUT it does seem to be taking some time. It may well be normal in O&G business for these delays but then why issue time frames.

24/05/2021 .. Well Pad Construction to start immediately.
04/06/2021.. MOU-1 site construction and civil works nearly complete and Rig contract executed.
16/06/2021.. MOU-1 drilling Rig mobilised.
21/06/2021.. MOU-1 commences drilling.

hello!!!... anybody there.. an update would be quite welcome.

Get that... but why give timelines and then not keep to them and the first we know about any delay is on a Sunday interview. PRD has paid to secure an option for the SVR101 .. when does this option run out. I don't expect management to answer to us shareholders on every point BUT don't make timelines that can't be met.

The PRD management have asked us to trust them to deliver... can they start by answering
3 simple questions posted previously...... All this speculation about where the pad could be etc when all the management need to do is add clarity!!!

1) Has PRD received all the permissions to construct the well pad.
2) If so has construction commenced.
3) if permission received but not yet started construction then why not.