We would love to hear your thoughts about our site and services, please take our survey here.
Name trade
Co2 eor was supposed to fund morroco. That was so long ago most won't know.
It didn't work out, so of yes they would need to either borrow or place shares. My point is you can't boast about not having debt when you have repeatedly diluted shareholders instead.
They could service the debt by producing from mou1 they drilled almost 3 years ago.
Instead we have raised enough to drill 5 well, phase 1 and phase 2 testing, Cory moruga and Ireland related costs.
It was Paul's decision to keep raising and moving onto the next well/project before proving up flow rates and crystallising value.
That would've opened up other avenues for funding or at least required fewer shares to raise the same ammount.
The share price is what it was 5 years ago but the market cap is 5.5x higher.
Last summer instead of mou4 drilling if we used the funds to flow test mou1 and 3 the sp would be a lot higher now and less dilution.
If I didn't think guerciff was massive I wouldn't be here.
CCC
I don't think it's entirely fair to blame the London stock exchange. Sp was at 14p before Phase 1 results. It was going to fall afterwards when nothing flowed due to inadequate perforations.
The market has been waiting for flow test results for a long time now and paul has repeatedly missed his own deadlines and then was unable to source the right tools.
It's not a good look for the ceo to look for external excuses for his own shortfalls.
It doesn't matter why the delays, the buck stops with the ceo.
If Phase 1 flowed and the share price didn't move then I'd get it.
Similarly, to brag about no debt when the share count has increased from 100mil to 565mil is shameful. Retail shareholders have funded this company over the years. The placees always dump to retail.
It was Paul's decision to not flow test and go to production with mou1 to start generating revenue. Instead he chose to continue drilling. Even if it didn't go to production the fact it flowed would've raised the sp. Subsequent raises would be less damaging.
I belive in the asset but definitely not the way the board has gone about trying to monetise it.
Of course PE is an option.
At some point we will need more funds and a partner.
The impression I got, Paul accepts it's not worth raising from the market again. Instead, once testing is completed it's time to look for a partner with deep pockets. Various ways that deal can be set up. As a long term holder I would be glad to see the end of bucket shop raises that kill any sp momentum.
Pe can take on the costs of cng development for mou 1,3 and 4. We all know how slow things are, instead of waiting for cash flows from cng an upfront payment for a slice of equity is not a bad shout. That would certainly give the sp a new foundation. Allows Paul to drill and prove up further wells and realise more value.
Why PE instead of an mid/large cap oiler? I don't know but the more options the better.
It's all just speculation thus far but 7tcf he certainly did say.
From the presentation it says it was submitted on 23/01/24. I don't know why they didn't submit this a lot earlier as a contingency. The rns states mobilisation of sandjet is dependent on Amendment 4.
Has this now been granted?
The diagram in the presentation shows the new date for sandjet falling early Q2. Did Paul comment on this?
6th year of holding for me.
Mem
"How many times have PRD raised money to test ??
How long since MOU - 1 drilled ??"
I was raising all these issues whilst you were claiming family office's and institutions were buying up and we have multi TCFs. You seem to have poor memory.
Stop embarrassing yourself.
Mem it's funny how you change from tcf ramps, sandjet will work, smart buyers/institutions accumulating etc etc to sand jet could fail and we run out of funds.
You continued to ramp after the last rns without contributing any actual research to backup. To give yourself enough time to exit before flipping the tone of your posts 180 degrees.
Care to share the new enlighting research you came across in the past few days that changed your views?
All the longterm posters here know your routine and have called you out before.
Yes I've considered all risks and done my research before Phase 1 results.
Since phase 1 results I've done a lot more research that makes me confident sandjet will work in our wells.
If it doesn't mou5 can be delayed and a side track well drilled instead. If I thought that was more likely I would sell and wait till an update from the company.
5085
What's the formation thickness?
estimated volume?
We could have 4.5% helium and 3 x 1m thick formations.
Or we could have 4.5% helium and 3 x 10m thick formations.
The company obviously knows this information and its importance, yet hasn't released it to the market.
Instead just focuses attention on concentration. When there's more prices to the puzzle and value.
Gudin your posts are full of dread.
What are you doing here?
Sell and move on, or enter after the placing you're worried about.
I'm all for balance but find it hard to believe someone can be long on a stock, yet hold such bearish sentiment.
Mem on to his classic, not so subtle 180.
The last delay was due to an administrative delay.
"On 8 November 2023 PGVL was informed by ONHYM of an unforeseen administrative regulatory issue as a consequence of which the Joint Ministerial Order approving the Guercif Petroleum Agreement Amendment No.3 had yet to be issued.
As a result PGVL had to stand down at short notice mobilisation of its rigless testing well services and international personnel to await resolution of the issue by third parties.
The matter was resolved and the Joint Ministerial Order is expected to be issued shortly.
We very much appreciate ONHYM's assistance in resolving this matter."
We have an mou with the PMs company.
Other exlorers in morroco have had no issues with onhym.
I highly doubt we have any problems.
Of course we won't know for sure until it is issued.
If it wasn't, the above delays would give prd a strong case in the courts. Not a good look for morroco being open to foreign investment. So I don't see it as plausible. There's no precedent.