It is looking good! |
The level of understanding share options is truly shocking for such a simple concept.
Horse1 over on lse is particularly clueless. |
Pro
.......If all options and warrants were to become exercisable and then exercised in accordance with their terms, gross proceeds received by the Company would be GBP5,982,951. ............
I am relatively new to O&G, but I have never seen the total options and warrants revenue displayed like this before. It seems to me they are indicating a revenue.Deal close on both conditions? |
It's interesting that 50% of the new options relate to Trinidad. |
That RNS tells me 2 things:1 the testing is on plan 2 they are very confident |
Wonder if testing has started already. The wait now is simply for the results of testing........could be zone by zone, or all together at the end of all zones of MOU-3 having been tested.
........Rigless testing MOU-3 using conventional perforating guns is currently forecast to begin on or before 16 October 2023, assuming that the wireline logging unit is released from its present contract on or before 10 October 2023. The Company will provide an update if there is any change to this date......... |
.......If all options and warrants were to become exercisable and then exercised in accordance with their terms, gross proceeds received by the Company would be GBP5,982,951. ............ |
Issuance of Options to Non-executive directorsThe Board's Executive Directors have resolved to make the following award of unallocated share options the "Options") under the Company's existing option schemeTo: Alistair Jury (Non-executive Director):Award of 3,000,000 OptionsTo: Carl KindingerAward of 3,000,000 OptionsOptions issued on 12 October 2023 to Alistair Jury and Carl Kindinger are exercisable at 12.5 pence per share. Fifty percent (50%) of the Options (1,500,000) will vest upon the release of an RNS in respect of the rigless testing results for the Guercif Licence and fifty percent upon the release of an RNS in respect of the completion of the acquisition of TRex Holdings Trinidad Limited and the Cory Moruga project. |
 Yes and similar geology to the Gharb (desktop study by the Company and our Geologist who has many years experience in Morocco) where SDX get wonderful flows from much smaller less pressured fields. In fact they seem to achieve 1mm cng/ day for each meter of sand in the Gharb but the volumes are diddly in comparison.
MOU 3 connected to MOU 1 where CPR shows zero geology risk. Think the fan is 50.5 over-pressured meters of sand at MOU3. That bit alone could plausibly satisfy the entire CNG demand in Morocco(thought 50 mm cng day) Then there are the other sands in MOU3 and other sands at MOU1,2 and 4 for the gas to power and maybe entry into the Maghreb pipeline to Europe. Then there is the huge Jurassic at MOU 5 then there are the other satellite prospects on the block.
Just have to wait for conclusive result but you cannot de-risk it any more than we have at this stage. Only need 1mm cng/day to make it commercial. Odds on but Mr Market not got it......yet. Too many sellers without homework done , expecting little PRD to behave like Shell and not understanding ONHYM...even turning a blind eye to the oncoming corporate event. Hen's teeth for any gas producer but may take several to take out PRD. That's just Morocco. |
RD -- You must be as old as me - lol - but our old wind up pal ngms is older !!
I gave him credit many many moons ago for being the best wind up merchant on ADVFN but
the very last guy to invite to a happy party.
westmoreland lad - 27 Sep 2021 - 14:24:39 - 182 of 231 Savannah Energy - SAVE
having another happy day jonny ( ngms ) ? |
Anybody know how long testing mou3 will take? I read anywhere between 2 days and 10 days..... |
It smells like the classic Jonny playbook. |
Hope so. But until they confirm testing then confirm commercial via RNS share price won't react positively, especially if the overhang still needs to clear. |
westmoreland lad,
When you've been here this long you sort of get a 6th sense.
Could be totally wrong of course :-) |
OAP
3.8 holes in the ground and a great many, some differing, sands. Risk reduction there. |
RD -- If you are asking if its JonnyT , I would suggest probably. |
Is that you Jonny ? |
Now I completely understand your avatar.. |
Until testing proves this commercial it remains a £61,875,229.68 hole in the ground. |
US inflation data not too bad today. No October meltdown. |
10.81 v 10.92
? |
PG has never been worried about flows and just not got round to them but instead prioritising volume and discovery. The CPR shows why he is not particularly worried. He knows he can drill more if he offtakes the cng gas and that is where he is now pointed. He loves the drill bit but flows now the priority as the recent visit to the City was cruel because flows were not done. imho.
That outcrop investigation must have been good if he is still keen to crack on with the drill bit. |
Paul Griffith sounds very confident! |
 KeithOz
You need quality as well as quantity.Today 01:50
Part 1.
GRH has previously pointed out the vast volume of rock (much of it of Jurassic age) that has been potentially exposed to gas & oil migration, and Wacky has given us a calculation suggesting that up to 90 TCF of gas may be present. In order that investors come to their own conclusions, perhaps it would help if we had a brief recap of the factors that need to be present in order to get an economic hydrocarbon (h/c) deposit.
When you see a geological chance of success (gcos) calculated in a CPR, this is determined by multiplying together the %age chance of the following being in place: h/c source; migration pathway; suitable reservoir rock; a structural trap; and a seal.
For the Guercif Jurassic, we know that rock rich in organic matter has sunk to a sufficient depth to be cooked into both oil & gas (remember the geothermal gradient map I linked on X). This was then uplifted again by tectonic action (twice), which also caused extensive faulting that allowed gas to migrate upwards when the Guercif region was squashed between moving tectonic plates (several times). We also know that at the top of the Jurassic sequence, there are thick layers of fine-grained marl and siltstones which act as a seal - confirmed by gas still being in place at MOU-4. This leaves us with the need for suitable reservoir rock and a structural trap, and this is where it gets tricky.
Reservoirs first. Much of the huge thickness of Jurassic rocks to the E & SE of Guercif town consists of massive limestone, which normally has low porosity & permeability. This will only become reservoir material if extensively fractured, so far I have not seen evidence that this is the case. This will reduce the available volumes considerably. The MOU-NE target is an ancient reef structure – you all know what coral reefs look like, they are full of holes of all shapes and sizes, so once buried make excellent h/c reservoirs. They get even better when exposed to weathering – the holes get bigger and better connected – the 'enhanced porosity development' referred to in past RNSs. The third kind of limestone is Dolomite, which has been chemically altered over time, often causing high porosity & permeability. It is estimated that 80% of all h/c deposits are in reefs, dolomites & fractured limestones, so this is what PRD are looking for in the current field trip. Once they have a good idea of where such potential reservoirs occur in the rock sequence, it will help clarify the seismic readings, and optimise drill positioning.
Part 2.
Traps are of three main kinds – anticlines (inverted pudding basin), tilted fault blocks, and diapirs (not to be confused with diapers). The first two are present across some of the Guercif licences, but most definitely not all, which will greatly reduce the volume potential. Diapirs – underlying the Jurassic is a thick layer of Triassic salt. This acts like a viscous liquid – it is less dense than the overlying rock and over millions of years will rise towards the surface forming underground salt domes and walls. H/cs become trapped against these impervious domes – this is the most common trap style in the Gulf of Mexico, where as you know, there is an awful lot of h/cs. Some of us have strong suspicions that there are many of these in the Guercif region. They can be identified by low gravity readings, as well as HSSI data.
I suspect that GRH has HSSI & other data indicating h/cs over much of the Guercif region including the area of buried & outcropping Jurassic – unfortunately this does not clearly indicate depth, so a strong reading will not differentiate between near-surface Neogene (MOU-Fan & Middle Sands), deeper Jurassic such as MOU-NE, or underlying Triassic, which is the main h/c source across North Africa. Graham – please correct me if I am wrong here.
One final point of possible confusion over the recent volumetric calculations: in the 11th July RNS, it said "The top Jurassic carbonate objective was reached at 1135 metres TVD MD". I am sure that the depth reference here was not to the top of the Jurassic, but to the top of the MOU-NE target, (the Jurassic carbonate objective) which is in fact towards the base of the Lower Jurassic.
So, 90 TCF in the Jurassic? – I think unlikely, since much of this rock volume does not have suitable reservoir characteristics nor trapping geometry. 90 TCF including the deeper strata? Just possible, but a lot more work needs to be done, and this will be by a company with a lot more than three staff, and a much bigger bank balance than £10M. |
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