Thanks helpfull. I wonder. What context is needed to understand the, very simple, words that:
"Rigless testing has commenced"?
The wording from the 6th June RNS was:
"Commencement of Sandjet rigless testing programme on MOU-3"
This really is a very different statement to the one today. Maybe the PRD communications folk need to ensure that they make the statements much more explicit (simple) so that those who are not quite able to understand subtleties of the English language are not at a disadvantage? |
Any guesses which sand is the most successful at MOU3?
My guess is TGB 6. (80m gross and features at MOU1,3 and 4 plus it has 13 perforating points).
Higher risk TGB 4 sand could bring in 50mmcf/day alone. (4 perforating points) |
The force is strong here.
Amazingly I did read the line:
"Rigless testing has commenced"
but as always you need to use context.
Further down the page is the line:
"The Company's rigless testing operations commenced before 5 June 2024 with site preparations at MOU-3 with initial customs clearances received on 12 June 2024 to import the Sandjet testing tools and chemicals"
Note the very similar "rigless testing (operations) commenced.
They used the phrase "rigless testing programme" previously.
"requires obtaining" are the operative words.
No testing of flow rates until they hear back from the Ministry of Energy.
Be careful. |
Thanks helpfull. If you read the RNS, at the top, you will read (in bold):
"Rigless testing has commenced"
I think you will agree that "has" is very much a present tense.
Very exciting times :-) |
The force is strong here.
Don't worry about sandjet.
Don't worry about flow rates.
Don't worry about Mou-5.
Do worry about the English language:
"Confirmation of entering the First Extension Period requires obtaining the required statutory approvals under the form of an order executed by the Ministry of Energy approving the extension to the Exploration Permits into the First Extension Period"
"requires obtaining the required"
I think "requires" is the present tense.
That is ongoing.
No need to start the stopwatch.
Unless you're timing the arrival of the cash raise.
Be careful. |
Folk over on lse are figuring news in 5 to 8 weeks. No idea why they think that. The rns of 6th June specifies "at least 5 weeks" because they were building in delays due to equipment delivery (of course, in reality it was more than 8 weeks just for delivery). SJ is a quick process, so news should arrive faster than thought. |
Sadly Easybrent has decided to copy the post from Beancounter that is riddled with inaccuracies. Equally sadly, I have neither the time nor the inclination to correct the inaccuracies. It isn't my job to educate the stupid.
Looking forward to the rerate here :-) |
Why don't you copy and paste the entire last paragraph of PG's statement, rather than just the bit about zero debt? The rest is rather telling about being the discussions being pushed aggressively including M&A options that may preclude a cash raise if there is a"partial divestment". Don't you think? |
 From lse chat, makes a lot of sense.
This two-month delays will obviously cost PRD a lot of money. The company overhead cost has increased to £2.4m for the last 6 months reported July-Dec 2023 (monthly cash burn of £400k excluding any exploration expenses). As a result of having operation now both in Morocco, Trindad and head office functions.
The company had £6.4m in cash a 2023-year end. The expected cash burn since then has been:
- 7 months of overhead £2.8m (£400k*7)
- Morocco testing in Q1 +£1m
- Morocco testing start up since June +£1m
- Trinidad work +£500k
It all adds up to £5.3m, which would leave the company with £1.1m in cash while testing has hardly started. This is a very fragile cash position with current cash burn and testing ongoing.
Its interesting in todays RNS that the company is writing “The Company is debt-free”, but they don’t say the company is well funded. Its sort of odd comment as the company have not had any debt for a long time. I can only read this comment as an attempt to confuse investor instead of telling investor what the cash balance is. |
Should hear about this soon as per the 6th June RNS 😊 · The MOU-5 well will now commence drilling as soon as practical after entry into the First Extension Period following the unforeseen delay to the scheduling of the Star Valley rig 101 programme due to other commitments.
Exciting times ahead :-)
GLA |
Well done to the team for putting everything in place so here we go.... All hangs on flow rates now which don't concern me as long as they breach the formation damage. Do that and think 20p and the rest. |
Thanks purps. |
The force is strong here.
Well blow my head off with a frying pan!
Who would have thunk that testing hasn't started?
I can't read, I can't interpret those statellite thingies, I know nothing about oil and gas and I've never shaken the hand of the high and mighty.
But my spidey senses told me testing never started.
Everyone seems to have known that now.
I'll interpret the RNS posted today.
The share price is 9p.
Turn the 9 upside down.
Shareholders are being groomed for an imminent cash raise.
6p is incoming (or less).
I'll give it mid August.
Be careful. |
o they said testing started
i never bothered to read whole rns sorry
anyway
im predicting 2p and am staying out atb |
remember its 2p or 20p
all other assets are worthless gl |
Wow you are a nervous holder, maybe not the share for you then. It was pretty obvious that there were holdups outwith management control that have now been rectified. The market has been fully updated and PRD are progressing. It's all down to results now. Nothing else matters. |
Excellent update, and game on! Well done PRD team and nice photos, trolls will have to work harder now earn their few pennies, time running out for them. PMSL 🤣 |
Exactly ohdear……only those that can’t read….yet again.. |
Nope..."The market" thought no such thing. |
PRD management takes incompetence to a new level. The market thought that they have been testing MOU-3 since the 6th June rns, and now 2 months later they havent done anything and blames slow custom to move in kit. |
Testing started...great news! |
zzzzzzzzzzzzzzzzzzzzz........................
more delays
when will this ever achieve something?
7p |
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