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'Will be Challenging' corp speak for 'ooo errr'.
Nothing new
No timings
No partners.
Share price down 10% (says it all)
A huge miss vs recent hoped for RNS good news.
Considering all the hopeful share buying ahead of RNS dreams expect SP to slide lower on a great big 'uuurghh', despite needles of hope being sifted out of that haystack of 'Meh'.
Polemic
The names of potential partners has not been given within the RNS but I don't think anyone was expecting their due diligence or the conclusion to the negotiations of the commercial terms to have been concluded yet, so would not have featured in this RNS.
We now have a timeframe in which those discussions would have started and have been completed within.
The good news being that the potential partners are happy enough to sign an exclusivity agreement and to carry out due diligence whilst negotiating commercial terms.
Updated timeline from my previous post (hopefully there won't be an issue with the formatting this time):
1) Lonny was in Morocco on the 17th Feb
2) RNS issued 8th March:
a) CPR released, material contingent gas resources has attracted significant interest in the Company's plans to further explore, appraise and develop gas.
b) PRD has signed Confidentiality Agreements with a company based in the United Arab Emirates and an Asian
exploration and production company to evaluate the exploration, appraisal and development opportunities in the
area covered by the Guercif Petroleum Agreement
c) Separately PRD has signed a Confidentiality Agreement with a company in the downstream sector in Morocco to
work together to optimise the potential market for gas from the area covered by the Guercif Petroleum Agreement
3) RNS issued 12th May:
a) Two potential farminees for the Guercif Licence selected from initial responders for further discussions
b) Two primary candidates for a potential farmin to the Guercif Licence have been chosen from the initial responses to
a targeted marketing exercise by the Company's experienced management team. The Company is proposing to
offer the successful candidate a sixty-day period of exclusivity to complete technical due diligence and to negotiate
commercial terms
4) Toady's RNS (29th June):
a) Confidentiality agreements executed with potential partners for follow-up drilling and potential gas development in Morocco.
I shall continue to stick with the 1st of June as the date on which the confidentiality agreements were signed and therefore the period of exclusivity started.
If it is a week earlier or a week or two later, I don't think it will make a great deal of difference.
It should also be noted that the proposal was for a 60-day period, the conclusion of which may occur well within that timeframe or for a variety of reasons may be exceeded.
If negotiations are successful and we enter into a JV then I expect the RNS with all of those details to be released end of July to mid-August.
also,might either of our two prospective partners hold the long lead items in house? thus negating ,for the moment,the need for p.g. to order said items. if that were the case it would indeed bevery positive.
Very possible staffy. Thought the comments on legal dispute in TT were interesting. The TT authorities may well be forcing a resolution so as to clear the decks for their very ambitious plans which PRD are going to be very involved in. I can’t be the only contented shareholder surely :))
No F&M
You are not alone . . .
I thought the chance to buy £5 notes (or £10) for 7p had gone . . .
Very contented here.
Redbox
I remember similar comments at GKP where I bought in at 9p - didn't quite make £5, but very close.
I'll continue 'unwobbled' for now.
Liveinhope
it did 4.5p to 463p bid...in real volume
There was only one poster who publicly identified GKP from 4.5p
There was only one poster who posted TWICE that he had sold down
There was only one poster who posted the most highly liked tech post re GKP (565 likes I think) ...
There was only one poster who posted very sophisticated...100% accurate... tech images
I will refrain from pointing out WHO that chap was
OK...if you insist ...
(and in the joyful expectation that it will irritate the idiots)
it was an old poster who is now a shareholder in PRD
Funny old World
Regards
GRH
Regards
GRH
Noted yet again the lack of GRH after a poor RNS however he has turned up pointing out how good he is.
Lets face it, Long lead times and items not ordered doesn't sound that confident and a JV has now been going on since last year and PG still hasn't found someone to fund his dreams.
Regards no Debt, That's only because PG keeps raising money and its us poor sods who are getting Diluted, But PG did thank us in the RNS which means a lot
However, If PG can't get a JV, Then i am sure that he knows a man who could do a good CLN for him over the pond
Regards Trinidad, Who knows what was in the contract with Fram, PG throw in a low ball offer to buy fram, Why ? Because it wasn't delivering what was promised and maybe that's part of the terms of agreement.
Any new deals in Trinidad will take more placings and time and Ireland is hope, So might be better to forget about EOR and move on
I have to say , The stand out post from today was from MEM who IMO knows the true score and yes even i am worried about the future of PRD because JV or no JV, PG will be coming a begging for more money
Have you changed your moniker GRH? I was in GKP from Aug 09 and March 2012 and I don’t recognise you.
Ref PRD I see 20-25p in the next few months what do you see differently?
I only remember Pittsburg guy really oh and Spencer Freeman, so where does the PRD SP go now?
I wont comment to Tom post as he talks Ollocks lol
“Watch & Learn Son” “watch & Learn”
Do you remember Dalesman?
The perpetual Optimist? (Evening TPO)
I was fortunate to hold 1% ...hence GRH1
I do yes, it was a rollercoaster 2.5 years
I remember Dalesman from the LGO days…… Onceatrader too.