Bradda Head Lithium exceeds targets, secures US$3 million royalty and moves closer to production. Watch the video here.
@thebold, you stated "If it was included as near term funded, please post the fact and I will retract."
- Comment from RNS dated 10/04: "The Company is fully funded to drill MOU-5 using currently uncommitted, discretionary, cash on the Company's balance sheet."
They also stated that all firm commitments for 2024 were funded. It is reasonable to assume that a delay to MOU-5 within the calendar year would still be funded., until we are told otherwise.
The comment from last RNS to "re-assess its funding need for next 12 months" post Sandjet and Trinidad is because these are both items which can literally open up new sources of finance. To infer that MOU-5 is no longer funded is not logical.
They did not state in latest RNS that MOU-5 drill was funded, nor did they state it was not.
Please retract your "clearly stated... is not funded" that you have posted multiple times today.
SOU RNS: "The rig is currently stacked at the TE-7 site, at no on-going cost to the Company, whilst the Company awaits additional wellhead equipment to complete the running of the new completion tubing into TE-7"
I infer from the above:
* PRD are not ready to mobilise rig
* SOU are not ready to run completion tubing
* Star Valley do not know when or where the rig will be required next so have agreed with SOU to leave it on site at no charge. Same as last year when PRD had it parked up post MOU-2.
PRD could get the go-ahead on MOU-5 next week, although past experience with Moroccan authorities suggests cautious expectations on timing.
Sandjet flow testing next anyway
Compounding individual conservative CoS factors gives ultra-conservative overall CoS
If the success probabilities of these discrete factors are in fact related (correlated) then it's being even more conservative
Example
Factor 1 has 75% chance of success
Factor 2 has 75% chance of success
Mathematically the chance of both being a success is 75% * 75% = 56.25%
BUT if the chance of Factor 2 being a success given that factor 1 is known as a success (or vice versa) is 90%, say, then combined chance of success is actually 75% * 90% = 67.5%
I don't fret about these numbers, PG seems to know what he's doing so I let him get on with it
genuine question my ****.
1. corrib south is not exploration, these are contingent resources.
2. prd has no intention of being operator
3. there is a farm-in partner ready to go with terms agreed in principal per last rns (likely vermilion who operate adjacent corrib field)
We know that:-
* The First Extension Period follows immediately after the Initial Period
* The Initial Period was due to end on 5th June 2024 (amendment #4)
* MOU-5 well will commence drilling as soon as practical after entry into the First Extension Period
First extension period started 6th June, unless there was a further amendment we don't know about. So MOU-5 should be drilled 'asap', which ought to be once Sound are done with SV101 rig. This would also then form part of near-term operations, which we are told are fully funded and is consistent with previous messaging.
Appreciate that last RNS was not 100% explicit but this is my logical read of things. Should find out soon enough.
"Following the results of the Sandjet rigless testing and the first two well workovers in Trinidad designed to re-establish oil production, the Company will re-assess its funding needs for the next 12 months."
Either of these coming in changes the picture dramatically. The former leads to proven commerciality and opens alternative options of financing. The latter leads to becoming a producer and near term revenues.
I predict success; a rise in share price due to the lack of requirement for an equity placing; followed by an equity placing.
@ART123 - they are clearly using SV-101 and MOU-5 is funded.
@LegalWolf - they will revisit financing when they have flow-tested. Because successful flow test opens up alternative financing routes!
“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.
”Last time Lonny was this verbose on twitter it was just before a raise and not the news expected.“
Can you provide details, because I believe this statement to be garbage? Last pumping on X I see was around the MOU-3/4 drill and results (which were rather good)
@Thebold - surprise, surprise. A few weeks of faux support to try and pretend you care and now you're changing your tune after a regulation administrative update. 'Worried about cash.'
We've been onto you from the start. Please stick to the CHAR board where you actually hold shares.
In light of recent board activity I thought I was share some info from last July, on the day of the MOU-4 drill results.
In the public PRD telegram group a certain poster, called Captain Sensible, claimed to be invested in both PRD and CHAR and was quite dismissive of the MOU-4 results. He proclaimed them to be indicative of a duster ('no mention of gas').
I and a few others thought they were excellent (they were) and put our views forward, but a number of other posters backed up Captain Sensible who had 'demonstrated good industry knowledge' in the CHAR group.
This group of alleged joint-holders controlled the narrative from 7am onwards through to the market open.
I joined the CHAR telegram group (so I could see which PRD posters were also members there) and learned that Captain Sensible was a prominent CHAR investor, close to the board and generally waxing lyrical about the company (in contrast to the subtly negative views in PRD group). He referred to PRD as 'mickey mouse' within the CHAR group and was generally disparaging of PRD there. In my opinion he did not post anything to demonstrate he was particularly knowledgeable.
You will recall that a second RNS was issued 2 days letter clarifying the excellent results, together with an interview where Paul made angry reference to certain people undermining the company.
I don't know whether Paul was referring to the Telegram group or if he is aware what is posted there.
I don't know if this disinformation campaign had any effect on the share price.
The CHAR telegram group is now private.
I don't care about CHAR, but I care when PRD is under attack.
There is a certain LSE poster with a very similar posting history to Captain Sensible.
Can't make it, but recommend going if you can (I went to the Sept 2022 one). The management is a big part of the PRD investor case (one which divides opinion) and this offers the opportunity to speak candidly with Paul and Lonny after the presentations (away from restrictions of regulatory comms, ONHYM etc.)
* General Election in Ireland is set for March 2025.
* Eamon Ryan's DECC hope to conclude their review of PRD's successor authorisation for Corrib South in Q1 2024 and will be writing to the company shortly (as per Corporate update 26-Jan-24)
* The DECC extended Europa Oil and Gas's Inishkea West licence on 31 Jan 2024
"Ireland has taken us by surprise. We remain cautiously optimistic that we potentially have a partner for Corrib South in the event a successor authorisation is awarded. There is no guarantee that the conclusion of the GSRO DECC process would necessarily result in a positive outcome for the Company. Corrib South is a quality exploration asset adjacent to the Corrib gas field infrastructure and was formerly held by Shell under a Reserve Licence authorisation."