An important announcement this morning as they update the market on corporate and operations progress. They have agreed with APT that upon completion of the farm-out and the subsequent transfer of operatorship to APT that they will seek permission from the JV and the Government to move the contingent elements of the 2020 work programme into the firm budget. Importantly this would hopefully include the seismic acquisition to form part of the immediate work programme and no longer contingent on the award of a Ntorya Development licence.
The firm budget would include drilling of the Chikumbi-1 well and the total value of the contingent elements proposed to be be reclassified to firm is currently budgeted at approximately $40m gross for which Aminex would be fully covered.
Recent positive indications in-country show that following a period of reduced corporate engagement the government is re-engaging with the international business community to support the country’s power demands. This is also clear in the comments about the review of the PSA’s, formal extensions for the Mtwara and Nyuni Area licences and the approval of the Kiliwani North-1 remediation programme, it seems that in-country media reports suggest that the PSA review process is nearing completion.
Overall the comments from CEO Tom Mackay are very positive, most importantly ‘once these approvals are given we can quickly move into an operational phase and deliver first gas from Ntorya and begin remediation work on Kiliwani’. Whilst nothing can be taken for granted this is as encouraging news as shareholders might have hoped for at this time and shows that real progress is being made.
As discussed in yesterday’s bucket list debut PRD is a company on a mission in Morocco as having, as recently as last week signed up a rig for drilling its Guercif Permits is now updating on the drilling team.
The company has appointed Moyra Scott as consultant Project Drilling Manager reporting to the CEO to execute the Guercif drilling operations. Ms Scott has extensive experience around the world but more importantly through SDX’s 2014 drilling programme in the Rharb Basin has experience in what will be analogous but probably much larger gas targets in Geurcif.
Predator has moved swiftly here to take advantage of its position and securing the services of such an experienced operative is good work. Cost-wise it suits PRD as this is a consultancy fixed term contract giving both sides options depending on results. The experience of Ms Scott is clearly diverse but importantly a proven local track record is more than an added bonus. The company are already seriously under way with key milestones already being ticked off, as I said yesterday this is a company on a mission!
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.
Malcy's Blog on the oil price and producers, featuring: BP/Shell, Angus, Hunting
Intelligent Ultrasound Group (MED) has announced that one of its BodyWorks Point-of-Care Ultrasound Simulator (“PoCUS”) has been deployed to the emergency simulation centre at the NHS Nightingale Hospital at London's ExCel centre.
The emergency loans scheme for businesses struggling to survive amid the coronavirus pandemic has been revamped following strong criticism. The Treasury said it had received more than 130,000 loan enquires from firms but fewer than 1,000 had been approved.
Malcy's Blog on the oil price and producers, featuring: Genel, GKP, Coro, Egdon