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#PRD 🚨🚨🚨🚨🚨
1/ #PRD — could the whole company be bought, and is the stalled Trinidad well the clue?Jan: raised £4.5m to drill Snowcap-3.
Now: still no signed rig.
Meanwhile PRD says outsiders are running technical & legal due diligence.Short thread 👇
2/ Is a full takeover even possible? Easily.PRD is a Jersey company on the London market — a buyer can take 100% via a standard "scheme of arrangement." No blocking shareholder, one share class.Morocco gas + Trinidad cash + Ireland = a tidy whole-company buy.
3/ The puzzle: money raised in Jan specifically to drill SC-3 — then no drill. Topped up again in May to deepen it and add a test.Rig talk has been "nearly there" since Sep 2025. ~9 months, no contract.Either it's just slow… or a buyer asked them to sit tight.
4/ The strongest clue is PRD's own wording: spending supports partner talks "while outsiders complete technical and legal due diligence."That word — legal — looks more like sizing up the whole company than one project. Doesn't prove it. Nudges the odds.
5/ The other side, fairly: repeated 3.5p placings + signs of a seller don't fit an imminent premium bid.Possible? Yes. Confirmed? No. Worth watching? Absolutely.
2-page note 👇
Idea being tested, not fact. No wrongdoing alleged. Not advice — DYOR.
@PredatorOilGas@Share_Talk@FlagstaffIR@GrahamHengland@Blowster85@AM231982
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Operational Update Highlights:
-Snowcap-3 long-lead well inventory build progressing on track
-Oil storage tanks (capacity 1,200 barrels) to move to Snowcap-3 production facilities site
-Snowcap-3 production start-up focussed on Herrera #8 Sand with a potential initial pre-drill stabilised test rate of 500 bopd
-Snowcap-3 est. operating net-back US$52/brl, versus current US$31.9 for April net entitlement oil sales equivalent to 76 bopd
-Oil storage allows Snowcap-2ST1 & Jacobin-1 well interventions & wax treatment pilot to proceed
-Independent Technical Resources Report for MOU-6 published
-Positively impacts MOU-6 risk versus reward metrics to deter premature project dilution
-MOU-6 well preparations accelerated
-Significant progress towards potential award of Corrib South successor authorisation
-Corrib South back on the table as a potential "High Impact" strategic asset
https://t.co/KZ3GS9eJlV
#PRD
📁 THE DOCUMENT THEY SAT ON FOR 111 DAYS.
The MOU-6 ITR published this morning is dated 20 February 2026.
Think about that sequence.
20 Feb: Scorpion Geoscience completes the ITR. It is not published.
25 Feb: PRD announces it has "requested terms for a full carry through drilling and development" — full carry, wellhead gas sales, repayment of historical costs. A negotiation is live.
Feb–May: Silence on the transaction. The document stays in the drawer.
11 June: The ITR finally surfaces — on the same day PRD declares that pre-drill partnering involving equity dilution in MOU-6 is "commercially no longer attractive."
For 111 days that document was a private data-room exhibit.
Today it became a public price tag.
You don't hold an independent NPV of $96M net — nearly triple your market cap — out of the public domain for four months by accident. You hold it because someone on the other side of a table is reading it.
And you publish it the day you tell them the price went up.
⚠️ Independent research only. Not investment advice. DYOR.
#PRD @PredatorOilGas #Morocco #LSE #oilandgas #divestment #smallcaps
@Blowster85@GrahamHengland@AM231982
#PRD
🔑 "TO DETER PREMATURE PROJECT DILUTION."
Six words in today's #PRD RNS that rewrite the Guercif endgame.
In February, PRD asked for a full carry. Today they publicly withdrew the ask. Pre-drill dilution of MOU-6? "Commercially no longer attractive."
Why would a £33M company refuse free drilling capital?
Because the ITR told them what they'd be giving away:
1️⃣ NPV10 of $96M NET — on the pilot CNG case alone
2️⃣ 79% IRR off just $37.8M total CAPEX
3️⃣ A 10-year Moroccan tax holiday a partner would consume
4️⃣ 498 BCF net 2U that a carry-partner would capture for the price of a $4M well
5️⃣ A self-funding route now in place: placings done, long-leads bought, Trinidad cash flow building, and — for the first time ever in a PRD RNS — reserves-based lending on the table
"This window of opportunity must be exploited before the cycle of positive sentiment might yet turn again." — Paul Griffiths, this morning.
The asset-level door didn't close today. The price went up. And anyone who wants Guercif at pre-drill numbers now has one route left — and a window that shuts at spud.
⚠️ Independent research only. The transaction inference is thesis, not disclosure. Not investment advice. DYOR.
#PRD @PredatorOilGas #Morocco #Guercif #LSE #MandA #smallcaps
@Blowster85@AM231982@GrahamHengland
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