break out looming, page-14

Serendipity has already posted this a few days ago:


RBS had this to say:

PVD’s activity in Morocco remains a
key focus. Completion of the farmout
with FCX is subject to government
approval. The regulator, ONHYM,
has given its recommendation to the
Minister for Energy to approve the
deal and PVD has received in
principle approval. Timing of
completion is difficult to estimate
given the bureaucratic process,
however the company believes it will
receive final approvals in the first
week of October.

Upcoming catalysts:

1) Finalisation of Morocco farmout with Freeport-McMoran and receipt of US$15m in early October.
2) Farmout of Nkembe block in Gabon - data room open now with finalisation expected in coming months.
3) Announcment of two-well drilling program schedule in Morocco - expected before year end.
4) Proximate drilling around assets in Gabon and Morocco over next 12 months.