Hi TheDhon,I too have both PVD and TPT and think both of their...

Hi TheDhon,

I too have both PVD and TPT and think both of their individual Moroccan plays and JVs are fantastic. I also believe their plan B's are very worthy. So I am, overall, unbiased as to any meaningful difference in their individual investment merits. But I do appreciate the robust discussions and analysis on this thread Vs PVD.

And both coy's upside potential are about the best I've witnessed in 30 years. I think its somewhat superfluous to be arguing the difference between a 40 and 50 bagger! Lol! But each to their own.

But there are some very common issues. One of which is that both PVD and TPT are actually in the same 'approval' boat (and time wise) when it comes to the all important Govt approval via gazettal.

It is my understanding that PVD has actually had 'approval in principal' for some time but has not pushed this (nor really has TPT) due to the political impotence of the Energy Ministry and some other key parts of the Govt since the second largest coalition party chose to leave the govt in early May.

The resignation of 6 key Ministers has only been recently accepted. This, from what little I understand, means that the King has approved that the current remaining coalition can still (somehow) function. So it is with this that both TPT and PVD's JV approval and gazettal may (hopefully) proceed. But there is also discussion in some media about the now larger opposition pushing for public demonstrations in August to push for new elections. So we must, as investors, remain aware.

Another common issue is the all important booking of rigs. Neither coy's JV partners have yet nor will sign on a rig until gazettal at a minimum. We must also not ignore that the political risk in Morocco is actually rising for now and that the JV partners may want to await an outcome of possible elections before committing to rigs. Indeed, none of us are privy to the detailed force majeure/suspension/deferral clauses in their JV agreements that will be linked to any political/civil instability. But you can bet they are there.

So the key indicator to me will be when our JV partners tell us "we've booked a rig and its due...."

As I've posted before, I'd really appreciate any first-hand intel on the issues facing the Moroccan Gov't and its likely outlook.

Cheers,