The AGM was separated into 2 sections. 1. Formal Business 2. Presentation
I beliveve the presentation will be posted to the website if its not already.
I took away some very interesting nuggets from the presentation by Glenn and took a few pages of notes. The high level things that I found most interesting were the following:
Biggest differences in the GLJ report as compared with the Gustuvson.
-GLJ only did evaluation of 6 of the 14 blocks.
-GLJ's results were more consistent with carbonate reservoirs.
-PMI's internal technical team's analysis was similar to the GLJ numbers.
-Data room has been assembled over the last 60 days.
-Will open on September 6 and close on October 15 for bids.
-Already they have had companies interested.
-Want one JV partner for ALL acerage.
-PMI could operate or the partner could - negotiable
Timeline - 3 wells
-Jubani Q1 -Shallow rig (probably a double)
-Shpiragu Q2 - Deep rig needed (probably a triple) 170 day drill
-Papri Q4 - Deep rig needed (triple) 150 day drill
-Found some analagous fields in Albania that mimic some of the limited data that they have on land outside the 3 near term prospects.
-Will be running parallel efforts on these prospects - seismic will be critical.
-Glenn expressed their interest in acquiring a low risk property in the Eastern European area to create some cash flow and present some development opportunity.
So that was the main items that I took away from the meeting. Another thing I noticed was that ALL the directors were present at the meeting. That doesn't always happen....especially in the summer.