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NicetoMichu yep get all that........but if the wells produce for over 3/4 years they will be money well spent. have to look at the bigger picture as we might just top 4000 boepd and then this company starts to look like we could move to the next level. IMO
The gas wells that were brought on earlier this year are experiencing some issues too Comeonvog.. EV-1002 for eg has been off production for months and may still be off ...
Not only is it the lost production from Lousiana and afore gas well(s).. etc ..- etc as historically plenty of issues across Oil and gas wells as a rule - outages for many months this year, it's the additional costs of workover to get back them back on line on top of that.. that 'double whammy' is a mare..
These upcoming oil wells drills are the epitomy of ppc over the years imho : They are expensive relative to output targets and COS in the first instance.. and then there are sundry fix costs for regular issues from producing wells shut down/ slow down on top : Altogether, the margins of this business are awful at lowish poo&g and are poor to average at medium to high poo&g imho (I went for lowish instead of outright low poo&g as catastrophic at outright low :-))
It's a pity that Brasso3 posts much less here these days as he knew this companys operations and Napoleons methodologies at continually attempting to gloss over many ongoing operational issues here over the years, brilliantly.. to the extent of him seeing through Napoleon's endless BS in short order .. ( for the good of his mental health he's probably decided to care a lot less about things ppc.l .. if yes, I think that's a fine plan :-))
elland I would also , but as we have had no real update they couldn't have produced as hoped . PL likes to hide when news is not good shows week character IMO
This is all about oil now, and rightly so , then ATOM then Paraguay.
Agreed Comeonvog. One of my concerns is in respect of the gas production since the new wells were put in production earlier this year. Wasn’t it 4 wells ?. I would be interested to know their production rates to date and expected in the future.
NicetoMichu Why bad, Louisiana back on line October . 3 drill's to come on stream by Jan.
Fevertreeman ....Read this about funding ..."We look forward to the drilling campaign in Salta. With current prices there comparable to Rio Negro and fixed opex already covered by existing production, the incremental production will make a good contribution to Group.
"Moreover, with higher oil prices mitigating the greater discount for Salta oil and all necessary infrastructure in place to cope with greater volume, there are potentially materially enhanced margin barrels to be had. "
Yes we are lucky POO has moved to the upside and we have a free carry on Paraguay and covid numbers are on the decline in Argentina. Some times you need some luck going forward and we could still have a good three months here that could define the next few years with PPC. Like i said earlier , we get more than 250 bopd on the first drill and this starts looking a lot better.
Like you have turned from a bull of PL to a bear over the last 4-5 years. Notwithstanding the AIM market dynamic, nor the market's lack of interest in O&G stocks, PL has consistently promised much and delivered SFA for his shareholders whilst bristling that folk have the temerity to question his bona fides or judgement. Today's results as always raise lots of questions - where is the funding coming from for the drilling program, what is going to happen to the US assets, Atome spin off value to s/holders; corporate strategy.....
I hear you steven 49....
and i'd go as far as saying ppc has been saved many times over many years since that Paraguay drilling gross misconduct by Napoleon (in a different ownership situation he'd have been fired and sued for that.. or never allowed bet that much in it in first place.. imho) .. by PL's own very deep pockets, and fellow PI shareholders very deep pcokets, and II's the last of who has been Trafigura ... and as you allude to a few timely decent rallies in Poo&g - mostly short lived alas - since 2015 ish shale vrs Middle East oil price - war - melt down ..
Yes P L was saved financially by trafigura now oil has come too his rescue, notice he is more humble in his wording realising his mistakes, reason 4 horrid share price market cap could be much upside too come over coming 6 months
''This is the turning point have no doubt about that.''
I wish I had 100 gbp for every time I read such a statement on BB's in five ish years I've been involved here .. that would be equiv to a one or two bagger mid sized bet in itself :-)
Mostly a game of chance, so you could even be right this time comeonvog.. Paraguay sign off and Atome give you more a chance of being right this time round granted ..
...But to me 2021 in Argentina and Louisana is now close to nailed on being a bad towards very bad operational year for PPC .. somewhat saved by a strong rally in Poo&g, very thankfully..
(and I include upcoming 21 y/e oil drills in that, whatever their outcomes....as imho, the size of the success rate oil production alongside some risks of failures doesn't make the costs of the drills versus the potential returns a strong play in the first place..)
And worth remembering 62.2% of stock is not in circulation ( held by institutions and management )with plenty still holding averages of 3/4p + the free float is a lot less than people realise. The stock can still move fast with just a few trades , i have watched it many times. Could get interesting end of October and i'm in for another 500k Shares next week.
Fair enough comeonvog I admire your positivity
claudereff These are classed as development well's and we now have a competent drilling rig and crew.
History shows lack of success in anything they do how come this time it will be different?
This is the turning point have no doubt about that. If the first well comes in over 250 bopd then every chance they will keep drilling , and why not.
" The return to activity in Puesto Guardian is significant with the real beneficial impact on the Company only occurring in all material effects from the start of 2022 when it is projected all wells will be on stream. Puesto Guardian is a long-term concession to 2050 and 100% owned and operated by President. Current production is stable and showing good reservoir properties albeit low in volume due directly to the fact that there have been no new successful drilled wells there for some 10 years. Unproduced reserves of scale are unquestionably present and there is significant potential to grow. The hard lessons that have been learnt from unsuccessful drilling in the past has given President a determination to succeed with the Company now having the resource and a drilling and engineering design team that have proved themselves able to deliver in action. Moreover, with higher oil prices mitigating the greater discount for Salta oil and all necessary infrastructure in place to cope with greater volume, there are potentially materially enhanced margin barrels to be had. "
How can they afford the drilling program? Is it financed from third party debt maybe a Peso loan
Well we warned :- upcoming work won't show though to the books until 2022
Interms out the way as we move out slowly from this pandemic. All about oil now and i can see the possibility of us finally getting over that 4000boepd this year. ( three wells at 250 + Louisiana back on line 300) Plenty to look forward to and maby last chance under 2p.
Too be fair too P L had admitted been horrid time but his tone appears more upbeat stay strapped in he says he should be great,is it jam or could this be the turning point. 39 million pound market cap so has potential to improve,worse is price in I feel.
,louisiana the negative,reason 4 average daily production being down,not sure how markets take.GLA will read properly later. Cash position looks poor compared too debt H2 will be better so hopefully share price will start move higher in time, markets look ahead,
Half year results in the morning will cheer us all up. If not I'll go down to the Pleasure Beach and let the other clown laugh at me for while.
Harsh Fevertree. This is AIM. We are and O&G company. Lots of risk. Get real
Frankly his comments about being angry about shareholders are breathtaking in their self-absorption. Yes of course we're angry and why shouldnt we be? The facts show PL has presided over enormous shareholder destruction.
Notice his angry over shareholders anger towards him on boards,of course share holders are upset and angry of dreadfull state of share price,many holders sitting on losses,shareprice is reflection of how well company is doing and ball lays firmly in his court of how poorly company has performed, his lucky trafigura come on board clearcmuch of there debt because with out them they may have struggled too keep a float.