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O yes got confused with dates with my mosman oil punt. They are starting their drilling and have more than doubled so lets get ready for the ride here soon :)
1. Workovers of two wells are now expected to commence by end August 2020, both at the Estancia Vieja field. The wells being EV-20 and EV-x1 are not currently producing and the workovers are targeting total initial production of 3.5 Mmscft/d of gas and 50 bopd.
not long to go .......
This really is the achilles heal of my investment portfolio. Come on President give us an update and some photos of drilling!
How much interest on loans have we paid during the period since the Rio Negro purchase in 2017? :)
Re: Funding for any potential acquisition. Looking back at the Rio Negro purchase in 2017, PPC 'only' paid Chevron $400,000 to take over their assets, but they also had to pay the Rio Negro Province $15M and then a further $7M for extending the license.
EBITA for 2019 was $12M. If a caparable deal could be made, and PPC could structure the license payment so that it doesn't have to be all paid up-front, then it is possible that PPC could make an acquisition without the need to raise capital.
Well reasoned. good points thanks NM
I really do hope so Claudereff. Others though have argued it's not possible for President at the moment and I have struggled to see where the money will come from for a sizeable acquisition. President and other companies can sometimes pick up bargain acquisitions which could be transformational for the company if the deal is right - with the other company selling off assets that don't fit their portfolios. However again the question that no one seems to be able to answer when I've put it on here is where will the money come from? One of their main recent aims has been to reduce debt - so am not sure how that fits in with an acquisition policy.
There are though now what seem to be a number of avenues that could help increase the companies worth.
1. Drilling in Paraguay.
2. New relationship with Trafigura and whatever benefits might come from that.
3. An intention(somehow) to diversify Presidents portfolio into other countries than Argentina.
4. The emphasis on the company as an Energy company - as has recently been emphasised by Peter Levine - not just oild and gas - whatever this might entail.
Any one of the above could change the direction of the company and it's worth. A combination of a few of them could really get things moving. Will have to wait and see if they actually do deliver what they promised as the title in their last presentation - "Growth in the pipeline" fingers crossed this is not just a statement of intent but becomes a reality.
Atb,
Northern
Acquisition in the wings?
Malcy positive with a catch up with Doc...
https://total-market-solutions.com/2020/08/14/malcy-talks-oil-gas-xxii/