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Apologies for being un-PC, and now to be 'cancelled'? - What a world. They'll have us all wearing muzzles next :-)
Thanks for confirmation, N2M. All to be revealed at AGM 22nd July, no doubt.
Delayed is a word that has been used too often in the past here Happy Sparrow.. so 're-imagined' and 're-engineered' are now in vogue and 'delayed' is totally out of vogue, if you don't mind :-)
Otherwise, your maths seem in the ball park to me.
Generally, with the s/p this low A LOT of 're-imagining' by the BOD baked into it already, I believe .. and so any bad news from here may see small falls only, while good news may see punchy s/p rises from here.. hopefully..
Welcome to he world of PPC, nothing ever happens as it should. Could be a repeat of the chinese pumps
Is this the second time the work has been delayed?
Today: 'In the light of the nature and proximity of drilling in September, the infrastructure work previously scheduled for June in relation to compressors and infrastructure has been re-imagined and re-engineered so that the work will be carried out in parallel with the drilling to facilitate the differences in pressures and volume.'
That is, it will be completed by late November.
June 3rd - Trafigura Q&A (Circulars and documents):
'Q: So what's next for President?
A: In no particular order:
(i) new compressors and infrastructure for gas in Rio Negro in operation at or around the
end of Q3, slightly delayed as a result of the dislocation of supply chains included in
importation of parts as a result of Covid-19.'
This work was originally scheduled to be completed in H12020.
This is from 3rd March RNS:
'As a result of the installation of a larger scale compressor, and the opening up of more shut-in wells in Estancia Vieja due in Q2 2020, it is projected that from June Group production should be boosted by a further 800 boepd. In such a scenario, this would by or around the end of H1 2020 result in some 2,000 boepd total net gas production (12 MMscft/d) from President's Neuquen basin assets thereby boosting aggregate oil and gas production net to the Company to 4,000 boepd excluding the impact of drilling results to come in Argentina during H2 2020. '
Year end guidance (my assessment) given the following:
From 3rd June RNS - Trafigura + Market Update: 'President's gas production in Argentina remains in line with expectations, at or around 1,000 boepd (6MMScft/d)' (variations principally due to pressure constraints in main regional pipeline, thus outside of PPCs control?).
From today's RNS: 'the workovers are targeting total initial production of 3.5 Mmscft/d of gas and 50 bopd.' Not completed until early Oct?
Thus I would now expect a conservative year end guidance to be about 3500 boepd (with some natural decline); with a further 1000 boepd dependent on if the Las Bases development well and EVN exploration well come in on time and as expected (COS of 75%).
Have I got the sums about right?