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Started bulding a position ;-)
GLA SR
He told me a few months ago that all is going according to plan. It is definitely going according to plan...do not doubt it.
Only one problem: the plan is ARMAGGEDON for private investors.
Lennigas. Simply avoid at all cost. Should be jailed quiet frankly
'they'll have to work really hard to lose value from here.'
It only takes the effort required to sign a convertible loan or to place shares with some Spivs.
The advfn poster was pretty miffed this morning penguin and had been buying recently so think if it was their error it was an error at least not a scam.
re the watercut noticed they stated in today's RNS that at its peaks of 400 barrels of oil per day with increasing levels of gas total fluid being produced was of the order of 600-700 barrels per day so the same 40%-50% quoted in the Oct releases.
Hoping myself they can't fund the UK works would like to see them keep as far away from the UK as possible with their anti oil/gas demonstrators appearing all over the place.
Can't find anything really positive to say except they're now down to the value of their listing (apparently) so they'll have to work really hard to lose value from here.
52 Week High 3.85
52 Week High Date 24-Apr-2023
52 Week Low 0.70
52 Week Low Date 25-Mar-2024
I reluctantly sold out at 2.20p. Here we are at 0.6 bid a couple of months later. Not buying much at the moment in the small caps. Just a quick way to lose money in spades. Dire.
Not sure where the A D V F N poster got their figures from but they are completely wrong.
I hope it was just a misunderstanding of the publically available figures, but oil sales have totalled 8601bbls including November's 4599bbls not about 25,000bbls those figures indicated.
So @ $55 a barrel less than $500,000 after royalties and taxes to 25 March, not $1,377,000 to 26 Feb.
and they will have been spending heavily on workovers according to what's in the RNS.
If it's true about 1H vs 4H it still suggests that 4H is a lot worse than 1H - or why shut in 4H in the hope of improving 1H - and 4H rates were after a long shut in.
They're also coy about water production which in the RNS on 30 Occt they said it would be reported in a few weeks, and the effects of the rising gas production.
Wondering if PPP can fund the HH farm in with a low SP and low oil production.
More like:
The last RNS sounded too good to be true - and it was as it turned out.
As for not even bothering with CT4H well testing, despite claiming that it was producing approximately 600 barrels of oil before being shut in again to allow all efforts on site to be directed towards the remedial repair works on the CT1H well. That sounds suspect too. Are they incapable of doing 2 things at the same time? M/cap about £600K.
Looks like the poster on that site was wrong... latest sell on Google has gone through at 0.61p
From advfn poster wrtmf today. Hope he won't mind me copying and pasting his research like this..
"bid falls below 1p
no operational/sales update since 28dec
mcap £0.95m
100m shares
-these are my numbers, some guesstimates, some from data in the public domain
-the company may not feel obliged to update shareholders, but it is obliged to update a north american authority
--
oil sales income after royalties and taxes:
-20dec $255k for selling 4599 barrels in nov [rns 28/12/23]
-20jan $331k for selling 5970 barrels in dec [ie, 331k = 255k *5970/4599]
-20feb $382k for selling 6902 barrels in jan*
-20mar $409k for selling 7378 barrels in feb*
[total $1377k]
*production numbers filed up to the 26th of the month
the above incomes are not adjusted for fluctuating wti crude price
--
wti crude price
averaged about $75-76/b through the latter part of nov when ct1h really got flowing
averaged about $73/b through jan
averaged about $76/b through feb
averaged about $80/b through mar
--
interesting
$255k/4599 barrels = $55.45/b to ppp after royalties and taxes [dec]
potentially $60/b to ppp in apr
--
ct1h well testing continues 4 dec rns [av 161 bopd, peak 410 bopd, 4827 b in nov]
ct4h workover commenced 8dec2023
dec production [guesstimates]
ct1h 170 bopd - month 5270 over 31 days
ct4h 50 bopd - month 700 over 14 days
total 5970
jan production [public domain]
ct1h 188 bopd - month 5452 over 29 days
ct4h 50 bopd - month 1450 over 29 days
total 6902
feb production [public domain]
ct1h 188 bopd - month 5828 over 31 days
ct4h 50 bopd - month 1550 over 31 days
total 7378
this is my take on the situation, no advice intended
--
footnote - 5 bopd reported for ct3h oct-dec 2023 [public domain]
oct 150 barrels
nov 155
dec 155
shut in since jan
whistling straits 5h was drilled in mar/apr 2023 as sidetrack from the ct3h"
Pennpetro's new ventures announced since March of this year are transformational for Pennpetro and we see excellent opportunity for growth in 2024. The board takes this opportunity to thank shareholders, old and new, its management, consultants, and advisers for their continued support and if the current oil price environment holds up this year it and allows the Company to move towards it aims of being a positive cashflow oil developer and producer.
What on earth is going on here and why the big drop today.
Seems like another one i chose wrongly when paying over 6p
Placing a lot of trust in a swing trader who is permanently banned on this site is an option but it might not be the best one.
Thanks Eastenders that's useful, always good to know where peeps are coming from.
Must admit am a bit concerned myself at the lack of updates. Don't mind being in a Leni stock esp with the initial flowrates we've had versus marketcap but not so comfortable holding when I'm starting to feel mushroomed.
Will check for an update again tomorrow I guess.
PPP was able to release Nov production figures on the 4th of Dec so could have been able to release Decembers nearly 3 weeks ago.
Information black holes are seldom hiding good news...
Given they had two days of no production + down-time periods for site and pump works too so probably fair to divide their 4,827 barrels for Nov by 27 days for ourselves giving c. 179BOPD at these rates.
Realise these aren't final production no's they stated a few months to settle in but looks a little better in the very short term all the same.
From RNS dated 4th December 2023:
Tom Evans, Pennpetro Energy's CEO said:
"These are brilliant results for our first full month of oil production from our CT1H well in Texas, and pleasingly exceeds our original estimates of circa 20 barrels per day. We have seen some days reach oil production rates up to 410 bopd, and we are still waiting for the well to settle into stable production. We are still seeing a generally increasing trend in our daily oil production, which is certainly highly encouraging, and it may take us another month or so to see the well finally settle down to a steady state flow rate."
Target = 20 bopd
Actual = 161 bopd - that is a great result.
They haven't even established flow rates yet so it is a bit early to worry about declining. So far the results are very good, especially considering they went ahead with the first workover with an expectation of as little as 10 to 20 bopd.
Agree no's don't look bad for them do they?
6 month Operating loss of US$1,191,601 with no production against a post results first months production revenue from one workover of US$255,032.62 net revenue interest.
Shows some promise going forwards imo
December production will give an idea of how fast production is declining. How far into double figures would be my concern... The statement below indicates that further funding is going to be required in the short term:
'The board takes this opportunity to thank shareholders, old and new, its management, consultants, and advisers for their continued support and if the current oil price environment holds up this year it and allows the Company to move towards it aims of being a positive cashflow oil developer and producer.'
Even without Horse Hill this sounds a pretty good prospect. $255,000 revenue for 1 well all paid up by the 20th of the following month is a great start. I seem to remember a podcast saying that they had another 10 wells to work over.
The results are not so important as the Post Period news:
Post Period:
· Pennpetro embarked on a workover of its Chalk Talk #1H ("CT1H") well in October and commenced an extended well test on 1 November.
· November oil production from CT1H was 4,827 barrels at an average of 161 Barrels of oil per day ("bopd").
· Oil sales for the month of November totalled 4,599.08 barrels.
· Pennpetro put in place an oil sales agreement that sees the oil it sells for the month paid to Nobel Petroleum, its 100% Texas subsidiary, on the 20th day of the following month.
· Net cash received for November's oil production (after tax) was US$329,658.09 which equates to US$255,032.62 net revenue interest (after taxes and royalties).
· Extended well testing of CT1H continues.
· The workover of Chalk Talk 4H well commenced on 8 December and is ongoing.
So net cash for November was $255,000, all paid up. That was for production from the first workover, Chalk Talk #1H. They have now worked over a second well, CT#4H, and another 2 workovers are planned to start soon. With 4 completed that could be $1M per month net revenue after taxes and royalties. All for a m/cap of just over £2M. Sounds good to me.
From PPP's last update they're already backtracking. Now its only "potential."
Tom Evans, PPP's Chief Executive commented: "I'm very pleased to announce that our agreement with UKOG on the potential Horse Hill seismic and drilling farmin has been extended to 30 June 2024
Https://www.bloomberg.com/news/articles/2023-09-29/crude-production-in-us-nears-record-as-texas-shale-output-soars
Pennpetro Energy's Texas Well Had Strong First Production Month
If you mean Horse Hill don't mind that so long as its played for the benefit of PPP holders and to be honest expect more delays there as PPP concentrate their cash resources on Texas, seems to be the way they're going.
Expecting the UK regulators to slow things up anyway its what they do.
re your earlier post about Nobel Petroleum have you noted it wasn't a related transaction as you thought at the time Nobel is simply their Texan subsidiary?
"Oil sales for the month of November totaled 4,468 barrels. Pennpetro has an oil sales agreement in place that will see the oil it sells for the month of November paid to Nobel Petroleum, its 100% Texas subsidiary, on the 20 December."