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Northern- Agree totally. To change the change of success from 30%+ down to only 17% is very disappointing. To have not provided any explanation for this revised figure is insulting, and to push the proposed spud date back from H1 2022 to Q4 was expected but still disappointing.
Maybe it's a 50% chance of success, with PPC having three bites of the cherry. Three exploratory wells each one with 17% chance = a 51% chance that one of them will strike oil?
I disappointed with the progress made in Paraguay, but I'm not selling at these prices so will continue to hold and hope that somehow, by hook or by crook PPC manage to make a success of Paraguay
- What are current production levels in Argentina?
- What is the production forecast for 2022?
- Will there be a further two wells at DP as originally planned?
- Why has the CoS for the Paraguay well reduced from 30% to 17%?
- When will the company improve PR and start promoting PPC to a wider audience?
- Is there a plan to reduce PPCs high interest debt?
https://www.google.com/amp/s/ca.proactiveinvestors.com/companies/amp/news/31955
CPR no longer on website
in terms of Paraguay and their chosen first well drill site. I thought because of what PL said previously that they had got it wrong before and are this time definitely going to get it right. If you had a lot more certainty 're the drill this time then wouldn't you think the first drill - and presumably you would want the first drill to be a successful one to have a chance of success of over 50% - but today it's stated at 17% and the RNS seems to say what would you expect from exploration. Having listened to what PL has said over a number of years I would have expected a COS of over 50%. Have I misunderstood or is this the best we can expect from the Paraguay drills?
Atb,
Northern
Anyone not happy? ...You always have the option to sell and move on lol
The constant negativiity will be your downfall, a bit of a delay here, a few lost barrels here,
means nothing in the bigger scheme of things.
Rant over
Argentina I feel has been head ache 4 P L risk he took and not payed off, Paraguay 4 me is long shot and adds no value at present and wasted much time money, trafigura brought in bring debt down and get more oil exported out argentina,
Always hard when to no when call it day and sell, biggest headache 4 share holders, all ways hoping it will push higher, seen so many share holders get attached too 1 stock, is this going stay range bound 4 some time?
Been terrible hold 4 me just holding on tiny profit plus me atome holding has helped 4 free, over 2 years share price has done nothing few times went 2p plus,
Why are PPC happy to give details on US production but not Argentina production in todays RNS?
91p + sell atome well done those held there share,s right sector
Brasso3 and the price they received for gas sales in 2014/16 was half what they would get now.
"In 2016, steps were taken to farm-out the prospect which with a background of the prevailing hydrocarbon market at the time ultimately proved to be unsuccessful."
Sounding like a broken record now Brasso3 , constantly griping.
Smells of a desperate attempt to create some positive spin on the Paraguay delay. They spent years trying to get a farm in partner in 2014 - 2016 for MDT and nobody was interested.
That is a huge amount of gas in place. That the Martinez del Tineo gas farm out process is now being re-activated is potentially a good thing. I.e. If they find a farm-out partner who takes it on and if they then successfully find commercial gas then that will be very good indeed. A couple of big 'ifs' there, but it could work.....
If this is what a full news packed RNS can do for the Share Price, then perhaps we were overly critical of the 'RNS Blackout!'
You know it makes Sense, Phoebus
Cushty
This time next year Del Rey.
https://memegenerator.net/img/instances/65686967/this-time-next-year-rodney-well-be-millionaires.jpg
Brasso3 Thought we were talking about drilling in Q4, so now it's just a general dig at the company.
Comeonvog
Can you give me a previous example where PPC has delivered on one of its Projects with regards to a schedule?
Brasso3 The updated projected time to spud the well is now beginning of Q4 2022. The delay to the original timetable has been the result of needing to coordinate all logistics, consents and approvals and the projected time to repair and recondition the preferred drilling rig required.
Beginning of Q4 is October, i would assume all logistics would be in place before they spud.
Comeonvog
It is not about drilling. The wet weather restricts moving heavy equipment around like drilling rigs. Why did PPC want to wait until after the rainy season 2022 to drill as per their RNS?
It seems that drilling in Paraguay is one Delray after another.
It seems that drilling in Paraguay is one Delray after another.
Brasso3 Same part of the world. Why do you think they can drill in northern Argentina but not Paraguay, strange.
Steven,
Good point.
8th June RNS:-
'Costs of the well are estimated at between US$10-15 million with an estimated chance of success of 30%'
20th April RNS:-
'A further independent sub-surface study commissioned by President in March 2022 placed a 17% chance of success on the Tapir prospect.'
DP-2001 is in Argentina. I am talking about Paraguay!
25th Nov 2021 RNS:-
'The location of the exploration well within the complex has been identified and planning has begun for the drilling of the well in H1 2022 after the end of the rainy season.'