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As, says free ride wasted lot time cash in the pass on this that's why want c it through no value put on this and rightly so, 4get,
cjgoldsmith We have a free carry on Paraguay , no stress. If they hit it's a game changer for PPC.
Buried at the bottom of the RNS our chance of success for Paraguay drill has almost halved from previous 30%. Why aren't we going for gas prospect in Argentina instead and by looking to JV this out not only do we limit our upside on any potential discovery given we have concession lasting to 2050. Long term holder and down 75% in case anyone wondered.
We should now see benefit from positive results from our drilling campaign in Salta, the increases in oil prices in Argentina and consistent contribution from Louisiana wells with excellent oil prices, much better placed now that year+ ago, still think this is cheap market cap, holding 4 now
Brasso3 They spudded DP-2001 last November .....The first in the sequence of new oil wells at the Dos Puntitas field, Salta Province, Argentina, being well DP-2001, has spudded after having been delayed due to logistical issues on the 1,950 km journey to the well site.
Paraguay will not happen in 2022 now. The rainy season runs from November to March so that will be the next excuse for not drilling in Q4 2022.
17% chance, be surprised if happens this year, luckily nothing priced in 4 this, waste time effort,
I sold a third of my - smallish - holding here at open.. That, in a nutshell, represents my feedback on this RNS
Accordingly, the Martinez del Tineo gas farm out process is now being re-activated with steps to be taken to update the offering and data room and promote the same to the market with such marketing both domestically and internationally likely to commence before the end of Q3 2022.
The prospect is situated within the long term Puesto Guardian Concession expiring in 2050 and has significant infrastructure already in place due to President's existing oil production operations. In terms of size, an independent Gaffney Cline and Associates report in 2012 best estimated Unrisked Recoverable Resources at 570 Bcf of gas and 14.5 MMbls of condensate with an updated Company internal estimate in 2016 after further geological and geophysical work upgrading those figures to approximately 2.8 Tcf of gas and 69 MMbbls of condensate from two independent formations.
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.
And here is our opps RNS. All wells producing in May , lovely.
Bobbybullet That's a fair assumption and i would hope we get some sort of confirmation in the next RNS. H2 in 6 weeks , how time fly's.
Both CPC and President look forward to the drilling of the exploration well at the Delray Complex within the Concession. The Company estimates that this complex has 230 million barrels of Pmean unrisked original oil in place. 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.
The wettest month of the year is April; July is the driest. Think it would be reasonable to conclude equipment transport and site prep in June followed by spud sometime July. TD end July early August. Any thoughts?
just get the Saudi's to buy us out too even Drichi
C'mon peeps, let's play nicely. It's perfectly okay to be disappointed with PPC's comms and performance over the years and not give them the benefit of the doubt, but of course the contrarian view is also perfectly okay; that PPC have so many irons in the fire at the moment, surely (don't call me Shirley) one of them will come good and the SP will rise significantly soon..... (hopefully)
In most films, stories etc, don't things usually get really really bad before they turn it around? Like AFC Bournemouth starting the season in league 2 on -17 points back 13 or 14 years ago, then hiring Eddie Howe just staying up and then going on a run that took us to the Premiership. Thinking about it more clearly now, the only sensible thing for us PPC Shareholders to do is sack PL, and hire Eddie Howe! Then it'll be game on....
Not really, do one if your not happy.
Nothing on Twitter for a month either, no nice oil rig pictures or pipe lines, nothing. Should we be worried?
Brasso has kindly anwered the q's ..
..all i'd add is producing exactly or approx. even how much oil is the obvious q - that we've waited ages now to be told - for those first two wells comeonvog ( in the spirit of Easter, i'll spare you a similar bunch of q marks after that q )
PS: digest fully Brasso's posts for a real world perspective here imho..
These 3 wells were supposed to be online by January 2022 so they are around 3 months over at present.
26th Jan 2022 RNS:-
'President expresses its sincere appreciation of the support of the Salta Province and its authorities in its endeavours both in relation to the current US$11 million three well drilling programme,'
As all the wells seems to have taken longer to bring on line I did estimate that the cost will now be closer to $12m.
NicetoMichu The first two are commercial and producing. Louisiana is back on line . Why is it $12 million???? Drilling is expected to take 30 days at a cost of approximately US$3.5 million and mid-case targeted oil production on success is estimated at 40m3/d. ( 250 bopd). And lets not forget this was paid for using the Corporate Bond at 1.25% interest rate, very good move by Peter IMO.
Well DP 2001, currently successfully commercially producing in the first phase of testing will within the next 10 days undergo planned stimulation in two parts under the second phase of the production testing programme. Whilst each well behaves differently there is no present evidence to expect post stimulation anything materially contrary to the stated well performance expectations in this well of approximately 250 bopd.Well DP 2003 is in an earlier stage of first phase of production testing although it is already clearly commercial.
The success of the drill bit, alongside - if live production - operational well robustness, is, as ever, a big factor for any O&G'er.. and whether through bad luck and/or poor skills, ppc has had a pretty rotten time in this sense - in Argentina and Paraguay previously too - for years now..so the s/p is a disgrace for pretty good reason in my mind
Things needs to be seen to - consistently- change in that sense here:
The latest eg of $12m ish ? on 3 new wells is a big Investment for a company like ppc.. and those wells need to deliver, on average even, to - semi close to even - target for this s/p to move on up imho.... we'll find out on these - and more things besides - within 20 days, seemingly, ..so here's very much hoping..
Thanks for sharing that Jim.
Interesting about doing "regularly spaced updates" rather than the " frequent updates" they have been giving(!). An update due by the end of April. That's later than I was expecting. If by more substantial updates, they mean they will bundle up Arg, US & Paraguay into one RNS, I am not happy about that. I would rather see each work stream having it's own RNSs
Still, as long as it's good news, I'll be happy....
JimSlade - thank you for sharing your comms. Happy to wait a few more weeks for a fuller update if that is the new comms structure for PPC!
I am intrigued with what next steps PL is personally taking in the business, is he slowing down (doesn't seem the type!!) or looking at other potential new opportunities. When you read his statement from 1 March RNS I have a feeling a new venture in additional to what has already been communicated maybe brewing...
Could be wrong on the new venture, but happy to take a nice position in PPC (as there seems to be already plenty going on) to see if I'm right!
"President has many things to look forward to in 2022 from a very robust trading, shareholder and strategic relationship base. The production news today announced are welcome additions to Group cash flow
"The future for President must be driven by a dynamic, motivated and incentivised operations and management team able to capitalise on these attributes to expand the Group materially, particular in different geographies. Daniel's appointment is a part of this strategy and we welcome him to the Group
"I look forward to informing you of further developments over the coming months."
I have purchased a few more today and have a little left to keep my powder dry in case the regular seller makes an appearance!! - Shout out to seller - 1.7 is my maximum price that I will pay for shares, any cheaper than this will be great :-)
Good Luck
If they decided to change the frequency of RNS they should have told us. They made the change after advising us of further updates were expected, so letting us down. Not good communication is it?