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I suggest this is read. I found it on Research Tree who send these to me. 4.6p target price unchanged. FinnCap quoting for Paraguay “ chances of success of over 30%, these targets ( 3 prospects) provide an attractive risk/reward opportunity “
The debt picture is - once again - becoming a FARCE here imho.
And it's the same olde same olde : Acquisition/Operational costs together sees this company continue to spend far too much money to achieve the outputs/revenues/'profitability' it does, full stop.
(again the lottery analogy: when the total cost of all the tickets bought is double the total prize funds on offer)
Again as some1 stated atome will give little value too ppc u till nearer into production, Argentina has proved poor Gamble 4 P L and not really benefited from higher oil gas prices, been a learning experience investing in ppc, a bad 1 G LA
Iv said all along Paraguay been total waste of finance, and not want see a penny more invested in this, P L is on massive salary compared market cap, not mind these high salarys but has be reflected in progress which is near 0. My feeling market has priced in these factors
President remains committed to growing its oil and gas business by acquisition where appropriate and material efforts continue to be made in this regard, including considering opportunities outside of its present areas.
Ian, I think the ceo is thinking along similar lines to yourself and as a consequence has decided to grow other companies and spin them off as a means of extracting value - simply because Argentina is a hopeless location [ UK going same way perhaps]. I am staying the course as the improvements in domestic oil prices will means more profits in any event.
What did you really expect , it is now about the future . We have from Jan/feb
• Current realised oil prices in Argentina are showing a small month by month increase. Prices in Salta province are up 12% since the start of the year with July realisations expected at US$66 per barrel. The average Rio Negro oil price for the first five months of this year to date, considering quantities we have been able to export during the period has been US$63 per barrel
• Oil prices received in Louisiana for May production were approximately US$109 per barrel
• Of the new wells drilled in Salta, all three are successful oil producers. The two in Dos Puntitas Field are slowly increasing towards optimum production levels, targeting after a final acid treatment and increase in pump capacity, some 190 bopd each. The third new well has come on strongly from the outset and already without need of fine tuning or stimulation is achieving over 200 bopd. Whilst capex was over budget due to unforeseen issues, the programme has demonstrated it has been economically worthwhile
This is PPC now not 2020/21
2021· Group revenue increased by 23% to US$34.1 million (2020: US$27.8 million) due to recovery in realised commodity prices in Argentina to US$40.6 per boe (2020: US$30.0 per boe 2020) and US$43.1 (2020: US$29.9 per boe) in the US
2022· Average oil price received in Rio Negro of US$54 per barrel which has since the quarter end increased by 8% and is projected to increase further this year
2022..Realised prices for domestic sale of President's Salta crude continue to increase with prices currently US$66 per barrel, an increase of 12% from the start of the year.
I've been invested heavily with President for many years, since well before the original fiasco with drilling in Paraguay. There seems to be no value here any more. I mean, who would invest in an AIM oil/gas company which can only sell their product at half its worldwide value?
No matter what President has done to increase its share value, it has not worked. Yes, its worth more than its share value. But then again, its only worth its share value.
The only upside for me, is that I made a free 10k on the ATOME give away. But, I think it may be time to abandon President and move on to a company that can make money. I may well wait until well spud first. That at least will give a small lift in share price, for a few days.
Good luck you guys. I have seen you all here for a long, long time.
Oh yes, there are hundreds of them, not! After the many millions previously spent in Paraguay, why on earth would you drill an exploration well with only a 17 % chance of success, this alone baffles me, or am I missing something?
An increase in profit due to the price of oil will of course be welcomed this financial year unless PL blows it 9n something trivial. Atome is still a way off in terms of generating cash, so no upside there in the short to medium term. Oh well, what’s another year?
Look at all the O&G company's and they were all hit over Covid. Yes they have rebounded earlier than PPC du to international pricing . We are now through the worse and it is all about this year, production is through 3000 and prices are moving up and we have Louisiana production from February. We also have ATOM .
darientaylor This was the second year of Covid, lets remember that and no production from Louisiana.
absolutely abysmal results, don't see much progress at all, and the admin overhead is laughable, whose salary I wonder is a huge number hidden in that figure... lifestyle hidden in plain sight
not sure i understand your maths there :-/
Here come the buyers, boom
we closed the year (2021) with $2m my understanding, should start seeing cash build, eradicate these borrowings and focus on cash build,
Borrowings at year end increased to US$29.3 million
As expected and priced in by the market and why we are at 1.5p. So we now know production is 2470 +190+190+200+Louisiana so we should be around 3300. Time to move up one would hope. ?
Appear OK, not convinced by Paraguay, no value will be put u till drilling starts, appears some issues with drill rig contractor regarding organization tend too think will happen next year or late this year.
Borrowings at year end increased to US$29.3 million (2020: US$17.7 million). Of this, US$18 million is third party financial debt with the balance owed to IYA, an affiliate company of Peter Levine. The increase in third party debt relates to the heavy capex programme last year totalling just over US$ 14.8 million.
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. Prize is big chance success is small, no value will be put on this unless sucessful, hopefully ppc will contribute next too nothing, only reason there pursuing this is spent and wasted so much money in pass on this, I hope this bond is not be wasted on this.
Tapir 1 wiil be drilled A further independent sub-surface study commissioned by President in March 2022 placed a 17% chance of success on the Tapir prospect. Of course this means also a high chance of failure and this correctly reflects the grounded attitude which investors must adopt in relation to exploration. Not great chance success
Some time ago President Energy said they would make acquisitions if/when it was right for the company. So we have waited and waited and waited but in the mean time lots of other companies have made acquisitions or taken a share in non producing assets which have allowed them to use that money to expand and are still doing so to help raise money to carry out such expansion.
So to me the obvious question is why can these other companies do this and yet President with.a Trafigura member on the board don't appear to be able to find such opportunities?
That seems very odd to me and I cannot think of an obvious answer?
Atb,
Northern
Yes, a lot money spent - I have not as yet gone though all the history on Paraguay. So will read up on the events and results and what happened etc.. in the past now, but I do understand that it may be part of LTH history/frustration/trust etc..
Lot money spent in past on Paraguay,