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Great news going forward from PPC today, still the share price stagnates. Having been in here since 2011 though much turmoil and reducing my average from 60 to 13, getting in deeper than ever, hoping that in the foreseeable future the markets will eventually see the progress and positivity coming from PPC. How long can the market ignore what is arguably the best news to come out for many years.
Long-suffering investor :-(
Recap;
"President is pleased to announce that it has commissioned the previously announced new 16km section of gas pipeline section between its Puesto Prado and Las Bases facilities in Rio Negro province, together with the associated infrastructure which have been placed into operation thereby enabling a significantly greater volume of gas to flow through the entire length of the Company's 70km pipeline to market.
The work, completed without any incident on budget and on time, and all managed by President's own procurement, engineering, operations and regulatory teams, included the following:
• engineering, design, permitting and procurement for all work;
• proactively working with all landowners and interested stakeholders including all necessary transportation concessions;
• civil works, installing compressors and dehydration units in both Angostura and Las Bases;
• significant reconstruction work in Angostora, Las Bases and Estancia Vieja fields to meet international industry standards;
• project management and supervision of all construction phases including excavation and installation of the 16km pipeline, with the number of workers on site peaking at over 100;
• extensive testing of new and existing pipelines and facilities and
• commissioning and bringing shut in wells on line.
The aggregate cost of all the work was approximately US$5 million and is being met out of the Company's current cash flows.
Gas production
Current net gas production is now being ramped with gas flowing successfully to market from Estancia Vieja field at significantly greater volumes than at any time in the history of the field now the new pipeline is in operation.
Once the ramp up has progressed to an appropriate level, expected within the next few days, a further announcement will be made in relation to aggregate volumes of gas production. President is pleased to report that current projections of the increasing gas production are in line with previously announced expectations being approximately 1,200 boepd.
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. "
No bounce, just the dead cat for now it seems. Not quite sure why this one is damned.
I would have been too embarrassed by that and would have broken up the sell :)
236142 buy this morning at 8.11
Sold 30 mins later at a £260 loss
Even the day traders loose here, that's dire after that RNS
strong RNS indeed and well done PPC on successful project delivery
but as I type, 1 hour into market open, this s/p is back to flat on the day.. shocking.. not least as the gas price they achieve is at local rates which have not been effected by wider corona virus related global price falls
ps: I did a small top up this morning towards doing my bit.. I hope all here top up towards trying to get some momentum going in this s/p.
My overall reaction so far: Sad.
Great news. Great RNS. With another RNS to follow in the next few days confirming exact rates, but looks like aprox. 1200 BOEPD online now with a brucie bonus additional 800 BOEPD to come online in Q2.
At the start of the year, I was hoping that this news would take the SP to 6p+. Looks like maybe I was being over optimistic, but hopefully we should still get a decent rise from this.
Edit
Looks like I am getting too excited in my previous post.
- Current production (Neuquen) - 3200 BOEPD
- Puesto Guardian - 300 - 400 BOPD
- USA - 300 BOPD
Total therefore is 3800 - 3900 BOEPD with 800 BOEPD extra to come on line in Q2 2020.
Well, that is one of the best PPC RNS I can remember in a long time. Clear, concise and no hidden content or ambiguity. If that does not boost the share price I do not know what will.
4000 BOEPD from the Neuqeun basin. So can we assume gross production is around 4600 - 4700 BOEPD? The extra 800 BOEPD will therefore blast through the 5000 BOEPD threshold.
All sounds very positive and shortly it sounds like President will be adding gas sales to their bottom line. Sounds very good with more news to come re drilling plans.
Atb,
Northern