Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Pennpetro Energy (PPPP.L, 2.2p, £2m) PPPP said that the (previously announced) workover rig for the Chalk Talk 4H well in Texas has arrived in the field. This is earlier than expected, meaning work can get underway sooner. Investors will be interested to see what impact the workover will have on flowrates. In a separate RNS, PPPP indicated that the (previously announced) farm-in to the UK Oil & Gas (UKOGA.L, 0.03p, £6m) Horse Hill oil field in the UK (once known as the Gatwick Gusher) has been extended to 30 June 2024, which gives PPPP more time to earn in through funding acquisition of new 3D seismic over the field and the cost of a new crestal infill well (HH-3). On completion of this well, PPPP will receive a 49% share of all production derived from HH-3 and future wells plus a 49% WI in the field. With PPPP having limited cash resources to spend outside of Texas, this extension will give them some time to generate some FCF from production to cover costs in UK. Planning permission for the seismic and well could still derail the timetable.
Anyone else concerned about the level of related party trxns ? Feels a bit like we are a vehicle to support other interests....
To bring on production from 2nd well
https://twitter.com/DavidLenigas/status/1734107480144118237?s=19
I feel there's a lot of potential here. The workovers are all lined up. First one very impressive, costing a lot less.
Next one only a week away, if we get the same response then... 💹
Hi I've been in this share for a while...
Suspension was a bummer but hoping for a good uptick now.
Can see it only going one direction; unless I'm missing something.?
Not blue soon
It is blue now
It's there 💙
Blue....soon
Thanks Flagstaff, appreciated and so is the proposed growth in the snippet there.
atb,
Https://x.com/davidlenigas/status/1732406404764336264?s=48&t=uE7rXnhdXvvgV9BMECBm-A
They're not Nobel is PPP's 100% owned subsidiary is all.
"Oil sales for the month of November totalled 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."
Why are we selling to a subsid ?
Great RNS
4827 barrels of oil produced in November
Note that the below are gross revenue figures PPP's revenue share and presumably their share of cost of operations is 75%.
At the moment maybe but with this 248bopd they're pulling in $565,000/month at $76 oil with more expected from the well yet.
If Decembers workover of 4h is close to this successful then they're looking at perhaps $1M - 1.2M.month in revenues with 2 workovers still to come in this phase so not bad value at this marketcap imho.
Small fry bopd output
So the Peel Hunt's were selling into the good news yesterday. Understand the lack of movement on the production jump now.
Chunky buy, great price.
This really needs to rerate, big time.
This news vs mkt cap makes me realise just how grossly undervalued WCAT is
DYOR but it’s frightening the potential #CatCoin
Called it. lol and they haven't finished yet by the sounds of it. They did estimate 400bopd in the original rns maybe they'll make it yet.
Wonder if these will update on their production test tomorrow. Would be another week gone and given they started last week on 90-110bopd yet averaged 113bopd for the full week "may" see a higher average again.
Yeah, I doubt they will be funding at the current share price while they have a reasonable revenue stream.
Surprised this didn't jump up this morning.
But it seems very under the radar still
113 bopd is worth approx $3 million per year and they are going to receive payment on the 20th month following. That's approx $250k per month.
Question is, when's the next share placing? Given the busy RNS activity, I'm expecting very soon!