Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Oh so interesting the Amazon Native populations past and present.
How on earth did the original "land Bridge" foot sloggers get through the Darien Gap ???
Aaah yes and the POO - POG is rising well too almost $10 for the 1Mega BTU's - So whats the POO going to be this winter ???
I for one am fearful of UK and Europe dropping in the Poo this winter.
Looks like a real stinker of winter is on it's way with massive price rises on everything looming large in the crystal ball - drought - Europe wide crop failures and food production collapse and silly USA hegemony sanctions enforced on oil and gas from Russia.
https://www.lse.co.uk/rns/PTAL/q2-2022-operations-and-liquidity-update-087dr64ie1u04zk.html
July 5th 20222 update ..
Q2 2022 production averaged approximately 14,500 barrels of oil per day ("bopd"), a new quarterly record, representing 7% above revised guidance provided on May 26, 2022, the seventh straight quarter of production growth;
· Well 11H was put on production June 30, 2022, and has averaged approximately 9,550 bopd over its first four producing days with an estimated payout in early August 2022;
· Well 11H was drilled and completed for an estimated $13.8 million, on budget, with total depth reaching approximately 4,300 meters inclusive of the horizontal section of 1,125 meters, and was completed with Autonomous Inflow Control Device ("AICD") valves;
· Q2 2022 oil deliveries for export via Brazil were a record estimated 1.15 million barrels (12,600 bopd) and are expected to further increase in July 2022;
· The latest four-day average production ending on July 3, 2022, was a record 22,376 bopd, with a peak production of 26,000 bopd. To accommodate sales availability, the Company expects to maintain production between 18,000 and 19,000 bopd with Brazilian exports increasing until the ongoing Northern Peruvian Pipeline ("ONP") repairs are completed, which is expected by September 2022;
· The final Brent oil price for the 719,961 barrel lifting from Bayovar, announced on June 16, 2022, was $114/bbl using the average ICE Brent oil price for the final ten days of June 2022, inclusive of usual pricing adjustments, thereby finalizing true up revenue of approximately $53.9 million, which is expected to be received in August 2022;
· Total cash at June 30, 2022 was $77.0 million, including $16.2 million of restricted cash. Estimated accounts receivable and accounts payable at the quarter end were approximately $88 and $50 million,
Q2 2022 was a strong operational period for the Company, having unconstrained production for the majority of the quarter. Production was supported with strong oil rates from wells 8H, 9H, and 10H, each flowing between 3,000 and 4,000 bopd with well 11H commencing production on June 30, 2022 at an initial four-day average of 9,550 bopd
The ONP is still undergoing maintenance, which Petroperu expects to have completed by September 2022
"PetroTal has now achieved its seventh straight quarter of production growth and has delivered another production record, growing 21% in the quarter. 11H's early technical assessment estimates it will achieve an investment payout by early August 2022 at current Brent oil prices and, like our other wells, help deliver a robust free cash flow profile thereafter. Given our strong liquidity profile we are actively assessing the Company's ability to put in place an accretive shareholder return policy upon payout of the bonds, which we look forward to communicating about later in 2022.
''PetroTal has announced the following sales related update.
720,000 barrels of oil under contract for export from Bayovar. Approximately 720,000 barrels of PetroTal’s Bretana oil has now been successfully tendered at the Bayovar port by Petroperu for the July lifting. Following an accelerated and temporary re-opening of section II of the Northern Peruvian Pipeline (“ONP”) which had been previously closed due to maintenance operations, Petroperu has been able to deliver a material amount of oil to Bayovar over recent weeks. This oil previously entered the ONP in 2020 and was part of the restructured oil sales arrangement with Petroperu, announced in late 2020, with the Company receiving approximately $45/bbl of value. PetroTal will receive the difference between this tender price and the restructured $45/bbl price in the contract, generating over $60 million of price adjustment revenue.
Section II of the ONP line temporarily online. Petroperu recently informed PetroTal that it was able to temporarily pump all the oil from Station 5 (approximately 550,000 barrels) to the Bayovar port. The ONP section II has an approximate capacity of 2.1 million barrels with an estimated 82% being Bretana oil. Section I of the line between pump stations 1 and 5 remains closed due a maintenance delay from ongoing social protests in one community near pump station 1.
Manuel Pablo Zuniga-Pflucker, President and Chief Executive Officer, commented
“We applaud Petroperu’s efforts to resume partial pipeline operations in a safe and reliable way. The true up revenue to be received from this tender was previously anticipated in Q4 2022 and will provide assurance that we can execute our shareholder strategy on time and as indicated in our corporate presentation.”
Yet more good news from PTAL this morning as the price adjustment revenue adds some $60m of gains. With all options open on delivery optionality with regard to Bretana oil the numbers at PetroTal certainly sparkle, as ive said before, Man I love this stock…''
Malcys Blog 16 June 2022
"Might as well call them all Olmec's" - and so the cut runs deeper still. Aaaarggh!
But thank you for the link to the lidar survey, I hadn't seen that before, although way, way to early to make any definitive connection between the Casarabe and the Maya.
Anyway, not to clog the board with cultural musings, back to the oil - seems we may have a little bounce this morning, run up to Q2 update started or just tracking the POO?
For those interested in Anthropology - new results about Amazon basin civilizations - seems the Maya had a bigger pie that previously thought.
https://techcrunch.com/2022/05/27/lidar-exposes-the-remnants-of-an-overgrown-ancient-civilization-in-the-amazon/
Are the Inca not from the Mayans ??? - Are descendants of da Maya running all over Peru ?? for sure in my book - and who says the Inca did not descend from the Olmecs like the Mayans - Might as well call them all Olmec's and I dont believe the "land bridge" theory that allowed who ever to make it down to the tip of South America - Tierra del Fugo" so named by the Spanish for the locals (no green cup cakes) keeping fires burning day and night - no one is sure just who the "indians" are and where they are from Central and South America.
https://twitter.com/surprised_trade/status/1560186712462172163
added to holding
Mayan?
In the Peruvian Amazon?
Of all your crimes Bob, that one hurts me the most :(
Super positive post - Thank you - I was starting to get real lonely out here clubbing the grannies on the ice floes - AGM 15 th Sept - what is the fore cast SP rise from the Positive Chaps - 10 pence on sales and cash flow in to dat biggy Company Mayan Piggy Bank ??? - 15 pence with dividend sugar cube added to the brew ??? - no wailing Granny Club Negatoid Factoid replies required - we all know u fixated with the ZERO's.
https://twitter.com/surprised_trade/status/1559858288786870282
broker has 130p target
The Company expects to maintain production between 18,000 and 19,000 bbl/d with Brazilian exports increasing until the ongoing ONP repairs are completed, which is expected by September 2022. This is again above the guidance of 16.6 mbbl/d for 3Q22 and our forecast of 16 mbbl/d. • The shares continue to offer deep value and growth. We are increasing our target price from £1.20 per share to £1.30 per share as we incorporate the increased production and strong financial position
https://twitter.com/surprised_trade/status/1559849252762918913
yet to make a move (amazingly) increased production, excellent receivables making strong free cash flow Overall production planning for this quarter is expected to be around 18-19000 b/d which is now guidance, but with plenty of upside.
https://www.malcysblog.com/2022/07/oil-price-petrotal-united-oil-gas-and-finally/
“PetroTal has now achieved its seventh straight quarter of production growth and has delivered another production record, growing 21% in the quarter. 11H’s early technical assessment estimates it will achieve an investment payout by early August 2022 at current Brent oil prices and, like our other wells, help deliver a robust free cash flow profile thereafter. Given our strong liquidity profile we are actively assessing the Company’s ability to put in place an accretive shareholder return policy upon payout of the bonds, which we look forward to communicating about later in 2022. We are also very excited about the agreement to include our social trust initiative into the Block 95 petroleum license, thereby accepting the concept into rule of law.”
PetroTal just continues to deliver quarter after quarter and this is no exception. Average 2Q production was 14,500 b/d, itself some 7% above guidance and the 7th straight quarter of growth and with unconstrained production for the majority of the quarter.
The Brazil route for oil exports continues to rise until the ONP repairs are complete, expected around September of this year. The last lifting from Bayovar was priced at $114/bbl finalising true up revenue of approximately $53.9 million contributing to the cash total which was $77m at June 30th and as they continue to pay down debt shareholders can look forward to being treated to distributions as early as later this year.
With so many pluses in this announcement, increased production, excellent receivables making strong free cash flow leading to debt paydown and subsequent distributions PetroTal has yet again stamped its quality on the sector.
I said a little while ago that an increase in TP was on the cards, well I’m raising that to 125p today but have a feeling that it won’t be long before I do it again…