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New feathers in the hat and bigger drums still won't shake the ancestors awake - The New Buy Back amount will still be unable to break 900 million shares in issue.
Houston we have a problem "Too many shares" and "Too many PSU" in issue.
SP will not break 50 pence this YEAR watch and see - Great cash flow, no debt, great dividend PTAL but stuck in the muddy riveer bank SP - GTE big debt pile notb so rosy cash flow yet the SP is astounding all because GTE REVERSE SPLIT and RELIST on a functioning Exchange - Duuuuuh
I find it very amusing that GTE is buying back 10% of it shares and the banana reason that it's somewhat able to keep up with #PTAL is the reverse share split.
#PTAL needs to reign in the PSU greed for sure. And increase buy backs. Thankfully the number of warrants & PSUs is lower than previous years. But giving free shares (instead of warrants that should be the price of the last 10 trading days) is IMHO bad governance. I wonder if that bit is NYSE compliant? I know it wouldn't be on some exchanges.
Instead of spending $50 mill on the river bank why dont they spend it on the national pipeline and maintain it and guard it its got to worth $25 mill a year annd shoot the idiots who try to blow it up.
Lots of reasons:
-dont spend fixing this erosion issues = in few months/a year, zero deliveries via river due to level of erosion therefore you now instead of relying on river, rely on pipleline.
-$50m on pipeline wont scratch the surface of Petroperu's problems
-Govt has given Petroperu couple billion $ in recent months off bailout and they are still struggling. Now news in recent days is board of Petroperu is suggesting they bring in private management to help them out and that state shouldnt waste any more money
https://x.com/TalaraTv/status/1790395620684906948
As nice as pipeline option would be (with new favourable terms to PTAL i,e FOB), i would suggest have very low expectation it will ever be used again. I'll see it to believe it basically :)
@ 15:51 . . . The Banana has pernicious OCD in view of his last admitted count of 100 GTE shares. I doubt he has any idea of the company's predicament or their buyback policy/practice. He certainly has zero current input on that bb . . . rather delights in taking a daily poke here. The stock remains illiquid in London. (Someone toss him another banana.)
Re. the river: They have to spend the money to preserve the field. The Amazon river is a monster ready to eat Bretana if they don't. But costs are still a surprise if you look at the IPO and the annual reports. Some of it is CAPEX and will take years to regain tax wise (I presume), some of it is "just" opex.
But it seems like the new acquisition is totally ignored. It's a brilliant extra leg, reducing costs for diluent, increasing Iquitos delivery, increase "power/influence" and acquired at a very attractive price.
#PTAL is honestly a steal right now, at least at this brent level. I'm still not buying more though :) And I'm here for the long run so I actually don't really care about the SP - at least not when we're > 40p.
Not doing the erosion control is straight up stupid. We're extracting oil from one of the most important ecosystems in the world. If things go wrong (and could have been avoided) you simply won't have a business at all. Why not say 'let's stop paying Peruvian taxes', equally f@cking !diotic thing to say.
Simple fact of the matter is the Amazon is the only reliable way to transport +90% of our product. And even then it's impacted by water levels. So until any pipeline is operational and reliably transporting +5kbopd for more than 12 months there's no point even discussing it as an option.
Looks like we've found the bottom at 46p. Expecting the sp to strengthen a little on the back of drilling news and ex-divi date (up to 48p). May drop back to 47p post ex-divi but feel it will start to build again from there. The next update should be excellent with production levels +10% higher (Bretana 19kbopd + 900bopd recent acquisition). The average Brent price should be a good 5% higher if we stay around this $80-85 range for the next 6 weeks. All in all we should get a nice cash build setting us up for a big dry season drilling campaign. Back to 50p in another 10 weeks providing Brent holds above $80. Very good value down here at the moment. AIMHO GLA