PetroTal Share Price (PTAL)

G_G_G - they've got permission to buy back 44 million shares. And people think they're aiming for that limit - but they're not; they're only using 1 million/month. I've asked #PTAL IR about this, but they've yet to answer. They answer most questions, but are not always fast. I'd encourage you to ask them as well.

Anyways, the current program runs out May 17th so I'm sure we'll get an updated program soon.

Last year, they stated: "The Company believes that, at times, the prevailing share price does not reflect the underlying value of the common shares and the repurchase of its common shares for cancellation represents an attractive opportunity to improve PetroTal's per share metrics and thereby increase the value of the common shares." The price is not much higher now (though we got a load of dividend, don't forget - but production is much! and brent is a bit stronger). So it's even more true now than it was last year.

From the latest update re. erosion: "Erosion Control Update: The Company is progressing its preventive erosion control program aimed at protecting the Bretana oilfield and nearby community. PetroTal expects to commence project construction in mid to late Q3 2024; while permitting is ongoing, detailed engineering is being finalized, and long lead items are being procured" - so that's not what's limiting the production now.

Interesting times . . .

With GW possibly using his Meridian as workhorse I like the thought of him tying in PTAL with AXL across the border. If his ~£11m stake in the previously owned Canacol investment is confirmed a potential PTAL/AXL axis should be borne in mind. MA will be in regular contact with our NEC.

"Gavin Wilson is an Investment Manager for Meridian Group of Companies, a private investment company, which has a significant shareholding in the Company. Mr. Wilson was the Founder and Manager of RAB Energy and RAB Octane, listed investment funds, from 2004 until 2011. From 1992 to 2003, he worked with Canaccord Capital London, an investment banking company, as Head of Oil and Gas, responsible for sales and Corporate Brokering/Finance".

[My point on river works might be out of line: it was based on a dredger visual alongside a semi-loaded barge.]

I'm unsure what their allowable limit is on buybacks, but they need to throw some of their cash at them. In general I think buy-backs are a complete waste of time and money. However when a company is this under-valued, illiquid, and has so much cash in the bank, it's a no-brainer. However it has to be done in a way where they are taking 5-10% of shares in issue off the table each year. Otherwise it's a complete w@nk, like now. Either push the BBs to their limit, or give the cash back to shareholders with increased quarterly dividends. But having it sitting there doing nothing is plain stupid. GLA

The number of shares is irrelevant its all about market cap. its the most frustrating share with all that money in the bank, shipping 18,000 bopd at around $88 , thats $1.8 mill pper day, we should be at 65p minimum..

Do you mean production or shipments? Anyway expecting the work to be flexed around barge movements as there are naturally periods of lower activity with a relatively long round trip.

Brent almost touching $90. Will be interesting where it closes tonight.

GLA