Member Info for Brasso3

President Energy President has responded to press speculation about Argentinian oil prices although I am not sure that it was entirely necessary. Followers of President, as well as Andes are well aware that a well publicised part of the Macri plan is to realign oil prices with WTI. Accordingly, although this year will remain at $55 next year the two will slowly move together, and so it should be. President has said that the IRR’s are not materially impacted at approximately 150%. Indeed if there are any local marginal producers in trouble out there one might expect Mr Levine to take advantage of them… www.malcysblog.com

CJ Thanks. I do not feel like this is related to the gold price with PPC as we have been protected from that due to the set pricing in Argentina ($70 2015 & $58 2016). I do not recall another AIM company that has had such poor success with the drillbit as PPC. 2009 - Australia ($15m) 2010 - ELV deep well ($15m) 2012 - Argentine PG wells ($10m) 2014 - Jx-1 & Lx-1 in Paraguay ($40m - $50m) 2016 - DP 1002 well ($10m) Best part of $100m spent on big impact drilling yet we are still only at 720 BOPD in terms of overall production. The majority of that production was purchased and maintained through workovers. I hope with the excess $10m raised they purchase a producing asset with booked P2 reserves as drilling is NOT PPCs area of expertise.

Long term holders have all been subjected to massive dilution here in the last 5 years. There was a time when I had around 0.2% of the shares in PPC. Before I sold half my holding recently (post DP fiasco) I had just shy of 600k. With 950m shares soon to be in issue my holding would have been reduced to 0.0005% of the company. With my recent sale I am down to 0.00025%. Maybe in PPCs favor we can say in that time frame the Argentina P2 reserves have increased from around 6m BOE to 18m BOE. That is the only asset increase we have seen. $193m raised to produce a long line of failed drills and changes in strategy. Where is the $40 net backs from Argentina going? 500 BOPD x $40 x 365 = $7.3m (annual) What happened to the 5 well workovers that should have been completed before any placing was necessary? This should raise the net profits to $8.7m if it was successful in delivering an additional 100 BOPD. Why have they not started the Pirity farm out sooner? Now they have 10 months to get another well drilled or risk losing an asset that has had $70m+ thrown at it by PPC. I once thought I would get very wealthy of PPC. It was a share holding which I saw possible 10 - 20 bag potential in. Now my targets are reduced to break even (13p) or doubling up (100% profit at 26p). In the summer of 2017 there is a remote possibility they could achieve 1200 BOPD but it will not make them self funding in Argentina. They will then tap the market up again for cash (at a price that suits PL and IFC) and there will be in excess of 1 billion shares in issue. I have wasted 8 years of my life following this company only to be failed time and time again by operational incompetence. A disgruntled investor...

A bold statement. He made similar statements in all the other placings too. Look at the Argentina 2011 presentation where he was targeting 1500 - 2500 BOPD within a year. Look at the funding RNS from 2015 where Argentina was going to become self financing in 2016. Time for PL to stop the bullshit and deliver. Since his arrival the number of shares in issue has gone from less than 100m to 950m with very little increase in asset value and minor increases in production to show for it. A long string of failed drilling activity (3 Argentina, 1 Australia, 1 USA, 2 Paraguay). The sum of these high impact wells is above $100m. Apologies for the rant but as a long term share holder (>8 years) I struggle to be overjoyed with the continuous dilution.

http://www.holasalta.com/single-post/2016/10/25/Perforan-un-nuevo-pozo-exploratorio-en-la-zona-de-General-Pizarro Secretary of Energy of the Province, Marcelo Juri, led a team that agency a few days ago conducted an inspection at the well site called the ECO This x-1, located in the area of ​​exploration Pizarro, operated by the company PetroAp. In the place could verify the movement and assembly of the rig service company H & P, which came to perform a sidetrack (lateral deviation of an already drilled) in the neighboring area of ​​Puesto Guardian. The new exploration well is scheduled to begin operations before October 30, reaching a depth of 4000 meters. Its stratigraphic horizon is the Silurian, igneous rock Palmar Largo, Yacoraite formation of interest. Drilling work completed, it is expected that such equipment be moved back to the area Puesto Guardian, in order to continue the drilling campaign with the Province committed.

Guys You seem to be confusing drilling and workovers. The DP1002 well failure was drilling from an existing well. The well was side tracked from a well drilled 3 years ago. There are 2 more wells that are planned to be side tracked. The workovers are simple down hole operations that are increasing the flows of existing wells that are in production. The workovers that started last weekend are on 4 wells. PPC expects an 100 BOPD increase from these 4 workovers.

I think you guys need to read the RNS announcements again. They have not committed to fishing out the the twisted casing. There is no broken drill bit. That was from 4 weeks ago and the side tracked the well to get around that problem. There are still 4 workovers ongoing in Argentina using the coiled tubing kit. This is expected to lift production by 20% from 500 BOPD.

I expect we will get a full operational update before the end of October. Levine will want to report the Argentina workovers in the next week(s).

WTI now above $51. The 2 year chart looks like a reverse H & S formation with a break upwards to $60 likely. It would be good to get a detailed update on EWL/ ELV next week.

From 29th Sept RNS:- Production from Louisiana assets The A55 well, one of the two wells referred to in the Company's previous RNS, has now come on stream. The Company is waiting for the non-operated Triche well, previously producing 60-70 boepd net to President Energy, to come back on stream, after being out of effective working commission for approximately six months due to pipeline issues. The Company expects the Triche well to come back on-stream in about 14 days, at which point, the Company should see its share of total net production in Louisiana increase to the 200-250 boepd levels projected in the previous RNS.

Agreed. We still have some modest production increases to come in the next 2 - 4 weeks. Argentina 500 BOPD with anticipated 100 BOPD increase from workovers. USA >200 BOPD with an extra 50 BOPD possible from 2 wells subject to additional work. In 1 month total production should be around 800 - 850 BOPD. PPC has never reached that level before.

I expect they can afford another shot at the DP well around December so all is not lost. They will need it to come in though.

A few large buys went through yesterday amongst the 2.5m which were reported late:- 320k (£43k) at 13.5p 240k (£33k) at 14p 36 days into the drilling so they must be on the horizontal section now. I would say that investors are starting to see this as: 1) Best case = 1500+ BOPD in Q1 2017 2) Worst case = 800 BOPD Q1 2017 Looks like a good bet at sub 14p.

Updated with the 2016 purchases. I am still missing 9m shares though from somewhere! http://investorshub.advfn.com/uimage/uploads/2016/9/10/mezjgLCM_Shares_2016.jpg

Excluding his 2016 purchases:- http://investorshub.advfn.com/uimage/uploads/2016/2/21/p[zd[LCM_Shares.jpg

For the past 3 days it has been easy to get online quotes to sell 100k chunks. The MMs are interested in stock and I think we will have a good run now up to the drilling result. In the worst case scenario that the DP well is not a success PL will be able to release news about the new USA wells/ Argentina workover results to cushion the blow. I expect we will have good news on all fronts though.

Nice to see you here Zengas. :)

Bays Whilst I partly agree that Lapacho and Jacaranda over lap between the Pirity and Dermattei licenses I think we should also acknowledge that PPC at present could not afford to re-drill there. They spent more than $50m drilling Lx-1 and Jx-2 in 2014. I think PPC priorities are to drill further north at the the Hernandarias concession where the oil can be accessed at 2000m instead of 4000m (Pirity). Leave Crescent to fall on their own sword and maybe consider drilling at Pirity within the contractual commitments in 12 months time.

Ricardo González has a history of litigation activity against the Paraguay goverment through Petro Victory (listed on the TSX) and more recently with Crescent Global Oil. PPC squeezed Petro Victory out of the Pirity concession reducing their NRI from 36% to 3% (carried). I thinks Bays expects something similar to happen with Dermattei as Crescents financial situation must be dire and PPC would be reluctant to go back drilling at Pirity until the Dermattei issues are resolved. Maybe a similar deal where they transfer the asset to PPC and retain a small free carry. Then PPC would be free to slice the cake up with a reliable big player like Petro AP (China). This would probably be supported by the Paraguay government who will want rid of Crescent (and Ricardo González).

As of Jan 2016, PPC no longer have any committment to the Dermattei block in Paraguay:- Demattei (President 10.125%) President, after due consideration of the terms of the relevant farm-in agreement, the work programme terms for the Concession and applicable commercial and technical factors, has decided to terminate without liability the farm-in agreement with its former partner Crescent Global Oil S.A, and has therefore transferred operatorship during the balance of the life of the Concession to them. At the present time President retains its earned 10.125% interest in this Concession. Then later this year in May PPC made the following statement:- In April 2016, the term of the Dermattei Concession expired with no extension being granted. President had previously relinquished its right to further farm-in to that area and whilst on expiration, it held 10%, it does not consider this a material event. It is understood that the Operator of that Block, Crescent Global Oil, has made certain claims to the Paraguay courts against the relevant Government Ministry in relation to the Concession. President is not party to any such litigation. The US$10.9 million incurred on acquisition, seismic and overhead related cost for that Block has been valuable for understanding regional geology, however notwithstanding this the Company has prudently determined to take an impairment for its full cost at this stage. Ricardo González (AKA Gonzo) is the CEO of Crescent Global Oil.