Member Info for DRichi

The target of the three well drilling programme was to increase the Puesto Guardian Concession from 500 to 1000 bopd. Dos Puntitos has done that on the 1st drill. Target reached. Now the next two wells are effectively free hits. Let's play..........

Good news!!! :-) Argentina · Drilling operations ongoing at DP1002 S/T Puesto Guardian Concession, Argentina · Subject to successful execution, the well is targeted to be hooked up and in full production during first part of October adding, as a base case, 500 bopd, which would double existing production from the Concession · Current production at Puesto Guardian Concession of 510 bopd with July average of 440 bopd · Coiled Tubing campaign to commence mid-September on four old and currently shut in wells at Puesto Guardian to add incremental new production and expand producing well stock · President engaged with fellow E&P Company in cost sharing and procurement

Thanks! I just re-read and it does state clearly that the aim is to increase the Puesto Guardian Concession to 1000 bopd. As per the April Ops update RNS, the Puesto Guardian Concession is now 500 bopd. Increase of 500bopd required. It's like half-way through the last over in T20, 3 balls to face 5(hundred) needed. Stokes to bowl, Carlos Brathwaite on strike. We know what happened next. (Actually that was 19 needed off the last over- but wow! What a finish!).

The drilling of the DP1002 S/T development well in Dos Puntitas Field, is expected to be complete about mid-September. The well is the first of the three horizontal well programme. The drilling campaign has been undertaken with the objective of increasing sustainable production from the Concession to over 1,000 bopd. If the 3 wells have an overall (albeit understated) target of increasing production by 1000bopd, do we know what the split is? Is it an extra 333 bopd from each of the wells, or are any of the wells expected to perform better than the others. Eg. Spilt is 600, 300, 100. I guess what I really want to know is; what constitutes a par score for the 1st drill?

+13.25% today now. Highest price in the last 12 months. :-) Long way to go yet. But very nice to see the price going North. :-) Wish I had bought a few more at 5p but hey ho, everything's easy with hindsight isn't it. Let's hope this upward trend continues....

The Princess yachts look good (just taken a look at their website), although I think I'm more of a Sunseeker man myself. A month or two ago there was the Ilona moored up outside my office, worth about £100M I believe and owned by the owner of Westfield. Wasn't a huge fan of it to be honest, it's more a floating village than a yacht. Still, deciding which super-yacht to buy isn't a problem for me at the moment. Nice 10% tick up on PPC today, let's hope the SP keeps sailing that way. GLA..........

From my Broker- Support and Resistance levels Support 1 0.08 -19.00% Resistance 1 0.12 20.00% Support 2 0.07 -30.00% Resistance 2 0.17 70.00% Short term comment Rises from the last lows set at allows for the long-term bearish trend to restrain In the short term, the break above the previous relative resistance located at 0.1 it's a very positive signal. Technical analysis Long term bearish exhaustion / Positive signal by the loss of support at 0.1. Technical Comment: Buy ** Support is at 8p then 7p, whilst resistance is at 12p then 17p. Which means any move Up will be significantly bigger than any move Down. On any Risk/Reward analysis that means now is a good time to buy. Hey boy, hey girl, superstar DJ's, Here we go.......... (Hopefully anyway) ;-)

So any potential benefit from Dos Puntitas is now worth double what it would have been in 2012. Nice. Fingers crossed for a smooth drilling campaign, and significantly increased oil flows......

Regarding playing down the value of these wells vis-a-vis the language being used in 2012. The SP back in May 2012 when those RNS's were released was in the 30p-40p range. Be nice to see the SP back to those levels. I would love that. Did PPC increase it's % ownership of the Dos Puntitas Field since 2012? If so, then that's another factor that would help the SP Rise....

And the 2nd one is an extra 250 bopd in Louisiana. This is really good as it's there and the oil flows will be realised and make a difference to the Bottom Line there, + $$$. Dos Puntitas prospectively a lot more oil, and Louisiana definitely some more oil. Nice to read some good news. It could be enough oil to make a bigger splash than Tom Daley!

First is Dos Puntitas ".....the commencement of drilling of the DP1002 S/T development well at its Dos Puntitas Field, Puesto Guardian Concession, Salta, Argentina. Whilst it is not possible to be precise on timing due to the fact that this is the first horizontal well to be drilled in the Concession, estimated drilling time, excluding completion, is considered to be approximately one month. The well is the first of the three horizontal well programme. The drilling campaign has been undertaken with the objective of increasing sustainable production from the Concession to over 1,000 bopd." 3 wells to increase production to over 1,000 bopd. That's a significant increase from the 300bopd in the 28 May 2012 RNS. More oil. More money. Higher SP. Bring it on....

It was only a year or two ago PL gave himself Options at a SP of £1.20 (if my memory serves me correctly), times change and people expectations and aspirations change, but I reckon PL is aiming for a lot more than 80p..... Whetherornot that ever happens though of course is a whole other story...... Anyway, to be clear; I am not predicting anything. The thoughts above are just pure hypotheticals and right now, I'm just happy with any price rise.....

@Northern- It is generally good strategy to buy Shares at different times, as there are always short-term SP fluctuations that no-one can 100% predict. So yes, the SP did go up from 1st tranche to 2nd to the 3rd time PL bought in this month, but it might equally have gone down. Also, to buy so many Shares in one go, the MM's might have been able to raise the price a bit & charge a Premium. Buying in 3 goes is a sensible, hedging strategy. @Biloselhi- I think there are two different levels. If a Shareholder owns 30% of the Company, a Mandatory Offer to take ownership of all the remaining shares needs to be made. But at this level- Shareholders are within their rights to reject it. (Think the Arsenal board takeover a few years back). The level where it is a legal requirement to buy back all shares is very high (90%? or 95%?) but in practice this will very rarely happen as once a Shareholder owns 51% of a Company it's effectively run/owned by him/her anyway and they would probably issue Voluntary Share redemption offers which would (generally) be taken up. As at 26th July "Mr. Levine's beneficial holding in the Company amounts to 122,788,336 shares representing 23.37% of the issued share capital of the Company." PL owns 123M Shares. Only another 35M to buy before reaching 30%. Now, he's bought how many in July- aprox 1M(?) and that equates to aprox 2p rise in the SP, so buying another 35M will lead to an aprox 70p rise in SP. (Pls note these are back of a fag packet calculations, and not based on any sensible thoughts anyway) but if that were to happen, the SP would be aprox 80p and PL would have to make a Mandatory Offer to buy my Shares.... well, hell, I would happily sell for 80p a Share. Oh yes, that would do very nicely.... ;-)

It looks a big storage tank. 159 litres in a barrel of oil, not sure how many barrels in would take to fill up the a storage tank but it's gotta be a lot. You would only buy a new storage tank if it was going to be needed, so I think we can take this as evidence of the expected ramping up of production in Argentina. :-) (I suppose another reason to buy a new storage tank could be that the old one needs replacing! But I think that's not the case here).

Ps. Ask is now 10.25. Double figures!!!!! Wooohoooo!!! Fingers crossed for a weeks worth of blue.....

Taken my eye off the ball for a while here so it's very nice to take a look and see such a decent rise. What's interesting for me is that today's rise is much more about market sentiment than Buys/Sells, as the volumes involved are still very low. Eg. Today (so far) there's been aprox £25k worth of shares bought and £10k of shares sold and this equates to a 10% rise in SP. At the risk of over-simplifying, (and as usual being over optimistic), it does make me think how good this Share could be IF (when?) we see some Institutional Buying in large quantities rather than just a few small PI purchases...... (PL only bought 500k shares last week + 150k today, which in the grand scheme of things isn't a lot, so I think the price rise is more a Market reaction to PL's belief rather than a reaction to Brokers needing more Shares).

Ps. Anyone going to the AGM today- have fun! And do post up on here if there's anything interesting. E.g. has PL got a new shirt yet etc etc.... ;-)

So.... 3 drills in Argentina to increase production in the Puesto Guardian Concession. - Good- mo BOPD mo money. To be funded by Loan Restructuring. - That's much better than Share dilution to raise funds. Small steps. But at least they are steps in the right direction....

· President has now engaged drilling contractors for a 2016 three horizontal well programme due to commence by end July · Objective of the drilling campaign is to increase sustainable production above 1,000 bopd · Revised funding arrangements with IYA Global Limited ("IYA") provides the Company with the funding to undertake the 2016 drilling campaign and increased working capital headroom · Loan Restructuring provides increased funding of US$20.0 million comprising an additional US$5.0 million to the Company's existing US$10.0 million loan facility and US$1.0 million to the existing convertible loan of US$4.0 million · The maturity of both the loan facility and the convertible loan will be extended by two years to 30 June 2019 with the same interest rates and payment terms as the existing loan agreements Argentina Operations The objective of the initial drilling campaign is to elevate sustainable production beyond the 1,000 bopd level from the Puesto Guardian Concession. In pursuit of this objective President Energy has now engaged contractors to provide the main drilling services. The operations will be managed by the Company's own Argentine technical team. The drilling rig is currently being readied and will then be mobilized to site with drilling of the first well planned to commence at the end of July. As previously announced each well will be a re-entry and side track with a horizontal producing leg and will be on each of three fields within the Company's Puesto Guardian Concession. The first well will be at Dos Puntitas with a 500 metre horizontal section. The subsequent two wells will be at Pozo Escondido Este and Puesto Guardian. It is estimated that each well will take approximately one month to drill and complete. The first two wells will be drilled back to back and the third well will be drilled in autumn 2016, after the drilling rig is utilised by another neighbouring operator

Baysil- Many thx for this. "Proven and probable oil reserves" hey in Dos Puntitos, Pozo Escondido and Puesto Guardian fields. I guess not much point guessing how many bopd each could produce, and the impact on the SP. Right now, agree with playing it safe and upping Production. Any increases here is good for Profitability, and will be reflected I guess by an increased SP. Doesn't sound like these will be transformational. But any and all upticks to the SP are welcome. And the more the merrier.....