We would love to hear your thoughts about our site and services, please take our survey here.
" I bought a tranche at 20p, more at 11.2 and I will buy more if it hits 6 and more further down - If the story doesn't change materially. That was always my strategy"
Forgive me but that doesn't sound like a fantastic strategy to have had from the outset . Might have been better to just wait for 6p
Today's announcement makes me feel so glad to be out . So puzzling to read . Lacks clarity. I also think the Paraguay news should have been a seperate RNS. They need to seperate that out to gain traction. I keep on watching to see what happens but not surprised to see the price where it is for now.
Closed out my last remaining positions this morning having sold the main part yesterday. Never saw it coming as the white knight but for me Atome allowed me to get out with an overall profit. Admittedely this was a result of loading up after PL's Berenberg melt down podcast and then what we all thought was a complete off load of IFC's holding. Perhaps that went on to dog the market for longer than we thought. God know where it goes from here and there are still reasons to be positive on PPC post ATOME demerger. Hoestly hope it does well from here for PL if no one else. Best of luck to you all
and thus undiluted share in Atome of what 9% should make for an interesting AGM to see the interests of Trafigura and various crusty eco funds aligned
Not beyond realms of possibility on Trafi but why not have done it already?
yes but if you retain your PPC shares then you still have your share of the 25% and that value will be carried within PPC. On PL he will be entitled to 30% of the 60% = 18% + 8% = 26% before any dilution. If i am right Alpha Oil owned by Peter Levine has retained a 15% share in Atome so add that to get 41% before any dilution. There will be dilution which is a good thing in this case as they will have to raise mony by issuing new shares to new investors.
To be that angry he must be!
not a great day for Shepherd. right up there in basic tasks for Group FD must be responsibility for orderly preparation and timely filing of stat accounts. what's he been playing at- sloppy
That was not an easy deal to do. Boy done good
Fevertree - And how do you propose to do this other than to sell. To hold him to account for the destruction of value is futile is it not? Make a stand at the agm - pointless? What else is there?
The Disposal
After considering a recent offer from the Operator of a significantly lesser value, President's interest has now been sold to Alpha for the above sum together with the assumption by Alpha of the Liabilities and indemnification of President in respect thereof. Alpha will take over the US$150,000 Surety Bond for the Field, locked up through the Field life.
Alpha is a company whose ultimate beneficial owner is Peter Levine, the Chairman and largest shareholder of President Energy, and the purchase price will be satisfied by reducing the sum of US$525,000 from the debt owed by President to IYA Global Limited ("IYA"), another company whose ultimate beneficial owner is Peter Levine. The effect of this is to further lessen the debt and interest burden on the Company, which has already been reduced by the recent US$2 million debt capitalisation of monies owed to IYA thereby freeing up more of the existing financial resources for further growing the profitable Argentine producing assets.
KRTH - here's the form. has previous on this....
Sale of Non-Operated Asset in Louisiana
Tue, 2nd Jan 2018 07:00
RNS Number : 6362A
President Energy PLC
02 January 2018
2 January 2018
PRESIDENT ENERGY PLC
("President", "the Company" or "President Energy")
Sale of Non-Operated Asset in Louisiana
Operated assets in Louisiana continue to generate some US$2.5 million pa in free cash after all opex, G&A and taxes
President Energy (AIM: PPC), the upstream oil and gas company with a diverse portfolio of production and exploration assets focused primarily in Argentina, announces the disposal of its entire non-operated, non-core beneficial interest in the East White Lake Field, Vermillion Parish, Louisiana, USA ("the Field") with effect 1 January 2018 ("the Disposal").
The Disposal of this peripheral asset to Alpha Imperial Corp., ("Alpha") for a total sum of US$525,000 reduces debt and at the same time provides more resources for President to concentrate on its core Argentine assets where production continues to increase with the successful workover programme at the Puesto Flores Field continuing and pilot testing of certain wells at the currently shut-in Estancia Vieja Field planned for Q1 2018.
The effect on President of the Disposal is minimal with the Company's continuing share of its operated assets in Louisiana robust and stable, producing approximately 300 boepd, generating annualised free positive cash on current oil prices after all opex, G&A and taxes of some US$2.5 million per annum and the recent Triche operated acquisition performing substantially ahead of expectations.
East White Lake Field
The Company held a non-operated 25% working interest (21.8% net revenue interest) in the main Field and approximately 2% working and net revenue interest in the "Houston" well also in the Field. In the calendar year 2017, President is estimated to have received a sum equivalent to approximately US$22k per month from the Field as a whole after opex, not insubstantial Operator Charges but excluding depreciation. Average production for the last 3 months of the year net to President is estimated at approximately 65 boepd and in general is declining with, in President's opinion, no possible significant economic uplift. Reserves at the Field are currently estimated by President at 154 mboe and therefore the Disposal makes no material difference to the Group's overall 1P and 2P reserves which remain at over 16MMboe and 25MMboe respectively. There will also be certain liabilities for de-commissioning and abandonment at the end of life of the Field ("the Liabilities") for what was at one time a significant producing field with a number of wells.
Taking into account the above and President's strategy to concentrate on operating its own increasing profitable producing fields, it was decided it was an appropriate time to dispose of the Company's interest in the Field.
The Disposal
After considering a rece
KRTH - Rob Shepherd on $400k WTF. Is he full time? His twitter feed from this morning has him at a nice leisurely pace. Isn't the LATAM farm out supposed to be concluding soon
Fevertreeman: another investor progresses to the next stage of grief. This one must be anger. The PPC board is like open therapy.
No
crippling spread. Puts everyone right off
KRTH - i think q2 received an answer. They were well worded questions
AParky - Your top slice looks like the smart money now
comeonvog - any thoughts on identity of the partners. Democratic rules out quite a few NOCs
No show stoppers in this update but no banana skins this time. Good progress on the ground. Underpins the recent near doubling in price. Nice to get confirmation on oil and gas prices received and further conf on op well cost reductions so net back should be good. Bit confused on the point of 4000boepd being recorded as a peak daily rate only. Current production at outlook 3600-4000 is ok but some others would like this higher and expected it so. IMO.