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Brasso3 he was replying on a thread which outlined the changes in mcap resulting from PF/EV. Shares in issue increased by about 51m new shares following the open offer announcement including loan cancellation by PL and some shares to service provider.

I think we are all wondering (including the BOD) how on earth the market is valuing PPC at present. Clearly there are many other factors on valuation other than production so excluding the 27p but the thrust of DRichi's post stands in that the expansion of group production does not appear to be reflected in the SP.

I wonder as there appears to be a large seller out there. Today's 500,000 sell is one of the largest trades for a while as was the 350,000 sell on Wednesday

Issue of Shares to a service provider

Taken from the RNS on result of the open offer. I wonder who this was, if they are still holding and presume it was shares in lieu of payment.

"The Company has agreed to issue 1,642,036 Ordinary Shares ("Service Provider Shares") to a service provider following a request from that service provider which the Company was happy to accommodate as in President's view this contributes to future alignment of interests. The Service Provider Shares will be issued at a price of 10p per Ordinary Share. "

now making that an uplift in mcap of £21m or 28% since pre PF/EV

When looking at where the price is now, it is helpful to look back to pre PF/EV. I bought in Summer 2017 prior to the PF/EV deal. I was buying into a company with production in Arg (potential to increase on a work over program), non core production in US along with possible upside from Paraguay and acreage in Argentina. In my opinion it was also under financed, loss making and not generating free cash. It was also only getting $55 pb for its oil. Being generous, group production was at best 1000 - 1100 bopd.

The PF/EV deal was announced on 21 Sep 2017. The day before the shares closed at 7.2p giving a market cap of £74m. Today at a price of 9.15p and allowing for the issue of new shares to fund the deal the market cap is £98m so an increase in value of £24m or 32%

But look what has changed since before the PV/EV deal:- group production towards the top end of 2500 - 3000 bopd (up something like 125 to 150% )with potential for it to move beyond following further workover and drills, They are now getting $68 for their oil, they are cash generative with a stronger balance sheet. Paraguay is still there, acreage in Salta is still there.

You can draw one of two conclusions either they were massively overpriced in Sep 2017 or they are great value today.

As I said before based on available information my personal target is 14p.

This is of course just in my humble opinion

I for one consider the Senior Management to have lost a significant amount of credibility over the last 12 months although not quite as great a loss as shareholders have had to endure during the same period. I would support change right at the top for the good of shareholders. As the grand architect of strategy, Coveney must take responsibility for the massive erosion in shareholder value.

Noted in the PI conf call (which I only got around to watching this weekend) that PL gave a conservative timeline on another acquisition of 12 months although, interestingly, he said he wished he could say more on this subject which I took to be he has more to say. I really enjoyed the call and wish I had been around to ask my own questions - may be next time. To me they seem to be playing down Paraguay and all focus on PF/EV. They details revealed on PG and the Chinese supplier are also very interesting. You have to say this looks very sloppy and hardly a ringing endorsement for the management team. House Broker target is 18p and Malcy have given vague targets on multiples of the current price if I am not mistaken. For what it is worth my personal target based on where we are now is 14p. Paraguay and Salta province upside plus further success at PL/EV not considered in this. Obviously just my own opinion.

I have been critical at times of PL and PPC but I disagree with you here. No conspiracy theory based on him doing the AGM by video link of telecon

I appreciate the sentiment but it is hardly a ringing endorsement when the average PI has more at risk than the Board members. Wonder if PL strong armed them into buying. Whilst we cannot estimate on the financial circumstances of the board members, 100,000 shares at 9.25p is hardly going in balls deep. looking forward to seeing the next announcement on progress in Arg. That RNS should be new news rather than basking in the glory of what we already know. I re entered at 9p plus. Compare it to the 6p this time last year considering the oil price and transformational PF/EV deal and there appears to be a lot of value. Did anyone go to the AGM?

Suspect that will edge the price higher. Can't knock the PF/EV news flow

Not able to make it but would appreciate your feedback and if you get answers to all those questions you'll have done v well

IC called it bang on with their sell rating. I haven't seen the IC today. If you listened to the conf call PL calls the SP woefully undervalued (or words to that effect).

There hasn't been a wave of buys like this for weeks

NorthernMagic - if you haven't already you should listen to the recording of the conference call. All Q&A there is some helpful info on there. I found it on twitter. It is not yet on the PPC web site. Hope this twitter link works for you. https://twitter.com/PresidentPlc/status/1004388413464809473

oh and Director buys of that magnitude do more harm than good imo. If you're on the board of a public company and all you're only willing to ante up less than �8,000 it is hardly and vote of huge confidence

PL has conceded that he was wrong to say they will drill in 2018. Now pushed back to 2019. You should consider not why the SP isn't higher because of PF/EV but would there now have been a company without it. I was given confidence having listened to the conf call.

Robaich - completely agree StukeyBlue - no hidden agenda. I just say how I see it. Setting aside the two big marco events oil price (positive for now) Argentina economy (negative for now) and accepting the transformational acquisition of EV/PF, I see 3 things that will drive the price ahead from here. 1) Another game changing acq 2) Tangible and positive news in Paraguay 3) resolving PG issues. In this announcement I don't see a great deal of positives on those three points. I also note that FinnCap have revised down some of the financial estimates following the results. One question I often think about is just how grateful holders should be to PL and the team for doing the PF/EV deal. One has to wonder where the company would be without that. I retain a holding but exited the bulk at 12/11p. Will look for an attractive re entry point sub 9p or on the back of anything positive on the 3 points I list above. I wish the company well. A much stronger position than they were in this time last year but more work still to do.

I notice they are requesting patience on any further acquisition in outlook section. Doesn't sound like another PF/EV on the near horizon

Headline numbers are good are as already flagged and expected. Puesto Guardian on going issues don't seem to be able to crack it. Paraguay jam tomorrow. I can't see anything on the legal dispute

wrong place wrong time