Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
Just looking now at recent RNS, buy back volume has really dropped.
I dont think they can be much more aggressive unless they do an off market offer for shares because they'll be constrained by rules around trading volume etc.
Under the TSX rules, the total number of common shares PetroTal is permitted to purchase on the TSX is subject to a daily purchase limit of 190,542 common shares (representing 25% of the average daily trading volume of 762,168 common shares on the TSX, calculated from the initial date of listing on the TSX, being February 16, 2023 to the calender month ended April 30, 2023); provided that PetroTal may make one block purchase per calendar week that exceeds such limits.
Buy back program finishes May 17th.
https://www.lse.co.uk/rns/PTAL/commencement-of-share-buyback-dividend-timetable-yy52tqkgfblcvwy.html
So PTAL should have announcement about what happens next at next update.
Yes its just to annoy Bob.
I'm not sure what future CNPC has in Peru. They operate Lot X, but the license is due to expire in May, with the bidding round supposedly ongoing with the winner announced on 8th April (that's Monday) :
Https://www.upstreamonline.com/production/new-operator-on-menu-for-one-of-peru-s-largest-fields/2-1-1605914
That was in Feb though, and this article says bugger all interest in Lot X:
https://gestion.pe/economia/nadie-pugna-por-lote-x-y-perupetro-amplia-plazo-hasta-hoy-para-recibir-interesados-noticia
Manalo said he was interested ( webcast with analysts) in picking up one of these mature fields, but don't think it was Lot X? I think there's 5 or 6 fields in need of modern methods and looking for new operators.
Less refining capacity should mean less refined oil so more crude gets exported and therefore lower crude oil prices.
And that's what's happening. The amount of Russian oil at sea has hits 2024 record:
https://oilprice.com/Latest-Energy-News/World-News/Russias-Oil-Exports-By-Sea-Hit-New-2024-Record.html
But it's not the only thing happening. Putin cutting production, adhering to OPEC cuts, not cheating etc, that's a choice.
I think Putin is keen on high oil price to continue to pay for his war and to put pressure on Biden.
High pump prices and inflation are huge vote losers and this is election year.
I wouldn't be surprised to see oil spike in run up to November.
I dont think PetroTal has done anything wrong. And they've been helping with spraying in recent Denge outbreak and social fund now has various significant projects going in a quite small community. So most locals should've experienced direct benefits from having Petrotal around and that wasnt the case a year ago.
I notice a new advisory committee for social fund made up from representatives from 18 districts of Puinahua is to be announced next month. Advisory committee of locals should I think help to ensure they are really involved and see where money is going.
https://pbs.twimg.com/media/GIra-SGbUAAjRGz?format=jpg&name=900x900
Results and webcast are on Thursday.
https://twitter.com/Petro_Tal/status/1765290745072660496
Novum press release says no injuries and spill was less than 50 barrels thanks to double hull:
Novum Press release: River Incident Between Externally Owned Barges
Novum informs that as has been reported, the Peruvian transport company Trans Fluvial E.I.R.L. had an accident due to the collision of two of its barges during cargo transportation in the Puinahua River, Loreto Region.
This resulted, according to current estimates, in a spill of less than 50 barrels of crude oil, which have been mostly contained in the vicinity of the incident. Fortunately, no injuries have been reported.
The product on the barge before the incident occurred was 20,345 barrels. CONTAINMENT OF THE PRODUCT, AVOIDING a major incident, was possible by using only double-hull vessels.
The transporter is conducting cleaning operations and serving the surrounding communities through specialized companies, while Novum and Petrotal are jointly providing all the necessary support.
Should you have any further questions please contact us at info@novumenergy.com
Chris Scott Chief Financial Officer Novum Energy Trading Corp.
Credit to ALikhodedov for link
https://t.co/762Blg2MhB
I think Manolo needs to be LESS predictable with news. This would stop the trading out of PTAL when traders think no news is immediately due.
Sturm- I'm well aware that there will be reasons why the numbers are different.
The point I was quoting is that the real January production figure is higher than Perupetro is reporting and that they are beating guidance.
The Perpetro production report has January production at 18,959, but RNS says :
"January 2024 average production was 20,450 bopd with an associated Brent price of $80/bbl, ahead of Company guidance on a production and revenue basis."
Webcast of recent presentation for Analysts is up on Petrotal website.
Direct link:
https://stream.brrmedia.co.uk/broadcast/65b7515b6371e5b884f613c6
Daily production figures have been updated and I calculate production has ticked up to average 21k in last week.
Hopefully they can maintain or increase on that from now and they'll beat guidance.
https://www.perupetro.com.pe/wps/portal/corporativo/PerupetroSite/estadisticas/producci%C3%B3n%20hidrocarburos/producci%C3%B3n%20diaria/!ut/p/z1/04_Sj9CPykssy0xPLMnMz0vMAfIjo8zi_YxcTTw8TAy93AN8LQwCTUJcvEKADCdfI_1wsAIDHMDRQD8Kt35DHxOofhwKzPxNKdIPUhBFjPvxKIjC771w_Sh8VgQamUEV4AsifCaAwqAgNzQ0NMIg09NRUREAE9o-YQ!!/dz/d5/L2dBISEvZ0FBIS9nQSEh/
Slide 9 breaks down the guidance with 18,500 bopd for Q1 and 19,000 bopd for Q2 etc.
I understand that 16H coming on stream (this week?) means production needs to be restrained, but surely they will be able to let it go above 20k bopd?
I think because guidance was cautious. I think better that way- upgrades to guidance are better than having to downgrade.
Peru’s prime minister ruled out on a cash injection for Petroperu but will in fact support Petroperu with credit line guarantees and rescheduling the firm’s debts with the state:
https://www.rigzone.com/news/wire/petroperu_gets_government_assurance_of_financial_support-23-jan-2024-175472-article/
I found video of the interview with oil minister which article quotes thanks. He mumbles a bit at beginning I think, but talks about Seplat from about 7mins:
https://youtu.be/kn44awmKwXM?si=xmEojGJhPb2mjHo2
Anyway, IMO it's quite clear that he says:
"If NNPC had ANY reason to invoke the right of first refusal...."
rather than
"NNPC had EVERY reason."
So the article misquotes him. He doesn't say he's agreed with NNPC claim of first refusal, he's just saying that if NNPC had the right of first refusal, then they left it too late and it's Seplat's deal now.