Excellent roductio increase:
PetroTal achieved average production of 18,518 barrels of oil per day ("bopd")
in Q1 2024, in line with guidance. This represents an increase of
approximately 23% and 54% from Q4 2023 and Q1 2023, respectively. Production
during the past 30 days has averaged approximately 20,500 bopd.
Cash down due to:
PetroTal exited Q1 2024 in a strong position with approximately $63 million of
unrestricted cash and $22 million of restricted cash for a total of $85
million at March 31, 2024. Restricted cash includes amounts reserved for the
social trust funds to be deposited at a later date. Cash liquidity decreased
from year end 2023 levels as a result of increased capital expenditures from
drilling program commencement in Q1 2024, March 15, 2024 dividend distribution
and revenue payments received in early April
Taken from MSN feed:
"Russian Deputy prime minister Alexander Novak said on Friday that the country’s oil companies will focus on reducing output rather than exports in the second quarter in order to evenly spread production cuts with other OPEC+ members.
Drone attacks from Ukraine have knocked out several Russian refineries, which is expected to reduce Russia’s fuel exports.
“Geopolitical risks to crude and heavy feedstock supplies add to strong (second-quarter) demand fundamentals,” Energy Aspects analysts said in a note.
Almost 1m barrels a day (bpd) of Russian crude processing capacity is offline from the attacks, affecting its high-sulphur fuel oil exports which are processed at Chinese and Indian refineries, the consultancy added."
Appears that $85+ crude price will be here perhaps for the rest of the year and beyond. Certainly the above has a significant impact, plus years of global under investment on the supply-side, as well as, I also consider that the general masses have become accustomed to relatively 'high' petrol prices. Other demand side contributors include the rapid rise of the the middle classes in India and their demand for travel, which in turn is fuelling the momentum in the numbers of planes and aviation fuel. A further significant demand side affect is the current red sea Houthi attacks that have resulted in commercial ships taking longer journeys around the Cape of Good Hope thereby requiring more fuel.
All of the above means PTAL will be benefit from high crude prices for the foreseeable and in turn cash should be rolling-in. So that begs the question, why hasn't PTAL's stock price moved. Possible answers include: the price has already moved 232% during the past 2 years and it needs a breather, with long-term holders taking some profits and de-risking; ESG - oil is just not the flavour of our time and so large institutions will no longer invest in the sector (which also in-turn impacts of supply-side investment); and perceived regional instability. However in respect to this point, at national level and largely at the community level PTAL (but not with everyone) appear to be well respected; Then there are private investors who glance at a stock paying very high dividend returns and without analysing further discard it as "too good to be true."
So, what can PTAL do to raise the stock price? As far as I can see, very little more than what they are already doing. They are increasing production, engaging with the local community, communicating with their share holders and paying handsome returns. So, I am comfortable with the price where it is, and look forward to making a top-up at the start of the financial year, whilst collecting 12%+.
Upgrade on income.
Have a look at the level of director pay for this quite small cap. The figures were flagged on Stocko'. If those figures are correct, then I'm shocked.
Very acceptable results ... Divi paument very welcome, as is share buyback, plus part IPO Para'.
No more noise about a take ober please! This is a great company, now paying over 7.1%. Show me better. A keeper for me and not for sale.
Https://podcasts.apple.com/gb/podcast/vox-markets-fund-manager-series-brendan-gulston-of/id1569138869?i=1000648066993
Discussed today at 40 mins, which may explain some of the rise.
Quite pleased with those results, plus the added benefit of greater clarity on future Pension contributions. So for me it is a deep breath and hold until 2028 when the money comes more to us shareholders as opposed to the pensions. Wondering what the divis will be in 2028.
15 Feb 2024 23:57
RIGZONE, Thursday, February 15, 2024
Standard Chartered Reveals Where It Thinks Brent Oil Price Should Be
In a report sent to Rigzone late Tuesday, analysts at Standard Chartered said they still do not think crude oil prices fully reflect the rapid tightening of the market or the recent escalation of geopolitical risk.
The analysts noted in the report that, in their view, a Brent price above $90 per barrel “would more adequately reflect current fundamentals and risks”.
Standard Chartered projected in the report that the ICE Brent price will average $92 per barrel in the first quarter of this year, $94 per barrel in the second quarter, $98 per barrel in the third quarter, and $96 per barrel in the fourth quarter. The company expects the commodity to average $109 per barrel in 2025, $128 per barrel in 2026, and $115 per barrel in 2027, the report showed." Taken from the HBR BB.
Large buying yesterday ... rns today.
Should support price of oil.
https://www.opec.org/opec_web/en/press_room/7267.htm
Had a small top up this morning.
Present shareholders may be diluted to oblivion.
A sad end and Management should take a long hard look in the mirror.
The presence, contributions and integrity of Dallo was one of the very few positives linked to Enet.