Member Info for Sturm

There's a rare kind of "whataboutism" on this BB.

This could go wrong... and that... and whatabout that? And that and that and that and why and why and whine and what about the horses???

Meanwhile, more than some of those "whatabouts" has been priced in AND I would assume any investor with an IQ >90 would have sold now IF he thought the rest of Cascadura would be dry. So who's really still so impatient, that EOM is too far away, after years of waiting?

I'd really hope they wouldn't RNS any well spuds etc. but just give a monthly status and nothing else. Investors here are so focused that it's honestly a surprise that we're not geing daily pictures from all those investors, who're visiting TXP on site. Right?

Btw - most small O&G's have a hard time these days. An unleashed DT/JDV doesn't help consumer sentiment and PoO.

#PTAL's origin isn't AIM, that's my point, and as mentioned, I would never (because of AIM cowboys and regulation) invest in a company that's only listed on AIM (It's not the only solo exchange I filter, by the way).

Manolo has done a great job and the production side of the company has (nearly) always been excellent, and still is. The 131 acquisition is really good.

The financial side (Urch...) was always, in my humble opinion, below par. You could also mention the sh.... terms regarding ONP and payments that were his responsibility, on top of the other (mentioned previously) terrible financial decisions made when he had a role. (I urged him to spend a fraction of the bond money to repurchase the absurd number of warrants... but they just repeated "new assets" - which they never did buy with the bond money - but hey, that's Urch in a nutshell).

We just need Brent >75 and this should be fine. I guess it's also time to look harder at more assets in Peru and #PTAL is among the few companies that may get the other fields running. GARP!

"Calgary, Alberta and Houston, Texas – September 26, 2018—PetroTal Corp. (or the “Company”) (TSX-V: TAL), an exploration and production company focused on oil assets in Peru, is pleased to announce its intention to seek a ***secondary*** quotation of its common shares with their admission to trading on the London Stock Exchange’s AIM market"

This is what I wrote: "I'd never invest in a company that's only listed on AIM" Only....

And I never said I don't believe in the management. But those who've read my posts 3-6 years ago know what I think about Urch, with his shower of warrants and premature dividend in 2019 and excessive bond fabrication...

I hope they max out share buybacks. In 6 years time (since share buybacks doesn't work.....)

I will then own the last remaining share and receive 60 million USD per share.... how's that for compounding and shareholder return?

Damofarl, PTAL isn’t ONLY listed on AIM. Wakey, wakey. I'd never buy a company that's only listed on AIM. I asked for AIM examples because that’s your turf—you should be able to namedrop like there’s no tomorrow to prove your case. You failed. Also, how the f can you not know companies like Novo, DSV and Pandora? It's up to you to prove that consistent and strong buybacks for low P/E companies doesn't work. But I guess you can't. Buying backs shares for #PTAL to fix the low SP would IMO also mean that #PTAL would skip AIM and move to higher grounds. But you can include former AIM companies on your long namedropping list. I'll be happy to research why logic and math didn't work on those companies.

You skipped the core issue—that buybacks, by avoiding immediate tax, can create higher long-term returns for investors. Compounding is simply stronger. If you're 70 years old and live of dividend it doesn't matter. I'm not. You? Also, using dividend to buy more has a lot more transactional costs than having the company do so.

And what points "didn't you score" 6 years*60mm USD + cash on hand. Is that more or less than the present market cap of 445 mm USD? (Ofc. in the real world, where share buybacks work, it would take max 2 years to move the SP to a more reasonable level, more in line with peers and more in line with the analysts #PTAL pays to throw targets around - then ofc. dividend makes sense)

"Not least because if you half the shares in circulation, I still have the same number of shares earning the same dividend." LOL. With the same payout, the dividend per share doubles if the company buys back half its shares. I know it’s hard math for some, but maybe you’ll get it? Suddenly the 0.015 USD becomes 0.03/share since that what's halving the share count does. You basically double your ownership while sitting on your hands.

Re. signal: They're telling the market that they're happy with the present market cap. At least for the time being. And that major shareholder doesn't give a f about retail investors or that the major shareholder is under heavy pressure. Giving 60 million away a year is not at all "the signal mgmt is sending out is their priority is in production, profitable production, not the SP. Not in in promising a quick buck, but delivering a long dollar." It's quite the opposite.

I'd rather have them drill 107 like promised in the IPO than the 25 mm USD in dividend.

"Consequently I've lost interest in why you are here." Ahhh, soooo sad that you're no longer interested. So sad. Sad panda here. You really hurt my feelings.

I had a very small pot in i3e; nothing worth noting. I never understood the focus on dividend (really killed the company how they spent capital - sad story - also the reason why I didn't buy more) but it got GTE on my radar and I bought a small position. Not quite sure what I think about the CEO and management yet, so keeping it small for now.

I guess the company expects to have 2 more wells online and the CB deal done when it's time for the AGM. That will fix the SP and "everybody" will be happy. If not, expect rage and board slimming to happen on the AGM. It will probably not be pretty.

PB has said 90-100 days from spud to hook up. And news to be public quaterly, with updates when ER (dates?) are announced. So don't expect any news yet. Also, some people think "a certain person" is "in the know". That person seems to be just guessing, however people refer to the guessing as facts. So when XYZ doesn't happen at the "guessed" time, or isn't communicated, then people go in QQ mode. It's really detrimental to share perfomance - all IMHO.

@Damofarl - you completely ignore tax, which for me is 42%. So 13% less 42 percent is a lot less compounding.

You also completely ignore that shares that are bought back are deleted; hence buying back 50% of the shares doubles the dividend for the remaining shares forever. Try that, while imagining that you're a LTH.

You also ignore the signal from the management it sends: Our stock is undervalued.

And (Pandora is an example of this) you could spend shares in the vault if a sudden headwind appears (like CoVid) or an acquisition is made possible (PTAL could have purchased fields with shares instead of cash)

I don't know about companies on AIM, since successful companies don't want to stay there. Also, I'd never invest in a company that's only listed on AIM, since.... well... I'd rather go to a casino.

But companies like Novo (need I say more) or DSV (went from 15 to 1.500 in 20 years). DSV always traded at high P/E ratings and raised cash or used dilution several times to acquire new businesses WHILE maximising share buybacks until 2021, where they raised dividend more.... and the SP stopped moving up. It's one to watch though). Another example would be Sampos acquisition of Topdanmark; where the initial 50%). They also stopped buybacks at a point (several years, they didn't want to delist initially, and guess what, SP also stopped moving when they went from buyback to divs).

US trading at higher P/E on index level is likely very influenced by the much bigger buyback ratio - at least that's what research papers suggests (google it).

And ofc. Apple is another example. But hardly relevant in this context.

For UK: Dividend Timetable Update

"Further to the Company's announcement on 20 February 2025, the LSE has requested that the ex-dividend date on AIM is aligned with that driven by the Company's TSX listing and accordingly the ex-dividend date on AIM has been amended to 28 February 2025. All other details of the dividend payment schedule remain the same." I.e:

· Ex-Dividend date: February 28, 2025

· Record date: February 28, 2025

· Payment date: March 14, 2025

Of course nobody can predict the future, however I do think the numbers for 2025 looks very promising and I don't really think people would look at the 2024 numbers and argue that they'd expected much more.

With a NAV after tax of 41 USD/share and share buybacks if they have cash for it, I'm pretty confident we should see a nice performance this year. That said, it's a small position for me, since I'm not really sure about the CEO's abilities yet.

Not really sure why the market in Canada sends GTE 10% down.

USD 41/share, after tax (2P) NAV... big discount. Increased production and fine 2025 outlook.

Pardariff (et al), the market cap is 450 mm USD; they can buy back the whole company in 6 years or less at the present rate with cash flow and cash on hand. Are you telling me it's not going to influence the share price?

That's pretty stupid, right? Who in their right mind would think that share price isn't affected.

Show me one, just one, example of a company with positive cashflow buying back +10% a year for some years where it didn't move the needle. Just one. Surely there must be many "since buybacks doesn't work".

Buying expensive shares back doesn't really create value. Buying back shares in low volume doesn't really move the needle.

But buying backs low P/E shares will create strong compounding and shareholder value (Could be #PTAL)

Damofarl, assuming #PTAL had used all dividend (12.5c) on share buybacks, they could have bought >25% of the shares back. That means every share you hold would be 33% more worth. And shifting to dividend from this point would increase your dividend "forever" by 33% Surely we can agree that this would affect the share price?

I'm not arguing that they should buy back shares "no matter what". But 13% yield (despite high one-off capex) reveals that P/E is very low. I'm arguing they should buy backs shares because it's better for compounding, it protects the company value and it's underlining how cheap the stock is (and confirming that BoD and management thinks so).

Good governance (which I don't think is the case here) would reduce the number of management warrants by the same number; the warrants/PSUs are a % of the share capital and shouldn't be a fixed number.

But it doesn't really matter what I think. The major shareholder wants dividend and don't care much about the SP. Even though a more attractive share price would actually give them the opportunity to pay for new assets with shares from the vault (or even a small number of new shares). What's better for the company and for the major shareholder isn't always the same. I think that's something AIM proves every year.

Personally, post-tax, 13% isn't worth chasing considering all the other companies I can invest in. Too much goes to mr. Tax. So the dividend from #PTAL is going elsewhere.

CheWin - move your shares (if possible) to another broker or bank, with proper customer interest. Honestly, having to claim >15% dividend from tax offices is just a waste of time. So make sure the bank/broker knows you think they're pizzing on you and move the shares. Voting with your feet is always great. I've done the same.

Apart from that; great update IMO. As always I'd prefer increased buybacks, and as usual I'm not buying more before they actually start to care about the SP and RI's and act accordingly. Plenty of other fish in the ocean with more shareholder-concerned management and BoD.

TXP needs to honor the agreement. I think people forget that NGC paid for the pipeline. Anyways, CB should offer new opportunities, and it's easier to negotiate from a position of strength (i.e., get production to 120 (or 200) mmcf first).

Birds in the bush haven’t fed anyone yet (except for the fat BoD).

Would be nice if #PTAL offered to buy back those chunks from shareholders.

Anyways, production still strong; fiscalized numbers >22K and hence higher than guidance.

Brent at 80 would be nice, 75 is a bit tight.

I think the outlook is actually quite promising. So I took a small position. Not sure what I think about their CEO (what's his track record really?), but assets look interesting and they certainly got I3E at a huge discount. Plus they're buying shares back with any additional funds.

I guess we might get a declaration this week, possibly tomorrow. Another 1.5 cent. I hope any additional funds go to share buybacks instead of extra dividend. Fiscalised production numbers remain strong, Brent is on the weak side.

Christo, why would you expect Q4 results next week? That's not going to happen before March 20th.

Once Trump allows more LNG, things will change IMO. With regards to I3E I never understood why they were handing out dividends at that rate instead of doing the logical thing and buying back shares. Then it would have been another story.