Member Info for Sturm

I hope and think they'll wait with dividends. What we got in January was too soon. And when they're ready I prefer share buybacks since we've got 13% dilution from warrants @0,18£ (including performance warrants) - I'd prefer to cash in on those. Also I'd prefer to get block 107 explored better before dividends are considered. We might need a lot of Capex to get that rolling. End Q2021 we'll also have the new Talara refinery up and running - to ensure that production is not hit by low oil prices leading to shutdowns of ONP I think Peru will rethink costs or offer a minimum OP. They're still a huge (for their economy) net importer of oil. Petrotal can help a lot there :D

This reduces risk for PTAL a lot IMO. Not having to rely on ONP when it's closed due to maintenance (hopefully we'll not see more social unrest for the next years) and might provide some price stability.
Letter of intent signed for future sales, expected to be at least 200,000 barrels and, with higher netbacks.
Net proceeds US$2.7 million / 106.000 barrels.
Also 20K barrels / day targeted q1 2022: This will facilitate future oil production growth when the Company continues development of the Bretana oil field, targeting to reach 20,000 barrels of oil per day in Q1 2022. They have been great at getting new wells done in time and under budget.

I'm not too worried about a takeover. First of all, there are no serious major holders & the road to taking a retail investor owned company is just long and pesky. I'm not sure what share you need to reach as a major shareholder to be able to delist both exchanges, but I'm quite sure a lot investors in here own 100.000+ and why would we sell at 3£?? That's just not going to be enough to reach the levels needed (IMO) . Secondly, most oil majors are reducing the black part of their portfolio - some kind of bidding war just isn't as likely as it was 10 years ago. The gas price is also (while renegotiable after 5 years from what I understand) hardly something that will make majors drool.
Thirdly, if PB and the board really expected or negotiated a takeover bid/have been presented with one I seriously doubt that they would have sold the shares they just received from warrants.

I guess this is neutral for retail investors... They might be more pushy when it comes to Capex?

It only matters in the long run. It will open, just a matter of time. Right now they're producing 5.000 BOPD and that's sufficient to keep the wheels running at a surplus. Also, they're testing export via Brazil, that will reduce the impact and reliance on ONP.
Peru is a net oil importer and they are spending billions of dollars on upgrading Talara refinery.
There's absolutely no way this will be an issue in a year. And at this price (<80 million USD) nearly every possible disaster is priced in. Yes, indigenous people are "annoying" but they've also been treated poorly (IMO) - good news is that they just want money (basically what's already been agreed with the gap plan) and they gain nothing from destroying or reducing production in the long run. So all the hassle from their part also costs them income.
Just think about this: What should the company cost when ONP opens, brent is @45, production @ 12K and EBITDA is 72 million per year (and tax deficit covers 300 million).
Then imagine they open the valves and production (again) increase to 20K BOPD. EBITDA 140 million++ ?
What is a fair market cap of an oil company with 140 million in EBITDA? Pretty much *10 of the current price. What is the risk of bankruptcy? Close to 0 if you ask me.
And then you've got block 107: "Additional leads could bring the total to 1.81 billion bbl of unrisked mean
prospective recoverable resources to the block" That's more than a lot of oil. And dollars.
So what's important: They're above 5K BOPD and hence above break even. Time works for them. @ current SP risk is extremely low compared to the upside.

A little breather. Hope they reach a sustainable solution to this in time. The willingness to reach a solution is there from both parties & PetroTal is pushing for dialogue.
http://proycontra.com.pe/indigenas-suspenden-lucha-por-vacancia/

Shouldn't need more raises tbh. Unless he truly wants retail investors to feel f..... (still no major holders, so that's basically all).
Capital needs from here should come from loans or bonds IMO.

Biden wins and EOY ppl realize gas production will suffer in medium/long term; Chinook/CD confirmed as a monster...
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Why now. With several triggers in Q4 I'd prefer any placing to come after that. Also it's still a retail investor company - why a private placing instead of warrants and cash from all investors and no unwanted dilution. Too soon IMO.

287,522 produced and sold in October. Probably also increased own storage aswell. Strong October finish.

253,673 as per the 28th. That's > 5 mio. USD in netback in October so far. While market cap is <108 mio. USD.

@ cestvrai
Access road to Chinook is blocked by CD drilling. So a funding doesnt really help a lot in short term. And Cascadura gas is coming online soon - still need an agreement ofc. & Royston is planned and proceeding. So atm. there's really no need for funding - I personally hope we've seen the last dilution in TXP. Loan facilities are still in place an a fair bit is unused. Retail investors always and up with the short end of the stick. I'd rather have my undiluted shares than 20% dilution and the fifth well online 6 months sooner. Right now it's about getting enough info to be able to prioritise development across hopefully 5 wells. Drilling is absolutely not everything when it comes to TXP right now.
Just my 5 cents
/Sturm

Yeah, oil transferred at San Jose de Saramuro means Petrotal will be flush in cash end of month - at least a rather big invoice will head o PeruPetro / PetroPeru. Also Iquitos buys 50 - 70K barrels per month.
Looking fine for now and there's progress in negotiations.

Impressive restart, 185,326 barrels logged first 19 days 9,8 BOPD $$$
2.5 BOPD should be processed (and payed for) rest is stored at pump station 1, own storage and maybe Iquitos refinery. Right now, there's a slow cashburn (150K/week?) but once ONP opens a lot of oil will enter the pipe and PTAL will be flush in cash. Good progress on negotiations (PS1 solved, PS5 in progress) - I expect ONP up and running in 2 weeks at the most and think we'll manage without further cash raise/dilution (cash at hand 12 mio USD october 1st, 13.5 mid august). Market cap is 105 mio USD and they'll EBIT 7 million... per month at this rate.

Any guesstimates regarding what amount of cash we'll be looking at once cascadura is connected? Just wondering what pace they can maintain with the cash they'll be banking moving forward (will they also invest more in coho to increase production?). Next well going online will take quite some time?
/Sturm

He probably did a risk/reward bet and lost. Plenty of people selling after the hit is doing the same thing. He might also (though not very likely) have had a better bet in the meantime.

No news... massive jump... and we assume they're sitting on a positive RNS and someone knows? Maybe we'll get one of those RNS' where they state that there's no RNS yet :)

I wonder what the odds are that Biden wins and somehow restricts shale (adding costs, whatever). That would probably be a really nice gas price nudger :O)

TBH with brexit incoming I can't see why people would take the extra risk buying in GBP rather than CAD.
I mean no offence - just thinking I would do the "free hedging" instead. I'm not a UK resident myself, so "of course" I'm going for Toron'o & CAD.

North Energy. https://northenergy.no/
On a different note: Does history indicate how this will react to a duster? Of course we still have targets to drill, "but" expectations are very high re. Chinook. 30% drop? On the other hand a hit like Cascadura is what...? 30% up - I know it's probably not possible to give a scientific answer to that ;) but what do you think??