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@ 08:28 - Points noted . . . haven't been here as long but started when PTAL was @14.34. Manolo has done what he said, and more. His last statements on 25/02 are noteworthy, particularly after the 20 minute mark . . . as good as a nod and a wink. Massive expenditure required, of course, on other blocks but Team Ptal seems well entrenched/pedigreed.

It seems at least two Loreto ailing blocks remain in the frame.

(Wrt "secondary" listing examination on AIM, how do you read this ?)

OB - No, not at present but I would be a damn' sight happier if Kinshasa sealed the new road (near Walikale) to Bisie mine . . . and Whitehall suspends all financial aid to dissuade Kigali a means to funding army presence in M23.

Bottom line "reinvesting" dividends has my support . . . my best example is one left untouched over many years and now worth 200 times its capital sum. The company has twice undergone a successful merger.

I shall add a few more before 28/02 although aware a swollen Ucayali is hampering ops at Bretana port.

Comments noted/acknowledged. Digressing, there has been zero reference/response to VS1/VS2 payzones and improved outlook down at Los Angeles field. Also, some anticipation is positive on near-term cellar capacity permission.

. .. some interesting comments here this month. I hastily backtracked on GTE intentions (unwilling to rubbish perceived management recklessness). Equally I3E's decision created an investment loss which together with TXP's ineptness has resulted in a watch-and-wait attitude.

Altamesa are out ! What next for 192 ?

Bretaña FOB shipments pass record total with #131 Ucawa @ 18,170 barrels to be included.

. . . am avoiding posts although useful information could be added but I expect LTHs are retrieving most of it . . . esp Novum's role in the next six months viz barge numbers, licensing progress. Crucially Saramuro should become settlement port for ONP payment. Notably, Radiant Pride has discharged its cargo at four separate points (one as high as Baton Rouge on the Missi). Manolo could well provide impetus at the Feb webcast.

[Pity about pielkop's unabated rubbish.]

THAT was slick! How well things have changed! Manolo has truly warmed to the task.

If I heard correctly Manolo will arrive in London this week. Reading between the lines of the webcast there is a great deal happening on several fronts. Permission for new cellars alone plus up to 40 wells in the upper Vivian will see the field moving ahead. (Radiant Pride still languishing off Houston waiting to discharge 300k barrels.)

Good to hear (a) partnership efforts are being made in CT next week and (b) 200-300 m depths are being probed. Modderfontein lab back in full swing.

Https://www.msn.com/en-us/money/other/peru-s-niche-breta%C3%B1a-crude-oil-gains-traction-in-us-markets-here-s-why/ar-AA1xfpOK?ocid=BingNewsSerp

Bretaña presents a compelling opportunity

Https://www.msn.com/en-us/money/other/peru-s-niche-breta%C3%B1a-crude-oil-gains-popularity-in-us/ar-BB1rqmLj?ocid=BingNewsSerp

Perhaps the above causd Friday's surge. More tomorrow?

Https://money.tmx.com/en/quote/TAL

The 6-month TSX chart catches the eye. Reasons for Friday's surge might be a result of capacity plans but we have seen SP retreat on several occasions. Regular news appears from Loreto prov and the latest shows Alamesa is semi-"bankrot" in #192. Watching #8 and #64 struggles might also be beneficial. Management are likely to be busy on several fronts

https://www.perupetro.com.pe/wps/wcm/connect/corporativo/7318e1ef-aaa2-4c91-8313-7d2090cba5fa/Producci%C3%B3n+l%C3%ADquidos.pdf?MOD=AJPERES&liquidos

@ 18:09. . . echoed. Also, MT's forensic and math ability is greater than my own. As any comment on JSE and TXP would be uncomplimentary at this point it is best avoided. Assessment of AXL remains firm and PTAL's 2025 programme reinforces optimism for further investment in both companies.

No comment here. Holding on. My previous opinion was rubbished; some posters seem to know more about Rwanda, Hutu/Tutsi ferment and Modderfontein/Edenvale Christmas shutdown than I do. Respectfully, PB erred by overlooking traditional Vaal Triangle holiday structures.

>NB. We currently are merely a third of the way to a MRE.

Yes, it could well be so. Other than ploughing in the divis I haven't been adding. Hedging policy could influence the short-term cash balances but Brent trend was unknown. Better students on the subject are more qualified to comment but I add observations for the year:

a) with blocks #8 & #64 remaining as areas of unrest with the locals still supporting the idea of PTAL as operator there is still a possibility of staying in the frame;

b) Zapote seismic - greatly looking forward to aerial scan but uncertain of penetration effect through forest canopy. Anticipating positive results on the extension plus Bretana port remaining as hub . . . in which case am reminded of 5-mile OBA pipeline @ $20m. See https://www.youtube.com/watch?v=4lcf8rzTSx4 ;

c) new rig capacity and performance capability keenly awaited. Does it have a 3 km reach ?

d) Constitucion/Osheki seem to have been relegated to 2027

e) upper Vivian sands horizon presumably awaits further analysis

f) ONP heels being dragged on pushing ~1m barrels through to the refinery, tying up $70m revenue. Poor show

g) further flood defences probably delayed until next dry season.

. . . the point was "8 - 10 km" of hard going discourages trekking across rugged terrain. Offhand I'd say Kinshasa has to mobilise its army. Road extension is irrelevant at this stage although a very expensive concrete river bridge will have to be built.

Sic 8 - 10 km

(= not the motorway down to Gatwick) I might try to offer a p-o-v during the week. Being a bloke from the bush, whilst supportive of the enthusiasm for/along the Bisie ridge, I do not lose sight of historic cassiterite warfare in the region; numerous references can be found in the literature.

Whitehall and Washington have nearly always exercised poor judgement on various African issues. Rwanda's support of Kivu rebels via a shortsighted UK illegal migrant scheme (gift) is indirectly a consequence for further mayhem in the province.

The rebel forces once again have scope to attack along the N26 to Walikale. There is now a handy access road to Alphamin. Fortunately the 810 km to Kalayi/Mt Agoma remains inaccessible.

A2025 - Perhaps keep a weather eye on M23 around Masisi, lad. DRC (except for Katanga) remains a hotbed.