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"dividend discussion" -

My recollection is the pubman produced reams of vitriol on SHG and today extolls its virtues.

For our future prosperity and investment wellbeing the company must remain in safe hands: i) the Lihranda corridor has pockets of rich mineralisation, incl. Ag, Cu and Zn; ii) Singida has pronounced Cu and Te elements. Tellurium will be increasingly sought after in terms of global solar panel requirements.

(Am mildly disappointed that Mark Bristow is throwing $8+m at the Eastern Desert and not focusing attention on proven Au deposits in WK. We need a partner up there.)

A) Generally, because of 23 years' experience with a growth fund, I look out for greater fund participation. It has not yet quite met expectations although the trend is up i.r.o. that category (currently 77m). In today's depressed market clients will be looking out for returns.

https://www.morningstar.com/stocks/xlon/ptal/ownership

b) Unfortunately ALL Loretans will be chasing the 2.5% fund expecting it to be circulated ten or more times rather than once. It would be interesting to see how Manolo handles it as the fund was to be confined to the local community.

c) Leading on from the above it is noted a blockade has been set up outside Saramuro on the Maranon (all of it to join the dollar grab) making the ONP a bigger white elephant than ever .

d) Becoming a LTH is a personal choice. Whether the SP reaches Malcy's near-term forecast is an unknown. But an occasional bonus dividend is a reasonable expectation. Others can calculate the eye-watering returns on 17k bpd minimum @ $80+.

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

Should be a fair wind in the sails tomorrow.

@ 17:54 It might not be ominous as the trade was booked as a TNCP.

July production doing okay.

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

Rio Negro/Manaus level losing 2 - 4 cm daily which is normal from July onwards.

https://www.portodemanaus.com.br/?pagina=nivel-do-rio-negro-hoje

(start again/faulty keyboard) Predicting SP and advocating how Manolo should proceed on buybacks, etc is crackers. No one knows how El Niño/La Niña will behave over the next few months. It is one reason why guidance numbers will remain modest.

upper Ucayali's minimum recorded depth is ~1.4 m which still allows some movement downstream during dry season . . . perhaps permitting smaller 6k barrel barges. Accordingly introduction of dredgers between Bretana/Manaus to tackle sandbars is likely.

I expect guidance for 2023 will be exceeded by some distance.

Predicting a SP and advocating El Niño/La Niña

. . . and Bill Browden. Highly illuminating.

https://www.youtube.com/watch?v=31n65G2KI4k

What effects on Russia's mining production output ?

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

Https://diariolaregion.com/mef-lote-95-es-clave-para-la-economia/

https://diariolaregion.com/loreto-dejo-de-recibir-casi-s-35-millones-de-canon-por-bloqueos-y-paros/

Lima and Talara must surely be warming to Manolo's immense leadership qualities and prominence, plus PTAL's massive future contribution to the economy. I keenly await field developments and 107's exploratory drill probe(s) where Constitucion/Osheki cold be next followed by a favourable decision on #8.

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

Figures are in at last.

Https://diariolaregion.com/comite-inicial-instalado-se-presento-en-bretana/

AIDECOBAP (Perez) absent from meeting.

July 1 is a crucial date in Puinahua (Lot 95) and Trompeteros (Lot 8). Successfully negotiated relations might finally overcome community logjams although Perez and Ruiz are unlikely to disappear without financial incentives (or other) from the scene. Both are piranhas lying in ambush on the Ucayali.

Petroperu and Lima are key participants with Manolo playing a role in future developments. Holders will not have overlooked the quiet addendums provided in the latest presentation. Pages 2 and 12 illustrate progression of ideas/development crossing into Bayovar, Ecuador, and Pucallpa, Lot 107, in the south. Also development of Iquitos and Pucallpa refineries were inked in last week.

https://petrotal-corp.com/wp-content/uploads/2023/06/PetroTal-IP-June-20-2023-Final-Version.pdf

Bretaña @ 6,000 ha is a big field. Its footprint extends >110 km. New leads are being added to the map annually. Osheki/Constitucion (#107) and perhaps Trompeteros (#8) later down the track are worth the wait. Bretaña has the potential to have IP rates - up to 10,000 bopd - similar to the Saudi fields.

I also like the idea of headquarters being located in Houston, Tx.

Https://www.srk.com/en/consultants/james-siddorn

Rather than my amateur beliefs we could do with someone like the above to offer an opinion on reef characteristics at Isulu, Ramula, Luika/BC North, Gold Tree, etc. I note he has been busy up at Sukari.

On the other hand drilling assays in the next six months should be enough to confirm if the company is en route to a 3+m oz resource across three sites.

Great expectations here. There are a couple of quiet pointers without any EZ fanfare: (a) a nudge on WK Au estimates; (b) NLGM UG probes to greater depth and ElizabethHill doing likewise; (c) Masumbi, Dhene and Bondo to the west of Ramula are very real targets for Au and Cu.

Request - EZ, can you postpone your departure for another year ?

Re: p 2 . . . on Saramuro pipeline sabotage: would the plan be to truck 6k/day light oil to Milagro ?

(a) Page 2 of the updated June 20 presentation again underlines my being out of touch. Things have silently moved along and require reinspection: Milagro refinery's (highlighted) existence is a new surprise although vaguely aware of # 8's revival.

. . . very welcome if it's going to be our next development although in the Saramuro firing line;

(b) Today's BoE unimaginative sledgehammer blow is likely to have an impact on the LSE in the medium term;

(c) A complaint to Halifax on 25% tax has not had the desired result: they shelter behind Crest so I'll have to take another look at the rules. Another 10% subtraction was unexpected.

A) ?? Premium (on Brent) still being applied

b) Not expecting any fireworks on p/f for several months owing to global malaise

c) I now better understand farmout policy on #105 (>$450m capitalisation)

d) ?? M&A ... Is Lot 8 still in Manolo's sights

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

Manaus Rio Negro levels okay. Marginal increase, if anything.

https://www.portodemanaus.com.br/?pagina=nivel-do-rio-negro-hoje