Share Name Share Symbol Market Type Share ISIN Share Description
President Energy Plc LSE:PPC London Ordinary Share GB00B3DDP128 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.31p -3.99% 7.45p 7.02p 7.88p - - - 52,750 16:35:05
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 6.8 -12.7 0.0 - 39.14

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Date Time Title Posts
22/10/201612:52PPC - Drilling for 1.1bn barrels of oil in 201411,895
22/9/201621:01President Energy - PPC7,280
06/11/201414:24BUY in President Energy (PPC)2
30/11/201215:00President Petroleum Company : Let the transformation begin23,986
22/2/201221:38President Petroleum Company812

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President Energy Daily Update: President Energy Plc is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker PPC. The last closing price for President Energy was 7.76p.
President Energy Plc has a 4 week average price of 9.42p and a 12 week average price of 10.68p.
The 1 year high share price is 14p while the 1 year low share price is currently 0p.
There are currently 525,320,628 shares in issue and the average daily traded volume is 218,445 shares. The market capitalisation of President Energy Plc is £39,136,386.79.
bloodhound: I haven't posted for a long time now (since just before the AGM which I intended to go to but couldn't make it) as I've had a lot of 'Stuff' to deal with of late. Anyway - You couldn't make yesterdays RNS up. If the well had come in as we'd all expected PPC would have a much different look and feel to it today. We really needed a success with this well and the number of 'issues' that have occurred during the drilling process lies well outside any measure of standard deviation to my mind, what the hell is going on!? The real issues with this drill need identifying and correcting, a lot of people need to take a good hard look at the 'issues' and themselves and flipping sort it out (I very nearly changed a few letters in 'flipping' and add in a u and a ck). So spitting teeth here but still 'invested' but having a real hard look at that. Sorry to see ZENGAS go, a thanks from me for his invaluable input and still can't believe were are in this position. Good luck all, BH. From Malcy: President Energy It is true to say that by the sounds of it if anything could have gone wrong with this well in Argentina, losing a 1000m of casing seems to have been only the half of it. The statement lists a number of oil industry services company household names, all of which I suspect got the benefit of a terse word or two from Mr Levine as fault after fault was brought to his attention. The rig has moved off to the neighbouring block to fulfill a commitment after which PPC will presumably have another go. The expected increase in production wont happen quite yet but all is not lost, the share price took a battering falling from around 11.5p to 6.5p which is bad but in the context of a very good run so far this year can be recovered.
brasso3: Zengas I do not think it is acceptable to make the market wait that long. If drilling is complete and the rig has moved on to the next well then they should communicate it. If they don't then the recent increase in the share price will soon disappear. The main risk with these horizontal wells is completing the drilling at the required measured depth. If they do that then the wells will surely produce something. PPCs poor form/ luck with successfully completing wells should encourage the management to announce something IMO. We were in the same position a few years ago with Lx-1 and it turned out they were still drilling and swallowing up all the cash reserves.
zengas: Anyone keeping tabs on Parex ? – the share price at Fridays close 19th Aug is now $15.70 so translates to a m/cap of £1.41b ( or £1.5b fully diluted). I believe there’s more to come with Parex but it demonstrates what could be done with another 60 mmboe P2 South American reserves for PPC from a target resource of 3 billion boe (pro-rata would give a share price in excess of 220p for PPC fully diluted if we were to play catch up re reserves/production to Parex). If we were part successful on the 130 mmboe risked gas/condensate leg – same target and depth in the Huamampampa MDT as another in Salta province which flowed 2,000 bls condensate and 7,000 boepd gas (post 11435) - that’s the sort of success which would imo spur the company on to a future valuation as strong as Parex. For now, the immediate priority is is getting successfully over this current 3 well horizontal programme. Parex: - Quarterly oil production averaged 28,913 barrels of oil per day. Combined oil and natural gas production for the quarter was 29,136 barrels of oil equivalent per day (boe/d); Brent oil prices averaged approximately $41.21/bbl Wells drilled: Jacana-3 (producing), Jaruki-1 (dry & abandoned) and Bacano-1 (abandoned due to mechanical failure; did not reach target depth) Parex remains debt free and exited the Second Quarter with $97.5 million in working capital and a $175 million undrawn bank credit facility. 81.7 mmboe P2 (7.8 years production life – needs to find 11 mmboe new reserves/year to replace production) 151.7m shares/161.4m fully diluted. 19th Aug close = $15.70 so translates to a m/cap of £1.41b ( or £1.5b fully diluted at $1cdn = 59.5p ex/rate).
chopper harris1: Brasso, Are you seriously suggesting that an extra 200bopd from these three wells will give us a share price of 20p and an extra 500bopd a share price of 40p? Surely not, unless I've completely misunderstood your post.
nielsc: ZENGAS, The upside to this is it gives me time to build a larger stake in PPC. I don't see the share price moving up by too much until then. Once they prove they can "materially increase production" and hence self fund the deeper drills then I would expect a share price in the 20-30p range. Cheers, Niels
zengas: If you had looked 2 weeks ago at Pantheon Resources and their 50% JV in Texas. It's m/cap then was £300m at 150p. Today it's 84p and still £165m m/cap. On the 7th Jan over there i said at £300m it was pricing in over 40m+ P2 at $10/b when US prices were sub $30/b and gas boe was $15/b. (ie $10/b valuation being half the actual sales price average i estimate at being around $21.50/boe). Opex is deemed to be low but doubtful if anyone will have the appetite to raise new money at those levels imo unless at a discount to produce oil/gas at those prices even with wells at under $5m. The recovery estimate per well is 1.4 mmboe (oil and gas). The first 2 wells are drilled and the 2nd well, though having a blockage is estimated to have an ultimate recovery of 3 mmboe. The 2nd well will flow in part until fully unblocked if successful . The 1st well tested approx 1,025 boepd gas and 504 bopd oil (512 gas and 252 oil net to PANR). At $28/b oil and $15/b gas that's about $14.7k/day revenue though i'd expect the 1st well to taper down in production. If the 2nd well produces at a similar rate it would double revenues to circa $30k/day. The oil/gas production rate from the 1st well is 33% oil/66% gas so maybe it could be ultimately 50-50 oil ratio. If the 1st well has 1.4 - 2 mmboe gross in terms of pre drill estimates, at that production rate it indicates a reserve life of 2.5 - 3.5 years so i would expect production to not be as high after the 1st 6m-1yr. What will it book so far from 2 wells in terms of P2 net - maybe 2-5 mmboe net on the 50-50 JV. At 84p ($28/b oil and $15/b gas) the m/cap is £164m (2 weeks ago at 150p it was over £300m). If you look at the average price per barrel relative to the production ratio at 50-50 oil/gas then the barrel price is $21.50 (It's 66/34 ratio on test) and unless there are high value NGLs that would bring the average production price down to around $19.30 for every barrel. It doesn't have a mountain of cash and delays to the 2nd well might cost a small bit more in trying to remove the blockage. Their cash postion was £6.9m at Dec 2014 (13 months ago) though the 2 wells were covered i fully beleive. True they are drilling for a potential circa 150 mmboe+ net but it will take a lot of wells and everyone will not be a success or trouble free as they hope to replicate the initial success across the acerage. 2 weeks ago at a low oil/gas price investors were happy to price in £300m at 150p such is the nature of sentiment. At PPC 18 mmbo P2 (OIL) and at $60/b with combined revenues of circa $30k+/day. We might not be producing over 1,000 bopd yet but hopefully with more work, it's going in the right direction. So is Panr worth £164m at 84p (2 weeks ago £300m at 150p) on perhaps 2 - 5 mmboe possible reserves after 2 wells at $21.50/boe or is PPC worth £30m on 18 mmbo P2 at $60/b and having multi tcf gas and oil exploration (at up to $45/boe gas and $60/b oil) with its share price valuing the P2 at $2.4 per barrel. I suppose it all depends what you think is value and where you rate sentiment/patience.
zengas: Anyone follow or remember Pantheon Resources ? Few years back they were bombed out after failure at Padre Island and lack lustre performance on small interests. Price collapsed to under 7p, 3 years ago. Refinancing and delay until drilling 2 East Texas wells until the last quarter. 28th October 2015 - 50% interest in the 15,000 ft VOBM-1 well which tested a gross 6.1 mmcf/d and 504 bopd =1500 boepd (net 750 boepd). The pre drill estimate was for 1.4 mmboe reserves per well (700k bls/well to Panr I beleive). Today 3rd December 2015 - 50% interest in VOS-1 well. Drilled to 15,400 ft with a reservoir indicated and to be flow tested. Considering the price of US gas at circa $2.50/mcf or $15/boe and oil at $41/b, size of the reserves per well, it goes to show that even in this depressed oil and gas environment there's potential out there. PANR don't have any reserves booked. Panr share price today exceeded £1.00 and £200m m/cap and I believe will need further capital after the cost of these 2 wells. Whether or not that can be justified is anyones guess but here at PPC with 500-600 boepd current production, 18 mmbo P2 and exploration prospects for 2.8 billion barrels gross and £36m m/cap at 7p price - it shows with a bit of luck and change of sentiment how fortunes can change. PPC have 2 sources to rerate from - either increased production from our reserves or from new discoveries - or both - or neither if you believe they can't get any success. Current m/caps as of today on which I believe PPC could with some success relative to each company example, realistically achieve - Parex Colombia 68 mmboe P2 and 28k boepd m/cap in excess of £800m. Amerisur Colombia 24.55 mmboe P2 (April 15), 4300 bopd (Sept) M/cap £263m. Pantheon (see above) M/cap £200m touched this morning. President 18 mmbo P2, 5-600 boepd. M/cap £35m. When looking at the above companies relative to PPC I'd say at least the glass is half full because we have the reserves, small production and prospects covered by seismic and some with evidence of live oil/gas. 525m PPC shares currently - relative to the above valuations = 152p, 50p and 38p potential comparative value for PPC - compared to 6.8p currently. Bear in mind, those valuations are in the current depressed market and Amersiur and Parex were previously in excess of £600m and £1b respectively and investors there are expecting future growth/share price appreciation from here and therefore likely bottom of their range.
brasso3: A lot can happen in 4 weeks! PPC share price is down 30% over that period. Was there not a well under maintenance or does that take 4 weeks to rectify? Worth spending £50 on an RNS and keeping the market up to date IMO.
zengas: Just before the 1st well spud in Paraguay, PPC acquired the 5% interest held by LCH in Pirity. They got $250k cash and 10.206m shares at 35p = total of about $5.5m. They also are entitled to a further $5m worth of shares if a commercial discovery is made which will be calculated at 35p. They also have an option for 4.252m warrants that they can buy at 47p by 12th September 2016. VRY now give up 36% for less than the total cost that PPC paid LCH for just 5%. LCH may or may not have sold it shares but if it still has them they are worth $1.5m at todays PPC share price and ultimately has a much better beneficial interest than VRY will ever have - LCH also can benefit from any upside in Puesto Guardian, Martinez del Tineo deep prospect/farmout, Hernandarias and Pirity whereas VRY can't - only benefitting by a 3% net revenue interest on any production at Pirity. LCH benefit if a commercial discovery is made even if it doesn't enter production. Who did the better deal in terms of risk ? - LCH most definitely imo. They had just 5% and now find they are worth more than VRY who have had to give up its 36%. Will the small HC S.A with 20% in Hernandarias consider the above going forward ?
zengas: I agree i felt the share options could have been set higher but given that it works out at a total 5.5% of the SI i'm not losing any sleep over it nor the bigger picture. I'm in Savannah and theirs is around 15% of SI and their hurdle price has dropped from 168p to 114p. Wouldn't i like it to be 5-6% of the company against a hurdle price of a third of 114p - ie 38p and where the share price is now! I think just because some see low hurdle prices, they assume that there mustn't be much upside potential beyond that and i don't see it that way at all. Amerisurs latest was set at 33.5p and interesting that they were done when the share price fell briefly to around 24p closing on the 8th April ("The base price for the share price growth is 37.22p, a 55% increase from yesterday's closing price of 24.0p) and now they are magically back at 33.5p again having fallen in the last week or two from 37p. Anyway back to PPC - By November and in 3 months time the options will have reduced to 5.5% of the Share issue. If these options were excercised at the each tranche price indicated, PL would recieve £1.196m, M Biggins £690k, B Wilkinson £513k with £280.5k between other senior management - all before tax. The 3 share price targets are 17.25p, 25.86p and 33.64p. Current shares in issue 479.5m. If a commercial discovery at Pirity, then LCH will get approx 10.5m shares = 490m total. If all the 72.8m 18.75p warrants were excercised (giving us circa $21m using £1/$1.55) the total shares in issue would be 562.8m. If there is sweet FA in Pirity then it's down to 552.3m - so if that's they key to getting 15-20 mmbls of reserves i will be more than happy and on a par with Amer when factoring in Argentina at 14 mmbls and still expected to be upped to around 22 mmbls there if that application is approved. Looking at the highest share option price of 33.64p - this would equal a m/cap of £188m (on 562.8m shares rather than the current 479.5m) which is half Amerisurs value of £357m (Amer 1086m shares @ 33.5p and overall 29.5 mmbo P2, Colombia) or on an equal footing to Amer - ie being a 63.5p target for PPC. Parex likewise in Colombia albeit 26,500 - 26,700 bopd and 68.4 mmboe with 149.8m shares and a canadian price of $8.67/share = m/cap $1.3b or £636m now (£1=49c cdn) and down over 20% recently. It's 5.5% of the company no matter what price. To me the incentive is still the same. Retain the staff and don't let some of them go somewhere else in the midst of an upcoming campaign to earn bigger rewards perhaps elsewhere - that's the nature of the game. Schroders increased by 3.2m. The World Bank arm is significantly on board. We've discovered 2 hydrocarbon zones and still on the right track in Paraguay imo. Still plenty to play for and if it's steady as she goes upping production along the way until Paraguay farmout or drilling resumes, and if there are any other low key distressed asset opportunities that we can avail off it's still a good investment for me at this level.
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