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
  +0.025p +0.43% 5.875p 5.75p 6.00p 5.75p 5.75p 5.75p 252,236.00 16:35:23
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 6.8 -12.7 0.0 - 33.06

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Date Time Title Posts
10/12/201610:20PPC - Drilling for 1.1bn barrels of oil in 201412,084.00
05/12/201610:04Summary in full of PPC EGM 2 Dec 2016 6.00
22/9/201620:01President Energy - PPC7,280.00
06/11/201414:24BUY in President Energy (PPC)2.00
30/11/201215:00President Petroleum Company : Let the transformation begin23,986.00

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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 5.85p.
President Energy Plc has a 4 week average price of 5.99p and a 12 week average price of 8.08p.
The 1 year high share price is 14p while the 1 year low share price is currently 4.51p.
There are currently 562,794,868 shares in issue and the average daily traded volume is 1,387,118 shares. The market capitalisation of President Energy Plc is £33,064,198.50.
brasso3: An eight word sentence from Super Y. His contributions to the thread are increasing in size and content! Schroders are forced to average down and PPC were desperate for money at 6p (all time low share price). Not worthy of discussion anymore in my opinion.
chopper harris1: Yes, very droll, Super Y. Some still content to give this next-to-useless board an easy ride. Just over 16 million shares in issue and a share price of around 60p the day before Levine became involved in late 2009. Seven years later we have 950 million shares in issue and a share price of under 6p. Does anyone seriously call that progress?
brasso3: Good post Chopper (12061). With oil looking like its on the turn maybe this will take some pressure off the PPC share price. Really bemused about the recent 5 well workover campaign in Argentina as I was starting to think we understood these old shut in wells.
chopper harris1: Zengas, Not quite reached the stage where I require charitable handouts, thanks. Yet!! You've got this company horribly wrong in the past, one of those times being very recently. What makes you think it's going to be so different this time around? The money raised is a drop in the ocean compared to past funds raised and they've managed to spend all that with very little to show for it in terms of increased production. You have also been one of the chief scorn merchants in the past when some have suggested placings being required and have envisaged the scary amount of shares that we could end up with in issue. That scenario has all but arrived, unfortunately. I've always been of the opinion that when a company ends up with a billion shares in issue through regular placings then it has reached "basket case" territory. This is last chance saloon for PPC now. If they blow this latest lot of cash with next to nothing to show for it then they're finished. Or, to be more exact, current shareholders will be all but finished. The company will still go on, producing their (admittedly) well-crafted RNSs, which are very good at dressing failure up as success. If the company's business was in positive RNS writing and not in O&G then we'd all be very wealthy people. We can look forward to a share consolidation next year, I reckon, designed to make fools think that the consequent higher share price is a mark of the company's success. Shall we say a 10:1 this time. That would leave just under a 100m shares in issue with the share price around 60p. Could a serial fund raiser like PPC resist the opportunity of raising even more money at that price, especially if their most recent efforts have ended up in the same way as their previous efforts and the total boepd is still in the pitiful category. And so it goes on, with one dollop of dilution after another.
zengas: Madalenas share price has dropped 41% on that announcement. One bidder for their assets has pulled out which places their financing needs in a poorer position as their intention was to concentrate on core assets from the proceeds of any sale. Nov 17 2016 "Madalena Energy Inc. ("Madalena" or the "Company") (TSXV: MVN and OTCQX: MDLNF) has been advised by the refineries to which it delivers its oil production that the oil price it will receive for November and December oil production will be reduced by approximately 30%. Other producers have confirmed to the Company that they have been similarly advised. The Company received an average price per barrel during the third quarter of $61.65. Madalena is assessing the impact of this price reduction on its business operations. However, one of the parties with whom the Company was in discussion regarding the sale of certain Madalena assets has now withdrawn from those discussions, citing this oil price reduction.
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).
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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