Share Name Share Symbol Market Type Share ISIN Share Description
Petrotal Corporation LSE:PTAL London Ordinary Share CA71677J1012 COM SHS NPV (DI)
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 19.90 226,285 08:00:24
Bid Price Offer Price High Price Low Price Open Price
19.50 20.30 20.15 19.90 19.90
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 7.84 -4.24 0.78 27.3 162
Last Trade Time Trade Type Trade Size Trade Price Currency
13:01:06 O 100,000 19.75 GBX

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Petrotal Daily Update: Petrotal Corporation is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker PTAL. The last closing price for Petrotal was 19.90p.
Petrotal Corporation has a 4 week average price of 14.25p and a 12 week average price of 14.25p.
The 1 year high share price is 21.75p while the 1 year low share price is currently 7.25p.
There are currently 814,555,701 shares in issue and the average daily traded volume is 2,582,070 shares. The market capitalisation of Petrotal Corporation is £162,096,584.50.
thommie: btw does anyone know what effects the 9H drilling changes (bigger diameter) will have on drilling speed and finally flush production/decline rates of the well? (I guess the necessary changes made the time lag from completion of 8H at 4.9. to planned start of 9H at 22.9.. usually they would have started drilling the next well 1-2 days after completion) not that I know anything, but I always remember what someone else posted on an oiler board in the past. he was saying 'good fields tend to get bigger and bigger' I was always hoping that this is the case here, as I thought it cant only be due to operational expertise of ptal that every single well drilled to day outperforms their expections.... we got many hints in this direction from the company through the results of the last 3 wells this year. but the big game changer wont be the uplift of the ooip number, it will be that even in the 3P case their recovery factor assumptions are super conservative (manolo more than often said that, comparing it to similar plays around them with recovery factors more than 2 times their assumptions).we will finally see what covid stopped last spring when we already were at 13300 bopd peak production when as a result of covid with low OP and social unrest related to health issues, etc through covid and derivative liability made them stop everything. this time ptal has enough capital to just go on with field development. and tbh... the social unrest (leading to very long onp shut downs last year, which stopped the oil from arriving at bayovar so it couldnt get sold at low OP) saved ptal in the end! so not everything about it was negative for us...
thommie: JP. currently there are no limiting factors even with onp closed. (it's expected to resume normal operations soon)ptal is doing 2 240k shipments through manaus till end of september. so 480k alone plus 40k iquitos offtake plus 702k storage capacity (240k at station 1, 240k at station 5, 132k on barges and 50k at bretana). plus the possibility to do additional brazil shipments when 1x 240k/month isnt enough as he recently said after talking to the owner of the manaus company.btw netback at 70$\bbl brent is 41$\bbl. at the recently given lowered guidance for q3 of 9700bopd ave it will be 36mio netback, which should outpace capex even in Q3. In q4 at guidance of 16050bopd we would be looking at 60mio netback at 70$\bbl brent. add expected 22mio from true up revenue till end of 2021 and ptals net debt could turn to a net cash from the last reported 22,7m net debt at end of q2 2021!
thommie: because it was super risky at that time. and you didnt want to take it. ptal was shut down due to social unrest in peru, oop super low because of covid. everyone including me should have added shares, but I didnt add many Im afraid. too risky to put too much in it.but btw it's not long ago (2 months?) when ptal share price was at 18p as well... so nothing really different, but the way to a self funded development of bretana is getting more and more realistic with secured sell options via brazil additional to the onp route. so lets see what happens with the production figures once the new well adds production and the water injection works are finished...
lazarus2010: O/T DYOR check out EME, transformational news is out and the share price has thus far failed to react. There is a Broker's Note from Cenkos giving guidance in the success case. They have just booked a rig to drill their first offshore well 'Jade' in the South Chins Sea, upside is 395mm bbls of which they will get 49% after CNOOC pay their costs and get 51% . 2 further well Topaz and Pearly, each bigger than the other, potential for 1bln bbls if all 3 succeed. This would take the share price into the £££s from pennies. The CEO owns 88,888,888 shares so has all his skin in the game. Very strong board also shareholders. Also have a working interest in a gas find offshore Indonesia which is going through the GSA and final PoD PiD stages, original plan was to sell once in place but looking likely they will hold on to their 8.5% share until it gets closer to actual production and try and maximise their sale price. Estimates are that it is worth $35mln++ at current gas prices 'in the ground' NIAI DYOR AIMHO
xxnjr: hi thommie - it was only about a 20 min talk which is the allotted time at Enercom and looked like MZ was using the June presentation thats on the PTAL website. He did land on slide 20 very briefly which highlights the projected 2022EV/cashflow multiple discount to peers, saying he had told the board Petrotal have to prove to the market they can hit their financial targets which should fix the share price. If it's new news, I think he said they were targeting 25K peak production (up from a recent projected ultimate peak number of 20K?) due to better understanding of the field and maybe we'll get a further (unquantified) reserves upgrade at year end due to recent/latest wells. Wouldn't say there was much new to my untrained ears (still getting back up to speed here! and didn't take notes) Would have thought Petrotal will upload the talk to their website. In any case Enercom usually have links to all of the presentations within a week, or so. I'll drop the link here when available. Talks from Liberty Oilfield Services, Corelabs and Rystad Energy are usually quite interesting for a bit of perspective on some e&p matters.
zeusfurla: Hi Spangle Thanks for your thoughts. In response, my view is that no 1 is the key factor just now, given share price action in the run up to and following the election. I am comfortable with progress on 3 based on what we know and like some others PTAL seems clearly under-valued at present with a return of c13% over the last year, which is the same as Jadestone (also undervalued). Given anticipated production and earnings growth in H2 and 2022, the market will catch up with intrinsic value I expect when the political scene settles. I'd add 2 further possible risk factors that may impact PI sentiment - debt levels and future oil prices. On the latter I think current price levels may fluctuate but global inventories are declining and I can't see sub-$60 Brent for any sustained period of time. A successful drilling programme and decent oil price levels will remove debt in the short to medium term. I'd also like to see the funds set aside for potential growth used this year - $20m or $25m from memory. I seem to have missed your reference to secrets/concerns in no 2 although I have followed this Board for quite a while - what does this refer to? Any info gratefully received.
spangle93: So, do people believe that the reason the share price seems marooned around these levels in the face of rising global crude prices is primarily.. 1. Country issues (politics national & local, CoVid) 2. Company Trust i.e. after finding out some of the secrets that were under a stone until the trauma of last year, people are wondering what else is there? 3. Insufficient progress against 2021 targets to judge delivery against plan 4. Already fairly, or overvalued?? I3E, which I think is equally undervalued, has a similar market cap, but 50% higher production and reserves and operates in a more stable country. 5. Anything else? Thommie: I just re-read the last few posts, and realised I'd missed your question last week "Spangle what are your thoughts on the core data?" Sorry about that They probably want the opportunity to get core from 3WD because (i) it will be a vertical or close to vertical well. Core is always taken as perpendicular to bedding as possible, so there is no opportunity in a horizontal well to get reservoir core (ii) it will pass through the entire reservoir and into the water leg - oil wells are positioned high in the structure (iii) it's further towards the flanks (sides) of the structure, where to date few wells have been drilled, so the reservoir properties away from the core of the field are currently assumed. This would potentially have an impact on the 2P -3P volumes, depending on whether the in situ properties are better or worse than modelled.
bubloo: If Keiko were to win Where do you think Ptal share price would be? my guess in the next few days 21 to 23 pence based on fundamentals alone, forget the astronomical growth in production forecast and the accumulated tax losses.
pro_s2009: https://www.malcysblog.com/2021/06/oil-price-savannah-sound-chariot-petrotal-longboat-igas/ PetroTal Corp PetroTal announces it secures liquidity, improves risk management position, and advances offtake optionality prior to executing an operationally focused and pivotal development plan. In Q1 2021 Selected Operational Highlights it commenced drilling the 7D well, which was successfully completed on April 30, 2021. PetroTal started drilling well 7D on March 29, 2021, reaching a vertical depth of 2,696 meters and encountering excellent oil producing sands. The well was drilled and completed at a revised final cost of $7.6 million, or 17% below budget. After the typical clean-up period and slowly ramping up production during the following week, the 7D averaged over 4,500 bopd over a four-day period, accumulating over 115,000 barrels of oil during its first month of production, and maintaining average production rates of 4,000 bopd during the past four weeks. It also upsized the pump on 4H and installed a new electro-submersible pump on the 4H well under budget and on time. Soon after the workover, the well was producing at 400 bopd higher than before the operation and is expected to recapture the incremental cost of the pump over the next few months at current Brent levels. Production is materially on target, for Q1 2021 averaged 7,331 bopd which was materially on budget. Current production is 10,225 bopd, notwithstanding that two oil wells remain shut in waiting on water disposal pump enhancements which has reduced production by an estimated 1,200 bopd. The CPF-2 on track and on budget with materials for phase two of its central processing facility continue to be installed and the project is on track for a Q3-Q4 2021 commissioning. PetroTal is reiterating 2021 guidance. The Company is reaffirming its 2021 average production target of 11,500 bopd. The Company completed the placement of a 3-year $100 million senior secured bond with a 12% coupon and a borrowing limit of $125 million. The Company exceeded compliance with all covenants at March 31, 2021 with the newly issued bonds being the only material long term debt on the balance sheet. It improved corporate risk management, during the quarter, the Company hedged 590,000 barrels in a put structure with a $60/bbl strike price. Subsequent to the quarter end, The Company hedged an additional 622,000 barrels at similar strike prices bringing hedged April 2021 to December 2021 production to 32% of budget. The company is constantly de-risking and by working with Petroperu, the Company solidified, through hedging, a $31 million future true-up payment for approximately 1.8 million barrels of oil in the North Peruvian Pipeline and implemented a risk management partnership process with Petroperu for future sales into the ONP. The receipt of the $31 million is subject to the pace of oil movements through the ONP and is expected to be received by PetroTal as sales arrive in Bayovar throughout the next nine to twelve months. It executed a third route to market strategy by selling 225,045 barrels, FOB Bretana, through Brazil with competitive commercial terms vs sales through the ONP. Enhanced existing offtake arrangement. Extended the sales agreement with Petroperu until December 2022 with improved commercial terms under low Brent scenarios. The company has significant liquidity in hand and exited Q1 2021 with $75.8 million of total (restricted and unrestricted) cash compared to $9.6 million at the end of 2020. Higher net operating income, PetroTal generated nearly $20 million ($25.87/bbl) of NOI in the quarter, an increase of 12% over Q1 2020 despite producing 2,378 bopd less in Q1 2021 vs Q1 2020. Operating costs for Q1 2021 were $5.5 million ($7.17/bbl) vs $6.0 million ($6.42/bbl) in Q1 2020 driven by lower production rates and offset slightly by higher than estimated one-time fuel use for the new crude oil power generation plant commissioning, which was more expensive in Q1 2021 due to a higher Brent price. The Company invested $7.1 million on capital expenditures in the quarter vs $23.8 million in Q1 2020. The bulk of PetroTal’s 2021 development capex will occur in Q2 2021 and H2 2021 ensuring flush production from new drills is online during favourable Brent pricing months with hedging in place for downside protection. With recent elevated Brent prices, the Company estimates it is operating materially above the original $90 million EBITDA budget for 2021 which assumed $50/bbl Brent. Excluding hedging and true-up revenue, and from June until December 2021, it is estimated that for every $1/bbl above $50/bbl Brent, EBITDA increases $2.0 to $2.5 million, making PetroTal potentially free cash flow positive for 2021. Net income for the quarter was $30.9 million vs a net loss of $31.4 in Q1 2020 driven largely by higher commodity prices. Normalizing out derivative changes results in Q1 2021 and Q1 2020 having similar net income figures of $8.5 million and $9.0 million, respectively. Manuel Pablo Zuniga-Pflucker, President and Chief Executive Officer, commented “Q1 2021 was a great quarter in many ways. From a strategy standpoint it was prudent that the Company shored up its liquidity position before undertaking material operations with pace. The Company is now on solid footing from a liquidity, risk, and safety standpoint and if firmly focused on achieving operational excellence in 2021. We are now in a Brent oil price environment where, subject to such conditions continuing, wells only need to produce approximately 280,000 – 300,000 barrels to pay-out full cycle, which in some cases, can happen in two to three months. The Company’s advancement on a risk, finance, and operational standpoint this quarter was impressive, and we will continue this positive momentum throughout 2021, to the benefit of all stakeholders.” The CEO comments above fairly analyse how much PTAL has changed in the last few months and the board has done an exceptional job for the shareholders. It is worth reading the above comments and look at the share price with change from 15p and the market cap of some £135m and realise just how cheap these shares really are.
thommie: thanks for your input buffy :)I am aware that share price isnt always in correlation with brent, but often it is in producing oil companies, at least more or less. In ptals case the overall sentiment should be influenced very hard by a rising oil price showing a very probable positive development for the upcoming months and years as it can evaporate the debt problem really hard - which was before the main problem and a risk for shareholders being diluted. if they start to hedge at current OP you can be more sure about it :) 2020 was designed to be ptals big year, maybe it will be 2021/22 now...what statement by your peruvian friend made you think positive of the investment case again? social unrest could still remain a problem for ptal even with the gap closure plan...production figures till 14.2. out showing around 7500.bopd production. it was 7800 bopd in january.
Petrotal share price data is direct from the London Stock Exchange
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