RE:RE:RE:Big FISH Food for Thought . . .I don't want to sound pissy about this, but I would like to have a discussion about it.
I am longer on IAE than on PTA as well for the record.
IAE has 4.45 times the market cap of PTA.
As you yourself have pointed out, they 'only' had a 0.04/share cash flow last quarter. So assuming stagnation, (which isn't the case), that would be 0.16/share annualized. But on a 30 cent stock. I.e. more than half the market cap in cash flow.
Where was IAE last quarter? I know they won't be stagnant either. Big jump expected 8 months from now. However, their Q3 $75M CF x 4 quarters is only $300M vs an $800M stock. PTA wins at the moment.
Debt? $35M for PTA. IAE ? Who knows at the moment, but they've said it will be around $500M when GSA goes online haven't they? Guess who wins again.
Same netbacks. Tie. We all know when the gas component kicks in for Stella, they fall for IAE.
On land vs deep sea. Obvious winner.
Columbia. Obvious winner again.
I respect the Columbia fear. I really do. It is why I'm holding much less PTA. But both have big catalysts coming up. IAE's is probably slightly sooner with A2, so I might just add more IAE now and then roll towards PTA later for a month or two.
And as much as I like Stella and it's potential, over 25000 boe/d production, or so the company claims in the last presentation (overall), PTA is already there - on an equivalent basis. Which would be 4.45 times their 6300 barrels of oil produced right now - which would be 28,000 plus equivalent barrels.
Is there anything better than these two in the market today? If so, please let me know,
Also, I'd really appreciate some PTA bashing if it makes sense. I keep wondering why the market is punishing these two so much vs their peers. Am I missing something? It can't just be the low 2P reserves for both. Both are about to be increased substantially imho.
PTA kicks GTE's butt in Columbia imho, and IAE kicks everyone's butt in the North Sea imho.