Happy with the progress...I am pleased with the progress made. Let's review:
- the deal with Suroco went through with their staff and related expertise in tact (plus a Board member) and options offered to them to stick around
- PTA still has lots of cash at hand
- reserves went up significantly (with "unbooked reserves" very likely at hand)
- ambitious and promising drilling program for the remainder of the year is in place
- year-end production will be at close to 10,000 bpd
- netbacks are still outstanding relative to industry average (compared to peers in Columbia and North America)
- new block bought with significant partner
- skilled management team, collectively with over 110 years of experience, still work for PTA
Some key future events:
- expiry of warrants in October ($0.75) and November ($1.25)
- share consolidation likely at AGM in November (hopefully after Nov 4 expiration of $1.25 warrants)
- paying off debt of $35 million and getting better credit facility
- becoming an unrestricted operator
- farmer protests in the south will cease with new farm bill announced by President Santos
- negotations with FARC in Havana are progressing with a likely conclusion soon
Hedge, Shlinker and all you negative folks: please be patient (and I don't mean to sound paternalistic here). Yes, pumpers are posting on the board, but then look at the volume for the last few days. And remember the big picture. This is a company that has made significant moves in the last two years and look at the promising next two years. They are building the next Parex.
If by 2016, PTA is worth $1 (without share consolidation), I will be very happy having quintupled my investments in less than five years.
Cheers,
Patience
p.s. I am so keen on this company I will at minimum fly to the AGM in Calgary and even hope to visit Columbia next year and to get a sense of what's happening on the ground....(and in the ground as much as that will be possible)