Just fantastic...With the news today, PTA was better to just lay this all on the line two weeks ago. The company has overpromised and underdelivered. Further, they made the market nervous and proved them correct. This, fellas, is precisely how you make a bad news story worse.
It seems they have certainly waited too long to execute the rollback. Rather than consolidating on strength, they are now doing so on weakness. The rollback is now certain to negatively impact share price.
PTA has needs to demonstrate a serious mea culpa. The best thing that they can do now is to operationalize their buy-back and show the market they are serious about managing shareholder return.
I'm all out until well after December. Bash and pump as you wish. This is a horribly mismanaged resource play supported by grade-school level crisis management.
https://www.newswire.ca/en/story/1417258/petroamerica-provides-revised-2014-production-guidance-an-update-on-suroriente-block-production-and-releases-a-new-corporate-presentation