PTA's makes money with Brent at $55/bbl - $60M Cash NowThe trolls who did not want to believe PXT's news and PAREX operating netbacks last week got their answers today.
PTA is making money even if Brent is at $55/bbl while the balance sheet remains strong and holds NOW US$60 million CASH on hand, excluding the short-tem investments and the restricted cash.
"The six month 2015 capital program is expected to be fully funded from net working capital, including current cash on hand of approximately $60 million , and operating cash flows assuming an average $55 per barrel Brent oil price for the first six months of the year."
And as expected, PTA acted in a prudent way and cut its Capex for the first half of 2015 until the oil price recovers.
The company's production average estimate of 5,400 boepd for the FIRST six months of 2015, excludes the Low Risk Langur-2 well and any production from the two exploration wells that are expected to be drilled in the first two quarters of 2015.