When anonymous is biggest buyer I would not be a seller ,
This is ALWAYS Pro Trader accumulation prior to news.
Retail players who are selling today will be sorry that they did.
TORONTO (Dow Jones)--GMP Securities L.P. cut its stock-price target on Petrolifera Petroleum Ltd. (PDP.T) to C$19 from C$23, noting that logistical challenges are leading to delays in conducting its Argentinian operations.
In a research report, analyst David Beddis said that, while the company's third-quarter production exceeded second-quarter output, it was lower than expected. Petrolifera produced about 7,562 barrels of oil equivalent a day in the third quarter, up from 6,932 barrels of oil equivalent in the second quarter. However, in mid-August, Petrolifera said production had increased to 9,000 barrels of oil equivalent a day.
The analyst said Petrolifera gave no update in a news release Monday about current production.
He said Petrolifera expects that a large portion of its field facilities at Puesto Morales will be completed by November, with the remainder to be completed by year-end. In a previous release, it had reported delays in completion of these field facilities.
The company has completed and/or tested eight wells at Puesto Morales, but other than the 1006 and 1050 wells, it hasn't been able to drill any of its planned high impact exploration wells. This is primarily due to the late arrival of its new rig from China and regulatory issues, Beddis said, and as a result management now believes that it won't be able to drill any exploratory locations until 2008.
As a result of delays and drilling that has been pushed into 2008, Beddis lowered his 2007 production forecast to 8,800 barrels of oil equivalent a day from 10,500 barrels. He expects cash flow of C$1.64 a share, down from his previous estimate of C$1.98.
In 2008, Beddis anticipates production of 16,000 barrels of oil equivalent a day, resulting in cash flow of C$2.53 a share. He had previously anticipated production of 19,000 barrels of oil equivalent a day and cash flow of C$3.25 a share in 2008.
Shares of the Calgary-based oil and gas company are trading up 5 Canadian cents at C$15.00 in Toronto Tuesday.
GMP doesn't have an investment-banking relationship with Petrolifera and Beddis doesn't own shares of the company.
Company Web site: http://www.petrolifera.ca
-Tara Zachariah, Dow Jones NewsWires; 416-306-2100
(END) Dow Jones Newswires
10-23-07 1521ET
Copyright (c) 2007 Dow Jones & Company, Inc.
Source| Petrolifera provides Argentina operating update; active drilling continues; facilities nearing completion; Q3 2007 sales improve over Q2 2007; year over year sales growth 90% 10/22/2007 | | |
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Petrolifera Petroleum Limited (PDP - TSX) hereby provides an operational update for its shareholders, detailing activity and certain operating results since our last operating update press release on September 12, 2007.
On a year-to-date basis, crude oil sales in 2007 were up 91 percent over 2006 to 8,376 bbl/d, while natural gas sales were up 57 percent to 1.9 mmcf/d. On an equivalent basis, sales grew 90 percent to 8,696 boe/d.
...However, results for 2007 do not yet fully reflect the productive capacity of the two areas, which continue to be evaluated with exploratory and development wells and await the impact of the company's pressure maintenance waterflood project on the northern and central pools at Puesto Morales. This project is in the final stages of completion and implementation.
Also, during the drilling of proposed water injection wells, oil bearing reservoir was encountered and resulted in certain of these wells being completed as oil wells, thereby ensuring optimum recovery from the identified pools over the life of the field. While this was a most favorable outcome to encounter and should assist in enhanced reserve recognition when the company's reserve reports are updated at year end 2007, new injector wells had to be drilled in down dip locations to ensure no recoverable oil was left in the ground.
Source
| Petrolifera's production growth restored - Operations update 9/12/2007 | | |
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Petrolifera Petroleum Limited (PDP - TSX) announces that as a result of its recent and continuing drilling, completion and workover programs at Puesto Morales and Rinconada in the Neuquén Basin, Argentina, the company's daily crude oil production is currently at 8,600 bbl/d with a further volume of approximately 600 bbl/d shut in due to testing or workovers underway at five separate wells on the two blocks. Also, current natural gas sales are approximately 380 boe/d, bringing the company's total production and productive capacity to approximately 9,625 boe/d...
High pressure connections and compression will now be operative around mid-November 2007. Final completion of certain of the company's water treatment facilities and water injection scheme will also be delayed by several weeks for the same reason and are expected to be substantially operative by mid-October 2007...
Elsewhere in Argentina, the company has been pre-awarded the Puesto Guevara Concession by the government of the Province of Rio Negro, Argentina. This block, which encompasses 171,520 acres (670 sq. kilometers), is on trend with and contiguous with the Vaca Mahuida Concession southeast of the Rinconada Block. Petrolifera was the sole bidder on this block at a recent Rio Negro sale of oil and natural gas rights. Upon formal award, Petrolifera as to a 100 percent working interest will be committed to reprocessing existing 3D seismic coverage on the block, to shooting 100 square kilometers of new 3D seismic, and to the drilling of one 2,000 meter well within the first three years of the award date.
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