"I'd like to make a final remark which is a doubt about that always comes about M&A. We remain focused on acquisitions that will generate value to our shareholders and we have interesting opportunities, the pipeline is full. We have some negotiations underway, but these are complex ones. And if an M&A crosses, we don't know whether we are going to get the deal."
We know Bauna field (45,000 bbl/d) was one of the fields PetroRio was bidding for this year, however Karoon Gas seem to have won the bid. PetroRio might be drilling for additional resources within its Polvo license in 1H17, workovers in 1Q16 opened the door for new pospects. I do not personally know any members of management and do not have any more information as is being provided by the company to the public/shareholders.
As for the Namibian licenses, our former partner in Namibia Galp Energia is now operator and 80% owner of PEL 23 (Walvis Basin, Wingat) and PEL 28 (Orange Basin). Galp‘s partners are NAMCOR 10% and Custos 10%(Knowledge Katti). PEL 22 now belongs to Windfire Capital Corp. (Duane Parnham - UNX Energy). I am currently invested in Chariot O&G (LON:CHAR) and Pancontinental O&G (ASX:PCL) both with licenses in Walvis Basin near to PEL 23 where light oil has been discovered in 2013. Pancontinental (Ultra Small Cap: US$ 6 million) is partnered (and free carried) with Tullow Oil who has comitted to drill a well by late March 2017 . The spud is still not 100% certain but if Tullow announces a spud date I expect ASX:PCL to increase by many muliples towards drilling. High risk - High potential Reward.
As for PetroRio, I still consider we are massively undervalued by the market - Market Cap @ R$16.59/share (prio3) is R$219 million (US$61 million). We have a great Cash Position (3Q16: R$529m), good Production Volume with Upside Potential (Oct/16: 8,768bbl/d) and it looks like we are just about to experience a new cycle of Oil price (Brent currently @ US$54 after Opec production cut). In my opinion PetroRio should be trading a lot higher. --> R$50/prio3; US$7/hrtpy; CA$10/prj.
BRENT OIL (FEB 17) PetroRio (prio3, R$) 13,190,747 common shares
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