| Account | Shares | Price | Value | % of acct | Cost/sh | Gain $ | Gain % | Target |
|---|---|---|---|---|---|---|---|---|
| 401K | 7,500 | $0.36 | $2,730 | 0.11% | $0.49 | $-971 | -26.2% | — |
In short: A full position kept "as an oil market hedge," with a re-rating expected "if oil stays elevated." Perupetro cut the Block 131 royalty on qualifying Cushabatay output to a sliding 5% / 9% / 15% from 23.5% (a flat 5% on the untested Noi and Copacabana formations), in exchange for two new wells within two years. At today's ~185 bopd that is only ~$500k a year, but he reads it as "Lima trying to make Peruvian upstream investable again." August output was ~11,700 bopd (YTD ~13,200, ~3% ahead of budget but down from 12,500+ in Q2), so the October drilling restart "has to deliver." Balance sheet: ~$105m cash against ~$37m debt, ~$50/bbl operating margins, north of $40m of quarterly EBITDA on a ~$340m market cap. "The market can keep pricing PetroTal like a stranded asset, but governments do not hand stranded assets royalty cuts." Watch item: the Bretana erosion-control contract, which should be signed "before the river rises again." Cost basis C$0.52, 100% allocated.
PetroTal pumps oil in the Peruvian Amazon. The market prices it as if its assets are at risk of being stranded, mostly because a river threatens its main field and Peru has been a hard place to operate. Peru has now cut the royalty (the government's share of every barrel) on part of a second field from 23.5% to as low as 5%, as long as the company drills two new wells there.
Mart is honest that the money is small today — about half a million dollars a year at current output. His point is the signal: "governments do not hand stranded assets royalty cuts." With ~$105m of cash, ~$37m of debt and more than $40m of quarterly operating profit at today's oil prices, he keeps it as a full position and as insurance in case oil stays high. The things to watch are the October drilling restart and a signed contract for the riverbank-protection work before the water rises again.
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In short: "There was no news to report on." Held Peru (Block 95) oil producer; cost basis C$0.52, 100% allocated.
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In short: "No major news this month." (AIA Portfolio holding.)
In short: Q2 operations update — pump and tubing replacement on 4–5 Bretana wells this month to improve deliverability, and final preparations for the October restart of the development drilling campaign, "which we view as a key catalyst for the Company heading into 2027." "Management has had some slips recently, but replacing these well bores and resuming drilling in October, combined with a higher oil price, should help the company get back on track."
PetroTal produces oil in the Peruvian Amazon. Right now it is doing maintenance — replacing pumps and tubing on four or five wells at its Bretana field, which is budgeted work that should lift how much the existing wells can deliver.
The bigger event is October, when the drilling rig goes back to work on new wells; management calls that the key catalyst going into 2027. Polomny acknowledges "management has had some slips recently," so this is a get-back-on-track story: fix the wells, restart drilling, and let a higher oil price do the rest.
In short: "There was no news to report on." Held Peru oil producer (Block 95 / Bretaña).
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In short: Holding; no major news this month (AIA Portfolio).
In short: No company-specific news this issue; Peru Lot 192 / Bretaña operations continue; sovereign risk remains the key external variable; cost basis C$0.52, 100% allocated.
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In short: Among the held oil companies cash-flowing "tremendously" — "if oil stays at 80 or 90 or even 75, there's companies… going to have tremendous cash flows." Long-term bullish oil over 3–5 years on clear underinvestment.
PetroTal is one of the oil producers he holds. His point this week is about durability: even if oil just sits at $75–90 (not spiking), these companies generate "tremendous cash flows," so he doesn't need a price spike to win. Underneath, he expects oil structurally higher over 3–5 years because the industry is clearly underinvesting in new supply. He pairs producers like this with offshore services names so the portfolio isn't purely a bet on the crude price.
32:11I would say that a lot of the oil companies that I have stakes in, they're doing tremendously well cash flowing. If oil stays at 80 or 90 or even 75, there's companies that I can tell you that are going to have tremendous cash flows. And so, I think it's investable. But again with all of this news and hype, people are just, this almost has the thing of an upside the head moment, that's coming.
In short: No company-specific news this issue; held in the Codex portfolio.
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In short: Q1 adjusted EBITDA +90% QoQ ($35.1M), free funds flow $25.7M, and 2026 EBITDA guidance raised to $110–120M from $30–40M on higher Brent; production is rig-constrained until October and water-disposal limited. "I will continue to hold for the duration of the Gulf crisis and while oil prices stay elevated."
PetroTal pumps oil in the Peruvian Amazon and ships it out by river. The war-elevated oil price transformed its numbers: quarterly cash earnings up 90%, and full-year guidance nearly tripled (to $110–120M of EBITDA from $30–40M). Production itself is temporarily capped — the drilling rig doesn't start new wells until October and the field needs more water-disposal capacity — so this is mostly a price story for now. He holds "for the duration of the Gulf crisis."
In short: No company-specific news this issue; held in the Codex portfolio.
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In short: Referenced without naming it: "an energy stock in Peru, largest oil producer in Peru… paying a 12% dividend" — his Latin-America EM-value example (held in the AIA Portfolio). Part of "tiptoeing back into" cheap EM/Latin-America names where he sees opportunity.
He never says the name on air, but the description is unmistakable — "an energy stock in Peru, the largest oil producer in Peru, paying a 12% dividend" is PetroTal, an AIA Portfolio holding. It's his concrete example of the emerging-markets-value idea: while US stocks are historically expensive, he's "tiptoeing back into" cheap Latin-American names, and a profitable Peruvian oil producer handing investors a 12% dividend is exactly the kind of overlooked, cash-generative EM business he wants. The thesis is value plus income in a region the market is ignoring.
31:20It's paying a 12% dividend. There's opportunity there. I like certain Central Asian countries because of what's happening there. The populations are actually growing in some of those countries, not shrinking. Okay? Economic reforms are happening. This is why I like the Republic of Georgia. They have a two-decade history of economic reforms that are pro-market and it's reflected in a growing economy, a dynamic economy, and there I have a vehicle to take advantage of that that's trading at about 50% of its net asset value.
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.