Paternoster Resources Share Discussion Threads

[mick113] 12/5/2015 00:51

The key unaudited performance indicators are set out below.


COMPANY STATISTICS 31 March 2015 31 December
2014
-------------------------------- -------------- -------------
Net asset value GBP2,698,816 GBP2,758,784
Net asset value per share
(fully diluted) 0.38p 0.39p
Closing share price 0.195p 0.245p
Share price premium/(discount)
to net asset value (49%) (37%)
Market capitalisation GBP1,312,073 GBP1,648,502
-------------------------------- -------------- -------------



The Company's total net asset value ("NAV") has remained broadly flat over the last quarter, although since 31 March 2015, the NAV has increased significantly due to an increase in the share prices of Metal Tiger (AIM:MTR), MX Oil (AIM:MXO), Northcote Energy (AIM:NCT), and Plutus Powergen (AIM:PPG).

The Company's principal investments are as follows:


Investment Ticker Shares
held
------------------------------- ----------- ------------
Listed
------------------------------- ----------- ------------
Metal Tiger plc AIM:MTR 27,000,000
------------------------------- ----------- ------------
MX Oil plc AIM:MXO 8,600,000
------------------------------- ----------- ------------
Plutus PowerGen plc AIM:PPG 94,300,000
------------------------------- ----------- ------------
BOT:SHU
Shumba Coal Limited SEM:SHCL 2,500,000
------------------------------- ----------- ------------
Northcote Energy plc AIM:NCT 62,037,626*
------------------------------- ----------- ------------

Unlisted/pre IPO
------------------------------- ----------- ------------
Elephant Oil Limited - 1,185,770
------------------------------- ----------- ------------
Andiamo Exploration Limited - 640,000
------------------------------- ----------- ------------
Bison Energy Services Limited - Loan notes
------------------------------- ----------- ------------

*This is the estimated number of shares that the Company will ultimately hold in Northcote Energy once North American Petroleum plc has completed the distribution of Northcote Energy shares it received as consideration for the sale of its oil and gas assets. This is expected to take place in the next few months.

The balance of the portfolio principally comprises cash and investments in highly liquid companies including Rio Tinto plc, Cairn Energy plc and Ophir Energy plc. As at 31 March 2015, the value of cash and these investments amounted to GBP477,832.

During the quarter there has been good progress with a number of the Company's investments:

Metal Tiger plc

The company has revised its strategy and established two distinct investment divisions: the Direct Equities Investment division; and the Direct Projects Investment division. The Direct Equities Investment division is focused on taking advantage of the low valuations of many listed junior resource companies. This division has made investments in companies such as Kibo, Eurasia and Ariana and has already realised some significant profits. The Direct Projects Investment division will continue to invest directly in projects in the natural resources sector. This division has been progressing a number of its projects - drilling has commenced at its Lagrosan gold and tungsten project in Spain and operations have also started at its gold project at Chanthaburi in Thailand. The company has also raised additional funding at the prevailing market price underpinning the company's current valuation.

MX Oil plc

MX Oil is continuing to work towards securing onshore conventional acreage in Mexico. The tender, known as Bid Round 1, for mature onshore conventional fields in the states of Tabasco, Veracruz and Tamaulipas will open shortly. Furthermore, a recent announcement by the President of the National Hydrocarbons Commission has said that for the third phase of Bid Round 1, those companies that can demonstrate extensive experience in either working with Pemex, the state owned oil company, or a proven track record of developing onshore fields will be prioritised. Given the track record of the company's partner, Geo Estratos, in working with Pemex, this clearly enhances the likelihood of MX Oil being able to secure a licence. As well as participating in Bid Round 1, the company is also working alongside its partner, Geo Estratos, to secure existing fields operated by Pemex, via farm out agreements.

Plutus PowerGen plc

Plutus PowerGen, a company focused on the development, construction and operation of flexible stand-by electricity generation in the UK, is continuing to make good progress in developing 200MW of flexible energy generation in the UK. The company now has connection offers for 180MW of capacity on five sites. It is also in the process of securing two management contracts which will generate some immediate income and it has also received two offers of asset finance for GBP2.5 million to complement equity funding from Rockpool.

Northcote Energy plc

Northcote Energy completed the acquisition of North American Petroleum's oil assets and raised over GBP4 million in new funds. Paternoster will be receiving shares in Northcote Energy in exchange for the shares it holds in North American Petroleum. Last month, the company contracted a drilling rig for a new well on its Shoats Creek prospect where it plans to drill shortly. In addition to its exploration and production operations in the USA, Northcote has also been increasing its exposure to the oil and gas sector in Mexico. The company has appointed a new Executive Vice President for Mexico and has also announced a partnership with Gaia Ecologica S.A. DE C.V, a Mexican environmental service company in order to look at new business opportunities together. The Northcote Energy share price has increased very significantly in recent weeks.

Shumba Coal Limited

The company has recently reached an agreement for the acquisition of the Mabesekwa Prospecting Licence in Botswana. The estimated JORC in-situ coal resource is over 800 million tonnes, predominately contained in one coal seam, with an average seam thicknesses of greater than 18 metres with a flat and consistent profile with the coal found at average depths of 50-60 metres, to be accessed by open strip mining. Shumba has also executed an agreement with Mulilo Renewable Project Developments for the joint development of the Mabesekwa Export Independent Power Plant at the Mabesekwa Coal Project. The company has also just raised US$2.75 million to finance this expansion at a 27% premium to the prevailing share price, demonstrating a good level of support from investors.

Bison Energy Services Limited

This company is currently in the process of being reorganised in order to be better positioned to explore the various options available to it in order to capitalise on its deposit of frac sand and associated permits in the US.

Elephant Oil Limited

Elephant Oil continues to progress its work programme on Block B in Bénin. The company has recently begun the Environmental Impact Assessment ("EIA") covering the area of interest where future surveys and drilling are to be targeted. The EIA is a prerequisite to the new seismic acquisition programme planned in 2016. The company has also identified further potential acquisitions in West Africa and due diligence is being carried out on selected assets.

Nicholas Lee, Chairman of Paternoster, commented:

"A number of the company's investments continue to make good progress and, in recent weeks, for those that are listed, this has been reflected in good share price performances. At the same time, there has been a clear increase in the liquidity within the portfolio. The Company also continues to observe and review some very interesting opportunities and expects to add further to its portfolio in the near future."

[mick113] 07/5/2015 21:32

£1m stake in PPG could easily double or treble very soon. This is well undervalued at present, never mind then. Dyor

[mick113] 07/5/2015 21:24

Good news yesterday and today, been looking at this for while, took a stake today am, looks like this is headed towards 0.30 or more.

[sweepie2] 07/5/2015 16:11

Paternoster Resources plc

("Paternoster" or the "Company")

Announcement by Plutus PowerGen plc re. Planning for First UK 20MW Flexible Stand-by Generation Site

Paternoster is pleased to note the announcement by Plutus PowerGen plc ("PPG") that it has obtained planning permission for its first 20MW flexible stand-by power generation site in Plymouth, UK. This is a landmark achievement for PPG that underpins the ongoing development of PPG's UK project pipeline.

With planning now obtained, preparations for the civil construction phase of the project can now commence for generation in 2016. This milestone also means that the 20MW site is eligible to apply in the UK capacity mechanism auction in 2015. PPG continues to develop the pipeline which comprises sites with over 500MW of power generation capacity, of which 180MW is at various stages in the planning process.

Nicholas Lee, Chairman of Paternoster, commented:

"This is a significant step for PPG underpinning the continuing strong development of the UK project pipeline."

[sweepie2] 07/5/2015 15:50

Problem is how many average investors know that PRS have an over £1m stake in PPG?

[granada7] 07/5/2015 15:42

sweepie

whether an RNS or no, i think its in the public domaain, and kinda priced in.

[sweepie2] 07/5/2015 15:41

Rung the advisers they stated that company is aware of this very positive news and that he was sure that they would share it with the market but wouldn't comment on whether there would be a RNS

[sweepie2] 07/5/2015 14:14

Come on NL release PPG news as that is transformational breakthrough for the company

[sweepie2] 07/5/2015 14:13

Obtains Planning for First UK 20MW Flexible Stand-by Generation Site

Plutus PowerGen PLC is pleased to announce that it has received planning permission for its first 20MW flexible stand-by power generation site in Plymouth, UK. This is a landmark achievement for the Company that underpins the ongoing development of the Company's UK project pipeline, which comprises sites with over 500MW of power generation capacity.

With planning now obtained, preparations for the civil construction phase of the project can now commence for generation in 2016. This milestone also means that the 20MW site is eligible to apply in the UK capacity mechanism auction in 2015.

Phil Stephens, CEO of PPG said, "The receipt of planning permission for the first 20MW site is excellent news for PPG, particularly as we can now participate in the UK Capacity Market. The 2014 Capacity Market prices demonstrate the compelling revenue potential of these projects, although it is important to consider that this is just one of a number of revenue streams for PPG.

"We continue to develop the pipeline which is currently over 500MW, of which 180MW is at various stages in the planning process. We look forward to providing further updates regarding the phases of development at this first site, as well as across this pipeline."

[sweepie2] 07/5/2015 14:12

So next Tuesday if NCT and MXO through their local partners find out which licences if any they have won, if successful yet another boost to NAV here, poss up to .70p as long as PPG continues to improve as the initial spike of 17% was alittle disappointing considering how much the project has been de-risked

[sweepie2] 07/5/2015 14:09

Update on Mexico's Energy Bid Round

MX Oil plc, the AIM quoted oil and gas investment Company focused on the re-opening Mexican energy sector, notes the recent statement made by the relevant departments of the Government of Mexico, including the National Hydrocarbons Commission ('CNH'), that details of the tender and contract models for the extraction of hydrocarbons under the third phase of Bid Round 1 ('Phase III') will be announced on 12 May 2015. Phase III is focused on the tender for mature onshore conventional fields in Mexico, which MX Oil intends to participate in, and is the latest step in Mexico's move to allow foreign companies to own and produce oil, ending a 76-year-old state monopoly.

As part of Phase III, a total of 29 Land Contract Areas in the states of Chiapas, Nuevo Leon, Tabasco, Tamaulipas and Veracruz will be awarded to those companies who have satisfied the pre-qualification process. As previously announced by the CNH, those companies that can demonstrate extensive experience in either working with Pemex, the state-owned oil company, or a proven track record of developing onshore fields will be prioritised. This differs from the first two phases of Bid Round 1, where the main criteria were technical and financial. Phase III will include a number of mature fields which require the application of secondary recovery methods to enhance recovery rates from the basin, as well as previous discoveries which require development. Contracts will be awarded in November 2015.

MX Oil's Chief Executive Officer Stefan Olivier said, "We are confident that MX Oil will be able to pre-qualify in the near term and will be viewed as a strong bidder in this round, thanks in part to the high standing of our local partner Geo, which has a proven track record of delivering key services to Pemex and other operators in Mexico. Furthermore, we are also progressing well in securing other assets outside of this bid round, which could complete before the formal rounds conclude. I would also like to reiterate that we do not anticipate needing to raise any equity until assets have been secured and we are very happy with our progress to date. I look forward to providing further details on our progress during this exciting time for MX Oil."

[webshares] 07/5/2015 13:21

Buys coming in a ppg. Should be an interesting afternoon

[lr2] 07/5/2015 12:04

Planning approved for Plutus in Plymouth.

See the recent Veldtspar post on the PPG board for link to documents.

[granada7] 07/5/2015 11:46

thanks Marab

[marab] 07/5/2015 11:44

Granada there has been a constant seller since the placing in December last year. The placing money finally arrived after various delays and the general feeling is that the placee(s) didn't want to go through with the placing and have been selling in the market ever since.

Zoltav went from 31.5m shares to 15m on 6 February 2015. There was a sale of 15m on the 12 February at 0.22p followed by another trade of 10m at 0.23p which could have been a buy. Not including Zoltav sells there has been another 112m sold in 2015 in round multiples of 1m. Some of them may well be smaller shareholders but there has been over 90m sold in amounts of 2m or greater so the overhang from the 95m placing could now be gone which could explain the higher prices today. Or it could just be the MMs working the price to get rid of a few more shares.

[granada7] 07/5/2015 11:32

Which overhang is this Marab?

[marab] 07/5/2015 11:29

Even if you take out Shumba, Bison, Andiamo and Elephant Oil, PRS NAV is currently just over £2.5m with a MC of £1.4m, a 48% discount. That’s basically a BOGOF offer. Total NAV is at a 53% discount to the MC. Looks like the overhang may be finally gone too.

[corby 04] 07/5/2015 00:12

From the lse bb - big news about to break on PPG ?? is PRS largest investment
so expect major bounce here.


18:00 06/05/2015 - [akramms] RE: PPG

Your right, the PDF's are actually on the www.plymouth.gov.uk website. Decision outcome has already been extended twice. and is in fact due tomorrow 7 May 2015, unless it is extended again. Construction will take three months to start in June and be completed by August, to be ready for winter. There were some supporting documents added today, about how this construction will effect air quality, noise and habitat. The documents definitely looked encouraging. Anyone interested, Application Number:14-02387-FUL

[stoxline] 06/5/2015 19:16

I will be joining you guys tomorrow,i am already a PPG and NCT holder but i think this one has abit of catching up to do.Should see some very good gains here as the newswires hot up.

[corby 04] 06/5/2015 17:18

David,according to a poster on another bb the Nav of PRS is now 0.46p so quite a discount to buy at moment.Can see this having a decent re-rate shortly!

[davidlloyd] 06/5/2015 08:42

Whilst appreciating the illiquidity of many of the assets, it is difficult to ignore the level of discount to NAV here.

DL

[maytrees] 06/5/2015 07:50

Good morning

Interesting PRS quarterly update just out

[sweepie2] 05/5/2015 22:00

Placing, update on activities in Mexico and US operations Update

Northcote (AIM: NCT) is pleased to announce that it has raised £2.80million via
the issue of 1,244,444,444 new nil par value ordinary shares ("Placing Shares")
at 0.225 pence ("Placing Price") to new and existing investors (the "Placing").
The proceeds of the Placing will be used primarily to pursue investment
opportunities in the Mexican energy sector and for general working capital.

Overview

* Placing to expedite participation in the extensive opportunities in the
Mexican energy sector which is being opened up to international companies

* Multiple projects currently being evaluated in Mexico both within the
Company's joint venture with Gaia Ecologica ("Gaia"), a local Mexican
company, as well as through its own contacts

* Whilst nothing formal has been agreed at this stage, due diligence is
underway on an opportunity to participate in a JV to construct and operate
a waste remedial plant in a prime onshore oil and gas basin in Mexico -
this could offer a low cost opportunity to generate cash flows in the near
term and has potential for expansion in line with expected increase in
drilling activity

* Advanced discussions with US-based companies with experience in midstream
and downstream oil and gas services with a view to partnering in their
expansion into Mexico

* 70% owned Shoats Creek well expected to spud within the next 10 days
following receipt of drilling permit

Northcote Managing Director Randall Connally said, "We would like to thank our
existing and new shareholders for their show of support in this fundraise. The
financial firepower we now have gives us the flexibility to takedown new
business opportunities in Mexico. In addition to generating near term recurring
revenues and solid cash flows for Northcote these steps will solidify our
position as a strong partner for Mexican and international companies in
opportunities emerging through the energy reform in Mexico and will, we
believe, lead to opportunities across the sector, including participation in
lucrative oil & gas concessions as well as other major projects in the future.

"At the same time we are pleased to have been notified by the operator of
Shoats Creek that we have received a new permit for the first new drill well on
that property. Preparations for the drill are underway and we expect to execute
our drilling plan very soon. A further update once we have spudded this well
will be provided in due course."

Details of the Placing

The Company has raised £2.80million (before expenses) in new equity to further
its pursuit of opportunities arising from the deregulation of the Mexico energy
sector.

The Placing Shares represent approximately 20.77 per cent. of the Company's
issued share capital as enlarged by the Placing Shares (the "Enlarged Share
Capital"). The Placing Price is at a discount of approximately 18.2 per cent.
to the closing middle market price on 1 May 2015, being the last practicable
date prior to the publication of the announcement. The Placing is conditional,
inter alia, on admission of the Placing Shares to trading on AIM ("Admission").
It is expected that admission of the Placing Shares to trading on AIM will be
admitted to trading at 8.00 a.m. on 11th May 2015. The Placing Shares will rank
pari passu in all respects with the Company's existing Ordinary Shares.
Following the issue of the placing shares as described above, the issued share
capital of the Company will consist of 5,992,582,327 Ordinary Shares.

In connection with the Placing, the Company has issued 90,750,000 warrants to
its brokers to subscribe for new shares in the Company exercisable during three
years from Admission, at a price of 0.225p per share.

Gaia Opportunity

Further to the Company's announcement of its joint venture with Gaia on 30
March 2015, the Company and its joint venture partners have been reviewing
potential investments.

The most advanced opportunity is to participate in a JV focused on the
construction of a plant to remediate rock, water and other waste generated in
the drilling and workover of oil wells ("the facility"). The plant will be
strategically located in one of the primary onshore oil and gas basins in
Mexico with easy access to port facilities to allow for treatment of waste
associated with both onshore and offshore drilling. The joint venture partners
are performing due diligence on this opportunity, it is expected that the plant
could be commissioned within six months of construction commencing and is
expected to be a significant driver of positive cash flows should it become
fully operational.

Once the first facility is in production, the joint venture partners expect to
be able to use their existing relationships with major international and local
service companies to ensure that it can tender for new contract awards arising
from the expected increase in drilling activity in the area. The plant has a
modular design, which would facilitate expansion alongside the expected growth
with drilling activity.

Having closed the Placing, Northcote is now well positioned to complete its due
diligence on this opportunity and, should this proceed to a formal investment
agreement, the Company will update the market at this stage.

Other Initiatives

The remainder of the placing proceeds will support Northcote's joint venture
with Gaia and also its initiative of identifying US-based companies with
experience in midstream and downstream oil and gas services with a view to
partnering with them in their expansion into Mexico. The Company is in advanced
discussions with certain companies and, subject to the satisfactory completion
of price negotiations and due diligence, the Company will advise the market
should any of these investments be agreed.

Shoats Creek

The Company has now received the permit from the State of Louisiana department
of Natural Resources to drill its first new well on its 70% owned Shoats Creek
project. With the permit in hand, the Company is working with the drilling
contractor to mobilise the rig to site and expects that the well will spud
within the next 10 days at which point further updates will be provided.

[sweepie2] 01/5/2015 16:19

Could be a good week ahead at PPG from their thread on LSE

It looks like the fourth Flexy energy company Precise Energy Limited has been funded by investors through Rockpool as it has dropped off their investment list with only Equivalence Energy Limited left to fill

So that’s four out of the first five companies part funded through Rockpool in the 8 months since listing …. impressive demand for the business model

And once PPG sign an “advisory and plant management services” contract with these two companies PPG in their CEO’s words will be …… “in a strong financial position with positive cash flow”

Positive cash flow!

Bit rampy? lol

[sweepie2] 01/5/2015 12:58

IF PPG get their planning permission next week in Plymouth Devon its likely that the value of PPG alone on a spike might match the present mc in PRS