Petroneft Resources Share Discussion Threads

[rcturner2] 11/9/2014 11:17

steel, I give my honest opinion as I see it. I sold my PTR at 7p and it has never reached that price again. With a good result at T5 it will do well, if not then very much more of the same here.

[seangwhite] 11/9/2014 11:15

Steel

Thanks for the info on 67.
Only a week or two till news on T5 vertical drill. fingers crossed!

VGLTA

[steelwatch] 11/9/2014 11:09

No doubt you'll be talking him out of it then, LOL

[rcturner2] 11/9/2014 11:06

steel, I am interested in lots of shares for different reasons. I have a friend with a stake here, he asks my opinion occasionally.

[steelwatch] 11/9/2014 11:04

RCT - why waste your time here then?

[steelwatch] 11/9/2014 11:03

sean - Arawak hold 50% non-operated in Licence 67. The loan was secured on PTR's half.

[seangwhite] 11/9/2014 10:54

Db

With Arawak no longer involved in License 67 what valuation do you place on it?

Thanks

VGLTA

[rcturner2] 11/9/2014 10:49

steel, rest assured I do not want back in.

db, fair enough, my apologies. Nothing for over 2 years and nothing planned yes?

[steelwatch] 11/9/2014 10:43

One can only assume RCT wants back in on the cheap and will change tune when he is. Otherwise, makes no sense why he's here.

[dbarr0n] 11/9/2014 10:36

RCT ... My figures back then were based on valuations in the market and the projected work schedule..

You should get your facts right which are in black and white if you took the time to read them,

In 2011/2012 two wells were drilled, one at the Ledovoye oil field and a second at the Chermshanskaya prospect. These wells resulted in the discovery of a new oil field at Cheremshanskoye (December 2011) with three separate oil pools and the confirmation of the Upper Jurassic J1-3 oil pool at Ledovoye field with a potential new oil pool discovery in the lower Cretaceous (February 2012).

Also Petroneft secured a $ 15 million loan on their 50% of the licence from Arawak so to say its irrelevant to valuations is untrue...

[danny111] 11/9/2014 09:56

Thanks RCT, so as I thought your original post was incorrect.

[rcturner2] 11/9/2014 09:35

Danny, nothing has happened on the other license for probably at least 5 years and is largely irrelevant to valuations. If you read across the farmout to the second license it probably adds another .5p to the valuation at best.

DB, you are a defender of PTR and the current BOD for your own reasons. I wish you well here, but you posted much on here that is rubbish, at the time of the large placing for example and prior to the farmout you were quoting pie in the sky share prices.

RR, I find UEN and PTR quite similar for many reasons. Each to their own.

[danny111] 10/9/2014 18:33

I thought we sold half of the assets for one license not half of all the assets. But I'm sure RCT knows better.

[dbarr0n] 10/9/2014 16:04

RCT.. I could show you the figures but I wont be sending you a PM anymore..

[rockin robin] 10/9/2014 15:23

RCT I wouldn't use UEN in any comparisons.Police raids on their Offices, litigation from previous directors, zero (I do mean zero) News, unsuccessful drilling on a major scale, phantom takeovers, bopd and shipped oil volume mis-matches. Possible MBO in the background. A whole 'dog's BFast' of incompetence / manipulation of SH's interests. A complete mess.That fact that they are debt-free is a red-herring, surely you know that?Or are you just being mischievous?

[ravin146] 10/9/2014 15:22

RCT you have hit the nail on the head with your last sentence...that lifeline from Oil India was worth for some investors to stay a while longer and 'see how well they spend the money and what actually happens to production' ...they being Oil India (or keeping an eye on it at least)...even if it reaches the valuation level, some investor I am sure will take that!

[steelwatch] 10/9/2014 15:15

RCT - agreed - let's see:)

[rcturner2] 10/9/2014 15:10

steel, they had to deal with debt issue, agreed. The BOD saved their skins, that's for sure. Only time will tell whether it was a good deal or not. To me it feels like going round in circles. Lets see how well they spend the money and what actually happens to production.

[steelwatch] 10/9/2014 15:06

RCT - without the farm in, PTR would, most likely, be a dead duck by now with no prospect of reversing the decline in production. They have swapped half of that declining production for the opportunity to open up three other fields in the immediate future which, otherwise, would not have happened. Better half of the future potential than none at all wouldn't you concede?

[rcturner2] 10/9/2014 14:51

sean, on the UEN thread they used to make a big play of being debt free, it hasn't helped the share price one bit.

PTR sold half their assets for 4.5p a share, valuing the company at 9p a share. It is no more complicated than that.

I'm not sure how much it helped the P&L since they lost half the production. Swings and roundabouts.

[seangwhite] 10/9/2014 13:21

RC T

It is best that you sold up as if you cannot see that in selling half of one license they become debt free. This will improve the P & L but more importantly leaves them fully funded for drilling. Both of these transform PTR and make it an unusual E&P with both a funded drilling program,current oil production and at last with NO DEBT.

VGLTA

[dbarr0n] 10/9/2014 11:28

RCT ... I think you should do your sums again...

[rcturner2] 10/9/2014 11:04

The problem I see for PTR is that it needs a rerating just to stand still. Effectively they turned half the assets into cash. So if they spend that cash and get the value of the assets doubled, they will have achieved nothing, they will be at exactly the same value proposition. This is part of the reason I sold, the other part being the now dangerous belligerence of Russia.

[brenchers] 10/9/2014 10:48

I think a re-rating will happen once production is up and proven it can be turned into a profit.

By that I mean for all the reserves in the world, if you can't get it out economically then it has little value. Without the interest payments to be paid we should be seeing a profit being produced with the ability to significantly increase output and spread the fixed costs over more barrels.