Petroneft Resources Share Discussion Threads

[dbarr0n] 15/11/2014 00:04

kev..

Read my post below, I said I think we will get news on arb 106 on Thursday, I don't run the company so how would I know when news were to come out ?, If I did know I would be an insider and couldn't be posting what I knew here.
as for well T-5 my guess is still that it will be the 18th before we get news, that does not mean we will get it on the 18th only that it will be the 18th or after.

...................................................................................
I think we will get news on Thursday for well 106, it is most likely completed and is being flow tested at present, we will probably be told at that time that the next well on Arb is drilling ahead.
In my opinion its going to be the 18th before we get news on Tungolskoye T-5.

[kevjones2] 14/11/2014 23:46

Steel, Yep. Maybe they'll surprise us all with great news. I don't mind. I'll be sticking around because the sheer logistics are weighed heavily in our favour. Maybe Monday!!

I'm still curious how Dbarron's prediction's were so wrong. I'm sure he'll explain it. He said 106 update by 6th November. I'm sure he can explain it...or not.

[steelwatch] 14/11/2014 23:04

Fair enough Kev. Regarding your final paragraph, perhaps the fact PTR raising it's head above the parapet on 2nd December shows they are trying to do just that.

[kevjones2] 14/11/2014 22:31

Steelwatch, fair questions. If you look back over the last 10/14 days posts here I was the one telling people not to take too much from the word 'expected' from the RNS. I think my words were 'if someone wants to beat PTR with a stick over the word 'expected' good luck to them.' The 'expected' was news at the end of last month/early this month and it has not arrived. I went on to say something like 'I wouldn't even become remotely concerned unless we hear nothing by Monday 10th November'.

Even Dbarron's original prediction of news on 106 was earlier than mine - Thursday 6th November.

If you look further back I vehemently defended the late results of the first post-Oil India drill. I went further. I used a solid contact to get news, stated I was told there'd be an RNS the following day, and even stated what would be in said RNS. Exactly what I said happened ( late drill - difficulty getting staff to drill site etc). I was doubted but it was acknowledged my source was sound because what he stated to me happened.

To answer your substantive questions, I was lucky in that I only bought in in Sept/Oct 2013 at 4c (around 3.3p) after a long time observing PTR. I intend holding because I think PTR COULD have a great future. It is also the share in which I am most heavily invested (by a mile). I have gambled on other shares and may be slightly up but PTR is my big one.

As I stated a few times before, I fully understand that longtermers have been royally shafted by PTR. I respect that and have tried to temper my views on my experience as a relative newbie on PTR whose investment has almost doubled. I hear what they say about late RNSs, disrespect to PIs and a general arrogance but I really thought Oil India's involvement would lead to more respect to PIs, timely RNSs, clearer RNSs and generally improved efficiency with regard to marketing etc. The opposite has happened.

I want PTR to do really well but a better attitude towards PIs, much better marketing/publicity and a general sense of decency would go a long way. As I said earlier even Dbarron's predictions have changed.

[steelwatch] 14/11/2014 21:23

Kev - all this focus on precise timelines suggests to me folk sweating over when they need to close open positions, rather than genuine private investors to whom timing is less critical. I'm invested in a number of E&P stocks and am quite relaxed about operations rarely achieving initial guidance on time scales. You seem to expect everything to run like clockwork. Are you a long term investor or short term gambler? Oil India will know exactly what's going on operationally in real time.

[kevjones2] 14/11/2014 20:29

Dbarron, in a post here on 4th November you wrote that, in your opinion, we'd get news on 106 on Thursday 6th which you've changed now with what seems a plausible explanation. In the same post you also thought we'd get news on T-5 on 18th November which you've now changed to 18th-27th Nov. Other than the rest of us being let down again by yet another unclear RNS (which was also late without a doubt) why have you revised your prediction dates for news?

Late RNSs and false expectations - I hoped those days of PTR arrogance towards PIs were gone when Oil India got involved. It seems I was wrong. I wonder if Oil India know how many small investors feel. They should.

For the record I'm being polite suggesting the RNS was unclear. It was very obvious that we were to be updated before now. I said I'd begin to become remotely concerned if we heard nothing by the 10th. Even Dbarron predicted the 6th. Now I'm concerned.

[seangwhite] 14/11/2014 20:10

My guess is 7.2pVGLTA

[ravin146] 14/11/2014 19:45

Price competition: End of year price will be 7p imo. Ptr will disappoint and market will not be that excited as usual. Next year will be a different story.

[dbarr0n] 14/11/2014 19:36

steel.. That is very possible... Either way the results from 106 are not going to be a game changer, it will add 50 - 100 bopd to Petronefts production whereas the results from T-5 300 mtr horizontal well could be a game changer, 400 bopd here will add 200 bopd to Petronefts production and as they plan to drill 6 horizontal wells 1000 mtrs in length & 5 vertical wells on the field Petroneft could gain 2000 - 3000 bopd over the next 12-18 months

[steelwatch] 14/11/2014 18:54

It is entirely possible that completion of the Arbuzovskoye 106 well does not include test flowing. Db may correct me, but they might skid the rig over to drill the next well and then, if there is room on the pad, do a rigless test. Anyway, I don't think they will be presenting at oilbarrel empty handed.

[seangwhite] 14/11/2014 17:07

Wood

The problems of this BOD and its communication skills are legendary and
envied by the rest of the smaller E7P world

VGLTA

[woodpecker25] 14/11/2014 16:48

Dbarron - would you agree that the 14/10 RNS is badly worded? (Not for the first time)

You have suggested that "the horizontal section of well T-5 was to take 3-4 weeks to drill".

The ambiguos wording of the RNS lets the reader believe either of the following:


1) The 3-4 weeks relates solely to the drilling of the horizontal section, as you suggest.

2) The 3-4 weeks includes the drilling of the new vertical well ("at a different angle to properly position a new horizontal section") AND the drilling of the horizontal section.


It's so unnecessary. Surely someone in PTR is capable of writing clear, simple, unambiguous sentences.

And as Danny111 says, why mention completion time of Arb well if they have no intention of reporting the result.

Poor management of expectations IMO. Which means poor sentiment towards the company. Which means underperforming share price All IMO!

Roll on Oilbarrel conference ....

[danny111] 14/11/2014 16:27

Dbarr0n - thanks for the information. I accept your comments in respect to the horizontal testing, however, given that they suggested the completion date for the Arb well, imo it breeds uncertainty if all we get is silence. If nothing else, it could suggest that the result is not material. Considering what long term shareholders have been subjected to, I was hoping that this new lease of life would have been met with a more responsive management.

[dbarr0n] 14/11/2014 15:57

Danny..
If you read the last statement below you will see they said well 106 was expected to be completed last month, they didnt say we would be getting the results at that time and the horizontal section of well T-5 was to take 3-4 weeks to drill after which this section will be tested so it could be more like the end of this month or early next for an update..

Petroneft Resources PLC
14 October 2014
Tungolskoye No. 5 update

PetroNeft (AIM: PTR) an oil & gas exploration and production company operating in the Tomsk Oblast, Russian Federation, is pleased to provide an update on the Tungolskoye No. 5 ("T-5") well.

-- Vertical pilot hole successfully completed
-- Structural interpretation of Tungolskoye confirmed
-- Open hole flow test of 100 bopd, unstimulated
-- 8.2 metres of net oil pay encountered
-- Horizontal section of T-5 well to commence
The vertical pilot hole of the T-5 well has been successfully drilled. The Upper Jurassic J1 oil reservoir horizon was intersected at -2,495.8 metres true vertical depth subsea (TVDSS), which is approximately 11 metres high to the T-1 well to the south. This is consistent with expectations and confirms the structural interpretation of Tungolskoye. Preliminary evaluation of the logs indicates that the J1 interval consists of at least 8.2 metres of net pay. An open hole test was conducted over this interval and tested at a pro-rated inflow of 100 bopd unstimulated.

The part of the well below about 800 metres will now be sealed with cement plugs to isolate the reservoir before drilling down at a different angle to properly position a new horizontal section. The well will first be drilled down to a depth of approximately -2,490 metres TVDSS and then casing will be set. Baker Hughes will then take over in order to drill the horizontal section in the reservoir. The process is expected to take approximately 3 to 4 weeks, after which the horizontal section of the well will be tested.

Arbuzovskoye

The Arbuzovskoye 106 well is drilling ahead at more than 2,000 metres depth and is expected to be completed later this month.

[granto2] 14/11/2014 13:56

Crudde 99, re oil price. I have answered this already here, and DbarrOn disagrees with me, or did at first. OK domestic oil has actually increased in price in Russia this year, roughly about 10%. but it is under serious pressure at the moment.

[danny111] 14/11/2014 13:36

We are now awaiting news on two overdue wells! If the BOD are not going to communicate, they shouldn't set the expectation in their RNS. It's a ridiculous situation with seemingly very little accountability imo!

[steelwatch] 14/11/2014 09:28

My guess is there will be a general update ahead of oilbarrel on 2 Dec. If you want to follow the Ruble v US$, add FX:RUBUSD to your advfn monitor.

[seangwhite] 14/11/2014 09:19

RavAre you saying PD always gets the call wrong -surely he must be able pick a winner sometime!No news today on Arb or T5 so I suppose we will have another period of purdah next weekVGLTA

[ravin146] 14/11/2014 06:48

Not looking good in terms of oil price...any know the latest change in dollar/Russian money? Remember ptr doesn't know how to hedge currency hence that huge loss in accounts reported in June...

[crudde99] 13/11/2014 23:40

What risk is there (if any) to what Ptr earns from selling into the domestic Russian oil market from the continuing slide in world oil prices...???

[paulmurphy777] 13/11/2014 22:12

Oil in free fall again.

[seangwhite] 13/11/2014 20:19

Db seems fairly close to PTR so why would he know what's going to happen The BOD have a history of forecasting wrong for both eventual outcome (ie oil production) and its actual timingVGLTA

[ravin146] 13/11/2014 20:10

You sure spudders? My guess will be as good as my guess for when news may be out, unless, dbarron helps us and speaks to the gods above to give him a hint when???!!! Lol

[spudders] 13/11/2014 17:35

Maybe we should have a Xmas share price contest just to keep us all occupied and to lighten the mood 🙀.