Petrel Resources Share Discussion Threads

[mart1n1] 21/9/2020 11:15

Why code it?

[fenners66] 21/9/2020 10:52

From the RNS

"Ghana, where discussions are ongoing since 2008 "

Except this year. Because unlike the rest of the world they cannot use skype ?

You have to learn how to read the coded message.....

"There are no material post balance sheets events affecting the Group"

After 20 years talking about Iraq, after 12 years discussing Ghana
after writing off nearly every intangible asset they ever created and achieving nearly €24m of losses.

There are STILL no active projects.......

[kdickson] 21/9/2020 10:37

You need to know how to interpret John and David's words. The wording will have been very carefully crafted not to give anything away, but I read this paragraph positively...the clues are all there in plain sight.

"In discussions in early 2020...with Ministry officials we...re-presented the technical slides done by the Company on the Merjan-Kefl-West Kifl oil discoveries which REMAIN UNDEVELOPED. We did extensive work under a Technical Co-operation Agreement on possible ways TO DEVELOP these discoveries.

With appropriate terms [KD: ie INOC law changes currently being discussed] now and pipeline access, the Merjan oil-field SEEMS POISED for EARLY DEVELOPMENT"[KD: by Petrel].

[kdickson] 21/9/2020 10:25

The reason he 'waffles on' about hydrocarbon based products is because he is saying oil is always going to be needed and that this will involve Petrel, hence:

"This will require new discoveries, Petrel WILL play a part in this".

[fenners66] 21/9/2020 09:37

Look at the balance sheet

Net assets €789k

at a cost of nearly €24,000k

so a 97% loss.

But take out the intangibles and what do they have ?

Negative € -196k so

On that basis you have LESS than nothing for €24m

How is this company still in business?

No tangible net assets
No sales
Massive accumulate losses
No confirmed projects


"There are no material post balance sheets events affecting the Group"

[jojobt9] 21/9/2020 09:37

Think Teeling has as usual been downbeat. That was to be expected, not least as a balance to Horgan's more upbeat attitude. As we were, I think..

[fenners66] 21/9/2020 09:33

The Irish intangibles after last years nearly €2m write off are still listed as

€53,000

But:-

"existing licences may proceed it is highly probable that any discovery will not be commercialised, it will likely take years to get an exploration permit, if ever, and maybe decades to get planning permission"

"it is difficult to see how Woodside will commit the tens of millions to drill."

Alternatively you could say there is absolutely no chance and if so any results would be decades away !

But they have "discussions" capitalised as intangibles for more than a decade.....

[fenners66] 21/9/2020 09:27

Is it time to rename the gamblers thread ?

"Emperors New Clothes Thread " perhaps?

Or should that be "Em- poorers New Clothes" ?

Now they say they were not expecting an update after all !

"Nor could he drop any hints"

They have ....
A MASSIVE one ....

"There are no material post balance sheets events affecting the Group"

Just that some have stopped listening....

[smcl] 21/9/2020 09:24

Agreed LH- waffle RNS. Basic analysis.

[lithological heterogeneities] 21/9/2020 09:22

Could not believe how he tried to pad out the RNS by waffling on about the fact that oil is important for plastics etc !

really...oil is important ?

[bronislav] 21/9/2020 08:59

Given the answers Mr Horgan gave to the AGM questions it's a time for hope but it all hinges on whether Mr Horgan is being honest in his answers .I would assume he is but there are no guarantees that is the case...time will tell.

[valentine73] 21/9/2020 08:53

Fair point bronislav and I'm not talking about waxing lyrical. I just feel Jt always sounds downbeat and browbeaten

[bronislav] 21/9/2020 08:50

Last time we had a very negative chairman's statement July 2019 the Tamraz Group arrived not long after and we hit high 20.s.I would be more concerned if he waxed lyrical about the future.

[ducky fuzz] 21/9/2020 08:49

Online 4.16p sell & 4.285p buy for 50k

4p & 4.3p

[ducky fuzz] 21/9/2020 08:46

Yes he does really bad Chairman's comments.

[valentine73] 21/9/2020 08:44

I agree, and didn't expect much in the way of an update at this stage.Not a great day to put out any Rns. Also think David should take over the communication as Jt seems to ramble unproductively in his comms

[currypasty] 21/9/2020 08:37

yes, fenners, a little disappointing there isn't something more concrete on Iraq, back to the bottom drawer now....

[the sage] 21/9/2020 08:11

He couldn't tell it any other way. Nor could he drop any hints. It's an official interim report.

[pjl4] 21/9/2020 08:08

It reads 'A tale of woe"....lots of it sadly!

[bibdaddy] 21/9/2020 07:33

After holding these shares for over a decade and seen value collapse I will blame PET!

[susiebe] 21/9/2020 07:26

Blame COVID 19 ,not PET!

[fenners66] 21/9/2020 07:20

READ the RNS words
Not someone's ramping
The company have put it in print


"There are no material post balance sheets events affecting the Group"


Could not be clearer.

[fenners66] 21/9/2020 07:19

PET Interims:-

"This is sad scene"

"Ghana, where discussions are ongoing since 2008 "

"OPERATING LOSS €(243,000)" more than 2x the previous year period

CASH USED IN OPERATIONS € (230,000)

Change in Intangibles + €1,000

So it has cost €243k to add €1k to intangibles

No narrative of any change....no Iraq intangibles at all on the Balance sheet !



OH and the clincher........



" 6. POST BALANCE SHEET EVENTS

There are no material post balance sheets events affecting the Group. "



Nada , NOTHING.....