Petrel Resources Share Discussion Threads

[fenners66] 09/6/2021 09:25

As for La La Land wanting to vote on projects that Even the PET BOD have rejected (!?) that is beyond incredulous.

PET have spent a fortune - losses €24m and rising - on DUDS.

If they believe an unverified - cannot travel to Russia or where ever presumably - project is not worth giving a controlling interest in PET for ......

then clearly if Even they can sus that out it must be right....

La La Land should stop dreaming and look for a real investment ....

[fenners66] 09/6/2021 09:21

Take a look at the Directorships of Netoil

Tamraz address listed as France as were 3 others before they resigned.

But the choice of a change of description from Concert Party is obvious.

[bountyfull] 09/6/2021 09:10

French? The BOD can't even get that right.

[f31] 09/6/2021 03:09

Sabine
That's great, thanks!

And thanks as well for openly declaring – as a long term shareholder - your agreement with this initiative.
It might encourage other shareholders, potentially hesitant, to put their name as well to this approach to the Board.

[bronislav] 08/6/2021 20:23

We were told the last chairman's statement all looked bleak and a few weeksafter we had the CP rns so they must have known about it when the chairman's statement was written.point being they don't always tell you what's going on behind the scenes.The favoured few always get to know first.I believe the buying is going into Clon and for me I've reduced my holding in Pet.Of course I could well be wrong but at least I have some sort of theory which I prefer to wandering about in the dark.Only my opinion and not advice.It will be interesting to see what unfolds, if anything.
It's also noted that the AGM words last year painted a picture of odds on ,sooner than you think hope for investors that were upbeat on the back of those words and likely some bought in on the back of those words so my point is I don't always take what board members say as investment pointers or the true reality.

[bountyfull] 08/6/2021 20:03

But we have been told Ghana is not going anywhere at the moment - something tells me it wont either!

[bronislav] 08/6/2021 19:39

Clon have legal title to ghana tano2 and it looks like they are using this as a deal changer for entry in to the consortium that was possibly bidding in the Nigerian marginal field bid round.I have always maintained Petrel would somehow give up their 30% with Pet receiving some compensation.Taking out Petrel may be clon and consortium way of securing the 30% but could also open up the Iraq involvement.

[ajj2003] 08/6/2021 19:31

Compared to no prospects in the foreseeable I would have thought it was a no brainier. Suggestions for what Petrel can do with their Nomad on a postcard please ;)

[the sage] 08/6/2021 19:23

Michel has told me that the CP have offered Pet a stake in their Russian asset. Pet will probably blame advice from their Nomad on refusal to take up the offer. Grrrr.

[lippe] 08/6/2021 17:48

Dear John

Lolz FFS

[sabine4] 08/6/2021 17:12

f31
Thank you for taking this initiative, It's an excellent idea.
I will forward KD details of my holding.

[f31] 08/6/2021 16:12

Bounty and Pete - Thanks for your positive reactions to the initiative!

[palace pete] 08/6/2021 15:53

I fully concur on all points.

[the diddymen] 08/6/2021 15:34

f31 8 Jun '21 - 13:15 - 19305 of 19306

Fellow Shareholders, ...........

QED.

TD

[bountyfull] 08/6/2021 13:50

Fenners ask your own questions if your that concerned!

[fenners66] 08/6/2021 13:46

f31 suggesting on La La Land board that every shareholder writes to the arch apologist and attempt to back a questioning letter to the BOD.

Why him?
The feedback from the last AGM was not sufficiently challenged and was portrayed as everything being rosy.
Another year of inactivity and directors' remuneration and losses ensued.

He says:-
"We appreciate that the first tranche of shares was paid for but, the resulting massive dilution has still not bought any real benefit."


It did. It funded another year of losses and for the first time in years the directors were able to draw salary in cash instead of accruing it. If the alternative was going bust how could anyone complain ?


How about asking them how many shares the CP still own - the answer is in the Register of Shareholders they are a quoted Plc. for heavens sake !

Ask what the "plans" were for the second tranche of money - how much of it would have been used to pay directors ' remuneration ?

Why has 12 months of losses happened with NO exploration costs added to the intangibles ?
What have they been doing?
Why were they all not "laid off" ?
Why incur more cost with inactivity?
Many companies run a cash flow forecast and cut cloth accordingly - this "business" is predicated on losses year after year being funded by new shareholder funds.
How could Admin costs actually go UP year on year ?


Were the Irish licenses sold for 450? Who to?

With € 23.4m of accumulated losses how do they come to a conclusion they are the right BOD?

[lippe] 07/6/2021 22:31

Sean gets sunstroke and turns pink, and that dog Horgan wants to put him between two slices of sour dough and a dollop of county mayo ...

[holdingtight] 07/6/2021 18:22

I never said it wasn't received cash (although it doesn't have to be), just that it could be in the form of a refund of fees or deposit or other type of cash-in, which given the small amount is more likely than a sale. Especially given they clearly state that the licenses have been dropped, not sold.I'm countering your presumption that the 450 euro is the proceeds of a license sale, not mounting a general defence of the BoD... IMO PET's performance has been pitiful, and the CP related debacle has been very frustrating, and there are questions to be asked.Anyway, it's been fun, but I'll leave it there.

[fenners66] 07/6/2021 16:57

A line in the accounts with disposal proceeds as written is absolutely clear.

It was received cash as its in the cash flow statement.

BUT if you cannot accept that - the simple answer as I stated originally; is to get one of the gamblers to ask the pertinent question.
Straight up get a shareholder to ask and get an answer.....

No problem.

Except as we see with the self-congratulating back slapping on here , only management friendly questions seem to be raised , or indeed answered.

The apologists are too concerned with framing questions , which they can celebrate ambiguous answers to , meanwhile year after year goes by and nothing but losses happen.