Petrel Resources Share Discussion Threads

[elmfield] 08/7/2021 20:29

I meant his group of shareholders in petrel, not aimed at anything else he may or may not have done. It is the involvement with petrel that concerns me, He has as far as I am concerned promised much and achieved nothing for us.

[the diddymen] 08/7/2021 20:25

Blow me down even Poco has volte face'd on the BoD.

Time for the long termers to thank us from stopping them waste more hard earned readies.

Not holding my breath.

[jungle jim] 08/7/2021 19:22

f318 Jul '21 - 15:24 - 19536 of 19541
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Elmfield:

It is important to get the facts right, for people to make up their minds.

When you say "So far he has achieved nothing except break company laws", that's contradictory to the facts?
To name just a few of his achievements:

* Acquisition of development rights and equity ownership positions in Turkmenistan’s Blocks 1 and II
* Origination and development of the Baku-TbilisiCeyhan (BTC) pipeline (1 million barrels per day)
* Acquisition and ownership of Lockheed AircraftCompany, Trans Mediterranean Airlines (TMA), Middle East Airlines (MEA)
* Origination and development of the SuezMediterranean (SUMED) pipeline (2.5 million barrels per day).

If you are happy that this Board will achieve better than Roger Tamraz than that's your perfectly good right - but don't bring invalid arguments


F31 that whetted my appetite as I hadn't heard anything positive about Mr Tamraz so I googled your bullet points. I soon found where they came from, a presentation by Netoil to the president of Egypt.

Regarding the list I can't find any references to Tamraz, First Arabian Oil Co (his company) and Blocks 1 and 2 Turkmenistan. Plenty for Petronas but nothing for him.

Ditto the BTC pipeline

He did make an offer to rescue the Lockheed Aircraft Company but the Pentagon vetoed that. He might have bought it later but I doubt it, the yanks weren't keen on one of their primary defence contractors being owned abroad.

He did own TMA, as part of some very shady dealings in the Lebanon. To be fair, he was in the middle of a war zone and keeping the militia's happy was probably a prerequisite for survival, however:

"Lebanese Forces forbad Tamraz to leave the country and charged him with withdrawing 14 million dollars from Bank Al Mashrek to invest overseas. Tamraz’s deals, his ready payment of political cash and bribes to keep the militia leaders happy had put Bank Al Mashrek in debt to the tune of 175 million dollars. It was also evident that he had transferred some 70 million dollars out of the bank into his private account, and that he had spent a further 6 million dollars on Amine
Gemayel’s presidential trips abroad (Interview with Lucien Dahdah, who succeeded Tamraz as ICC director, Al Hayat, 19/1/1990)."

(source which has some other stuff that is quite interesting and probably explains why Portugal aren't keen on him owning a Portugese bank)

I can't find any reference to him and MEA, but his ownership of that might be feasible due to all the stuff going on in Lebanon during the wars.

Tamraz and SUMED appears time after time from Netoil or Tamraz's own biography but nowhere else so I gave up after a couple of pages on that one, so it might be kosher.

I haven't got an axe to grind either way, he can't be any worse than the existing BOD in my view. I hope whatever path you guys choose it works for you. I am fairly certain Mr Tamraz will successfully make money for Mr Tamraz and I hope that he will take you along with him if that is what you choose, but I would keep an open mind on some of his successes and how he achieved them, forewarned is forearmed.

Good luck all.

[poco a poco] 08/7/2021 18:12

Einstein: "The definition of insanity is doing the same thing over and over again but expecting different results.

I think supporting this board after so many failures and 'red herrings' is a good example of the above quote.

I am of the frame of mind that I've lost everything anyway so there is no risk in trying something different.

It is definitely time for change. So I go with the majority on here.

1. B . 2. A. 3. A.

Also a big thanks to f31 & KD and all those putting in a lot of time and effort on our behalf to try and get answers and get things moving. Thank you.

Poco.

[scunny bunny] 08/7/2021 18:01

Hi KD

1/B
2/A
3/A

[scunny bunny] 08/7/2021 17:58

elmfield8 Jul '21 - 14:41 - 19530 of 19541
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Sorry, don't agree with most here.
I think you are deluded in thinking Tamraz is going to do you any favours.

Well elmfield

You are more deluded than most if you think Horgan is going to do you any favours

[the diddymen] 08/7/2021 17:51

Not sure how AIM would view the listing of a company with Rog on the Board, while the 'old kennel' retire/resign. Maybe Rog will bring some assets, but there is a risk that it ends up without a listing. Rock and a hard place really.

What goes around comes around.

[fenners66] 08/7/2021 17:39

Its a point the BOD themselves have supposedly made.
A point we made 15 months + ago.

These people are touted to be Billionaires , yet they had to get the second tranche of shares on credit and then would have had a massive guaranteed profit - if only they would pay for them.....

Does not add up.

But let them spin a rumour of a free £100m asset and the turkeys can't get enough of it , no questions from them , there.

[f31] 08/7/2021 16:51

Elmfield, I can't see the relevance of your last post to the matter on hand.

But I presume you are talking in general and not about me.
Because if so, I can assure you that I am in Petrel easily as long as you are.

[elmfield] 08/7/2021 16:31

I am very circumspect of the aim of unknown posters on any forum. I was just thinking aloud Mr Watson.

[f31] 08/7/2021 16:19

Palace Pete,
Yes, I myself find it amazing that for whatever reasons they have to do so, some people prefer the outcome of a most likely loss of their investment as opposed to at least have a realistic shot at some recovery.

It could be - and I suspect it often is - out of long standing loyalty to the Board.
Unfortunately the Board has shown little loyalty to us (and them!).
They don't feel the need to explain themselves, they are simply ignoring us, when long-term shareholders ask them for clarification on what seemed to be incorrect information within their formal response to our letter.

Still, everybody has the right to an own opinion.

[palace pete] 08/7/2021 15:57

Another 25 years of fa then.

[1teemore] 08/7/2021 15:25

We all want this company to succeed but I would have serious concern placing any credibility in Tarmaz who in his first action broke company law and in the process tied up a large percentage of company shares and now unable to resolve the issue even after 18 months. There is an old saying :'fool me once, shame on you';fool me twice,shame on me.

I go with elmfield.

[f31] 08/7/2021 15:24

Elmfield:

It is important to get the facts right, for people to make up their minds.

When you say "So far he has achieved nothing except break company laws", that's contradictory to the facts?
To name just a few of his achievements:

* Acquisition of development rights and equity ownership positions in Turkmenistan’s Blocks 1 and II
* Origination and development of the Baku-TbilisiCeyhan (BTC) pipeline (1 million barrels per day)
* Acquisition and ownership of Lockheed AircraftCompany, Trans Mediterranean Airlines (TMA), Middle East Airlines (MEA)
* Origination and development of the SuezMediterranean (SUMED) pipeline (2.5 million barrels per day).

If you are happy that this Board will achieve better than Roger Tamraz than that's your perfectly good right - but don't bring invalid arguments

[fenners66] 08/7/2021 15:18

Out of the frying pan.... into the thermonuclear reactor... ?

It seems odd to side with the existing BOD vs the turkeys on the other thread , but after 20+ years of failure you know what you are getting , more of the same but adherence to the rules and regs , no breaking of company laws.

After the purported letter from the BOD can the turkeys be as sure of even that small mercy ?

Fair enough they are fed up with failure , but don't compound it.

This has turned out never to have been a long term "investment" its only playing the rumours etc.

Who would have thought that 15-20 years ago ?

Oh yeah , we did.......

[elmfield] 08/7/2021 15:14

Thank you. It is extremely difficult for all but Tamraz has a lot to prove to me anyway. Let's see if something sensible develops but on past record I am not holding my breath while waiting, become good at waiting.

[kdickson] 08/7/2021 15:09

Sensible position to take hawki4

[hawki4] 08/7/2021 15:06

I’m also inclined to agree with Elmfield for now at least. Waiting to see what the AGM brings.

[kdickson] 08/7/2021 15:01

elmfield, thanks for your response. I respect your opinions and its good for others to see its not all a one way flow.