Petrel Resources Share Discussion Threads

[fenners66] 10/7/2021 12:35

"Bronislav
10 Jul '21 - 06:30 - 19567 of 19570

"it's my gut instinct that Mr Horgan would rather have one company to focus on and make a success of ,rather than have two that don't meet any of their potential."

Come on Bronislav , you are way behind the curve here , 1 not 2 ?

Have you not been paying any attention ?

DH - Director

PET
CLON

but you have missed
GREENORE GOLD PLC (07561621)
BOTSWANA DIAMONDS PLC (07384657
HYDROCARBON PROSPECTING PLC (07088271)


And potentially other Irish companies as well..
162 Group for instance....

So why would he suddenly want to concentrate on one company , when being paid by many unsuccessful companies could cloud the issue from many different shareholders ?

[fenners66] 10/7/2021 12:26

"Bronislav
10 Jul '21 - 06:30 - 19567 of 19570

"odds on "for a successful outcome in Iraq and "sooner than you think"when looking at timeframes prompted me to invest a significant amount( by my standards)which I have since reduced.I believe I was misled."

If only there was an alternate , circumspect view available at the time , he might have saved himself some pain and instead have invested in one of the myriad of companies that have risen enormously since.....

Oh hang on , there was . We have been saying this consistently for many years....

[bountyfull] 10/7/2021 11:39

The enthusiasm to get votes recently on the post Brexit share vote was driven purely by self preservation. Failure here would mean we could not trade our shares. hxxps://polaris.brighterir.com/public/petrel_resources/news/rns/story/x8oy59r

In Teelings latest Chairman's statement he sets out his plan for this company - more of the same as they are 'building their Iraq team'. Even the Iraq Oil minister says Iraq is a basket case and 80% of his time is dealing with infighting. Teeling also says they are up for sale! That's the plan.

No hope of a deal in sight. Nothing. At least with the Tamraz offer, which PET has declined, we would have an opportunity. Also Tamraz's connections may help get Ghana over the line or another deal that PET is to small for in Iraq. Teeling says it's time to move on from Tamraz. I think it's time we move on from the current Board who do not even have the common decency to fully engage with their shareholders.

[bit coin] 10/7/2021 10:42

F31, forgive me for not being fully up to speed but is there an actual offer from Rog and associates on the table?

Tia

[f31] 10/7/2021 10:25

Teemore,
I fully understand your concerns about going from the frying pan into the fire.
After all, it's our investments we are talking about, and we need to protect them as best we can.
And indeed – the initially planned path towards a take-over was troubled by the shares-issue.

But "from frying pan into the fire'", means from a bad situation into one that is even worse.
And I have not heard any well-reasoned explanation by anybody of why this would be the case.

On the contrary - how could we be worse off?
The share price is already lost, so our investment is already lost. (Unless you want to cash the 2.5p value from it)
And nowhere in David's extensive response to our Shareholders Letter is there any indication which warrants realistic hope that this 2.5p will improve.
At best, we need to wait for the exploration cycle to turn, and then hope that this time for some reason we would get a contract, unlike before.
At best, we’ll financially survive the wait, although further dilution would then seem unavoidable.

In contrast, Roger Tamraz offers us a real existing Asset – the RNGG blocks.
Independently valued by 2 different companies at $200 million!
And in addition, he wants to grow Petrel further – something his track-record suggests he is very capable of doing so.
How does that even remotely predict a future for us “in the fire”?

I honestly do not understand the hesitation to vote for this very realistic chance of what MUST be a better future.
I assume this hesitation is based on the shares-issue that happened, effectively caused by that loan facility.
But what people need to understand that this loan was required because the Tamraz Group cash at that time was all in Lebanon (their origins), where in October 2019 suddenly banks imposed a capital control (without a law voted by the Parliament), forbidding to take more than a few hundred dollars from the ATM and forbidding to transfer money abroad.
So, exactly at the time of the 2nd phase of the 2019 take-over, completely out of the blue, they could not access their own Cash to pay for the upcoming 2nd tranche of shares.
For this reason, they went into that cash-bridge facility with EYCP, who subsequently (intentionally) frauded them with the shares, and in addition with the loan facility itself.
Shareholders that are possibly hesitating based on this shares-issue, should realize more in full that Tamraz Group was the victim here (of the fraud by EYCP) and NOT the committer of any wrong-doing against Petrel (other than admittedly being too trustful on advice they were given).

The above is fact.
But even if shareholders should nevertheless still have misgivings about what happened:
The right thing for their investment is not to dwell on what went wrong, but to be pragmatic within the situation we are now in, and take the opportunity (probably the ONLY opportunity !!) still available to them to recover their investment.

And so should the Board – be more pragmatic !!

[bronislav] 10/7/2021 06:30

1teemore.good post and reflects how I feel.I don't have a large holding anymore but nevertheless others will and this stalemate needs sorting out.The chaps pushing the board with questions etc are doing a great job.After last year's questions and in particular the answers of "odds on "for a successful outcome in Iraq and "sooner than you think"when looking at timeframes prompted me to invest a significant amount( by my standards)which I have since reduced.I believe I was misled.In general I try to look at the bigger picture rather than specifically what directors say and especially if they talk of timeframes.Tamraz caused this by his actions re share debacle and I'm not convinced that he is any better than we already have and may only cause a spike in the share price although that would offer an exit for shareholders.With Mr Teeling stepping down at clontarf it may be the same case here and it's my gut instinct that Mr Horgan would rather have one company to focus on and make a success of ,rather than have two that don't meet any of their potential.My own view is that Pet may well be sacrificed in some way for the greater good and David's apparent enthusiasm to get votes recently on the post Brexit share vote suggested there is still some plan in place with the company.I think some clarity from the board is urgently needed and the least that the board can do for long suffering loyal shareholders.

[1teemore] 10/7/2021 01:12

f31- approx. 50km away which is not far, my experience would say that affidavits and truth sometimes differ and that is no disrespect to you, or indeed any of the aforementioned. I am just as keen as you to see something positive happen and personalities do not concern me but I am slightly concerned about going from the frying pan into the fire-moo. I respect all the work you have carried out to date - perhaps your work will result in a positive conclusion for all of us.

[f31] 09/7/2021 20:06

Teemore - I really don't know what more you want - it's all in the affidavit ?? !!


If you want to you can PM me and maybe we could meet up for a chat - might be possible if you live in/near Clontarf ?

[1teemore] 09/7/2021 19:07

f31-not like David and do not even know what he looks like, but asked a question and if any of you are up to speed with what happened/the status of the Petrel shares then there should be no difficulty in a one, or indeed two sentence reply and no circles required. I would be very happy for Tamraz to inject a project into the company and something is better than nothing, but my question still stands.

[lippe] 09/7/2021 14:11

dave has spent the last twenty years hanging out of and with dodgy cats and slippery fish, only a matter of time before he got lolz rinsed ..

[fenners66] 09/7/2021 13:34

teemore - could you please ask f31 straight out -
who are EYCP
Who owns them?
What they do ?
What internet presence they have?
Where are their offices?
Who are their employees?

Since he claims the affidavit tells him all he needs to know - he should know this ?

There are loads of ways of hiding behind faceless companies - so who are EYCP and why are they invisible?

[f31] 09/7/2021 12:17

Teemore:

Please let's not go around in circles ??

Your question is fully explained in Michel's High Court affidavit, of which the main points you can find in the currency article as was published here.
As you will have read, this affidavit included full backup documentation including all contracts, correspondence and you name it.

You almost sound like David - we were never told, when in fact they were !! :)

[kdickson] 09/7/2021 12:04

Thanks tipp, agdele,smcl. All noted.

[smcl] 09/7/2021 11:49

1A, 2B 3A for me - 250k shares

[agdele] 09/7/2021 11:49

1-B, 2-A (in the short term), 3-A,

[1teemore] 09/7/2021 11:42

Would someone explain to me in one sentence how Tamraz managed to lose control of the Petrel shares given to him. Good to see thing liven up

[tipp802] 09/7/2021 11:09

It’s time for a change,20+ years and nothing but jam tomorrow.
1b / 2a /3a Big thanks for the efforts of
the posters trying to rectify this problem.

[lippe] 09/7/2021 11:08

A straw poll on men of straw, how lolz bizarre ...

[lippe] 09/7/2021 11:05

Who, Fred West ...

[kdickson] 09/7/2021 10:31

Re-posting again. Please respond on this board or send me a private message. Ta.


Straw Poll

It would be interesting to get an idea of how Petrel shareholders are feeling about things right now,  just 3 weeks before the AGM.

So, just post "1c, 2a, 3a" or whatever. Quick and easy!


1. Do you feel it is time to give someone else a chance at running our company?

a. No, things are fine as they are
b. Yes, changes are long overdue
c. Don't really care


2. Do you feel we have more chance to recoup our losses with Roger Tamraz or Horgan & Teeling?

a. Roger Tamraz
b. Horgan and Teeling


3. If you were asked to vote on an instruction to the board to accept the Russian licences (potential 9.1 billion barrels oil/gas in place), how would you vote?

a. Yes. I want the Board to proceed with this deal
b. No. I do not want the  Board to accept the Russian licences

[bountyfull] 09/7/2021 09:47

This has nothing to do with Teeling's reputation but the Board's ability to get a deal over the line. Teeling's reputation or ability will not save my investment. That's why we need a new Board. If a deal in on the table now then we should take it so we can move on.

[the diddymen] 09/7/2021 09:18

I should have added that at 2.7p a share I would grab the cash.

TD

[the sage] 09/7/2021 08:19

Lifeboats required over at eme. I wish Pet would do a placing at 6p.

[the diddymen] 09/7/2021 07:47

F31, a number of us have been making those points for years (over 12 in my case).

Reliable facts are hard to come by for RT, which in its own right is not a good sign. There has to be a risk that if RT 'acquires' PET that it will be difficult to sustain a listing.

The primary question is why have Horgan and Teeling put PET in this position, but then you are back to my first para.

The company is in a difficult place - you read RT's comments on PET's assets. It is in effect a shell company with tax losses. Not sure about Irish tax law but it should hold some value. The listing also holds some value.

Not a lot of good news, but it is pointless jumping out of the frying pan into the fire.

TD