Petrel Resources Share Discussion Threads

[elmfield] 28/7/2021 21:48

Thank you for all your work.A sorry state of affairs, most unfortunate. I have always maintained when something is to good to believe it often is best not to believe. I won't say more as I could end up taken to court.

[the chairman elect] 28/7/2021 19:20

The TROLLS are as always premature....

[the chairman elect] 28/7/2021 19:16

DH has been given a last chance at PET as with CLON so within the next year he will do something positive. Why do aye say that? Simples....he has no alternative!

[the chairman elect] 28/7/2021 19:00

"This has to be a great price to buy back the recalcitrant shares."

Excellent point T S

[lippe] 28/7/2021 18:57

We're doomed,
Stupid boy,
Dave and Johno,
Pike and Frazer ...

[the sage] 28/7/2021 18:40

This has to be a great price to buy back the recalcitrant shares. Then we're all mates again, and on we go with the Russian licences.

[walterwhite1] 28/7/2021 17:28

Firstly thanks to F31 - great AGM feedback.
We all take risks with investing (aim in particular) but PET now seems doomed. The bod do appear to have ran out of runway and combined with the Tamraz stalemate I can’t see a way out of this. I can appreciate some here are deep under water with very high averages, and you have my sympathy. I’m not selling, but I’ve written my investment off. We live and learn :-/

[lippe] 28/7/2021 17:10

Fisty reckons that Dave's desire to deliver something tangible has lead to a job application with Ubereats ...

[bronislav] 28/7/2021 17:03

The 30% of ghana is of no use whilst Tamraz hovers .could be pet goes pop and it means the ghana authorities take that 30% back and clon and consortium and ghana can move Tano forward.

[blakieboy7] 28/7/2021 16:58

Is this the end of the road for PET?

[palace pete] 28/7/2021 16:33

Thanks f31 no more than I thought might happen glad I've emptied most of my pot what's left can be a lesson to me. Bye.

[3mio] 28/7/2021 16:29

1,125,000 shares seem to agree with the life boats being manned. DH's jam tomorrow has finally caught up with him and shareholders trust in him has just eroded away.

[bronislav] 28/7/2021 16:26

Whomever is to blame for this mess Tamraz and co haven't covered themselves in glory.

[3mio] 28/7/2021 16:26

Really now does feel like "man the life boats" after the detailed AGM feedback from F31 and grateful to F31 for such an update.

[fenners66] 28/7/2021 16:22

So the gamblers have been told, there is nothing happening, and nothing likely to happen , by one of their own (?).

Since they have not listened to this board for 20 years or whatever , will they just put their hands over their eyes and ears and carry on with more of the same ?


RT has "supposed" to have had the gas project for about 8 years if the other board is correct , and no funding.

So what are the contracted written facts about such an asset?
Why has the "billionaire" and his friends not used their own cash already?
Did f31 ask who are EYCP - bet he didn't.......

[lippe] 28/7/2021 16:20

We’ll give it one last effort to appeal to Tamraz Group to somehow “find” that money

Dear Rupert, we shaggers implore you to conduct exploration activities down the back of your lolz sofa ...

[blakieboy7] 28/7/2021 16:05

If we've made no progress in Iraq, where did that 250k go?!

[currypasty] 28/7/2021 15:59

doesn't sound great at getting things resolved

[f31] 28/7/2021 15:51

Sorry all for the late posting of this AGM update – I just didn’t have an opportunity earlier.

Apart from myself there were 2 other shareholders at the meeting (both against the Tamraz option)

I had a 2-way strategy for the meeting:
1* - To explore how strong Petrel’s realistic chances are outside the Tamraz offer
2* - To explore what exactly is holding the Board and the Nomad back on the RNGG offer


1* - To explore how strong Petrel’s realistic chances are outside the Tamraz option

* Has any meaningful progress been made since the last AGM towards potential projects in either Iraq or Ghana ?
*A t the time of last year's AGM we were not on Iraq's list of "Qualified Companies" Are we meanwhile on that list ?
* Are there currently any deciding negotiations ongoing with other investors outside Tamraz ?

David really had nothing much more to offer than that the cycle will turn in our favour, i.e. that say within a year demand will outnumber supply with subsequent higher oil prices, which in turn would raise the demand for farm-in license opportunities.
And that we had already submitted a proposal to the Iraqi Oil Ministry etc. etc.
David does not see why we wouldn’t be given the Qualified Company status

My take on this:
That proposal had already been submitted at the time of last year’s AGM, so nothing recent there.
And it is nice to hear that David expects this Qualified Company status, but effectively this confirms that up to this moment anyway we still are not on that list. Perhaps that is due to Iraqi stand still, I don’t know – nevertheless: it is clear that there has been no progress on that front either over the last 12 months.
No indication or feeling either that any meaningful progress has been made in Iraq or Ghana since last year, which unfortunately supports our expectation that most likely Petrel must have little own realistic chances.

If that expectation would be correct, this then leaves the option of other Investors (other than Tamraz) as the only remaining alternative to realize contracts and shareholder value.
But the Board made it quite clear that the 32K shares under injunction and having “unknown owners” is a real stand-in-the-way for other investors – in fact a showstopper.

I asked what was going to happen with these shares if not resolved by Tamraz, if there was any time-limit, could we theoretically be having an AGM in 5 years’ time with these shares still under injunction?
John’s answer was basically that this was a possible scenario, which is why they have requested Tamraz multiple times to resolve that issue.

My conclusion: no progress on either Iraq or Ghana or with any alternative investor, and realistically this won’t change much as we are simply too small for getting an own contract, and the injuncted shares block the investors route.
So that leaves part 2 of my AGM meeting strategy:


2* - To explore what exactly is holding back the Board and the Nomad on the RNGG offer

First to note:
From the very start, when even just slightly considering the possible option to somehow “force” the Board to accept the RNGG offer e.g. via a General Meeting vote, we realized already that before such drastic action could be set in motion, we first needed to get adequate advice on what the potential consequences might be.
Including potential unforeseen consequences – because our group doesn’t have the overall knowledge to be completely aware of potential dangers following such action.
First investigating those potential dangers before putting wheels in motion was also a promise to poll-participants that voted in favour, but highlighted “to be careful” – such as Holdingtight and Malc5

The above note is the reason why we specifically asked in yesterday’s meeting:
‘* What exactly is unlawful or not acceptable to the Board or to the Nomad, in relation to the RNGG offer ?

Unfortunately for all shareholders that hoped (like me) that such a vote could potentially realize their preferred “Tamraz option”:
This is NOT the case – and pursuing this avenue in full would trigger a suspension from the Stock Exchange !!

This is the technical explanation on the above:
Within the offer we would acquire the RNGG deal for 29% of Petrel (shares) – about 2 million pounds
That is immediate suspension!
Because when we acquire an Asset, the stock exchange performs a Class Test, which includes looking at the amount of money we are spending on the Asset.
When the Asset costs £2 million worth of Petrel shares, this is then compared to Petrel’s Balance Sheet, which has only 1 million Euro, so the transaction is bigger than Petrel – which is therefore technically a Reverse Take Over
The shares are then immediately suspended – until a re-listing document is produced.
But the fundamental requirement of a re-listing document, is proof of funds:
Before the suspension can be lifted, the company must prove to the Stock Exchange that it has enough money, in this case enough money to cover the cost of developing the new Asset for at least the initial 18 months, which is let’s just say around $7 million (based on Tamraz’ estimate of $4 million in the first year)

I obviously brought up that within the offer Petrel gets a “free carry” (so no costs for Petrel).
But free carry would only be a valid argument if Tamraz can prove he has the funds to carry the costs.
I then brought up the famous Rothschild letter, but although this letter reassures Petrel very convincingly that funding should be well within reach – it simply is not a hard-fact guarantee to satisfy the exchange rules.
The rules require that the cash is there, or at the very minimum is absolutely guaranteed for instant access.


I absolutely have no doubts at all that the above explanations by Jim are genuine and correct.
I also had a lengthy private chat with Jim after the meeting, and not only do I have no doubt on the above technical obstructions to accept the Tamraz offer as-is, I also have no doubt that the Board indeed has no own discretion in complying with those rules.


Where does this leave us?
I personally don’t see any own-initiative contract coming to Petrel any time soon (apart from the fact that we are simply too small – Iraq just can’t get its act together), while other investors are also unlikely to come in due to the injuncted shares.
And it turned out we can also not somehow “force” the Board to accept the RNGG offer.
Altogether that leaves the situation where only Tamraz can break the stalemate by “finding”; the money for either funding the RNGG exploration costs for at least the first 18 months, and/or to resolve their dispute with EYCP.

We’ll give it one last effort to appeal to Tamraz Group to somehow “find” that money – should be possible with all their connections with high level earners – but after that I am afraid there is nothing much more we can do from the shareholders side.
We shouldn’t be over optimistic on the outcome of that last effort (if “finding”; money was simple enough we wouldn’t have been in stalemate for so long already), therefore I’m afraid we’ll be back in the waiting room for quite some time to come yet.

[the diddymen] 28/7/2021 15:46

Haha Fenners!

[fenners66] 28/7/2021 15:21

When we talk about the sob story gamblers in the passed tense are we to refer to them as the SHAGGED?

[ianio5691] 28/7/2021 12:21

Any update regarding the AGM from F31?

[the diddymen] 28/7/2021 12:01

...bit coin some of them lost a bit more than their shirts.