Petrel Resources Share Discussion Threads

[fenners66] 29/6/2022 12:02

I don't know , but a rough guess may be same as, their number of years in existence

[bracke] 29/6/2022 11:34

Good day fenners

How many placings have PET had?

[fenners66] 29/6/2022 11:30

Alternatively:

We've been repeating the same old BS , as you can see by the lack of tangible projects its getting us nowhere
so before we run out of cash, we need someone to get the gamblers onside again so we can get another placing away.

[kdickson] 29/6/2022 11:12

Then there's the possibility of cash from Itochu who I've been told are still on the scene as a potential sugar daddy.

[kdickson] 29/6/2022 11:11

I asked DH what that meant at the time and his reply was:

"We have been meeting and presenting to institutional and semi-state shareholders willing to back longer-term, capital intensive projects in the Middle East and elsewhere".

A semi-state shareholder is an Irish government sponsored body btw.

[kdickson] 29/6/2022 11:07

Not a bad thing though if it allows a massively profitable project to progress.
And not necessarily a public placement, given this point in the Sept 2021 Interims:

- shareholder base broadened, to prepare for expansion

[dusseldorf] 29/6/2022 10:45

Everyone just waiting for the placement to occur....

The Group and Company had a cash balance of EUR101,843 (2020: EUR333,900) at the balance sheet date. The directors have prepared cashflow projections for a period of at least twelve months from the date of approval of these financial statements which indicate that additional finance may be required to fund working capital requirements and develop existing projects. As the Group is not revenue or cash generating it relies on raising capital from the public market.

[fenners66] 28/6/2022 09:15

Looks like another 100k accrued for directors

[fenners66] 28/6/2022 09:13

"Petrel is again ready to deliver on its demanding work programme - as shown by our sister company's participation in a similar 2022 well off Australia's north-west shelf"


WTF ?
CLON gambled $m's and lost
It did none of the work, anyone with loads of cash to gamble could have.
CLON did not demonstrate any ability to deliver a demanding work program their already fully funded partners did.

[fenners66] 28/6/2022 09:08

Talk of political authorities and neglect in the next sentence .....

How to make friends and influence people ?

[fenners66] 28/6/2022 09:05

"Despite much wishful thinking" - oh the irony !

[currypasty] 28/6/2022 08:04

results out

[the chairman elect] 28/6/2022 07:30

the authorities suggested that Petrel initially target "exploration of blocks in the western desert of Iraq, and present past studies done on the Merjan-Kifl-West Kifl discoveries, and Petrel's work on the Mesozoic and Paleozoic plays in the Western Desert".

[the chairman elect] 28/6/2022 07:20

Highlights



● Petrel directors agreed to personally purchase a disputed circa 20% shareholding - this over-hang had confused partners and constrained Petrel's ability to grow.



● Petrel's Iraqi business is being re-galvanised, with data bases being updated, and updated proposals submitted to the incoming administration.



● Ratification plan agreed-in-principle with Ghanaian authorities - though ideally needs recovery of the farm-out market, to fund an early well.



● Additional projects being considered to serve surging commodity demand.

[f31] 28/6/2022 00:49

Hi KD - yes, that's the plan, unless 1 of 2 upcoming hospital procedures would turn out to also fall on that day. Won't know till around mid-July.

John invested £200K and Jim another £100K, not exactly small change, so in my view they wouldn't have done this when feeling that this investment would almost certainly be lost.
I'm hoping to find some form of confirmation of my theory during this AGM

[kdickson] 27/6/2022 22:48

Are you going this year f31?

[f31] 27/6/2022 18:57

The Petrel AGM will be on 5th August in Dublin

[felix0007] 23/6/2022 08:36

Thanks Valentine

[fenners66] 22/6/2022 18:27

Maybe PET down as more realisation that , 30% of sweet FA , is still sweet FA

[lippe] 22/6/2022 17:14

Rupert Tampax erstwhile saviour of the lolz Clontarf PBUH ...

[taxibabe] 22/6/2022 16:58

Sure AIM stands for AIMLESS i know. Full of lifestyle companies that either cant, or have no intention of doing anything other then talk about optimstic plans and self-congradulation. PETREL has dissapointed its investors since it started and there is no sign that this has changed other then TAMRAZ left the building.