Petrolatina Energy Share Discussion Threads

[bam bam rubble] 20/10/2011 15:44

A closer look at the agreement suggests they have been stitched up by Shell, this is usually what happens when amateur outfits try to do quick deals with majors and don't ensure adequate provisions

Under the agreement Shell Colombia will obtain 85% interest in the block. Petrolatina will receive $3m cash on signing. In the event that State approval is not forthcoming by 30 September 2011 Shell can terminate the agreement and require any payment made to PetroLatina to be repaid. In the event Shell Colombia withdraws from the farm-out agreement the Company has an option to request that Shell transfers its interest in the block back to PetroLatina.

So if its not approved by 30th Sept 2011 (which it wasn't) they must return the $3m to Shell and can then write to them to request the working interest is returned but there's no obligation for Shell to do that. Looks like they've lost the license chaps

[kinghorm23] 20/10/2011 15:41

Exposed serial conman !

Liquid Millionaire - 20 Oct'11 - 15:40 - 6453 of 6453

PELE

As i have already posted TOPINFO it is a rumour but also as you can see from my previous post also an opinion. As alsways DYOR and make up your own mind.

[kinghorm23] 20/10/2011 15:38

lol

LM just made it up and thought he could push Pele with it !

What a conman, post on it's way to FSA, if i was him i would
stop posting and vanish !

[kinghorm23] 20/10/2011 15:33

lol

Even serial conman topinfo is having a go at one of his members for inventing
that crock about Pele.

I've got it saved as well, about time these conmen making up rubbish got caught
by the FSA !

[kinghorm23] 20/10/2011 15:30

It's just a pump and dump Don, topinfo and his gang have ramped this
before but will be the first ones out when the chasing stops.

[kinghorm23] 20/10/2011 15:30

He's a serial conman from the pump and dump thread by topinfo.

Liquid Millionaire - 20 Oct'11 - 15:23 - 6427 of 6433

PELE

Rumours that SHELL OIL will drop out of their JV with PELE so that they can TAKE OVER PELE on the cheap!!!!

PELE starting to rise now from a well O/S position.

[don777] 20/10/2011 15:28

"Have you read the crock that the conman liquid millionaire has wrote
about Pele !"

? ? ?

[don777] 20/10/2011 15:25

"3/ the fall is in their interests and why do something to reverse it now ? "

possible this one, so tribec can loan pele another $10 M and covert into shares at the current share price 10-12P, then it will end to hold 90% of it and delist it.

[bam bam rubble] 20/10/2011 15:19

They would have RNSd it if the 2nd tranche became available, the wording from the recent results suggests it is not currently available for drawdown as things stand

Loss-making revenues are no good for making debt repayments. I think they were hoping for the Shell payment to cover the initial repayment so any complications there and they may breach the lending covenants. High risk here as reflected in the continuing decimation of the share price

At June 2011 total debt stood at -$33m with $9m cash, so net debt of $24 million

[don777] 20/10/2011 15:13

bam,
thanks for your comments,

i noticed these terms and conditions, subject to a number of factors, but they did not list them to us. so we might meet their requirements.

as far as repayment is concerned, it stated in the half year report that the current revenue is ok to cover.


D

[luminoso] 20/10/2011 15:03

Seems to me that as the board are the majority shareholders in PELE and therefore are the main losers in this fall (many of those in-house shares were purchased at levels around 50p), they would say something about progress being made if the fall is hurting or bothering them. It does not seem to be bothering them too much. Are they staying quiet because

1/ There really is nothing to report - in other words nothing has been done, let alone achieved, in the past few weeks. Actually longer as the report in september was very skimpy on current activities ?

2/ They are staying cool, knowing it will all get better soon ?

3/ the fall is in their interests and why do something to reverse it now ?

4/ any other reason i have not thought of ?

[bam bam rubble] 20/10/2011 14:57

No, they can't access tranche B yet as things stand

The principal terms of the Senior Facility are as follows:
The Senior Facility has a committed initial Tranche A of $25m with up to a further potential $50m potentially available for drawdow under Tranches B or C.
The Company's total borrowing capacity under the Senior Facility will be subject to periodic review and adjustment with the total available for drawdown subject to a number of factors, including reserve levels and MBL's internal approvals

worse than that, they are now into the repayment window for tranche A, with the first quarterly repayment this month, then every March and October until its repaid

[don777] 20/10/2011 14:41

re read the half year report part 6: Senior Secured Debt Facility

it seems we do not need to place to raise the fund, we can acess Tranche B (to be used for development activities) to drill colon 4 and 5.

then use the farm out money to drill other wells.

[don777] 19/10/2011 18:15

i did send email to luc without reply.

[moneybags13] 19/10/2011 16:33

Once again, how much lower can this company's share price drop.
If I were Shell,I would drop out of the agreement, add a couple of extra quid and buy the whole company. At current share price we are valued at £12.3 million, nonsense.
Has anybody got any idea as to what our current BODs are doing????

[rizzzla] 19/10/2011 15:30

one way of looking at it i guess lol

[don777] 19/10/2011 13:02

10P is a important milestone and it will trigger some bargain hunters

[triples] 19/10/2011 12:55

Why not wait until 7p?

[don777] 19/10/2011 11:21

fund is ready to pick some under 10P.

[kinghorm23] 18/10/2011 16:03

The last time you tried that line was with Aul where you sold 5p too soon ;-))

Try and learn instead of just pump and dumping rubbish each day.

[christianf12] 18/10/2011 15:52

Remember yesterday highlighting ZEN as a failed trade?

Maybe take a look at the risers board today, it's only up 90%!!! lol

[kinghorm23] 18/10/2011 15:26

Ah are we going to start all that again !

Shall we say the same for all your stocks you have been ramping this year
then mr serial pump and dumper ?