Petroneft Resources Share Discussion Threads

[seangwhite] 17/4/2014 21:20

Well it seems a half decent deal and if Natlata want control I suspect a bid of 12p would be needed.EGM is dead in the waterHave a good breakGLTA

[vyke82] 17/4/2014 21:16

for the first time I am not happy there is a long weekend. I want to top up on PTR. at these levels, it's an Easter bargain.

[dbarr0n] 17/4/2014 21:14

Macquarie are presently due $ 7.2 million and Arawak $ 16.5 million = total $ 23.7 million
They owe the drilling contractor just short of $1.95 million for drilling the the L-9 well
Total debts $ 25.65 million..

Come May Macquarie were to be paid in one lump sum $ 12.4 m less $ 4 million in the DRSA = 8.4 million, but there are 2 monthly repayments of $ 650 k to be made and $ 2.5 million has been repaid from last placing.
Having said that Petroneft are able to make the $ 650k monthly repayments so come the due date they will owe Macquarie $ 5.9 million net of the DRSA.

From Petroneft site October 25, 2012 ..
Macquarie will continue to hold US$4 million in a Debt Service Reserve Account ("DSRA") until the maturity of the loan. The final outstanding balance of US$12.4 million (US$8.4 million net of the DSRA) will be repaid in a lump sum at the maturity of the facility in May 2014.

[redrossi] 17/4/2014 21:07

Defiantly agree regarding the current directors maybe some changes in the offing but not mass i suspect ... also we now have a JV partner and everything has to be justified and agreed, so the drilling contractor issue will certainly be addressed after recent issues. OIL want a return for there money and hopefully we, the PI's will finally see this too.

[redrossi] 17/4/2014 20:42

oilretire yeah i make it $16.5 to arawak ($15 original + $1.5 for the financing this year) Macquarie was due $12.4 in May according to last presentation less 2.5 paid from the share issue in March = 9.9m so thats $26.4m....nowhere near that iii post of $40m ....overall cash at bank should at least be ($35m from OIL - $26.4 = $8.6 + last share issue $5.2 - $2.5 to Macquire = $2.7) = $11.3m add to that the $45m carry.....provided its spent successfully in developing the licence its a cracking deal....Natalia need to up there hand and make a reasonable offer or else walk away with there tails between there legs.

[jyoti1] 17/4/2014 20:34

85m=50% there fore 170M value of Licence of 61 project only

170m/707m=24c per share@.59=14.16 p per share except licence 67 therefore I recon 20p the real value of share

[oilretire] 17/4/2014 20:33

And from 30th sept....In March 2013, we commenced repayments of US$650,000 per month to Macquarie Bank Limited and we continue to make these payments from our own resources. The current balance on this facility, net of cash held by Macquarie in the Debt Service Reserve Account, is US$13.6 million

[oilretire] 17/4/2014 20:30

From 17th march PetroNeft has also agreed an additional US$1.5 million debt drawdown with Arawak Energy by increasing the existing US$15 million loan to US$16.5 million on the same terms (maturity and interest) as the existing loan. 

[oilretire] 17/4/2014 20:21

Think its about 8.5M for M and 16M for A, but not sure of any early repayment charges etc....

[bronislav] 17/4/2014 20:21

All debt paid and working capital and monies for license 61 ........taken from rns.

[talkman2] 17/4/2014 20:12

can anyone confirm 100% that after this deal we have NO debt whatsoever ? Somebody over at the iii board said there was still debt of $40 million .

Thanks.

Also, can anyone just confirm again the amount of the Macquarie debt and the Awarak loan ? Interested to find out how much cash we have after the deal to work with.

[dbarr0n] 17/4/2014 19:37

In my opinion they have done a very good deal :),
Slightly better than I was expecting in the current climate and under the circumstances.
The deal is worth $ 1.37 per barrel excluding the $ 5 million target bonus, $ 1.46 if the bonus is included.
This values Petronefts proven and probable reserves at 98.6 million ( excluding bonus ).

Dont forget they have an un-booked discovery at Cheremshanskoye in licence 67, this could turn out to be a significant discovery and increase Petronefts valuation.

[talkman2] 17/4/2014 19:17

I particularly liked this bit... "We look forward to working with OIL for many years in the future on both Licence 61 and OTHER PROJECTS ".

Very exciting future.

[rcturner2] 17/4/2014 19:12

I reckon at least a 50% upside in the share price from here.

[talkman2] 17/4/2014 18:52

We are debt free, currently producing 2,300 barrels a day plus exploration upside now on licence 61.

Nighthawk is only producing around 1,900 barrels a day and has a market cap 3 times the size of PTR plus all the debt it has got.

Big upside from these levels.

[vyke82] 17/4/2014 17:57

AMAZING NEWS! WELL DONE PETRONEFT. I WILL VOTE AGAINST ALL RESOLUTIONS AT EGM. NATLATA SHOULD BE THANKFUL TO THE MANAGEMENT TO CLOSE THIS DEAL AMIDST ALL THE TURMOIL IN RUSSIA. YAY!!!

[newyork2] 17/4/2014 17:56

Should stop the downtrend.Only way is up,how much open to debate.

[spudders] 17/4/2014 17:02

Well done all that kept the faith. Off for a well deserved Guiness now. :))

[currypasty] 17/4/2014 16:59

far better deal than I was expecting... BoD gets my vote !

[jammytass] 17/4/2014 16:56

wow this will pi33 Natlata off 10p tuesday

[denis056] 17/4/2014 16:55

Well said Mary H LOL. Medication is only cure for Katsy ffs.

[katsy] 17/4/2014 16:54

Mary work it out it's not as great as it looks, yes looking forward to maybe 9-10p but I don't see any more than that before any drilling starts.