Petroneft Resources Share Discussion Threads

[steelwatch] 22/4/2014 15:15

toon - you voting against the farm out then? Seems to me shareholder acceptance of that and then voting the board out would be an extremely unlikely and contradictory turn of events.

[katsy] 22/4/2014 15:03

Yes denis056, always MM fault when the share price isn't doing what we want it to do.

Must admit though, although I never expected anything like all the price predictions I read over Easter, anything from 10p to 42p, I did think it would've made 8p, just on the fact that this will be debt free. But I guess the deal values this at around 10p, so 6-7p would be about normal.

Lets see what all this new drilling will bring later in the year then.

[denis056] 22/4/2014 14:12

MM ers at old tricks again mopping up on the cheap and will raise price once have cleaned out sellers at this level. Can't blame them of course as that's the market.

[nametrade] 22/4/2014 14:08

Pot and kettle come to mind, Natlata haven't exactly provided much meat on the bone with their own proposal of how the company would go forward after their share issue....
At least profit will not be going to pay debt....yes half the profit But no debt to service....at this moment the company is strangled by debt and so can't move forward...they can now move forward...
You can all argue about whether the BOD got enough for half the licence...the facts of the matter are you can only work with what you've got and only get what someone is willing to pay. You have no idea if they were actually offering less and the BOD squeezed more out of the deal?
Business is business and if it's known your between a rock and a hard place your never going to get anything like fair value....
Now we can move forward...the BOD want to be very careful and shrewd with use of funds going forward...

[rich2006] 22/4/2014 13:47

its all well and good NatlaTa complaining about the deal on the table. If they do not like it they should make a proper offer of their own not like the debt for equity deal. Which would just leave us in limbo.

[steelwatch] 22/4/2014 13:10

purplebox - details of how to vote are here:

[purplebox] 22/4/2014 13:02

I need to vote - anybody with TD heard anything?

[coscos] 22/4/2014 12:47

No production from L67 - yet.

If PTR had managed to squeeze another $15-20m from OIL upfront, it would be a different story.

[steelwatch] 22/4/2014 12:44

Katsy - 50% of 67 since day 1. (Arawak)

[katsy] 22/4/2014 12:42

Some big trades going through now,

Coscos, I think PTR still retain 100% of license 67.

[coscos] 22/4/2014 12:32

Natlata are completely correct in their appraisal of this 'deal'. At first glance the deal appears very good, but looking at it in overall context shows that it's not what it seems long term. PTR are giving away half of their only producing field in order to try and replace the lost production through the development of fields with no infrastructure or production. Doesn't sound like a good deal to me. I would suggest that Natlata's proposal is a better one long term, at least it means that all the existing revenue from L61 goes into PTR's coffers.

Absolutely no chance that this announcement will result in a share price of 12p by end of April whatever.

[steelwatch] 22/4/2014 12:27

I don't see any fault lies with Tomskburneftegaz in wells drilled to date. They don't choose where to drill.

[munkychunky] 22/4/2014 12:22

At the end of the day, there was little choice, this was probably the best deal on the table (obviously I don't know the details of the other offers) - without the farm in. lets face it - we were probably toast...

I would have expected a bigger rise this morning - however, that being said, nothing with PTR surprises me.

[jabas1] 22/4/2014 12:16

Well they want shares, willing to give me 6.85 for £6ks worth but hard to buy large amounts apparantly.

[alyo] 22/4/2014 12:15

Debt or No debt. You don't give away a prized asset like that for nothing

[katsy] 22/4/2014 11:23

Alyo Problem is, given that this has been left to the last possible moment, given Macq. bank debt, it's the only thing on offer other that the Nat. deal. Beggars can't be choosers and all that!

[alyo] 22/4/2014 11:18

You guys got totally mugged on today's deal! If the deal was $150-200m fair enough..but the money offered is frankly ridiculous

[rcturner2] 22/4/2014 11:09

"The transaction is also subject to the rejection by shareholders of all resolutions at the requisitioned EGM due to take place at 11:15AM on 9 May 2014."

[katsy] 22/4/2014 11:06

I can't see the condition in the last RNS of the existing BoW having to be re-elected again for the farm-out to proceed!!

[katsy] 22/4/2014 10:44

Anyway, better to realize any value for assets that PTR can never develop by themselves than not at all and to be debt free is a huge bonus. Lets hope the BoW don't fritter away what ever remains of the $35m on bonuses or pay rises.