Petroneft Resources Share Discussion Threads

[steelwatch] 28/4/2014 10:27

toon - well we shall just have to agree to disagree then. The "$200m wasted" claim is somewhat misleading in my view as we have some production and infrastructure capacity to build on as I am sure OIL India has noted.

[scallywagkid] 28/4/2014 10:27

"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."

So, would seem to suggest if even one Nat director elected, no farm out,so bets not exactly hedged.

[steelwatch] 28/4/2014 01:47

Toon - so you support the farmin as being the best way forward, then cut your nose off to spite your face? Crazy!

If you believe Korobov has the wherewithal to bid for PTR, and that is what you want, surely the best way to achieve that is to prevent him getting his henchmen in through the back door. Slam it in his face and he just might do what you really want and start a bidding war.

[thetoonarmy2] 28/4/2014 00:59

I will vote for the Farmin and in 2nd EGM will vote for 2 directors to be replaced Dennis Francis & Paul Dowling and vote for 2 of the Natlatla people to be voted onto the Board, better still Natlatla make a 12p bid !

[seangwhite] 27/4/2014 14:14

DB

I assume the EGM vote will go the BODs way unless Natlata come up with a big surprise.The BOD will stay in place and I hope going forward for a change of luck in PTRs performance.
Whether things improve or stay the same Natlata will have to pay up or shut up.
If things prove good on the output front a share price increase to double digits will be good news for all shareholders including of course the largest Natlata!

GLTA

[seangwhite] 26/4/2014 22:13

Db

The C Vs of the board are hardly inspiring especially as all of those still getting paid have actively overseen the share price decline over the past few years.
I note the majority of this lot are all on the extremely hard working 'remunerations committee',
I would like as an investor to see the esoteric methodology used to evaluate pay after such a disastrous decline to shareholder value, why is it not matched by the salaries cost of management!!

Maybe new blood is badly needed at all levels.

GLTA

[telegraph1] 25/4/2014 13:10

Rc I think your posts are well written and informative but I firmly believe that unless Putin invades Ukraine you have I think made a mistake selling these shares now what difference would holding on to them for another few months anyhow I wish you luck in your new ventures

[bmw30csl] 25/4/2014 11:16

Why on earth would anyone do that!?

[gavinbell] 25/4/2014 10:51

can someone who is close to BOD, pass this idea to them. or can raise this during egm next month

what PTR BOD should do .....

basically, BOD should appoint one or two more additional director, by giving those two seats to Natlata and Natlata can appoint their chosen directors. these two directors will work alongside the existing directors.

In return, PTR should offer placing of say, around £5m-£10m worth which to be priced at a premium, say around 12p. check out RNS on SOU today. that's moreless what they did.

Natlata will benefit, by having more stake (albeit slightly more expensive) AND having 2 directors seat.

shareholders will benefits as will avoid disgruntled shareholders like Natlata, and will improve share price (see SOU today)

[steelwatch] 25/4/2014 10:48

Oh! 4 including geo-political concerns.

[steelwatch] 25/4/2014 10:11

There are 3 main influences operating against the share price post farm out:

1. Natlata
2. Placing overhang
3. It's May!

NB: I made no predictions apart from when we nearly all got carried away one Christmas many moons ago. Lesson learnt there!

[woodpecker25] 25/4/2014 10:09

Haha. It's fine by me if you continue to post!

Good luck with your future investments RCT.

[rcturner2] 25/4/2014 09:53

Thanks woody, and good luck to all remain.

I won't post any more as there is nothing worse than ex-holders whinging on.

[woodpecker25] 25/4/2014 09:51

RCT -
I guess its semantics on how you value the deal (and the $45m in particular). An accountant would see it differently to an investor etc.

I understand your point though.

And yes I probably agree with you that it is not a great Deal. But being realistic it was a better Deal than I was expecting given the position the current BOD has put this compnay in. I would still like to see a change or two in the BOD.

Well done for getting out in a profit, I've still some way to go... Your posts over the last year have been spot on, and a useful counterpoint to Dbarron's eternal optimism!

[steelwatch] 25/4/2014 09:42

RCT - there were no better deals on offer, despite what Natlata may say.

[rcturner2] 25/4/2014 09:41

Dbarr0n - 16 Apr 2014 - 00:26:12 - 25409 of 25690
denis056... My guess would be that once farm out is confirmed the share price should be 10p - 12p.
We could see 20p by the end of the year depending on the development plan going forward.

[eric76] 25/4/2014 09:38

. edited as the convo had moved on..

[munkychunky] 25/4/2014 09:37

It's a big benefit for PTR imo. With $45m of investment by OIL alone (PTR don't have to pay an extra penny), the field should, in principle, deliver a bountiful supply of oil.

Yes we lose half the existing revenue, so it is important we reach at least 5k bpd, after that, the extra revenue PTR will receive will be purely down to OIL's investment. In any case, at least we have a business, without the farm in, we would not even have lic. 61 anymore, and a fire sale of it would not have got the kind of money we have received from OIL.

It is difficult to speculate how much a well will cost and deliver (Db may know/have best idea)) as I believe they are going for the horizontal wells - which may be more expensive but should provide a better yield.

[woodpecker25] 25/4/2014 09:36

Ok so the value transfer to PTR is $62.5m.
To me that implies that PTR have be given half the $45m explo/dev kitty to use (subject to T&C!). But they will still only receive 50% of the potential proceeds from that.

BUT more importantly they will also receive 50% of the proceeds from OIL's half of the $45m explo/dev kitty.

That's the difference, and why I think Davy have it wrong. THey have not accounted for OIL's $22.5m kitty which PTR will benefit from.