Petroneft Resources Share Discussion Threads

[eric76] 06/5/2014 12:45

Not all corr, I agree with Dbar0n on this one. The past and the debt issues have gone. Whats left is an egm to approve a massive cash injection and uplift in drilling.
Whats not to like going forward now they've finally been let loose from the shackles of debt that has hampered any possible progress here for what most assumed would be pretty much forever?

[corrientes] 06/5/2014 12:34

Well you would say that DbarrOn, but I think most shareholders here, who invested for success, would not take that viewpoint - 'I am not interested in the past' This is money we're talking about, so in my view somewhat of an odd statement to make,and dare I say rather smug or disdainful.

Why do you always give the impression of being an unofficial mouthpiece for the company, always on the defensive as soon as something negative is said ?

[dbarr0n] 06/5/2014 12:17

Corrientes.

You could also say the share price has went from sub 10p to over 60p and sup 10p to 70p previously.

I am not interested in the past, its history.
The future is where I am looking ..

[corrientes] 06/5/2014 11:57

Wonderful - 'gained 50% over first 4 months of this year and 70% since May 2013'

but how about 'lost 90% over three years'

[scallywagkid] 06/5/2014 10:13

PetroNeft Resources looks to the future as double EGM looms

06 May 2014 by Our Oilbarrel Staff

Despite all the challenges of the past year, and the looming double EGM on May 9, there's a mood of quiet but cautious confidence at PetroNeft Resources. Shares in the company have gained 50 per cent over the first four months of the year as the AIM-quoted company pushed a long-promised farm-out over the line.

This transaction, with Oil India (OIL), should be the catalyst for real change at the Dublin-based company, not only clearing the debt overhang but also providing the financial headroom to really chase down the potential of Block 61 in the Tomsk Oblast region of Western Siberia, which hosts audited 2P reserves of 117 million barrels.

Under the terms of the deal, OIL will acquire a 50 per cent stake in return for paying US$35 million upfront and spending US$45 million on exploration and development of Licence 61. There's also an additional US$5 million performance bonus on the table. And, in a vote of confidence in PetroNeft's capabilities after the operational challenges of recent years, the Irish company is to remain operator.

The US$35 million upfront cash payment will enable PetroNeft to repay its existing debts (to Macquarie and its JV partner in Licence 67 Arawak) and have cash for working capital purposes. This removes one of the big problems that has weighed on sentiment, and the balance sheet, over the past year. The farm-out will also trigger the start of a multi-well drilling programme on Licence 61, including the drilling of up to five additional production wells at the producing Arbuzovskoye and delineation wells at the yet-to-be developed Tungolskoye and Sibkrayevskoye oilfields.

The Tungolskoye-5 well will be the first horizontal well drilled on Licence 61, which could prove pivotal in future development of these oil pools. The company hopes to have Tungolskoye in production next year. There are also plans for additional seismic over the large Sibkrayevskoye field and the Emtorskaya prospect.

The bonus payment from OIL is contingent on average production from the Sibkrayevskoye field reaching 7,500 bpd within five years; this is a magnitude higher than production levels yet seen from Licence 61 and is a mark of confidence that the problems encountered with the Lineynoye oilfield won't be repeated elsewhere on the licence.The whole deal is contingent on shareholders not only approving the deal but also rejecting the resolutions proposed by dissident shareholder Natlata Partners, which has a 14.75 per shareholding and is seeking to replace the current Board. A double EGM is scheduled for May 9.

Shares in PetroNeft are currently trading at just over six pence per share, having gained 70 per cent since May 2013, and the events of May 9 may well prove key to how the shares perform in the coming 12 months and beyond.

[seangwhite] 06/5/2014 09:50

Very quiet on the BB and the PTR market, I suppose everyone is worn out having so much correspondence from the BOD to plough through. Ah well Friday gets the EGMs settled and we can then move on at long last.Natlata must by now see the writing on the wall as they have failed to come up with anything that would cause the BOD to be voted down IMOGLTA - 'things can only get better'

[denis black gold] 02/5/2014 19:36

This time next week we will know which way the dice has fallen re. both EGMs. Lets hope that what ever the result it will be seen as positive for the Co. going forward, and help breathe new life into this flat lined share price .. GL

[spudders] 02/5/2014 17:58

Two reasonable size L trades at end of day.

[seangwhite] 02/5/2014 14:56

Cannot see a lot of share activity next week.
Natlata are not in the market buying and most people who deal in size would not look at a share with such a small market cap.
Anyway after next week we can hopefully look forward to getting some updates via RNSs with actual drilling results rather than the usual badly phrased waffle of the last year or so.

GLTA

[spudders] 02/5/2014 14:33

3 trading days before the EGM, I expect trade volume will increase next week as the buy on speculation, sell on realisation crowd appear. Have a good weekend all ;)

[steelwatch] 02/5/2014 13:09

The AIM oil and gas juniors have continued to have a torrid time in the early months of 2014. Between end December 2013 and mid April 2014 the AIM Oil & Gas Index fell a hefty 17.7%. By contrast the AIM All Share declined by a considerably more modest 2.8% on the same basis. As of mid-April 2014, the AIM Oil & Gas Index was also down 18% from a year previously and was trading at roughly a four-and-a-half-year year low. Compared with the 2008 all-time high, the index in mid-April 2014 was down about 60%. The key issues surrounding the AIM juniors continue to be exploration and development disappointments and heavy cash needs.

P46:

[omzy] 02/5/2014 10:11

Just purchased some myself. Think there could be some upside in value once the egm's are out of the way. Just hoping oil dont walk from the farm in.

[rcturner2] 02/5/2014 10:08

toon, sold up at 7p

[currypasty] 02/5/2014 10:01

Ive bought a few recently, could be a bit of fun soon

[thetoonarmy2] 02/5/2014 09:56

Dbarr0n. I thought I was pretty clear on what I had done I have not voted against farm out.
The 2 separate EGM's. I have voted for the Farmout to go ahead and in the 2nd Farmout I have voted yes only on the resolutions in getting 2 of Maxi's people on the BOD and to get rid of PD & DF, I have abstained on all the rest.

I do not believe the Farmin people would walk away they obviously like the asset and Im sure they do not wish to spend all this money because they think the Directors of PTR are top class oilmen anyway lets see what happens either I am right or wrong, maybe a bit like you when you were pronouncing that PTR were not having a placing a year or so ago!

RCT2. Yep you got me.:) Guys its just a laugh now anyway RCT" Have you sold out yet.

[rcturner2] 02/5/2014 08:13

Shame about the use of "it's" though, one thing a spellchecker can't help you with.

[dbarr0n] 02/5/2014 01:24

thetoon..
You are not in a position to slag anyone here..
You have admitted you have voted for the farm out and next you have voted against it.
Makes loads of sense, NOT.....

[thetoonarmy2] 02/5/2014 00:52

Dozy denis the apologist for this BOW. At least you have used your spellchecker this time.

[sun4summer] 01/5/2014 23:23

I will be there as well

[denis056] 01/5/2014 22:04

Who is heading to EGM more importantly. I will be there. Anyone else ?

[denis056] 01/5/2014 22:02

Steel I wouldn't call it censorship. More like filtration like they do in a sewage treatment plant in particular.

[denis056] 01/5/2014 21:59

Didn't think Natlata wud be silly enough to hire a loutish mouthpiece/blowhole from Newcastle to advance their noble cause. It's certainly not polished like its London PR outfit. It's ability to use spell check fails to disguise it's crassness. Jealousy is a terrible thing.

[seangwhite] 01/5/2014 16:20

Anyone in London planning a trip over to Dublin in the aftermath of DF and PD's visit to the Capital.

Vote should go the BODs way then all they have to do is drill a few wells and pump oil, it is so easy how can it fail.

GLTA

[sponduulix] 01/5/2014 14:18

DBG, I'm also on the distribution, but haven't been asked for my vote yet, I'm fine with the farm in, so no need to act. An interesting observation on Davy though, I was away over Easter and thought it prudent to place my Davy holding for sale at a high limit price. The total number of shares was 344k, funny thing was that a buy for the exact same total was placed on LSE 5 minutes later! Gets you thinking.