Petroneft Resources Share Discussion Threads

[rockin robin] 11/5/2014 07:17

Think he's just saying...We don't own enough shares to have enough sway to influence any actual boardroom control atm...but should the opportunity arise that they can cheaply do that, they'd greedily buy 'like crazy' everything they can, to make it so.Personally think this'll drift away now, and they don't stand a chance.6p 'debt-free, drill-money at the ready, huge potential & reserves, 7500 bopd target production for $5m bonus' bargain anyone?

[jasper2712] 10/5/2014 21:35

Seems a bit odd to say he will support the company when it starts to fail again.
He had ample opportunity to increase his shareholding on the run up to the EGM but failed to do so even when it must have been obvious that the farm in he voted for was done and dusted. I think he speaks with a forked tongue.

[eric76] 10/5/2014 11:16

"Our general purpose is to increase value for shareholders in this company," Mr Korobov said

Thats good news, as is the farmout being approved obviously but having an activist large shareholder determined to add value for holders will make for a very motivated board going forward imo.

[oilretire] 10/5/2014 07:45

Ok, so from the holding RNS's Natlata last known to be buying between 17th & 22nd Jan where the price was in the range of 4.7-5.2pps.

Happy to buy there without the farm in/funding sorted. I'd like to think they would buy a bit higher now especially if they don't see quick progress?

[seangwhite] 10/5/2014 01:52

Let's be real if the BOD needs more input costs will rise.A sensible move would be for certain directors to be stood down and replaced by suitably qualified people Let's hope DF &PD take this awayGLTA

[carlo sartori] 09/5/2014 23:22

Agree 100%

[j284] 09/5/2014 22:41

I'm glad the board are aware of some of their historic failings. I believe today's result was a good outcome. Like all pi's I don't want to see natlata exploit a situation to my detriment, I don't blame them or dislike them though. If a situation has been created that has allowed a party to potentially make a significant gain at the expense of others that is the board's fault not natlata's. Natlata are not a charity, none of us are, we are all trying to maximise our gain, it is not their fault if they are better equipped and more capable. Personally, and I know many will disagree with me, at the moment I'm not unhappy that they are there. The board appear to need additional persuasion to improve their performance. I am no geologist so DF's lengthy explanation of why there had been historic issues and why lessons had been learned appeared plausible but others will be able to provide a more valuable critique of his presentation than me. Given the past issues, whatever the excuses, it is logical to require some additional senior input, not change for change's sake but new input that has the required skill set, I hope natlata can provide this in some form. They deserve to be consulted given the scale of their investment.

[carlo sartori] 09/5/2014 21:03

Hi J284, thanks for your contribution at the meeting today, I thought you made your points excellently and certainly turned the heat up on the Board - in a balanced manner - which needed to happen, lest they think that the shareholders considered their performance acceptable. Bottom line in my business is that if you screw up to many times you lose your job!

I spoke with some of them over a sandwich at the break and I did get the sense that they are well aware of their past "mistakes". To be honest in my opinion their greatest sin is ATROCIOUS communication with their shareholders and "watery", inconsistent RNS's. I articulated as much to them, and there was at least an acknowledgement and appreciation of the points made with a "must do better" take-away from the discussion, lets see!

I agree with your thoughts on Natlata and I think it is in everyone's interest to work together and move the share price northwards. I have little doubt but Natlata will "keep tabs" on the Board and ensure that they have shoulders to the wheel as we move forward.

Regards and good luck with your investment.

Carlo.

[j284] 09/5/2014 17:46

Carlo, i'm toon's pal, sorry I didn't hang around too long after the main event, it would have been good to meet you. From my perspective as you heard today the board needs to improve. Natlata may have in part their own agenda but they are no fools, they have every reason to want to see the company move forward positively. If I had their amount of money invested, had their knowledge and skillset combined with the company and board's performance I would have acted the same as them. Now today is over and the situation is clarified the board need to work closely with them, I believe that will benefit us all.

[steelwatch] 09/5/2014 17:23

oilretire - I must confess, having voted against Natlata's proposals which cost me a fee on 2 accounts, when the second farm out EGM came through, I decided to save myself 2 further fees into my cheapskate broker's pocket having read it that Natlata would not oppose. I suspect others did the same, or maybe thought one proxy covered all.

[oilretire] 09/5/2014 17:15

Did Natlata vote for the farm in after all???

There's ~100M shares not cast between the two EGM's

[denis black gold] 09/5/2014 17:12

That's 2 more hurdles now in the rear mirror, so lets hope its onwards and upwards from mow on..!!!

[rcturner2] 09/5/2014 17:10

If toon was 4/5m then it looks like it was him and Natlata on their own!

[steelwatch] 09/5/2014 17:00

Just for the record, it seems that, despite all the "noise" on here, Natlata did not muster much support.

[steelwatch] 09/5/2014 16:51

cheers carlo.

[carlo sartori] 09/5/2014 16:34

No, not that I am aware of.

Maxim Korobov and Pavel Tetyakov were present. Pavel stood up and introduced himself (looks about 20, even though 34). He said that Natlata were supportive of the Farm-in with OIL but felt strongly that the composition of the Board should be changed. When introducing the resolution David Golder requested the proposed Natlata Board members to make themselves known if present but none were except for Pavel.

[carlo sartori] 09/5/2014 16:34

No, not that I am aware of.

Maxim Korobov and Pavel Tetyakov were present. Pavel stood up and introduced himself (looks about 20, even though 34). He said that Natlata were supportive of the Farm-in with OIL but felt strongly that the composition of the Board should be changed. When introducing the resolution David Golder requested the proposed Natlata Board members to make themselves known if present but none were except for Pavel.

[maryhopkins] 09/5/2014 16:30

Natlata CRUSHED! Should see share price advance now that the RUSSIAN GANGSTERS have been dealt with!

[oilretire] 09/5/2014 16:28

Well they voted for the farm in, so I guess they will stick around & cosy up to OIL & at the same time continue to pressure the board?

And since they didn't get it all their own way today, a formal offer?

[mortimer7] 09/5/2014 16:25

I guess the main question for the short term now is how will Natlata react in terms of their shareholding.

[steelwatch] 09/5/2014 16:14

Carlo - did a representative from OIL attend?

[carlo sartori] 09/5/2014 16:05

Hi thetoonarmy2,

Your buddy did attend and acquitted himself very well. I looked for him at the tea and sandwiches break at 1.00pm, while awaiting the results of the Natlata resoltions but couldn't find him! - I'd estimate that there were around 100 people in the room. He articulated his concerns VERY well and I think such challenges as he put to the Board will help to keep everyone "on their toes"

Well done to your buddy from me!

Carlo

[steelwatch] 09/5/2014 16:03

toon - Didn't need to, LOL.