Petroneft Resources Share Discussion Threads

[chris cat] 27/6/2014 12:21

Production figure matters to me as it is another test of our BOD's honesty and ability to communicate. It may not be as relevant now as it has been in the past or will be in the future but it is still a key metric and perhaps an indication that despite an acknowledgement of past weaknesses and promises to improve - the leopard may never change its spots.

[rcturner2] 27/6/2014 11:24

I am. How did you guess?

[rich2006] 27/6/2014 11:23

Rct
Are You still out.
Hmmm

[solooiler] 27/6/2014 10:23

Surely 100 barrels here or there does not matter at the moment :0|. If they farm out then it will matter even less. Surely what matters is the barrels produced in 6 months or even 12 months

debt is lower than I thought :0). There was a nice bullish undertone to the RNS :0). I am happy :0)

[eric76] 27/6/2014 09:22

Would have to assume its down imo else it would have been front and centre on the rns.

[rcturner2] 27/6/2014 09:19

A quote from the 2013 finals "Current production is steady at 2,600 bopd."

No mention this year, unbelievable.

[rcturner2] 27/6/2014 09:17

sean that average is 6 months old, what has happened since, highly suspicious they have not stated current production.

[seangwhite] 27/6/2014 09:16

Well no surprises here today.Production average at 2400 bopd shows they can maintain output from current wells and demonstrates that drilling will not just stem any fall off in older wells but actually increase the numbers.Sign off is now said to be 'imminent' - a new phrase for being later than previously indicated.Looks like the next few months will be good for regular and proper news flow and hopefully a steady rerating in the share price GLTA

[woodpecker25] 27/6/2014 09:01

Current production is largely meaningless at this stage. Let's complete the farmout and get the drillbits working, then see where we are.

[spudders] 27/6/2014 08:50

Deal done by 7 July at the latest.

[rcturner2] 27/6/2014 08:40

Current production?

[spudders] 27/6/2014 08:37

Results out

[sun4summer] 26/6/2014 12:16

@Steelwatch

Thank you for correcting my misunderstanding.

So we should expect annual report either tomorrow or on Monday.

I do not expect any big surprise or positive news in the annual report. This is just my personal opinion.

[dbarr0n] 24/6/2014 17:21

Denis .. Correction
There is little difference in whether they sell on the domestic market or export market as there are transport fees and export taxes to be taken from the export price.
As a matter of fact Petroneft have done better by selling domestically for the most part and there is nothing stopping them from selling onto the export market, just at present it does not make financial sense to be swapping from domestic to export and back on a monthly basis.

[bmw30csl] 24/6/2014 13:57

Don, well said, these guys have made mistakes but aren't paid massive or shirking their responsibilities.

[steelwatch] 24/6/2014 13:26

Dbg - all funds available to the company are earmarked for developing production, so can't see a share buyback happening in the foreseeable.

[steelwatch] 24/6/2014 11:42

HALF-YEARLY REPORTS

18. An ESM company must prepare a half-yearly report in respect of the six month period from the end of the financial period for which financial information has been disclosed in its admission document and at least every subsequent six months thereafter (apart from the final period of six months preceding its accounting reference date for its annual audited accounts). All such reports must be notified without delay and in any event not later than three months after the end of the relevant period.

ANNUAL ACCOUNTS

19. An ESM company must publish annual audited accounts which must be sent to its shareholders without delay and in any event not later than six months after the end of the financial year to which they relate.

[rcturner2] 24/6/2014 11:39

They must publish final results no later than 6 months after the end of the financial year. The financial year ended Dec 13, so finals must be published by the 30th June 2014. This is a requirement of AIM and they will be suspended from AIM if they do not publish the finals by that date.

[sun4summer] 24/6/2014 11:32

I think the date for filings reports and accounts is not 30 June. It is 30 September since it is an Irish Registered Company. I think by 30 Sep 2014 they need to conduct the AGM. I would not be expecting the audit report before the Farm out deal is complete otherwise there could be going concern issue in the audit report as at 31 Dec 2013.

[steelwatch] 24/6/2014 09:33

What bothers me is whether a third party is "running interference" on the Regulatory approval process.

[rockin robin] 24/6/2014 08:12

Not the best start to a trading-day..