Petroneft Resources Share Discussion Threads

[man1] 15/7/2014 08:56

I hope our major shareholders. Vote out the special resolutions as I disagree with it's requirement . If a deal is worth having it will wait for an Egm . The share price is partly where it is because of the inability of the board to deliver . Then they go and get themselves a tie in for another three years , now they want to be able to do what they want after getting shareholders to approve a bland resolution without shareholder having a say . Vote against the resolution and you restrict the board ,having to communicate with shareholders before spending . Approve the resolution and you give the board free reign to raise money at whatever discount they see fit . Shareholders can't complain about the BOD then give them a blank cheque book .

[dbarr0n] 15/7/2014 01:01

carlo..
As things stand they don't, but most companies will have authorised but unissued shares.
If they did need to raise cash or offer shares to do a deal it saves them having to hold an EGM first, they would most likely still have to hold one but it could be done after the event.
Some deals just don't wait around a month for you to call an EGM.

[carlo sartori] 14/7/2014 23:53

Given that OIL are funding all drilling and field-work for th enext 2 years (or thereabouts) WHY would they need to increase the headroom at this stage?

[el1te] 14/7/2014 16:59

Yes steelwatch is right, it's standard practice. All companies need headroom on that front, so seek dilution permission in case it's required. After all, if you suddenly need a pile of cash, you don't want to have to be calling an EGM etc. It in no way means that 200 million shares will be issued straight away or indeed for the foreseeable future

El1te

[steelwatch] 14/7/2014 16:44

Just increasing head room, but does not mean those extra shares are to be issued.

[rockin robin] 14/7/2014 16:41

The authorised capital of a company (sometimes referred to as the authorised share capital, registered capital or nominal capital, particularly in the United States) is the maximum amount of share capital that the company is authorised by its constitutional documents to issue (allocate) to shareholders. Part of the authorised capital can (and frequently does) remain unissued. This number can be changed by shareholders' approval. The part of the authorised capital which has been issued to shareholders is referred to as the issued share capital of the company.

[rockin robin] 14/7/2014 15:49

It means the scope of the range of the issued share capital could be increased from A to B if needed.

[denis black gold] 14/7/2014 15:08

Am I reading it correct that there is yet another 200,000,000 new shares to be issued... ???

[thetoonarmy2] 14/7/2014 10:04

Wonder if Maxi will attend this time? Hope so as it will show serious intent on either doing an agreed deal with Oil India or just trying to get rid of this BOD !

[purplebox] 14/7/2014 07:42

When is the AGM?

[seangwhite] 13/7/2014 14:53

Spud is due on T5 in next week or soI doubt the news will do much for the share price buy hope the final drill results will.GLTA

[solooiler] 13/7/2014 14:12

Spud must be any day now :0). It could spark the share price back to life :0)

[rockin robin] 11/7/2014 09:11

Manipulated trades - going through.

[seangwhite] 10/7/2014 22:59

Thanks Steel for that info.Lets see how the BOD handle the upcoming RNSs - should not be hard to improve on the sloppy/opaque ones of the past. PD will need help in this particular area, lets hope Natlata have an input to try and improve his skill level.GLTA

[steelwatch] 10/7/2014 22:30

T5 is, in effect, 2 wells:

• Drill, core and test T-5 vertical segment.
• Drill horizontal segment, complete and test.

Whether or not there will be separate announcements for each test result remains to be seen sean.

[seangwhite] 10/7/2014 21:23

RAVThe RNS on 4th July stated that the T5 is to spud this month with a sixty day period (longer than previous drills as its their first horizontal well).Any bit of good news and this could lead to PTRs share price finally getting a move upwards - assuming the results are decent.GLTA

[ravin146] 10/7/2014 16:52

Sean doubt it...looks like a loong wait over summer is needed, as RNS quotes results in 'coming months'...60 days to drill t-5...rxp and lgo are stories we need to look up to.

[seangwhite] 10/7/2014 09:37

I wonder will we get news on spudding T5 in the next week.PTR one of the few 'Celtic based' minnow E&PS to actually be in a position with funding in place to drill at the present.Davy and Co will no doubt give a good write up when T5 gets going.GLTA

[rockin robin] 10/7/2014 08:13

She's gonna blow..

[seangwhite] 09/7/2014 19:25

Lets see what this latest drill brings for PTRs SP, at least we are now out of the long wait for a farm out.Pity the poor holders of PVR who have been promised so much for so long and reduced to so little!Thr way its going maybe PTR could buy AEY with a share amalgamation type deal!GLTA

[dbarr0n] 09/7/2014 19:00

Steel its because the reservoirs in the current fields on licence 61 are in the upper Jurassic and can be identified and mapped using 2D seismic reflections from the Bazhenov Formation.
3D is more beneficial when there is more than one reservoir or when drilling horizontal wells.

[steelwatch] 09/7/2014 14:42

Just googled the subject and came up with this:



Could explain, but I am sure the science is advancing continuously.

[steelwatch] 09/7/2014 14:06

3D is a more expensive process and I'm sure I read somewhere that DF said something to the effect that it wouldn't necessarily be effective in some areas of Licence 61, but I could be wrong on that. My memory may be playing tricks on me, but, if he said it, then it was several years ago.