Petroneft Resources Share Discussion Threads

[dbarr0n] 17/7/2014 10:10

I said this before and I will say it again. There will be an AGM on the 29th of August, if you are a shareholder you should vote and attend if not don't be moaning about how the company is run..

[thetoonarmy2] 17/7/2014 10:08

Are you for real Dbarron oil were not happy this BOW put that in to try and guarantee own positions well if oil India want to run this Co great better than these pillocks have done. Mind you are you an ex Director I believe so obviously your mates then?
I am well aware what is and isn't standard practise, my question is would you really want to give these guys the ability to issue shares? Certainly not. I am a shareholder in another Co on Aim and we stopped directors over a year ago issuing any shares and that share has since more than trebled in price by restricting them issuing shares to the mates and Co brokers mates at 5p as we have seen in the past with PTR.
We need a concerted effort to stop any proposal to issue more shares these Directors cannot be trusted to do so in all shareholders interests. I.M. Opinion of course and I respect others different views but please give valid reasons why you want to support these people they have made a total horlicks of PTR in the past what makes you think they can do better now.

This price has steadily declined over the last number of years with several badly done placings and you will remember this Dbarron as you made comments about how no placing was happening and lo and behold a placing happened, I was in that placing and saw your comments at the time I now hold a substantial amount of PTR and am in profit but we could have a much bigger profit with the right management or preferably a complete takeover unfortunately some on here seem to have fallen in love with the share not recognising the actual performance. Now guys do your own research and make your own minds up and I'm sure after the AGM we will all be arguing on which is the right way for this company. Good luck back to watching the Golf.

[j284] 17/7/2014 10:01

Dbarron, I know it was oilindia that required it, I made the point at the EGM that I felt it was totally unacceptable of the board to allow those clauses in the deal. To me it reflects a board too focused on self preservation and self interest. Can you or the board honestly say that if one non exec had got voted off then the deal should have been terminated, would that have been in the best interest of the company? Certainly not. The board have a responsibility to act in the company's best interest at all times, I don't think that clause adhered to that requirement. DF made the point to me at the EGM that oilindia required that clause, I responded by saying I suspect the board didn't negotiate too hard in that point. My opinion is that there needs to be material change to the board, their track record is not good enough to give me complete confidence in their ability.

[dbarr0n] 17/7/2014 09:36

J284...
It was OIL that insisted that the current board remain, They have the right to take over operations if there is any major change of the directors in the first three years. Put simply, OIL are happy with the current board and did not want Natlata or anyone else running operations.

The toon...
It is standard practice to have unissued shares in a company.
In the event of a placing the board can issue shares up to and equal to 10% of the issued number so approx 70 million shares without holding an EGM above this they would need shareholder approval.

[seangwhite] 17/7/2014 09:27

If Natlata want to rattle the BODs cage I think now is the time to do it.The votes at the EGM were cast for the farm out deal and the BOD were supported for this and not because of their own performance.PD and DF are tainted by the the company's performance over the last few years and should really be moved aside.Anyone wanting to take control would not have to pay much to secure support at present.Lets hope T5 comes good and we can all then sell up to Natlata or whoever!GLTA

[thetoonarmy2] 17/7/2014 08:54

Dbarron. Even Natlatla voted for the oil India deal, what no one wanted at the time was to upset the apple cart now it's different, let's vote against this bunch of clowns and have a concerted effort to get rid of them. We cannot honestly allow them the ability to issue 200 million new shares,are you really suggesting they should be allowed this? If so what justification can you give to allow these overpaid monkeys to issue this ridiculous amount of shares.

[steelwatch] 17/7/2014 08:49

man1 - as per the Annual Report:

Tungolskoye No. 5, which is planned to spud in July 2014

we expect to commence drilling again
at Arbuzovskoye Pad 1 in the fourth quarter
of 2014, once the Tungolskoye No. 5 well
is completed

Sibkrayevskoye....It is our intention, subject to final agreement
of the location with Oil India to drill the well
in Q1 of 2015. We also plan to acquire
additional high resolution 2D seismic data
over the Sibkrayevskoye field in the winter
of 2014/2015.

Nothing out of kilter so far.

[man1] 17/7/2014 08:33

The BOD were supported at the EGM as there was a undertone of major deal with oil , improved communication with shareholders and realising value in the Shareprice . Since then we have had poor communication omitting bopd has dropped further , making any first drill just bringing us back to status quo. We have had stated all equipment already bought n paid for with placingMoney , yet it's taken over 2 month to start drilling . After Nat got stung over the last placing I'm sure they will be working hard to stop the bod been given the authority to issue more shares without a EGM . If share price was 8-9 p I may have thought differently , but it ain't .

[spudders] 17/7/2014 07:40

Fall not company specific, more to do with US sanctions. All Russian stocks are cheap.

[j284] 17/7/2014 06:35

Sorry Dbarron I agree whole heartedly with toon. The board very conveniently structured the deal so that if any of them were voted off the deal was off, appalling and indefensible in my view. Now is very different, the deal is done and the board should be supported or not based on their ability and performance.

[dbarr0n] 17/7/2014 00:29

Just two months ago we all got the chance to vote and 810 out of 850 shareholders that voted supported the Board and their recommendations and rejected Natlatas proposals.
Besides Natlatas biased vote there were less than 3% of the votes cast were in favor of getting rid of any of the board members.
Get a grip lads, they won the vote two months ago and we are now debt free.
Who is going to vote against them this time round ?. Natlata again ?.

[thetoonarmy2] 16/7/2014 23:50

We must get a movement going to vote down this BOD ability to issue more shares in fact we must start voting these idiots out so they cannot continue to devastate this company, hoping Maxi comes back or the Indians make a complete bid for the company I'm sure maxi will not be voting for these clowns having the ability to issue new shares.

[ravin146] 16/7/2014 20:08

Very little trades since beginning of July and this is falling for what reason. That's 6.4 to 5.8 any further and management must explain....over reaction by shareholder on this movement, yes maybe, but with this stocks history, have to question everything!

[denis black gold] 16/7/2014 13:59

Is it really a big surprise to see the share price slump..... Good old DF wants 200,000,000 more shares to dilute the share price even further...!!!! OH and we all know that he likes to issue them at or around the sub 5p mark....!!! PLONKER..... This incompetent needs to go and should be gone a very long time ago... There will be a re rating here, but alas not a positive one..... Do people not realise that there are more than double the amount of shares issued now than there was a few years ago and with 50% of L61 sold....... A very long road ahead... Why would you buy shares in a Co. when its own well paid directors in recent times wouldn't touch them with a barge pole and that in it's self speaks volumes....

[rockin robin] 16/7/2014 12:45

Starting to look... hmm....what's the word...CHEAP!!$85 million investment from OIL INDIA...debt free..drilling program about to start....and the price wallows.MAdneSsSome will just be tucking a few away, here & there, at these prices..

[seangwhite] 15/7/2014 22:27

RavinWhat you state is obvious and so correct but the BOD wanting the mandate to issue more shares is a measure of their lousy communication with shareholders. If the BOD had given a reasonable explanation of why they wanted the option we could at least have a chance to discuss and vote on it at the AGM.My view of the board makes for me to albeit reluctantly vote no as this sort of crass communication has been a hallmark of PTR for far too long.Oil India need to take PD & DF aside and tell them to smarten up in the news flow area ASAP!GLTA

[ravin146] 15/7/2014 20:49

One thing to note since this farmout completion, yes BoD have not really changed, but they are now on guard by the large oil company. This company basically is investing c$85m in a company which after high expectations ran dry of oil in the past... Oil India must have done some analysis of this area and found potential, it would be nice that they release some of this along with the '3d' analysis they will carry out or maybe they have already done it. Time will tell and as always the drill will so the talking now not the debt nor the bod's..gdla t-5 must be positive news simples

[spudders] 15/7/2014 13:44

RR, don't worry this will come good, it's all down to your timeframe. I still have many AMER from sub 4p :))) Keep the faith.

[rockin robin] 15/7/2014 12:38

S, 'Should have dropped your pile on VOG... ...5 months agoUp 60% now. From 1p days.Just shows though, they have had The hard times, now having some success. Directors were accused of every crime known to Man. Doesn't take much in this mkt to turn sentiment around. Now flying...:)

[spudders] 15/7/2014 10:37

Well I added a few more this morning. Still easy to buy 750k on L2 at a discount, I can only assume there is an overhang. Putting my head on the block, double digits by new year ;)