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[cfccfc1970] 19/8/2014 15:13

This is why they announced today:


crudde99
18 Aug'14 - 13:42 - 26391 of 26409 0 0


Read on Lse that T5 is indeed delayed...!!!! What a big surprise. Same old Ptr..??

Indeed - It forced their hand

[dbarr0n] 19/8/2014 14:45

Does anyone here think its a bit odd that they announced they will be restarting drilling in the next week rather than waiting till next week and announce that they have restarted ?.

It makes me wonder if we will be getting another announcement before the AGM ?.

[crudde99] 19/8/2014 12:54

Hmmmmmm..... wonder where Kev4 on the Lse board got his info from..???? Anyway lets "hope" for better days ahead..!!

[steelwatch] 19/8/2014 10:42

I am quite surprised that some are relieved to find OIL is involved via the joint operating committee. It is standard practice throughout the industry and was a given once the farm in was confirmed. PTR is still the operator, but all information is shared and discussed by the committee, in this case, of 2 partners.

[el1te] 19/8/2014 10:25

Appreciate that the past performance here has been sub-par, but think many of you are being overly harsh on Petroneft. If it takes an additional few weeks to get operations sorted for the next few months in a non-stop manner, with Oil India fully on board, then that is fine with me.

The previous debt situation was one that seems to have been extremely difficult to reverse once it began - that is a phase of Petroneft that is now sealed in the past, so I would rather judge the management on the next 6-12 months rather than during a period when a bad decision compounded numerous times over and when the junior oil and gas market was in an extremely poor state.

Even if you don't trust management, the presence of Oil India as an equal partner should provide comfort. Of course, just my take and I'm sure that some investors have the right to be sceptical.

El1te

[seangwhite] 19/8/2014 10:20

Well it Looks like thé dear old BOD is still clinging to its old RNS songsheet matrix.I agréé thé delay was already known to some but the reason was not and that still seems to be thé case.Thé share price has held up well considering this delay and also its a Russian based Company Lets hope it continues.GLTA

[carlo sartori] 19/8/2014 09:13

The only comfort I take from this morning's announcement is that OIL are INVOLVED in the operation and planning. Otherwise the RNS is the same as the past where the Board continually misses its own indicative timelines - now mid-Oct for results (60 days).

Davy rates the stock "outperform" and a valuation of 11.3p. Right now I'd take it!!

Carlo

[danny111] 19/8/2014 09:07

We already knew the company was debt free on July 4th, so the only 'news' is that the drilling has not yet started! No explanation of why there has been a delay, so assume it was yet again down to their incompetence! We should be looking forward to the result of drilling next week, not the commencement, if they had started when they had said they would. Of course, some already knew of the delay hence the fall in the sp, which again is par for the course with this company. It beggars belief that DF can say 'I'm delighted..' and the company is 'pleased to announce...' when actually they are just announcing a delay and another drop in production. This really is a frustrating investment!

[rockin robin] 19/8/2014 08:59

About time PTR updated the Mkt!!At least it seems they've had talks with Oil and at least now there should be a detailed P L A N - which they both agree on. Hurray!!!The TWO crews employed to drill should really help the time-scales.Don't leave it so long next time - simples.

[seangwhite] 19/8/2014 08:37

Best bit of news is that OIL is involved in the detailsof how PTR proceed with 61.The few months wait for T 5 results gives us time to dream of a 10p share price for Xmas.A relief that PTR is now debt free and the boys can now try and raise the company outlook with the remaining I.I.s (except Nats of course) without being laughed at.Davy should update soon.GLTA

[currypasty] 19/8/2014 07:59

great news, should be 10p

[spudders] 19/8/2014 07:21

Well done Kev4 LSE,I'm of to eat some humble pie.

[ravin146] 19/8/2014 07:14

Looks like it was all true...basically there was a delay and they created a joint venture group (told you guys Oil would want to be on some sort of board)...nothing new so don't expect any upside...just annoyed investors!

[seangwhite] 18/8/2014 22:01

RavAnotherThe share price holding up bodes wellGLTA

[ravin146] 18/8/2014 20:49

Seangate was your source earlier the lse website/Kev or another?

[spudders] 18/8/2014 16:24

RCT - not as yet but I will ASAP, too much going on at the mo but cheers for the heads up :)

[rcturner2] 18/8/2014 15:54

spudders, did you form a view on Tristel (TSTL)?

[spudders] 18/8/2014 15:52

Not sure that info on LSE posted by Kev4 is genuine. If he spoke to a director and the information was not price sensitive then he should name him, all seems a bit suspect to me bwdik. Tomorrow we will all know apparently. Back to sleep zzzzzz

[crudde99] 18/8/2014 13:42

Read on Lse that T5 is indeed delayed...!!!! What a big surprise. Same old Ptr..??

[ravin146] 17/8/2014 21:12

Steel...not suggesting to that extent...that's natlata job! As you suggest, if it was a case of a strategy change, surely they would put two or more directors on the board. They have just invested $85m into a company that doesn't have the best track record, any signs of that again they would want to make sure the money is spent correctly when a strategy is changed from that was look at during farmout agreement...no? Gla

[steelwatch] 16/8/2014 17:31

Ravin - the point of T 5 is to determine whether or not to develop Tungolskoye and which way to drill if they do, I.e. vertical or horizontal. No big deal if they decide to accelerate Sibkrayevskaye instead, and OIL are fully conversant with the strategy, so won't start flinging toys out of the pram as you suggest.

[ravin146] 16/8/2014 15:19

Same old same old! If this well result is poor, in addition to the so called 'delay' the board should start to worry at the agm as natlata will be on their case. I will be suprised, if oil don't step into the board, under their clause in their farm out. Gla

[seangwhite] 16/8/2014 13:14

Well Spudders the 3% would only cost approximately a bar present and I for one hope it would be a far more expensive purchase in 2015.The BOD have gone back to their old ways of being very slow with news I had hoped the influence of Natlata and new farm in partner would shake them up.GLTA

[spudders] 16/8/2014 12:49

Base, that could take a while with the amount of shares issued. I will run out of available cash before then :( at least they are all paid for and no leverage.

Not long before we get a North wind to blow us out the doldrums :)