Petroneft Resources Share Discussion Threads

[steelwatch] 28/8/2014 10:56

sean - the OIL finance is restricted to Licence 61. OIL has
apparently expressed interest in future JV's with PTR who would
look pretty silly if they could not come up with the necessary.

Toon - already said I can't go.

[rockin robin] 28/8/2014 10:55

Jez folks - any chance you could stop whining and whinging???The 2008 Market killed PTR, as it has done, with hundreds & hundreds of other Companies.Staying solvent, burning cash and in a decreasing market with over-supply it's been impossible to sustain the Business. Simples.Banks have gone. Institutions have gone. Even Countries have struggled. PTR have survived...Give the BOD a f' chance. Farm out. Debt free and money the drill. Huge potential and a decent reward for targets.There's a long road ahead.There's still plenty of Companies out there without a prayer, & just waiting for inevitable closure. PTR ain't one of them. Lighten up...& just buy some shares at these rock-bottom prices.Laterz...

[dbarr0n] 28/8/2014 10:52

oilbiz..
1. Natlata did not offer most of the other significant shareholders
to nominate their candidates for the board.

2. If Natlata wanted to take over the company they would have paid
a lot more than 2.6 - 3 p, they would have paid 10p maybe more.
In my opinion they wanted control on the cheap.

3. Natlata tried their best to f..k the deal up but they failed, so
the answer is NO.

[dbarr0n] 28/8/2014 10:42

toon .. You make me laugh.. you call me a fool ?. I have read all
your posts and you would win a prize and it wouldn't be for logical
or informed input.
And you have to ask what V4P stands for... lol lol

[jimbim] 28/8/2014 09:45

PTR more and more reminds me VOG with mr.,Foo.А lot of
promises and excuses.

[dubhgeannain] 28/8/2014 07:12

v4p = Value for Petroneft i.e. Natlata. Wondering is they are
responsible for the large volume trades on August 26th.

[dbarr0n] 27/8/2014 23:50

steel ...
They are still licking their wounds from the vote against them
lol.
They were made look like fools, though that was not hard.

[steelwatch] 27/8/2014 23:42

v4p stirring pre-AGM? Wot, no tweets?

[j284] 27/8/2014 20:58

I couldn't agree more toon. I can't believe how relaxed so many PIs appear to be with a badly performing board costing them money through woeful ability and performance.

[dubhgeannain] 27/8/2014 18:02

Two large trades 1.8 million each have shown up as executed
yesterday.

[crudde99] 27/8/2014 17:32

Well to be honest the current board have been running this Co. for
a number of years now, and what have they really achieved apart
from running the share price into they ground....???? You cant argue against
the 5.9p share price as it answers all questions, does it not..??

[j284] 27/8/2014 17:20

Dbarron, you are obviously incredibly supportive of the current board, do you honestly believe that the company couldn't have been managed better over the last two years and that some change wouldn't have the potential to improve the position?I'm staggered that more are not concerned about the board's continued mediocre at best performance.

[dbarr0n] 27/8/2014 16:26

oilbiz...

As I said, they can only place 70.72 million shares without holding
an EGM and that's presuming the resolutions are passed at the
AGM.

Virtually every company out there has good head room regarding un
issued share capital why should Petroneft be any different ?.

And by the way, the directors have been elected by us to run the
company and despite a certain shareholder recently trying to cause
trouble and bully their way onto the board ( in my opinion were
trying to take over the company for their own benefit ) the current
Directors remained in place.

In my opinion that vote said it all, so now let them run the
company..

[oilbiz] 27/8/2014 15:28

DbarrOn,

The notice says to increase the authorised share capital from 800m
to 1b shares (res 6).

Disapplying the pre-emption rights means ability to place shares
without giving existing shareholders a chance to buy them.

In any case, it's not about the numbers but the approach. Unless
other shareholders show up at the AGM or vote online, like in the
past you'll have seven shareholders=directors granting themselves
the right to dilute everyone although it takes as short as 23 days
to give all shareholders a chance to have a say. If the guys can't
plan finances for at least a couple of months in advance, they
shouldn't be managing this company. If capital increase/dilution is
justified they will get the support when needed.

The BOD have been given another chance recently but don't seem to
have learnt the lesson: continued delays, still poor communication,
questionable AGM resolutions. I really hope the drilling delay will
help them to drill a better well. Looking at the market reaction
over the last few months in spite of all the positive news, it's
obvious the investors are looking for achievements, not just
developments.

[j284] 27/8/2014 14:05

Anyone going to the AGM? Can't wait to hear the rambling excuses from the board. Must confess I'm still struggling to understand Oil India's fundamental requirement to keep the board intact. DF was so confident at the EGM of performance by the time of the AGM. Apologies, I know it's Russia, not the fantastic and essential board's fault, just have to wait a bit longer.

[dbarr0n] 27/8/2014 11:42

oilbiz..

They are seeking to increase the authorized share capital by 200
million shares they currently have an authorized share capital of
800 million shares of which 707,245,906 are in issue.

I stand to be corrected but as I read it they can only issue an
amount up to or equal to 10% of the issued share capital so 70.72
million, anything above that would need shareholder approval at an
EGM.

[rockin robin] 27/8/2014 10:12

PTR on the Irish Exchange is still holding it's 23% gain from yesterday....

[el1te] 27/8/2014 08:45

Well, from there point of view they are a management team. Of
course they would like the flexibility of being able to place
shares to (potentially new) holders without having to bother with
calling an EGM, most of which go through anyway.

They are hardly trying to brush it under the rug - resolutions are
what an AGM is for, so from their perspective, it will almost
certainly be that if you don't like it, then reject it. No harm
done and that is the proper process.

As Steelwatch says though, I'm comfortable that this is just
headroom, and I did find it interesting that they may be looking to
expand the relationship with Oil India if the Russian venture gets
off to a good start. Of course, you can always contact management
if you are bothered by the resolution and seek comfirmation about
their intentions, but hardly bothers me - most small cap placings
don't carry an open offer component anyway (at the moment)!

Best,
El1te

[oilbiz] 27/8/2014 08:16

Ant15 you are right but 2 extra days mean nothing. My point was the
board are about to get a carte blanche for 20% dilution. Looking at
the past the only shareholders who are likely to vote on this are
the board members, unless we interfere. If another dilution is
designed to grow value - fine, if to cover up management f..ups -?

[ant15] 27/8/2014 01:38

oilbiz I think you will find its 21 plus 2 for postage a total of
23 days when we have previously issued but I stand to be corrected.