Petroneft Resources Share Discussion Threads

[seangwhite] 26/5/2015 16:51

Danny

You are correct 67 is still with Arawak having a 50% interest.I was confusing this with the recent repayment of the Arawak loan.
Still my money is on some entity (like OI or ONGC ) making a bid for the company in the not too distant future. I cannot see many of the larger holders turning down an offer thats anything like a decent premium to the 5p level.

VGLTA

[granto2] 26/5/2015 16:36

Steelwatch, does it take 6 months ? They never even gave us an indication if they were pleased or not.

[steelwatch] 26/5/2015 15:34

granto - "The reserves calculation for the two fields based on the 3D seismic data is being prepared for submittal and approval at the Russian State Reserves Committee in Moscow"

If they have it in time to release ahead of the prelims or not remains to be seen, but out of their hands until the Committee's decision.

[granto2] 26/5/2015 14:33

license 67, we were told that all the seismic was completed late last year, with initial reportage ready in autumn, and more detailed findings ready in late 2014, and here we are in the summer of 2015 and there is nothing being released.

[danny111] 26/5/2015 14:14

I'm surprised to see comments about OI in respect to Licence 67, as unless I'm mistaken, that field has been part of a 50/50 jv with Arawak since 2010, with PTR as operator.

[granto2] 26/5/2015 13:55

Ok I emailed them several questions. I have tried this before without success. Good lord would they not spend £100k on some PR. a new fresh website, a marketing consultant, it just a little exhausted. Yet progress is being made on the ground.

[crudde99] 26/5/2015 13:34

Such a pity that after waiting months for news some investors still feel that latest rns lacked expected detail. I mean why should any shareholder post rns feel the need to e.mail the Co. "they part own" for yet more detail, or are we just asking questions that the Co. are still not in a position to answer..?? Anyway lets pray that we do not (as is the norm) fall back once again post rns to the usual 4p share price GL2A

[seangwhite] 26/5/2015 12:59

Granto

The questions you raise are valid and if you really want answers why not try emailing the Company to see how responsive they can be.
The lack of detail in the RNSs has always been a niggle to me and many others on this BB.
A JV on license 67 with O.I. would make sense if the two parties are getting along on 61 but at this time there is not enough data on the 67 reserves to get a decent price for it. PTR are not now strapped for cash as was the case in the last few years so I tnink it is better to wait and see what the latest seismics and any further trials bring. If 67 seismics can increase reserves on that license then we can hopefully look forward to the PTR getting a valuation boost.

Directors buying a few shares would also help as they cannot still be in a closed period!.

VGLTA

[granto2] 26/5/2015 10:50

don777, ha ha, I don't think any long tremors like myself feel we were clever.

[granto2] 26/5/2015 09:51

Speaking of License 67, where are the end of year 2014 3D seismic results? Not a word about them. Now 6 months later. anyone know why we do 3d seismic on license 67 and 2D on license 61.

[granto2] 26/5/2015 09:31

I would like to know if T-5 is pumping again on the pump or natural flow, the RNS did not say which. Also why the production figure was 1950 if T-% is back up and running?. I wold also like to know how much money we are spending of that $45m farm out cash. I would also like more details on all the 3D and 2D surveys. It would be nice to see the website updated, as some sections are discussing plans for 2013 ( which has passed in case the BoD have not noticed). I am happy with there BoD but not happy with the way the communicate with shareholders. I don't see them buying more licenses, indeed I see Oil India doing a JV on license 67.

[ravin146] 26/5/2015 06:02

Profitable 2 licenses I question that as that is dependant on oil selling price...

[seangwhite] 25/5/2015 22:20

SpuddersWhy would PTR buy another license when they have more than enough to do in getting the two they already have to be seen to be actually producing profitabley.If one looks at how long its taken PTR to where they are now in Siberia (SP not far from its all time lows) another license is needed like a hole in the head!VGLTA

[spudders] 25/5/2015 18:15

Could we be in a position to buy a license, Tadtech seemed to know when the auctions were. I'm going to see what I can find over the next week.

[ravin146] 24/5/2015 22:09

Great find, missed that.Minnow ptr being bought out like imperial ...or natlata stake being bought out...can't see it but can always dream!

[seangwhite] 24/5/2015 10:07

Well done cfc good find.Do you think this might be Natlata's exit strategy?VGLTA

[cfccfc1970] 24/5/2015 08:40

India ready to invest more in oil exploration in Siberia

May 22, 2015 Konstantin Zhegalov, RIR

Indian companies plan to increase their investment in a bid to expand their presence in the oil and gas sector in western Siberia’s Tomsk Region. Such investments would also revive the local economy and restore services.
Indian public and private companies are considering investments in various oil and gas production sites in the Tomsk region of Siberia, Pundi Srinivasan Raghavan, India’s Ambassador to Russia, told Tomsk information agency NIA Tomsk.

“Today we are considering all possibilities of cooperation. This includes investments in production facilities, cooperation in the field of liquefied natural gas, medium and large projects, said Raghavan. “ONGC (Oil & Natural Gas Corporation), which has bought Imperial Energy, is currently in talks with Gazprom and Rosneft to expand cooperation. Another of our companies, Oil India Limited (OIL), which has also made investments in the Tomsk region, is interested in expanding the investment. Of course, if there are still some opportunities in the Tomsk region, our companies will be happy to use them, especially becThe Indian government fully supports the efforts of Indian companies to gain resources in the oil and gas sector, because India is seeking energy security for development, Raghavan said.

During their meeting in New Delhi in December 2014, Indian Prime Minister Narendra Modi told Russian President Vladimir Putin that India was interested in a significant expansion of its cooperation with Russia in the field of hydrocarbons. “Russia is a superpower in this area, while there is a huge lack of this resource in India. And that is why we are interested in long-term strategic partnership with Russia in the field of hydrocarbons,” Raghavan said.

The Imperial Energy Group is now part of the Indian state corporation ONGC Videsh Limited (OVL). Imperial Energy is a group of independent companies operating in the Tomsk region. It includes two oil and gas companies (LLC ‘Nord Imperial’ and LLC ‘Allianceneftegaz’) and service companies (LLC ‘Rus Imperial Group’ and ‘Imperial Frac Services,’ 50% of assets of which belong to Imperial Energy, and others.).

The Irish company PetroNeft transferred 50% of its stake in Tungolsky license №61 in the Alexandrovky part of Tomsk to Oil India in July 2014, for exploration and production of oil. Petroneft owns two licenses for oil and gas sites in the Tomsk region and operates in Russia through the subsidiary LLC ‘Stimulus-T217;.

Under terms of the acquisition of assets agreement with Petroneft in Tomsk, OIL has allocated $45 million for the development of ‘Stimulus-T217;.
ause they are already present there,” Raghavan said.
The Tomsk region has a significant number of mineral resource users, including several with foreign capital (from Sweden, Germany, Australia and Kazakhstan), which are experiencing difficulties in fulfilling license agreements, because of lack of investment. Their assets may be of interest to Indian investors.

Among these companies are JSC ‘Tomko’, LLC ‘Svepko’, LLC ‘Petrogrand217;, LLC ‘Tomsk oil and gas company’, LLC ‘Sibir Petroleum’, and LLC ‘Tomskgeoneftegaz’. All of these companies have stopped drilling activity in the last few years.

All small subsoil users of the Tomsk region are experiencing financial problems. These problems affect not only the local and regional budgets, but also the capital-intensive services market, which is stagnating.

[seangwhite] 23/5/2015 12:16

The key to rising production is the planned 1000m horizontal wells on Tungolsky. T5 was the first trial of a horizontal well by PTR and flowed at 500 bopd from a 300m length so hopefully the longer wells will flow at some multiple of this.It is not hard to see that with only a small number of these hhorizontak wells output could be over 4k by year end.Finance and infrastructure is in place albeit at a high cost to the share price over the last few years.The plan seems logical and none too ambitious let's hope the execution is professional.If in a few months assuming the newsflow is favourable ONGC might show some interest in taking over little PTR - that finally might make a happy ending for Natlata!VGLTAVGLTA

[steelwatch] 23/5/2015 10:08

As Crudde rightly pointed out, I think it would be better to quote current and estimated year end exit production figures net to PTR, i.e. c.975 bopd now with a forward target c.1800~2000 bopd. However, comparing present with past pre-JV production is misleading in that usurious interest and loan repayments were sucking the life out of the company. Not so now.

[kevjones2] 23/5/2015 09:30

That's about it, Sean. I'd be very pleasantly surprised with double figures by year end but you'd never know. If the poo goes up and Putin calms down maybe we'll see a nice jump. The expectation is around 3,700/3,800 bopd this year - we can only hope!

[seangwhite] 23/5/2015 01:14

Well Kev the RNS was as expected summed up by slow and steady progress.It is only when the horizontal Tungolsky wells come online at hopefully 1000 bold (as a minimum) that the share price will start to be rerated towards double digitsLooks like end of Q3 or early Q4 before this might be finally achieved.VGLTA

[crudde99] 22/5/2015 21:53

All in all a decent update. Still the sellers out number the buyers which I find surprising considering that there are probably better days ahead. Let's hope that the planned drilling programme delivers especially now seeing that the price of crude oil seems to have stabilised. The new H wells are key here as they have got to prove that the oil in the ground can be extracted and as a result the remaining in the ground reserves fairly valued by the markets. Let's also not lose sight of the fact that even IF we are at 4000 barrels per day by year end only 2000 of these belong to Ptr. GLA