Petroneft Resources Share Discussion Threads

[seangwhite] 21/9/2015 14:39

If Natlata want to make a move it seems likely it would most likely come before any reserves upgrade.If we get another vague RNS adding such as a well adding 500bopd with total output going up just 100bopd they would have a fair bit of support for change I believe.The next two/ three months could see some activity here.VGLTA

[thetoonarmy2] 21/9/2015 14:32

Dbarr0n. Natlatla did have someone at the meeting just a "watching brief" I believe, I think its a case of watch this space!

[dbarr0n] 21/9/2015 13:37

ravin .. No, it does not. I didnt include the directors in the number.
I don't think Natlata or General invest had any representative at the meeting.

[ravin146] 21/9/2015 12:05

Sean increasing shareholder value, that is why everyone invest. It not a free loan to pay their salaries...hence why I am very surprised the two issues highlighted were not brought up by the 20 investors at the AGM....dbarron does the 20 investors, include the attendance of Natalata, Overseas and all the directors.

1) unclear RNS will not provide any positive sentiment for new investors
2) quite a few shares have been gobbled up recently, at very low prices and secondly from where they are coming from as there has not been many 'Sell' trades, nor a holding update to say a holder has reduced holding. There can not be a whole load of shares floating around for such a small, tightly held company.

imo.

[seangwhite] 21/9/2015 11:29

Well Rav if the upgrade in reserves comes about PTR will be valued at less than $0.50 per boe.Not a very good reflection on the Company and its management even in the current market.I wonder if anyone asked the BOD on their plans to get the share price to move up.VGLTA

[ravin146] 21/9/2015 10:45

Dbarron. Thanks for the feedback.

I'm surprised, not one shareholder mentioned either points. Maybe during private discussions. It was mentioned at the December 2014 oil barrel? conference, about natlata etc.

Anyways. I'm interested in the "doubling"...

"6. Results of the seismic carried out on the north of licence 61 indicate that Sibkrayevskoye could be twice as large as previously mapped ( up to 100 million barrels ) also 100 million barrels is indicated at Emtorskaya ( see pages 21-29).

This would result in a doubling of Petronefts Net reserves in time.

Ryder Scott will be doing a reserves report at year end, petroneft believe that they will get a substantial increase in reserves for Sibkrayevskoye because the structure has had 4 previous wells drilled on it."

[dbarr0n] 20/9/2015 20:33

At a guess there were about 20 share holders at the meeting, none of which asked any questions relating to either unclear Rns's or the two major shareholders which hold 38.63% between them ( nowhere near 50% ).

Natlata Partners Limit 21.00% 148,579,779
General Invest Overseas S.A. 17.63% 124,678,700.

If any of the shareholders present had concerns regarding either issue they should have spoke up, so I take it they had not.

[ravin146] 20/9/2015 19:01

Dbarron, thanks much appreciate your notes on the agm.Was there any mention of unclear rns's?Was there any mention about the current two large shareholders accumulating more shares recently nearing over half of the company?

[crudde99] 19/9/2015 18:06

yah ta DB for the update. I guess we'll just have to be patient with the share price for now even though it will forever be the ultimate gauge on how well this Co. is doing. GLTA

[igriff] 19/9/2015 16:27

Thank you DB, appreciated.

[cfccfc1970] 19/9/2015 09:58

DB - Many thanks appreciate .update

[dbarr0n] 18/9/2015 20:50

Sean ..
They have proven they can get it out of the ground and the profit depends on oil price.

Paul Dowling said they are currently making a profit be it a small one at the current oil price.
Dennis Francis said future economics are robust above $ 50 per barrel.

[seangwhite] 18/9/2015 19:54

Thanks Db for a very informative post.The reserves update will only have an impact if the POO goes up and PTR show they can get it out of the ground at a decent profit.It looks to me like a long haul for them to achieve this so the share price will languish for a while.VGLTA

[dbarr0n] 18/9/2015 19:35

From the AGM ..

1. They are happy with drilling results to date, going to keep the drill in the J1 to avoid water production as per well T5

2. Reducing horizontal wells at Tungolskoye from 5 to 4 as they consider the reservoir at the 504 location is not good enough to justify at current oil price and it would be better to invest this money in drilling on south Arbuzovskoye where the reservoir is of better quality( they suggested a horizontal well here could produce up to 800 bopd and also new seismic shows the structure to be bigger than previously thought.

See page 14


3. They are currently drilling the 501 horizontal well.

4. They are currently putting in the pad on south Arbuzovskoye, the expect to be drilling Q2 2016.

5. It looks likely that the development of Sibkrayevskoye will be deferred by 12 months, A decision with Oil India has not been made but given the current oil price it looks more likely than not to be put on hold.

6. Results of the seismic carried out on the north of licence 61 indicate that Sibkrayevskoye could be twice as large as previously mapped ( up to 100 million barrels ) also 100 million barrels is indicated at Emtorskaya ( see pages 21-29).

This would result in a doubling of Petronefts Net reserves in time.

Ryder Scott will be doing a reserves report at year end, petroneft believe that they will get a substantial increase in reserves for Sibkrayevskoye because the structure has had 4 previous wells drilled on it.

[kevjones2] 18/9/2015 17:15

I have no idea why Natlata would have any emotions at all about that man standing down unless he's leaving to join them! Tens machine, what you just posted is pure gossip. Lol.

What I would be more interested in is what Mr. Sobraliev's other business interests are or, more relevantly, will be.

[seangwhite] 18/9/2015 16:58

Anyone got any aside info from the AGM.Looks like Natlata will not be too unhappy at the standung down of the one director.VGLTA

[tens machine] 18/9/2015 15:33

RNS Number : 5654Z

Petroneft Resources PLC

18 September 2015

18 September 2015

PetroNeft Resources plc

("PetroNeft" or the "Company")

Annual General Meeting

The 2015 Annual General Meeting of the Company was held in Dublin earlier today. Resolutions 1, 2, 4, 7 and 8 were duly approved by shareholders by way of show of hands.

With the agreement of the meeting resolution 3 was withdrawn due to the retirement of Mr. Sobraliev as announced earlier today.

Resolutions 5 and 6 relate to the Boards ability to allot shares and to disapply pre-emption rights in certain limited circumstances. Both were proposed as special resolutions which require approval of shareholders representing not less than 75% of votes cast. While both resolutions 5 and 6 were approved by shareholders by way of show of hands, the Chairman advised the meeting that because of the number of proxies received the resolutions would not achieve a sufficient majority if a poll was called. With the agreement of the meeting the Chairman declared that resolutions 5 and 6 were not carried without the need for a formal poll.

A new shareholder presentation has been uploaded to the Company website at: www.petroneft.com/investor-relations/presentations/

[tens machine] 18/9/2015 14:18

possibly a case of jumped before pushed , see what happens in a wee while

[connello] 18/9/2015 13:57

One director Resigns ''
PetroNeft (AIM: PTR) an oil & gas exploration and production company operating in the Tomsk Oblast, Russian Federation, and 50% owner and operator of Licences 61 and 67 announces that Vakha Sobraliev, Non-Executive Director, has decided to retire from his position, effective from the conclusion of the AGM, held earlier today in order to concentrate on his other business interests.

Mr. Sobraliev has been a director since November 2005 and introduced Licence 61 to the Company at its formation in 2005. He was also key to the establishment of the Company's operations and experienced team in Tomsk.

David Golder, Chairman of PetroNeft Resources plc, commented:
"On behalf of the Company and its shareholders I would like to place on record our appreciation for Vakha's service and advice over the years and in particular to his contribution to the original setup of operations in Tomsk. I wish him every success in the future."

[seangwhite] 18/9/2015 13:23

The share volume traded most days are a measure of the Company's profile with the investing public.Unless Natlata are buying there seems to be no others to make a decent volume.Wee Tom has a big job on his hands right now in trying to keep Big Brian in his big comfy seat.VGLTA

[rockin robin] 18/9/2015 12:54

don't blink

[rockin robin] 18/9/2015 12:53

..be good to see a 'wave of buying' later today after newly informed punters jam the SM with their buy orders.

[kevjones2] 18/9/2015 12:44

Sean, given that the only board member that Natlata wanted to keep on the board last year was Thomas Hickey (aged 47), I'm sure you meant "Let's see if Natlata STILL want Wee Tom kept in place...."

Just looking at Tom Hickey's resumé. I'd say Tullow Oil would pay a lot of money to have him back on board as their CFO right now!

Looking forward to the AGM results and seeing all resolutions passed. It will be interesting to see if they produce the percentage votes breakdown like they did for the EGMs last year. I don't think that's common practice. If they did it would be interesting to see if the resolutions pass this year in the completely overwhelming fashion Natlata were trounced at the EGMs, or will there be a reduction down to all resolutions being passed in a mere landslide.

Happy Friday everyone.

[seangwhite] 18/9/2015 09:10

Not at the AGMHope someone asks a few searching questions on output and cash flows.As Db says it is cold standing on the sidelines but not as frustrating as for Natlata & Co watching the old team struggling and showing their age.Let's see if Natlata want Wee Tom kept in place even though he is fairly busy keeping BB in his well paid seat.VGLTA

[rockin robin] 18/9/2015 08:13

Any attendees today?