Petroneft Resources Share Discussion Threads

[dbarr0n] 09/10/2015 10:00

granto...

I agree
You cant blame the management of an oil company for a low oil price, downturn in lending markets or when some wells do not meet expectations.
when one stands back and looks at what the management here have done you can see they you will see they survived in difficult circumstances when lots of others have failed.

In reference to the reserves I was only saying that tho we lost 50% of our licence 61 reserves in doing the farm in deal we are set to replace those reserves in the short term and maybe more.

[steelwatch] 09/10/2015 09:28

Could help in obtaining RBL facility in respect of Sib next year when the PoO should have improved.

[granto2] 09/10/2015 09:22

DbarrOn, what can the board of directors do? what would anyone else here do if they were handed the reins? In truth..most of us would do the exact same. In regard to your reference to reserves, unfortunately the market is not valuing reserves as high as it used to because of PoO. But better to have it than not.

[tens machine] 08/10/2015 23:48

Sorry just read ravins post, I have an inkling an offer will come sooner rather than later due to PTR's cash position . Natlata won't want dilution to their holdings as this would water down their holding significantly. But I fully expect Natlata to make the most of this perfect storm and snaffle up a shed load more on the cheap

[tens machine] 08/10/2015 23:33

Am I correct in saying that any bidder could not offer less than the highest price paid?

[steelwatch] 08/10/2015 22:53

sean - I, and I'm sure other holders who despair at suggestions of the company being taken out for the peanuts you would love to accept, would not welcome such a low ball bid. Should it happen, then tough for us, but surely it is not the only way forward. It seems to me you couldn't care less so long as you get your 7p.

[seangwhite] 08/10/2015 22:22

SteelI would love a bid at 7p but think it's pie in the sky for the forseeable future.Sorry funds do not allow you to buy at current sub 3.5p levels,the BOD should not be short of funds being well paid currently.Let's hope news on the next T well comes in over 500 bopd and the decline on producing wells has not declined by more than this.VGLTA

[steelwatch] 08/10/2015 22:05

sean - wouldn't it be nicer if you got your chance to sell on the market @ 7p, or whatever you are prepared to take, without allowing those of us prepared to stick with it for longer being chucked out with the dishwater? I still believe, if given the chance, PTR has the chance of getting that $5m bonus for hitting Oil India's production target for Sibkrayevsake which would also see the share price recover considerably. Natlata would also do very nicely out of it. I'd like to hear what other followers, who rarely if ever post, think, rather than just from the regular few who want the company smashed up for a quick profit.

[seangwhite] 08/10/2015 21:19

DbI reckon a bid from Natlata at anything over 5p would take out a fair few holders.The BOD would have a hard job writing a defenseman of such a 'low ball bid' on their track record.Let's face it most holders would be happy to be out at over the last equity raise so as to move on.VGLTA

[ravin146] 08/10/2015 20:22

Errr between 3.5-6.25p...bod can't do nothing about a bid dbarron. They hold little shares. Note give it to year end and their highest price could be 3-4p. As I said dbarron nothing stopping them, but if prefer a few directors on board and natlata to hold the increased accumulation. Anyway. Dbarron, share price doesn't lie. Let's agree to disagree. Gla. Let wait until the next rns but 3p looks like next support.

[dbarr0n] 08/10/2015 20:01

ravin
And what do you think the is highest price Natlata paid in the last 12 months ?.
Nothing stopping them from just offering the highest price paid knowing it would be refused.

[seangwhite] 08/10/2015 19:54

SteelGood point and I have bought a fair few recently at 3.45p and hold more than most BOD members. I must be an optimist and feel the asset with decent management could come good.VGLTA

[steelwatch] 08/10/2015 19:45

spudders - I am currently lacking funds to buy more quite honestly.

[steelwatch] 08/10/2015 19:43

sean - if you place your faith in Natlata rather than the BoD, why don't you buy when Natlata do?

VGLTY

[seangwhite] 08/10/2015 19:27

Db might also buy a few when the BOD do.VGLTA

[spudders] 08/10/2015 17:59

steel, maybe we all need to increase our holdings to prevent a potential take out 😆
DB, you must be the only LTH here that is still uber bullish. I have written off ever getting near my double figure average with my few M holding. Mr Market doesn't trust PTR at the moment and it will take a lot to turn sentiment around.

Best of luck all

[steelwatch] 08/10/2015 17:41

I see Eurasia Drilling is being taken private. That's exactly what concerns me about Natlata's intentions towards PTR.

[steelwatch] 08/10/2015 17:28

ravin - not sure they want to make a formal bid, but, as before, attempt to gain control of the Bod via an EGM. What then? A bullet in the back of the neck for us wee private shareholders? It has happened elsewhere. Should the turkeys vote for Christmas?

[ravin146] 08/10/2015 17:11

Steel BOD are to blame that momentum was not maintained in pushes production towards the upper end of the expectations, and now natlata are buying cheaply. Why they released this range will kick themselves in the foot. Oil are not the operators, should they take control? Natlata can do what they want...."When a person or group acquires interests in shares carrying 30% or more of the voting rights of a company, they must make a cash offer to all other shareholders at the highest price paid in the 12 months before the offer was announced (30% of the voting rights of a company is treated by the Code as the level at which effective control is obtained)."

[steelwatch] 08/10/2015 17:00

ravin - there is nothing anyone can do to stop Natlata buying more, if they are, but, should they gain control, what are their plans for the company and existing shareholders? My fear is we will be sold down the river.

[ravin146] 08/10/2015 16:40

Trouble is the selling is continuing, and buyer mopping up cheap shares. I'm not prepared to see this fall below 3p. I hope natlata continue to buy and either go for bid or fight for directors.Imo, dyor.

[steelwatch] 08/10/2015 15:46

Sean - do you really believe kicking this BoD out will achieve anything? You have no proof things would have worked out any better under a different regime given the geology on Lineynoye.

Luck, good or bad, plays a major role in these types of play and Sibkrayevskaye and Emtorskaye are likely to offer better scale imo. The trick is to get a momentum going with enough new wells coming on stream to more than offset decline. So far, the fields developed have proven to be too small to achieve that momentum.

No doubt we can expect older directors to retire in a year or two, but they should be given the chance to see plans though into the next phase with these larger fields.

[seangwhite] 08/10/2015 13:13

The next RNS on drilling will to my mind be indicative of whether our dear old BOD will be incumbent for many more years.Db is a loyal supporter of the old crew and has always repeated their excuses for underdelivering over such a long period.I do hope that someone makes a move for PTR as it is very frustrating seeing what could be a decent asset set under performing.DF and PD will not get a very warm reception the next time they wander about the City after the last 5p raising.VGLTA

[ravin146] 08/10/2015 13:04

toon hear hear!

All due respect to Dbarron great research etc, but that message has been priced in by the market quite a while ago, in fact priced down!

Supposedly only 20 investors turned up at the AGM, maybe next time hold it in London?!