High risk stocks (Petroceltic)

Grecco

I just hope no more mug investors jump onboard here. The management are complete pants. The co is loosing money. I believe that they will come to the market again for more pocket money before the end of 2015
Avoid like the worse plague in history!!

rs500ff

Grecco wrote: »

I just hope no more mug investors jump onboard here. The management are complete pants. The co is loosing money. I believe that they will come to the market again for more pocket money before the end of 2015
Avoid like the worse plague in history!!

Why I didn't jump during the takeover rumours I'll never know.
I simply cant put anymore money into this mess to leverage down.
Looks like another 3 years of watching my investment devalue further.

PlayByTheRules

I was wise enough to get out on the takeover rumor, have been there before with other stocks and didn't get out, meant only a 25% loss instead of a 60% loss. Am sorry for your pain. This really is an awful story, if the company had of been sold as just the Algerian gas paly some years ago it would probably have been worth more than it is now. So many failures - overpaying for Melrose, endless failed drills, $75m total write-off of failure in Kurdistan. Not sure how CEO held his position in recent vote tbh.

rs500ff

I'm surprised that the share price hasn't plummeted though given that previously, anything remotely positive was met with a decline in share value.

Redmen Rafalution

Does anyone know anything about BEM? Beowulf Mining?

I invested in these a few years ago and I'm sitting it out since. Just wondering if things are ever going to turn around or are they a lost cause?

I only had a small amount invested, luckily enough.

Grecco

Anyone still holding? maybe you need to have a good look at getting out NOW!!:eek:

rs500ff

Grecco wrote: »

Anyone still holding? maybe you need to have a good look at getting out NOW!!:eek:

Me unfortunately. Average price of 9p old money. Why oh why didn't I sell with Dragon. I'm just going to have forget about it for 2-3 years.
Dreadful, dreadful stuff.

Grecco

Looks like they may just have got a "Get out of jail" for free card courtesy of ENI

http://www.bbc.com/news/world-middle-east-34102656

This looks interesting now that its back to 2p old money!

Grecco

Petroceltic are now on the rocks. Share price at 24p, been given a months lifeline by the banks. Now for sale

Could now be sold for anything from £25 million to £150 million. Which equates to a share price of 10p to 60p
Worth a punt now in my opinion but only what you can afford to loose.

nuac

Hard to get a good price in view of attitude of the 30% shareholder plus the low oil price

Frogdog

Article on Petroceltic in the IT today:

http://www.irishtimes.com/business/energy-and-resources/worldview-subsidary-makes-6-42m-bid-to-buy-petroceltic-1.2549417

Kristopherus

You could'nt call that an offer !!!!

rs500ff

Its absolutely criminal what has gone here. I hope I bump into BOC on the streets of Dublin.
I have held hard for a long long time (like a mug).

Frogdog

40% fall in value today. Currently at 14c a share.

Frogdog

Trading suspended:

http://www.irishtimes.com/business/energy-and-resources/petroceltic-shares-suspended-in-dublin-and-london-1.2563020

lawred2

ouch

MfMan

BOD should be taken out and put against a wall. Worldview's contentious heave 12 months ago was based partly on the prognosis that PCI would run out of funds before year's end, something the Board flatly denied. Disastrous takeover of Melrose, unsuccessful ventures in Romania and Kurdistan, hopeless 'progress' in Italy and Egypt - an vastly expensive object lesson in how not to do things.

Francie Barrett

MfMan wrote: »

BOD should be taken out and put against a wall. Worldview's contentious heave 12 months ago was based partly on the prognosis that PCI would run out of funds before year's end, something the Board flatly denied. Disastrous takeover of Melrose, unsuccessful ventures in Romania and Kurdistan, hopeless 'progress' in Italy and Egypt - an vastly expensive object lesson in how not to do things.[/That is a bit unfair. PetroCeltic are one of many resource companies that have went under because of a once in a generation collapse of prices. It's not just small players who are getting wiped out either. Look at Chesapeake in the US, they were the largest Nat Gas player in North America by reserves, now they are close to bankruptcy.

I tell you one thing though. Now is the time to be looking natural resource companies that are well placed to ride out this downturn. You could very well have a 10 bagger in a few years once prices recover.

Thargor

Any suggestions?

Francie Barrett

Worldview have bought 70% of PetroCeltic's debt - http://www.cityam.com/236493/activist-investor-worldview-buys-6944-per-cent-of-petroceltics-debt

They can now call the loan and take possession of the company from shareholders. Their earlier offer of 3 cent might have been generous.

rs500ff

I've lost a large investment here but those are the consequences of taking risks.

HOWEVER, Brian O'Cathain should be squeezed into an oil container and sunk at sea.
What an incompetent, self serving and arrogant buffoon.
Regardless of the oil price how did he f5(k this up.

Grecco

Shareholders will be completely wiped out by this. 0p to be got back as Worldview now dilute the living sh1te out of it!

nuac

Interesting thread.

Sympathies to all who have lost out

I'm afraid it is an old story

JeffKenna

While I got lucky here and sold out on the takeover rumours I have lost on similar companies (US Oil and Gas/RRL).

I'm not sure whether it's timing with the price of oil but I really don't think there's anything to be made from these kind of penny stocks. I'll be keeping well away in future.

Condolences to those that lost here.

Francie Barrett

Looks like the 3p offer is open until the 16th of April. Apparently the PetroCeltic board are considering the offer :pac: What more is there to consider? Clowns.

http://www.investegate.co.uk/sunny-hill-limited/rns/posting-of-offer-document/201603241630132673T/

ranger4

Remember this saying "In BOC we Trust" Board and Boc bunch of wasters.

MfMan

Looks like that's it so. Game over. O'Cathain and Hickey should never be let within a country mile of a PLC ever again. House broker Davy's also need a right rap on the knuckles.

Francie Barrett

Francie Barrett wrote: »

Looks like the 3p offer is open until the 16th of April. Apparently the PetroCeltic board are considering the offer :pac: What more is there to consider? Clowns.

http://www.investegate.co.uk/sunny-hill-limited/rns/posting-of-offer-document/201603241630132673T/

Looks like investors won't even get their 3p.

http://www.ft.com/cms/s/0/4d5f570a-02fd-11e6-af1d-c47326021344.html#axzz46AfxlCOS

Francie Barrett

It's pay day for Petroceltic shareholders - at long last! Each shareholder will get €0.3125 for their shares. That's €0.3125 for all their shares, not each share.

Francie Barrett

http://www.independent.ie/business/irish/petroceltic-vote-down-survival-scheme-in-high-stakes-gamble-34758743.html

STAFF at troubled exploration company Petroceltic have voted down a scheme to save the company in a high stakes gamble to protect compensation payments in the event the company is taken over by dissident shareholder Worldview Capital.

Now shareholders know why they were wiped out.