Petroneft Resources

JohnnieA

The RNS went as expected. I doubt there'll be any massive increase in SP before we get a positive production update.

Merelyme

JohnnieA wrote: »

The RNS went as expected. I doubt there'll be any massive increase in SP before we get a positive production update.

I suspect there'll be a little kick at 16:30 (probably around 3/4%. I think it'll rise next week but it's hard to say by how much. Either way, it's safe for now! Good news at long last.

Merelyme

No slight rise. Probably too late in the day. Gone up slightly on the London Stock Exchange with the RNS. There's always next week.

Dubh Geannain

Good news.

Here's hoping for a decent update on production soon. Hopefully the market is as optimistic and we get a nice bounce next week.

JohnnieA

There is an article Irish Independent on the EGM (sorry can't post link since I'm a new user)

Maxim Korobov told the Irish Independent that he intends to retain his stake in PetroNeft.

He supported the farm-out because the deal was "better than nothing given the condition of the company", he said.

The company has promised to bring wells into production, he said. However, if the situation at PetroNeft continues as it has been the share price will fall again. Natlata will increase its stake if that happens, boosting its ability to demand change, he said.

http://www.independent.ie/business/world/petroneft-shareholders-vote-to-back-85m-oil-india-deal-30261556.html

Dubh Geannain

JohnnieA wrote: »

There is an article Irish Independent on the EGM (sorry can't post link since I'm a new user)

Link here:
http://www.independent.ie/business/world/petroneft-shareholders-vote-to-back-85m-oil-india-deal-30261556.html

if the situation at PetroNeft continues as it has been the share price will fall again. Natlata will increase its stake if that happens, boosting its ability to demand change, he said.

i.e. they will support the share price

Although if they accumulate too much of a holding I'll be reconsidering my position.

hullaballoo

JohnnieA wrote: »

There is an article Irish Independent on the EGM (sorry can't post link since I'm a new user)



http://www.independent.ie/business/world/petroneft-shareholders-vote-to-back-85m-oil-india-deal-30261556.html

Moderator: I know it's practically an impossible situation for new users but you cannot quote from an article without providing a link due to Seán Sherlock's SI re copyright. I've edited the link into your post anyway so it's not really an issue now.

I reckon that means that legally, you cannot quote from articles unless you are able to post a link.

Sorry, but them's the rules.

JohnnieA

Thanks hullaballoo.

Merelyme

I think there'll be a bounce this coming week up to 8.5/9c. It'll plateau then until production.

restingpilgrim

Merelyme wrote: »

I think there'll be a bounce this coming week up to 8.5/9c. It'll plateau then until production.

It looks like the market wants to see that the 45 million will be well invested on new production, before it is prepared to accept this board is up to the job. Really all we have so far is the sale of the 50% interest in exchange for 35 million debt repayments. It will be the new wells that are due to come on stream this summer which will decide how the shares perform in the medium term. This means that the board will need to issue regular updates on the production and progress. Would also be nice to get a report on the fracking potential as well.

frankeee

Nice rise on the LSE today, up 12% on 5m volume. Positive article here: http://www.theel1tetrader.com/2014/06/petroneft-resources-new-chapter.html#more

Dubh Geannain

frankeee wrote: »

Nice rise on the LSE today, up 12% on 5m volume. Positive article here: http://www.theel1tetrader.com/2014/06/petroneft-resources-new-chapter.html#more

Saw the article.

Very salient and sums the current state of play of very well. A must read for any prospective investors.

Obviously I'm bullish and would say that

Averaged up myself yesterday, before the run today.

conan_doyle

do people here realise how few penny stocks ever make it big , your chances of making money are incredibly slim in the grand scheme of things

frankeee

conan_doyle wrote: »

do people here realise how few penny stocks ever make it big , your chances of making money are incredibly slim in the grand scheme of things

Yes, but maybe you should tell Max Korobov, as I'm not sure he's on boards.

Merelyme

8.25c going into this week. I wonder if the rise will continue. One thing that's bugging me is that the farmout regulatory process was due to be completed by end of May/early June. I know that's a formality but would have thought an RNS should have been released last week. Maybe it'll be released this coming week but I wouldn't like seeing the board being late with an announcement like the supposedly old days.

JohnnieA

It's like watching paint dry...

Merelyme

Late as usual but it might have been worth the wait. Regulatory process complete at last. Drilling to commence mid-July with results within 60 days. So around 14th/15 September we can expect news. In Petroneft speak that should be around November! Maybe they'll surprise us.

Kristopherus

conan_doyle wrote: »

do people here realise how few penny stocks ever make it big , your chances of making money are incredibly slim in the grand scheme of things

Petroneft is/was far from a penny stock. Back in the day I bought at 38c & cold 50% at 68c.:)

Markx

I'm confused by the price jump yesterday on the ISEQ, which hasn't been reflected in London and the current bid is nowhere near that price. I'm no expert on the share markets in general - can anyone explain?

westgolf

I'm aware from previous conversations that some on here are in this stock but just wondering at the lack of posts recently given the recent developments ? Did you all just tire of waiting for news or just get tired of this stock and get into something else instead ? just curious

Westgolf

frankeee

westgolf wrote: »

I'm aware from previous conversations that some on here are in this stock but just wondering at the lack of posts recently given the recent developments ? Did you all just tire of waiting for news or just get tired of this stock and get into something else instead ? just curious

Westgolf

Can only type for myself, but still holding and waiting to see what happens with the latest drilling campaign. I'm not reading too much into the share spike on Tuesday, it was on a tiny volume and has happened plenty of times in the past. I tend to follow the LSE price for a truer reflection of what's happening.

Dubh Geannain

Still here too. I'm actually up on my entry points having averaged up a couple of times. Waiting for the outcomes of the new drills planned and expecting to see a big rise in bpod over the next 12 months.

AGM is tomorrow actually. One item up for voting that seems to be rising a few holders is an application to increase the number of authorised shares. I'm not overly exercised on it because I don't think they actually intend to issue more shares and that it's more of a play for headroom. They should have enough cash to work with. If somehow they F up the drills then I'd prefer a share issue as the company had just shaken off its debts.

Regarding the ISEQ question. It's quite possible that due to a lack of liquidity there was no one interested in selling on the exchange at current prices, deciding to hold off for the AGM. Along comes someone who hits a market buy and the lowest offer happened to be 9c. It wasn't a huge trade but someone may be scratching their head in disbelief that they managed to offload a measly amount at 9c.

Dubh Geannain

The 2014 Annual General Meeting of the Company was held in Dublin earlier today. Resolutions 1 to 5 were duly approved by shareholders by way of show of hands.

The Chairman called for a poll in relation to resolutions 6, 7 and 8.

Resolution 6 relating to the increase of the authorised share capital of the Company was duly approved by shareholders.

Resolutions 7 and 8 relating to the Boards ability to allot shares and to disapply pre-emption rights in certain limited circumstances were both proposed as special resolutions which require approval of shareholders representing not less than 75% of votes cast. These resolutions did not achieve the sufficient majority and therefore were not passed.

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

Dubh Geannain

Good news. And three to four weeks we'll have the results of the horizontal drill.

Reservoir net pay of at least 8.2 metres. 100 bopd. More of this please

http://www.iii.co.uk/research/LSE:PTR/news/item/1246855/tungolskoye-no-5-update?context=LSE:PTR

Grawns

Petronreft has certainly held its position in the markets on the good news when today was uafásach generally

Dubh Geannain

Signs are pointing to good drilling news before the end of the week, possibly tomorrow going by today's buying activity. Keep an eye out for that RNS and fingers crossed.

Petroneft's first ever horizontal well. If its successful it could cause much larger investors to sit up and take notice. The SP has held up reasonably well considering the recent turmoil in the Oil E&P markets.

Dubh Geannain

Not ones to meet deadlines bang on time but just FYI



Here's a more specific breakdown for the immediate future (thanks to poster Dbarron on ADVFN):

Mid October; Results of production well Arbuzovskoye 106

Early November; Results of horizontal well Tungolskoye T5

Mid November; Results of Arbuzovskoye 9S well

Mid December; Results of Arbuzovskoye location C well (107)

Late December; Reserves report on licence 67

January 2015; Spud Sibkrayevskoye S373 well

Late January 2015; Start building Tungolskoye pipeline

Feb/March 2015; Results of Sibkrayevskoye S373 well

March/April 2015; Start production well drilling on Tungolskoye.

Production well Arbuzovskoye 106 is now due and it could be these result that are generating the excitement the past couple of days. Or the horizontal well. Or both

It's so refreshing to be back drilling and testing after the stock has remained in the doldrums until it sorted out its finances.

Dubh Geannain

Dubh Geannain wrote: »

Signs are pointing to good drilling news before the end of the week, possibly tomorrow going by today's buying activity. Keep an eye out for that RNS and fingers crossed.

Well that was wrong call. Still waiting. Tick tock. Petroneft are presenting at the oil Barrel Conference in London in December. Here's hoping we're not waiting until then for some news.

westgolf

Interesting article on petroneft on proactive investors website. Cant seem to copy over the link so search proactiveinvestors.co.uk, then articles, then petroneft. Paints a reasonable picture but as usual with this company it gives little away.

westgolf

Dubh Geannain

The much anticipated operations update released today:
http://www.investegate.co.uk/petroneft-resources--ptr-/rns/operations-update/201412180700051400A/

I'm reassured that the major slide in the SP has been the result of external factors (Oil price and Russian woes) and not the leaking of some catastrophic failure with their drilling.

The overall production decline is disappointing and badly communicated. Surprised by the size of the decline, not so much with the communication. Jam tomorrow it is then! I'd always intended to hold this for the long term.

This dip should be exploited as a chance to top up IMO and I certainly would be if I was more of a scrooge around this time of year.

Aside: I see Putin has been named Russia's man of the year for the 15th time
http://uk.businessinsider.com/putin-wins-russias-man-of-the-year-for-the-15th-time-in-a-row-2014-12?r=US

Dubh Geannain

The share price may have taken a hammering in the last couple of months but this has to be the best RNS I've read from Petroneft in my time invested here.

Firstly the content. Solid numbers T5 horizontal well beats expectations and producing at 600 bopd.
Arbuzovskoye 103 well now in production at a stabilised average rate of 125 bopd and confirms southern lobe of field
Arbuzovskoye 104 well drilled with 5.4 metres of net pay, expected on production shortly
Arbuzovskoye 107 well has been spudded
Total production now about 2,450 bopd (including Tungolskoye No. 5)

And at last, a decently worded RNS. No ambiguity there that I can see. Drilling and production increases to continue.

frankeee

Dubh Geannain wrote: »

The share price may have taken a hammering in the last couple of months but this has to be the best RNS I've read from Petroneft in my time invested here.

Firstly the content. Solid numbers T5 horizontal well beats expectations and producing at 600 bopd.
Arbuzovskoye 103 well now in production at a stabilised average rate of 125 bopd and confirms southern lobe of field
Arbuzovskoye 104 well drilled with 5.4 metres of net pay, expected on production shortly
Arbuzovskoye 107 well has been spudded
Total production now about 2,450 bopd (including Tungolskoye No. 5)

And at last, a decently worded RNS. No ambiguity there that I can see. Drilling and production increases to continue.

+1 to that. Surprised there hasn't been more activity this morning both on the ISEQ and LSE

Dubh Geannain

Graph says it all. I think we're reached a major turning point. I've pulled the numbers from some of the operations updates going back to the end of 2011.

nastros

Pity the share price hasn't reflected this news so far anyway.

Dubh Geannain

nastros wrote: »

Pity the share price hasn't reflected this news so far anyway.

Indeed. I'm more than happy to wait though. This stock is no longer the gamble it was this time last year before the Oil India deal, yet the Share Price is down.

Double whammy of oil prices and Russia/Ukraine crisis haven't helped. But Petroneft are debt free and ramping production with future exploration wells and production wells funded into the near future.

I've added the data to a public Google Spreadsheet and look forward to updating it as the next couple of years progress.

http://docs.google.com/spreadsheets/d/1ItZ8_BSm2wu9YIEkR-xGrXd5qzIouIpxq4BDNkT-25c/edit?pli=1#gid=0

nastros

Not overly bad if people wanted to top up there shares.

JohnnieA

Natlata just increased their holdings to 19.77%. It was just 6.3% in September.

frankeee

Nice rise today on the LSE, although volumes weren't massive. Maybe good news coming soon...

JohnnieA

Another massive rise, and this time with decent volumes. Wonder what's it about...

Dubh Geannain

JohnnieA wrote: »

Another massive rise, and this time with decent volumes. Wonder what's it about...

The two holdings RNS's in the last week should help explain a little.

Natlata and General Investments now hold 33% between them. A poster on another board is investigating the links between the two parties. Cue the speculation that they may mount a takeover bid between them or at least try and shake up the board.

Unless its with a view to a takeover they'll have to sit tight like the rest of us for the next 12 months or so as there is an expressed agreement with Oil India for the current BOD to remain in situ.

Long overdue rise all the same. This share has been wallowing from a lack of interest for the past few months while the likes of a debt laden Afren draws in huge volumes on what is only a speculative play.

To summaries the companies undervaluation:
They are debt free.
Market cap (as of today) = £ 33 million

Cash, say just $ 5 million = £ 3.25 million
Oil India spend = £ 14.65 million
Total = £ 17.9 million

£ 33 million market cap less £ 17.9 million = £ 15.1 million

So technically Petronefts half share in both licences 61 & 67 with net reserves of 72 million (i.e. 36 million) barrels P2 and net Production of 1225 bopd is currently being valued by the market at just £ 15.1 million.

Merelyme

Hi all. Well, I'm still holding @ 4c. I could have sold at 9c or slightly lower but decided to hang on for the big prize - Sibkrayevskoye. As has been proven several times one does not always get what one expects (Arb versus Tung). Not impressed that we have not had an RNS for over 3 months having had 10 RNSs in the space of 5 or 6 months in 2016. I hope Petroneft are not drifting back to their old ways. Oil India hope PTR will be producing 20,000 bopd by 2020. We'll see.

Merelyme

Well, I must post here more often! Since my last post on 21/01/2017 the sp has gone from 2.75p to 3.5p. When converted to Euro the sp is now 4.09c. So, I'm up .09c. I'll try not to spend it all in the one bar.

frankeee

I can see the last post here is just over 4 years, and for good reason. This had been dead in the water for some time but seems to be coming back to life. Gone from 0.5p (on the LSE) in November to 2.65p today. Has anyone else kept the faith?
New Management and a focus on value as well as better oil prices seem to be driving the rise, but I guess the real key will be when the next production figures are released. Market Cap is currently £18.5 down from around £200 back in the day so hopefully still plenty of scope for increase.

Merelyme

frankeee wrote: »

I can see the last post here is just over 4 years, and for good reason. This had been dead in the water for some time but seems to be coming back to life. Gone from 0.5p (on the LSE) in November to 2.65p today. Has anyone else kept the faith?
New Management and a focus on value as well as better oil prices seem to be driving the rise, but I guess the real key will be when the next production figures are released. Market Cap is currently £18.5 down from around £200 back in the day so hopefully still plenty of scope for increase.

Hi Frankeee. I'm still here. I averaged down and never sold a single share! Should have sold at 9c when in at 4c. Anyway my average is now around 2.6c. Whatever it is, after years down, I'm now up again - around 15%. I'll work it out later.

With year-round production there will be more revenue barring a disaster so there should be still some life left inn the old dog yet.

bcklschaps

Fair play for hanging in there lads.

frankeee

Merelyme wrote: »

Hi Frankeee. I'm still here. I averaged down and never sold a single share! Should have sold at 9c when in at 4c. Anyway my average is now around 2.6c. Whatever it is, after years down, I'm now up again - around 15%. I'll work it out later.

With year-round production there will be more revenue barring a disaster so there should be still some life left inn the old dog yet.

Good stuff - good things come to those who wait After 12 years of chasing it down, I never actually made it into the black untill the beginning of Feb, and now I'm up around 60%. Not tempted to cash out tho as I think I'd be more gutted by missing out on it going higher than I would be by losing all the gains.
Yes, year round production, increased license ownership, mini refinery in operation & oil price should all help the bottom line. Let's hope nothing crazy happens in Russia in the meantime!

Merelyme

Hi all. I wouldn't be at all surprised with the reserves update RNS arriving in the morning (Thursday 04/11/2021). If it's a good one, which I think it will be, we might see 5p being hit. My average is now 2.5c so doing well at last. Good luck.

frankeee

https://www.boards.ie/discussion/comment/118115982#Comment_118115982

Took a bit longer than expected, but seems to have been received pretty well, along with very optimistic comments from David Sturt during AGM & interview on director's talk afterwards - some nice buys last week, hopefully will continue. Some good results from the fracking program & we'll be flying :) Good luck & happy new year!

Merelyme

Well, we finally got a dynamic board, more oil and great prospects. What happens? Russia invades Ukraine. Petroneft must be the unluckiest share on offer in the last couple of decades.

I had chances to sell before the conflict but was very impressed with David Sturt. Things were looking great and then...Putin.

I'm way down now and it looks like the company is finished. Oddly enough, I'll remember PTR fondly as it helped me learn so much about the vagaries of the stock market.

I did well out of Tullow, lost on Conroy "Gold" (my inverted commas). Made a few killings but Petroneft was my biggest investment so overall I'd say I'm up a wee bit. Very unlucky with PTR.

In Afentra now since 16.5p. They're due the long awaited completion of a major deal by the end of June. I wouldn't be surprised with another extension but I see this rising to around 40p this year (currently 26p). Rampers are talking about £1.50p this year but I think that's nonsense. Worth a look but bear in mind my awful luck with PTR.