Petroneft Resources

Dubh Geannain

Up over 8% today and testing 6p now.

Edit: Broke 6p.

Comordha

Yep Natalta prob up another 1 or 2% now. Might get taken out for under 30cent at this rate.

Merelyme

Up to 8c at one stage this afternoon. So tempted but still holding.

Grawns

Have cashed in my punt on INM and put the profits into Petroneft. A better bet I hope

Dubh Geannain

Another 1 million share trade today. Not too much of an impact on the price.

Comordha

Was expecting another RNS about Natalta increasing stake but none yet. Appears to be retial investors still buying up.

Merelyme

Right now this share is all about 'when to sell'. I think I'll wait until the expected farm-out and/or refinance is announced which is supposed to by within the first quarter. Problems will happen if no announcement arrives by March 31st 2014.

Dubh Geannain

It's going to be interesting to see how/if the Ukraine crisis will affect this share's upward momentum.

Talk of sanctions against Russia being the main concern I feel. An exit from Rubles leading to a devaluation of the currency wouldn't impact the share as much IMO, in fact would it lower overheads for the company? Just my own thoughts.

You still in Merelyme? You must be sitting on a nice profit by now

Merelyme

Dubh Geannain wrote: »

It's going to be interesting to see how/if the Ukraine crisis will affect this share's upward momentum.

Talk of sanctions against Russia being the main concern I feel. An exit from Rubles leading to a devaluation of the currency wouldn't impact the share as much IMO, in fact would it lower overheads for the company? Just my own thoughts.

You still in Merelyme? You must be sitting on a nice profit by now

Hi Dubh. I'm hanging in. This Ukraine unrest is damaging the sp today but I'm going to hang on until the farm-out/refinance is announced. Supposed to be done and dusted during Q1 14 so only 4 weeks left.

I bought at exactly 4c so I was very tempted to sell (again) last week when it hit 9c but I didn't. When/if it hits 12c I'll sell some of my shares to ensure I get investment back plus a little profit then the rest will be all profit. I'll keep you posted. Did your buy go through eventually?

Dubh Geannain

Merelyme wrote: »

Hi Dubh. I'm hanging in. This Ukraine unrest is damaging the sp today but I'm going to hang on until the farm-out/refinance is announced. Supposed to be done and dusted during Q1 14 so only 4 weeks left.

I bought at exactly 4c so I was very tempted to sell (again) last week when it hit 9c but I didn't. When/if it hits 12c I'll sell some of my shares to ensure I get investment back plus a little profit then the rest will be all profit. I'll keep you posted. Did your buy go through eventually?

I work in pence on this stock but converting I've an average of 5c purchase price. I'd be waiting for north of 12c myself but if it gets close and I need a little cashflow, I might do similar to yourself and withdraw my initial investment or thereabouts.

nastros

Am I a bit late to the table to buy shares in this? Or is it worth a punt?

Dubh Geannain

nastros wrote: »

Am I a bit late to the table to buy shares in this? Or is it worth a punt?

If you follow Wexboy's valuation there may be a "little" upside left

http://wexboy.wordpress.com/2014/03/04/2014-the-great-irish-share-valuation-project-part-iv/#more-8030

I'd be happy myself at half his valuation. Of course, do you're own research.

There's a big health warning with this stock. That is it could run out of cash, which means there's no point having huge reserves if you can't get the finance to bring production online.

I see you've used the word punt, so unless your definition of a punt is different from mine (v small % of your portfolio) then punt away. There's been a pull back this week so far with the crisis in Ukraine so it may be a good time to get your feet wet.

JohnnieA

Unlike most other junior resource stocks, this one actually does have the oil, and it has (some) wells + production going on.

I'm happy to hold this long. I fortunately did most my topping up at the 3.4cent bottom price last summer, so my average is 4.5cent. I'm holding waiting on the refinance news, after which I might top up some more.

Do your own research of course. Like Dubh said, this one is risky, but if you plan a small punt, now seems like a good time (refinance news hopefully soon + price is relatively low due to the Ukraine crisis).

Dubh Geannain

Expected a pull back but it's been ferocious. With the amount of money getting taken out of Russia I wonder if the farm out is in jeopardy.

Comordha

That would be my guess.

Denis Black Gold

Something is beginning to smell here...!!!! The BOD at PTR are a waste of good space.....

Merelyme

Dubh Geannain wrote: »

Expected a pull back but it's been ferocious. With the amount of money getting taken out of Russia I wonder if the farm out is in jeopardy.

Hi Dubh. The latest RNS is out. Some dilution (over-subscribed) but overall very good. The deal with an international oil and gas co is at the legalities stage. MacQuarie have the option to enforce contractual agreements on Petroneft in mid-April so farm-out has to be done by then. I'm glad I didn't do a partial sell at 9c now!

Dubh Geannain

Dilution was expected. Production continues to increase. Money from the farm out not coming quick enough so they've had to go back to the well (no pun intended) to make the use of the winter roads.

So it sounds like there has been plenty going on in the background. Communication has been poor as usual though and the RNS was badly. It's refreshing to see a concrete deadline date (April 15th 2014). This time they do actually mean the coming weeks. It's **** or get off the pot time.

Did I miss a mention of refinancing or was it simply not mentioned? Apart from the the 2.5 mill payment to them.

Comordha

Natalta have revealed themselves and their intentions.

Dubh Geannain

Comordha wrote: »

Natalta have revealed themselves and their intentions.

Kick up the backside for the board. Very interesting month ahead.

A forced sale of Licence 61 in the current Russian environment would be the worst outcome.

Dubh Geannain

Even if their end game may be to the detriment of current shareholders i.e. a low value acquisition of petroneft, it's hard to argue with the following:

http://www.prnewswire.co.uk/news-releases/natlata-questions-petroneft-resources-funding--operations-update-250642321.html

Dubh Geannain

Natlata have been invested in PTR since 2007 apparently so I guess they have every right to feel aggrieved.

Their link to Putin also briefly mentioned here:
http://www.independent.ie/business/irish/putinlinked-firm-seeks-to-replace-bosses-at-petroneft-30104480.html

frankeee

http://www.finanznachrichten.de/nachrichten-2014-03/29744572-natlata-offers-new-financing-deal-to-petroneft-resources-008.htm

LONDON, March 20, 2014 /PRNewswire/ --



Natlata Partners Limited ("Natlata"), the private investment company that is the largest single shareholder in Petroneft Resources PLC ("Petroneft" or "the Company") (AIM: PTR) has today made a subject to contract offer to transfer to it the loan currently owed to Macquarie Bank Limited ("MBL") and proposed an issue of up to USD 10m in new shares for all shareholders.

Natlata has today asked the directors of the Company to unconditionally approve the transfer of the Company's existing loan from MBL (which stood at USD18.8 million as at 30 June 2013) to Natlata, and proposes to have the loan fully converted into ordinary shares in the Company at GBP0.055 per share, but not to trigger any mandatory offer.

Natlata is also proposing to have fresh shares issued up to an amount of USD10 million in an open subscription in which all shareholders can participate, also at GBP0.055 per share.

Natlata has stated that it is ready to complete the transfer of the loan by 15 April 2014, subject to all the parties' cooperation and has asked the Company to respond to this offer by 3pm GMT on Wednesday, 26 March 2014.

If the Company accepts these proposals Natlata proposes that a new EGM is held as soon as is reasonably possible, so that their proposals can be voted on by all shareholders at the earliest opportunity.

Commenting on the announcement, Maxim Korobov, Natlata's controlling shareholder, said, "The proposed transactions will reduce the Company's leverage, improve its financials, reduce the risks of default and bankruptcy, and release significant cash flows for the 2014 capex programme. With these measures, the farm-out to an, as yet, undisclosed "international" oil company, which is likely to be value dilutive to the current shareholders of Petroneft, is unnecessary. In essence, we believe this would be a case of selling off the family silver - nearly 50% of the Company's value - at an, as yet, unknown price, without shareholders' approval. This should be stopped."

"Furthermore, our offer will allow all shareholders to demonstrate their faith in their company's future and participate in the new issue of shares, at the same price as everyone else, and not limit it to a group of, as yet, unknown participants as in the Placing announced by the Company on 17th March.

"We are not only offering a financial solution but have spent a considerable amount of time putting in place a plan that will finally realise Petroneft's true value. If positive action is not taken we believe that the share price will retreat to its mid-2013 levels on continued stagnation of production and the increased risk of losing one of the Company's main assets under the newly arranged financial restructuring terms."

About Natlata Partners Limited

Natlata Partners is a private investment company that seeks out investments with a focus on Russia and CIS countries that appear to be distressed or are at an early stage of development and which will clearly benefit from effective management and proven sector experience. For more information about Natlata and our investments please contact info@natlata.com

grattanspuds

frankeee wrote: »

http://www.finanznachrichten.de/nachrichten-2014-03/29744572-natlata-offers-new-financing-deal-to-petroneft-resources-008.htm

LONDON, March 20, 2014 /PRNewswire/ --



Natlata Partners Limited ("Natlata"), the private investment company that is the largest single shareholder in Petroneft Resources PLC ("Petroneft" or "the Company") (AIM: PTR) has today made a subject to contract offer to transfer to it the loan currently owed to Macquarie Bank Limited ("MBL") and proposed an issue of up to USD 10m in new shares for all shareholders.

Natlata has today asked the directors of the Company to unconditionally approve the transfer of the Company's existing loan from MBL (which stood at USD18.8 million as at 30 June 2013) to Natlata, and proposes to have the loan fully converted into ordinary shares in the Company at GBP0.055 per share, but not to trigger any mandatory offer.

Natlata is also proposing to have fresh shares issued up to an amount of USD10 million in an open subscription in which all shareholders can participate, also at GBP0.055 per share.

Natlata has stated that it is ready to complete the transfer of the loan by 15 April 2014, subject to all the parties' cooperation and has asked the Company to respond to this offer by 3pm GMT on Wednesday, 26 March 2014.

If the Company accepts these proposals Natlata proposes that a new EGM is held as soon as is reasonably possible, so that their proposals can be voted on by all shareholders at the earliest opportunity.

Commenting on the announcement, Maxim Korobov, Natlata's controlling shareholder, said, "The proposed transactions will reduce the Company's leverage, improve its financials, reduce the risks of default and bankruptcy, and release significant cash flows for the 2014 capex programme. With these measures, the farm-out to an, as yet, undisclosed "international" oil company, which is likely to be value dilutive to the current shareholders of Petroneft, is unnecessary. In essence, we believe this would be a case of selling off the family silver - nearly 50% of the Company's value - at an, as yet, unknown price, without shareholders' approval. This should be stopped."

"Furthermore, our offer will allow all shareholders to demonstrate their faith in their company's future and participate in the new issue of shares, at the same price as everyone else, and not limit it to a group of, as yet, unknown participants as in the Placing announced by the Company on 17th March.

"We are not only offering a financial solution but have spent a considerable amount of time putting in place a plan that will finally realise Petroneft's true value. If positive action is not taken we believe that the share price will retreat to its mid-2013 levels on continued stagnation of production and the increased risk of losing one of the Company's main assets under the newly arranged financial restructuring terms."

About Natlata Partners Limited

Natlata Partners is a private investment company that seeks out investments with a focus on Russia and CIS countries that appear to be distressed or are at an early stage of development and which will clearly benefit from effective management and proven sector experience. For more information about Natlata and our investments please contact info@natlata.com

What do you make of this development lads? If this loan is not transferred, are we to expect the share price to plummet? And if all goes as Natlata want, what effect do you think this will have on the share price?

Dubh Geannain

grattanspuds wrote: »

What do you make of this development lads? If this loan is not transferred, are we to expect the share price to plummet? And if all goes as Natlata want, what effect do you think this will have on the share price?

IMO, I don't think it will happen. By "all shareholders participating" assume them to mean mostly them. And at 5.5p. They're looking to remove the default risk of the company by becoming the holder of the loan and then accumulate more of the stock super cheap at the same time. With the loan default risk removed expect the share to rise significantly.

restingpilgrim

EGM announced today for 9th May 2014. Also saying legal paperwork re farmout is due to be signed mid April. Full details at petroneft.com

Dubh Geannain

If I have a couple of hours to spare that day I might tip along, if only for the fireworks.

I haven't been invested here long and don't have as much to be pee'd off about as some long termers.

Merelyme

I'm still hanging in here. It's amazing what issues can arise with these oilies. Crimea, Natlata, MacQuarie's option and so on. I suppose it's good to see Natlata and its main man Korobov striving for influence. Mr. K was in Dublin today and, cute hoor that he is, lambasted the board again but also said he'd support the farmout if the terms were good enough! Damn right he would - Natlata stand to gain serious money if/when the farmout goes through.

Incidentally, I read somewhere that Natlata/Korobov think India Oil is the major company Petroneft have been negotiating the farmout with.

Dubh Geannain

http://petroneft.com/news/2014/1084/


Also, Tweet from Natlata today also:
"In response to investor queries: #Natlata NOT selling @PetroNeft shares. Yesterday showed lack of shareholder trust in management. #PTR $PTR"

They really are on the media offensive

JohnnieA

Well, I just asked Davy (since I have a nominee account) and they said they'll send me an invitation so I can attend and vote. Really tempted to support Natalta, but I'll wait for the farmout deal to be completed before I make up my mind.