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Petroneft Resources

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  • Closed Accounts Posts: 372 ✭✭restingpilgrim


    Farmout details have been announced 85 million US dollars deal. 35 million cash pays off debt and gives working capital also 45 million for licence 61 development and possible 5 million performance bonus.

    Full details on petroneft.com


  • Registered Users Posts: 3,407 ✭✭✭Dubh Geannain


    Looks good to me. Regretting not adding a little more in the last month now.

    The deal is subject to shareholder approval at an EGM scheduled to take place an hour or two before the requisitioned EGM on the 9th of May. I can't see it being rejected.

    This values the remaining 50% of Licence 61 at £85m. The company market cap is only £39m


  • Registered Users Posts: 73 ✭✭Merelyme


    It's finally happening. Delighted I didn't sell earlier this year. The farmout has been warmly received by the vast majority of those on share chat boards. It is better than I expected. It was a strange hour to release an RNS so it should be interesting to see what happens Tuesday next.

    Natlata reported the Petroneft board to AIM earlier today for breaching Rule 20. Getting rather nasty they are! They're following me on Twitter! I don't care what Natlata do. They stand to make huge gains now - if I was them I'd back off and support the company now the farmout is done.


  • Registered Users Posts: 2,169 ✭✭✭Grawns


    Topped up today :-)


  • Registered Users Posts: 43 JohnnieA


    Well looks like the sp won't increase untill production goes up. You can have all the oil you want in the ground, but unless you can get it out, it's practically worthless. If the BOD don't get their stuff together, then in 1 year's time we could be reading a new RNS: "We are proud to announce that production is steady at 2xxx bpd. Farmount of the remaining oilfield which will help to finance new production to be completed with a major international oil company within weeks."

    I'm worried that this BOD have a proven record of incompetence with Petroneft. Also if what Natalta says is true about only contractor being related to a member of the BOD, then this doesn't really bode well to the shareprice. I'm really considering voting for Natalta, if only out of principle. If Natalta gets a large amount of votes, then even if they don't succeed, it will be a clear signal to the BOD that they can't expect to get away with this kind of sh.. for long.


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  • Registered Users Posts: 3,407 ✭✭✭Dubh Geannain


    Any predictions for what production might be in the next update? It was 2,300 bopd in January and 2,400 on March 17th

    It would be nice to get a operations update before the EGM.

    Okay I'll have a stab and say if they release an update before the EGM I'd like to see it at 2,600


  • Registered Users Posts: 43 JohnnieA


    If they have good production news the board would be trumpeting about it already. Or at least they definitely will before the EGM.


  • Registered Users Posts: 300 ✭✭power101


    As johnnie said. If production had stayed the same or improved they would have released an rns or made the information available before the EGM. If they don't tell people beforehand I can only presume a fall in production. This isnt surprising since they haven't been able to finance normal drilling or work overs of wells for the past 8 months.


  • Closed Accounts Posts: 1,007 ✭✭✭Grecco


    2200


  • Registered Users Posts: 828 ✭✭✭westgolf


    2200

    prediction:) or definite figure ?

    westgolf


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  • Registered Users Posts: 43 JohnnieA


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


  • Registered Users Posts: 73 ✭✭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.


  • Registered Users Posts: 73 ✭✭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.


  • Registered Users Posts: 3,407 ✭✭✭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.


  • Registered Users Posts: 43 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


  • Registered Users Posts: 3,407 ✭✭✭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.


  • Administrators, Entertainment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 18,722 Admin ✭✭✭✭✭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.


  • Registered Users Posts: 43 JohnnieA


    Thanks hullaballoo.


  • Registered Users Posts: 73 ✭✭Merelyme


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


  • Closed Accounts Posts: 372 ✭✭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.


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  • Registered Users Posts: 134 ✭✭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


  • Registered Users Posts: 3,407 ✭✭✭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.


  • Banned (with Prison Access) Posts: 4 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


  • Registered Users Posts: 134 ✭✭frankeee


    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.


  • Registered Users Posts: 73 ✭✭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.


  • Registered Users Posts: 43 JohnnieA


    It's like watching paint dry...


  • Registered Users Posts: 73 ✭✭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.


  • Registered Users Posts: 11,907 ✭✭✭✭Kristopherus


    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.:)


  • Registered Users Posts: 930 ✭✭✭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?


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  • Registered Users Posts: 828 ✭✭✭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 :confused:

    Westgolf


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