Petroneft Resources

Dubh Geannain · 28-11-2013 12:11pm

RNS:

PetroNeft received notification on 28 November 2013 from Natlata Partners Limited that as of 27 November 2013 it holds an aggregate interest in 76,471,536 ordinary shares of €0.01 each which represents 11.86%* of the issued share capital of PetroNeft.

*This percentage shareholding is based on a shares in issue figure of 644,920,275 ordinary shares.

http://www.iii.co.uk/investment/detail/?display=news&code=cotn:PTR.L&action=article&articleid=9181730

Natlata Partners have gone from 3% to 6% to 11.8% since September.

Grecco · 03-12-2013 9:00am

RNS out

http://www.investegate.co.uk/petroneft-resources/rns/operations-update/201312030700064855U/

Merelyme · 03-12-2013 7:34pm

Continued progress is being made on both the re-financing and planned farmout of Licence 61. While progress has been slower than expected we continue to move forward on both fronts, particularly as regards the re-financing with additional parties having shown interest since our last announcement.

Dennis Francis, Chief Executive Officer of PetroNeft Resources plc, commented:
"We are pleased with this agreement with our drilling contractor (TBNG) which allows us to continue with our drilling programme in a cost effective manner for the benefit of our shareholders.

We continue to make encouraging progress on the re-financing and farmout fronts and we appreciate shareholders continued patience and support while these negotiations are completed."

I'm aware of the possible negatives that can be drawn from this (or any) RNS but I have to say I find this re-affirming and very positive.

Merelyme · 09-12-2013 11:07pm

Interesting article about Petroneft from Oilbarrel today (09/12/13): http://oilbarrel.com/news/winter-arrives-in-russia-and-petroneft-resources-gets-busy-to-make-up-ground-lost-over-the-summer-as-critical-refinancing-looms

Merelyme · 16-01-2014 9:08am

RNS from Petroneft today:

http://www.oilvoice.com/n/PetroNeft_announces_farmout_negotiations_well_advanced_with_an_international_oil_company/6f95fb88605f.aspx#gsc.tab=0

Already a 100,000 share purchase on the ISEQ (08:03).

Dubh Geannain · 16-01-2014 10:33am

It reads as very positive to me compared to previous releases.

Just my opinion but I'd say the refinancing is heavily dependant on production recovering to what the financiers would see as sustainable levels. Back above 2300 bopd means it's going in the right direction but it obviously needs to be significantly higher. With further workovers planned they have to thread carefully.

Merelyme · 21-01-2014 3:51pm

Dubh Geannain wrote: »

It reads as very positive to me compared to previous releases.

Just my opinion but I'd say the refinancing is heavily dependant on production recovering to what the financiers would see as sustainable levels. Back above 2300 bopd means it's going in the right direction but it obviously needs to be significantly higher. With further workovers planned they have to thread carefully.

Indeed, Dubh. It's quite precarious but seems still to be a good bet. Up over 10% on the LSE at the time of writing (14%+ on the ISEQ). More importantly buys are outdoing sells considerably for the last 8 working days. The elusive Natlata Partners seem to be gobbling up shares too. There appears to be lots going on in the background.

That all said, with me having bought at 4c and the share price sitting at 6.5c now, I can't deny I'm very tempted to sell. But I won't! Yet.

Dubh Geannain · 23-01-2014 2:36pm

Dubh Geannain wrote: »

RNS:

http://www.iii.co.uk/investment/detail/?display=news&code=cotn:PTR.L&action=article&articleid=9181730

Natlata Partners have gone from 3% to 6% to 11.8% since September.

Now at 16.02% (as per RNS today) and I still can't find out who exactly they are. Either way they have managed to accumulate a sizeable holding at what could turn out to be bargain prices.

Comordha · 23-01-2014 4:18pm

Yes - looks like they are positioning to take it out on an historically cheap price. Name sounds Russian, I wonder were they previously involved in bidding process and saw the potential of the blocks they own on their books? Directors will need to acknowledge this soon.

Merelyme · 23-01-2014 5:18pm

Nobody seems to know who Natlata Partners are. Assuming they are representing either their own interests or are acting on someone's behalf, it seems positive that somebody sees the shares as very buyable. I strongly suspect an RNS from Petroneft very soon (by the end of next week) but they are notoriously slow to pass on news.

Dubh Geannain · 27-01-2014 5:07pm

Up over 8% today and testing 6p now.

Edit: Broke 6p.

Comordha · 27-01-2014 5:54pm

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

Merelyme · 27-01-2014 9:30pm

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

Grawns · 28-01-2014 10:51am

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

Dubh Geannain · 04-02-2014 3:39pm

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

Comordha · 05-02-2014 10:31am

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

Merelyme · 11-02-2014 3:06pm

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 · 02-03-2014 10:25pm

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 · 03-03-2014 2:26pm

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 · 03-03-2014 5:04pm

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 · 05-03-2014 2:43pm

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

Dubh Geannain · 05-03-2014 3:26pm

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 · 05-03-2014 4:43pm

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 · 14-03-2014 3:30pm

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 · 14-03-2014 5:10pm

That would be my guess.

Denis Black Gold · 15-03-2014 5:06pm

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

Merelyme · 17-03-2014 1:40pm

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 · 17-03-2014 8:24pm

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 · 18-03-2014 10:22am

Natalta have revealed themselves and their intentions.

Dubh Geannain · 18-03-2014 10:48am

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 · 18-03-2014 2:39pm

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 · 20-03-2014 11:02am

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 · 20-03-2014 1:12pm

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

LONDON, March 20, 2014 /PRNewswire/ --

ï»¿

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 · 20-03-2014 10:27pm

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/ --

ï»¿

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 · 21-03-2014 3:38pm

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 · 01-04-2014 5:57pm

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 · 02-04-2014 10:37am

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 · 09-04-2014 9:03pm

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 · 16-04-2014 1:54pm

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 · 16-04-2014 11:22pm

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.

restingpilgrim · 17-04-2014 4:33pm

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

Dubh Geannain · 17-04-2014 5:34pm

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

Merelyme · 17-04-2014 10:18pm

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.

Grawns · 22-04-2014 1:46pm

Topped up today :-)

JohnnieA · 24-04-2014 11:49am

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.

Dubh Geannain · 24-04-2014 12:00pm

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

JohnnieA · 24-04-2014 5:17pm

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

power101 · 24-04-2014 9:29pm

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.

Grecco · 25-04-2014 3:36am

2200

westgolf · 25-04-2014 4:24pm

2200

prediction:) or definite figure ?

westgolf

Petroneft Resources

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