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Petroneft Resources

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  • Registered Users Posts: 134 ✭✭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 :confused:

    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.


  • Registered Users Posts: 3,393 ✭✭✭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.


  • Registered Users Posts: 3,393 ✭✭✭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/


  • Registered Users Posts: 3,393 ✭✭✭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


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


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


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  • Registered Users Posts: 3,393 ✭✭✭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.


  • Registered Users Posts: 3,393 ✭✭✭Dubh Geannain


    Not ones to meet deadlines bang on time but just FYI

    2h7gqch.jpg

    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.


  • Registered Users Posts: 3,393 ✭✭✭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.

    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.


  • Registered Users Posts: 825 ✭✭✭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


  • Registered Users Posts: 3,393 ✭✭✭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


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  • Registered Users Posts: 3,393 ✭✭✭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.


  • Registered Users Posts: 134 ✭✭frankeee


    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


  • Registered Users Posts: 3,393 ✭✭✭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.

    35kmqdd.jpg


  • Registered Users Posts: 1,084 ✭✭✭nastros


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


  • Registered Users Posts: 3,393 ✭✭✭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


  • Registered Users Posts: 1,084 ✭✭✭nastros


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


  • Registered Users Posts: 43 JohnnieA


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


  • Registered Users Posts: 134 ✭✭frankeee


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


  • Registered Users Posts: 43 JohnnieA


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


  • Registered Users Posts: 3,393 ✭✭✭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.


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  • Registered Users Posts: 73 ✭✭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.


  • Registered Users Posts: 73 ✭✭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.


  • Registered Users Posts: 134 ✭✭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.


  • Registered Users Posts: 73 ✭✭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.


  • Registered Users Posts: 1,040 ✭✭✭bcklschaps


    Fair play for hanging in there lads.


  • Registered Users Posts: 134 ✭✭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!


  • Registered Users Posts: 73 ✭✭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.



  • Registered Users Posts: 134 ✭✭frankeee


    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!



  • Registered Users Posts: 73 ✭✭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.



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