nutsy that was back when oil prices yielded an attractive ROI. Unfortunately for PET they have nothing except a depleting cash position and hope that Ireland will yield them an 'elephant discovery'. Better smallcap value in AIM listed MBO which turns £50m per annum, back in profit and around £3.25m market cap. Completely off the radar but still in a 6 month uptrend. Half Year results due in September. GL
Not holding these but considering a 2.5k punt with profits from elsewhere on a 3 year look forward. I do see some value here for the long term but I don't understand why all of their assets are high risk.
As a bod they should be building a more balanced portfolio but that said I think the Ghana asset will eventually come good for them which will raise the sp considerably from today's new low.
I will look to get in around the 2p mark and hold for 10p in around 3 years.
Given the poor performance and woeful lack of information from PET I wrote to them over three months ago asking if there was any encouragement they could give to their investors to stick with them. I'm still waiting for a reply. The website is a litany of out of date information, I think this is a dead duck now. Does anyone see any reason to stick with it?
ExxonMobil to begin operations in Ghana 10th May 2015 http://goo.gl/uov6M5 We can confirm oil giant ExxonMobil is to begin operations in Ghana. According to state owned oil firm, Ghana National Petroleum Corporation (GNPC,) ExxonMobil has signed a Memorandum of Understanding ...
Ghana approves OCTP offshore development 10th May 2015 http://goo.gl/C5Q8VQ Eni, Vitol and Ghana National Petroleum Corporation (GNPC) signed with the President of the Republic of Ghana, John Dramani Mahama, and the Minister of Petroleum, Emmanuel Armah-Kofi Buah, the agreement ...
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