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Iamrich... CLON has 60%, not 70%. Pet has 30%, state owned co. has the balance.
So, one way to answer your question is...
Take an estimated value for the asset, whatever you like, the figure doesn't matter for this exercise but it might be fun trying to forecast it.
Divide 60% of that by the number of CLON shares.
Divide 30% by the number of PET shares.
Divide each by their respective prevailing share price to get the multiples.
Compare and decide.
We just need the BOD to get some kind of deal activated to get us back in the limelight. Huge upside if they do and definitely worth a gamble from this level.
But surely it will reflect market caps,and clon has say near 70% of Ghana, so would clon do better in a rise then pet? And who's going to buy out pet? Dont see anyone interested
Clon have 4.4 bln shares in issue as opposed to Pet 178 million of which 25% held by the board.
Any whiff of positive news here and this will rerate swiftly, me thinks.
There is Ghana, Iraq and a really tight capital structure here with the board owning about 25% of the company. Pet has a £2.5m cap and have openly advised they are on the hunt for a new asset. Clon £4m cap with a higher cash burn and director shares that are to be converted in leu of historical salary. Both will move together when the other rises. At 1.4p these look good value
Because ghana is a prize asset and a pet buyout would give teeling a chance to cash in .he is surely in his eighties now.He stumped up best part of 300k recently and it wont be for a long wait in iraq.
Why buy pet for 30% Ghana stake when CLON has near 70% or so?
I don't think Iraq will ever happen well not atleast for a few years
Activity is way overdue and the board are now incentivised with the purchase of 20% of the share capital. Any sniff of good news and this breaks a £10m cap. 4x where we are now
More of a gamble here than an investment. Huge upside on positive news. Maybe we'll get news of a JV in Ghana or Iraq in the next week's. Would certainly breathe new life in to this stock.
We'll yes, they've had plenty of time, I don't disagree with that. But I wouldn't characterise them as leeching. They purchased shares with cash less than a year ago - spending far more than they could have withdrawn in benefits. I reckon they are as eager as anyone to get things moving and certainly seem to have more to lose than any PI, in absolute cash terms at least.
I'm just calling it as I see it - I hold at higher prices so am also disappointed, but I don't buy into the story that the BoD are not working to push PET forward. Although, they are probably stretched at times, what with the number of group companies and limited resources.
They have had nearly 2 decades to make money, they are leeching off the company behind closed doors. They will never be competent enough to put an asset here they are clearly busy elsewhere.
Keep in mind their pay is on paper only... their payout only comes when the company makes money.
I have seen my investment go from 8p to 1p and these useless geriatric directors are doing nothing and ignore my emails.
I have been invested for a long while here and have send my investment drip away. These old geriatrics are just sitting on our money paying themselves handsome wages, and getting away with it for over a decade. When will they actually get an asset to put into here? They have done nothing for years and I have had enough.
... and then someone dumps a chunk !
Any whiff of good news and this will take off.
Interesting to see all buys today!
it was around a 20 bag i sold too early as always
dnd2136----------Not sure about a 30 bagger, but it touched 157p less than 20 years ago and whilst it's been downhill and tough to hold since those days, Ichi and Gulable's ''20 years of diddly squat'' are wrong. Mind you it does seem that long for any real lth's. Good luck all.
Following a hiatus due to the C-19 pandemic and the temporary absence of the farm-out market for oil & gas projects, Petrel is again in discussion with the Ghanaian authorities on ratification and development of its Tano acreage.
With the news. This will make this pop. The link has not been made by buyers yet. Gla.
didnt this 30 bag a few years ago, teeling took a big chunk here
Looks very positive for PET
Very frustrating share for the LTH. The key is entry price and if any positive news is announced it will do 200%-300%.
Agree 100% Ichi I’ve been saying exactly the same thing now for years. This embarrassing excuse for a company has lived off shareholders money for far too long and never produced as much as a teaspoon of oil. They have no contracts, no income, no genuine prospects and no business, still they flog the same old horse and spout the same old lies.