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No other option but to hold here and wait for a miracle... as I’ve said all along I am probably one of the most long standing followers of PET on here. And over all these years it’s gone nowhere - what have they produced? Have they produced 1 drop of oil in over 30/40 years? They are a tiny minnow exploration company and have produced Jack... I’m invested here and I’m sure it will be another 10years + before this goes up again on any form of speculation. Just like it spiked after the Iraq war way back when. Not deramping just telling the truth. GLA. As I am invested here. I would like to know what a typical days work involves for David and John.....
I own many thousands in share of Petrel And i too have been asking people to bail out for many months. Stupidly i purchased them at its peak (average 22p) in December expecting it to maybe hit 50p or even a 100p. Today it hit another paltry low of 3.5p.
When Tamaraz and Concert party accidentally sold (or whatever b*llocks, my dog ate my homework excuse they want to use) it has killed every iota of confidence with Petrel . Delayed funds, missing funds, court case they are not faith-instilling for any investor.
In the coming weeks i can see this falling much much further, i am 90% down already on my investment, and my investment was for many many thousands of pounds. Theres little point in my cashing out with a 90% loss - so i have no choice but to stay put on false hope.
Funny how the original hardcore investors, praising Petrel no end and who couldnt see the wood from the trees before have now all bailed out
This BB is the absolute PITTS, everyday the majority of posts are by people explaining why people should sell up? Im trying to understand why you would spend your time convincing people to sell a stock you no longer own (assumed given your persistent rhetoric). Are you trying to buff your own ego by "being right" smugly reminding people who may be in red you told them so or are you just that altruistic that you would spend your time energy and effort advising people how to cut losses? Fwiw ive only recently bought some of the stock here as a punt being a small amount im happy to see where it goes. But I assume people have thousands and cant imagine your incessant posting is helpful
CLON are the leader in that consortia, so PET just ride on their slipstream
Funding is always a tricky one - but the Tano basin is very prospective, CLON/PET Licence area is and surrounded by producing fields - Tullow were always a prime candidate to farm in and better positioned now following consolidation and sale of some of their assets to focus primarily on Ghana.
Tilburn - this is all very interesting but as PET said in their RNS dated 3 April ".............. as soon as the signed Petroleum Agreement is ratified, and subject to securing the necessary funding." And who is going to lend to or invest in PET with such a dispute involving a major, possibly majority, shareholder?
PET holders with a 30% stake in Ghana Tano 2A Licence with CLON, may be interested in the following, Insolvency bill signed by President, last block to re assign the Licence - now just Petroleum Agreement to sign which is with cabinet. Tano 2A field is billion barrel potential aswell.
"The Ghana Association of Restructuring and Insolvency Advisors (GARIA), is pleased to announce that His Excellency the President of the Republic, Nana Addo Dankwa Akufo-Addo, has today assented to the Corporate Restructuring and Insolvency Act, 2020 (Act 1015.)
This Act could not have come at a more fortuitous time as the country discusses strategies and ways to restore and recover from the economic meltdown brought about by the COVID-19 pandemic. Businesses will have a new tool in their arsenal as they rebuild their businesses as they try to survive the devastation wrought by the ongoing pandemic.
This new law modernizes our Corporate Insolvency regime and repeals the Bodies Corporate (Official Liquidations) Act, 1963 (Act 180.) Among the key provisions of this new law is the introduction of the rescue culture, which seeks to assist viable but temporarily distressed companies to turn around their operations to save jobs, protect the assets of the company, and right of creditors, allowing for an efficient, timely and impartial restructuring proceedings.
Other Key Features of this new law include: -Establishment of an insolvency division under the Office of the Registrar of Companies -Introduction of qualifications and a regulatory regime for Insolvency Practitioners (IPs) i.e. Receivers, Managers, Administrators, Restructuring Officers, Liquidators, and Trustees in Bankruptcy -Introduction of Post-Commencement financing with a superior ranking over other debt for companies in administration -Cross Border Insolvency Proceedings - Ring-Fencing of Netting Agreements for Qualified Financial Contracts -Enhancements in Insolvency Proceedings - Sanctions for Insolvent trading and enhanced governance structures - Improved creditor involvement in insolvency processes
GARIA is immensely grateful to all stakeholders who contributed to today’s success including the Executive, Parliamentarians, Practitioners, our collaborators, and our Development Partners, Platinum Sponsors, and others who worked with us on this thirteen-year journey.
It is expected that the passage of this Bill, together with its Companion Act, the Companies Act, 2019 (Act 992), will go a long way to improve Ghana’s relative standing of 118 out of the 190 jurisdictions on the World Bank’s “Ease of Doing Business” League Table and make Ghana a more attractive investment destination."
Face it, he has gone. End off ----------------------------- along with the money from the shares that were sold between 10p and 20p lol more chance of winning the Euromillions than getting that back IMO
On 3 April Alliance News reported: Petrel Resources PLC on Friday said it has not been able to finalise the second tranche of shares in its Tamraz group agreement as a result of "changed circumstances" due to Covid-19 and a volatile oil price. Petrel also said the Tamraz group will maintain its current 32.1 million Petrel shares. The high court injunction over the 32.1 million shares is to remain in place until "outstanding matters" have been resolved to the Dublin High Court's satisfaction. Make of that what you will!
I can't see that the BoD can say anything meaningful until the legal process has run its course. Or how a new BoD could be appointed whilst the identity of a major, or indeed the majority shareholder, remains in dispute.
Manabouttown - So if you replace the BoD tomorrow with the Tamraz group and then next Monday find out that the Tamraz group are in breach of the Lock-In Agreement what happens then? As I have tried to explain to you, nothing can happen until the legal issue has been resolved. I suggest that you read the RNS's for the full picture. This has a l-o-n-g way to go yet, in my view!