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Interesting post this morning over on A@VFN - a sale of the company would be one way of returning shareholder value
MrMcnee13 Apr '21 - 09:36 - 32711 of 32711
The company appears to be packaging themselves up to be sold, legacy debt provided by Directors and company friends has been converted into shares + infrastructure improvements (e.g. mini refinery and all weather road) have been made recently to make Petroneft more attractive to prospective buyers.
It is worth noting that Oil India paid $85m back in 2014 to acquire just 50% of one licence (no 61)
The main shareholder in Petroneft is a outfit called Natlata they now own 25% of the company and have been aggressive and want a return on their investment having paid much higher prices for their shares.
Natlata have been instrumental in removing the useless historic management and have put their own team onboard - the new (and seemingly impressive) CEO was one of their appointees.
I fully believe Petroneft will be sold and a deal could be announced sooner than many believe, the environment is now ideal for such a sale.
With 919m shares in issue PTR is valued at a mere £21m - any deal would be north of 10p a share for certain.
There have been a few tweets concerning Petroneft from Russian focussed investors, all suggesting the company is materially undervalued and are expecting a material re-rating once news starts to kick in.
All I personally know is that it is exceptionally hard to buy a meaningful slice of shares in the market at the best of times. The stock is exceptionally tightly held.
Current situation, PTR is undervalued compared to its peers. No doubt.
How can you possibly compare 2010 with today. That's like saying your sunday league pub team will lose based on history despite improving the pitch...having the $$ to buy new shirts and a team bus which can use the new road to the ground....buffoon's in goal and Ronaldo's upfront.
Never mind Phoebus come back in 6 months lets see who was right. They have managed to increase production already by some simple frac operations and have some exciting plans over the next year. A very good pick for a company with some prime Siberian oil real estate. I wonder why the swapped debt for equity !!!!
I have. Still not impressed at all.
Phoebus suggest you read up a little on recent updates. Yes the old board did not have a clue take a look at what is happening now and this is undervalued. Why would the board swap debt for equity now !!!
'On course to achieve year end 2010 production target of 4,000 bopd by early December, rising to approximately 12,000 bopd by the end of 2012.' LOL
https://investegate.co.uk/petroneft-resources--ptr-/rns/us-43-million-placing/201010190700125943U/
This stock promised so much back in the day. Huge production figures were projected from these licences and years later were still nowhere near those figures. A lot of people seem to do next to no research. People should go back and have a read through the older PTR RNS statements from the last few years starting in 2010 and then ask themselves where they really think this is going.