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Davy's reported today (12 June) that Matra has sold its 100% interest in the Arkhangelovskoe licence/ Sokolovskoe field for USD25m. A further USD10m is payable if certain performance criteria are met. The field has 13.5m barrels of 2P oil reserves but last year only produced an average output of just 33 bopd (PTR take heart!) as full field development has still to take place. The USD25m purchase price values 2P reserves at USD1.85/barrel (USD2.58/bbl if the conditional USD10m is included). PTR has 131m 2P barrels in place which gives a pari passu valuation of 23p per Petroneft share (rising to 33p per share if the conditional element is included). Now before we all get too excited the two areas are 750km apart and there are some synergies in the deal. Moreover Matra seem very pleased to dispose of this "star" asset - "The Board believes that the disposal of the licence for a consideration of up to $35 million represents compelling value when compared to the capital costs required to develop the asset and the technical risks associated with the field". Its all about Risk and Reward. But it does flag up the inherent value in PTR if they could only stabilise the production and get some funds for development of the remaining assets - that would give the market something to focus on. I'm a firm beliver in the PTR project - especially at this price (3p) - and will continue to hold my shares (which have sunk in value). The long silence from PTR raises my hopes that they will "surprise" on the upside with an operational statement which confirms production has been maintained at 3,000 bopd for the last few months and expressing confidence that it will be maintained for teh foreseeable future. That would be a huge step on the road to restoring investor confidence.
No there is no hope no farm out to much debt and no more loans to develop sib only option new issue so more loses for old investors but the weather has improved
I also bought in here on poor advice, against my better judgment and with very little knowledge of the company but it seemed that a company once valued at 70p+ a share might be good value at about 8p. What a mistake, and that on top of several disastrous other 'investments' this year. Can anyone here tell me if there is any hope for this seemingly hopeless share?
We're due a preliminary announcement around the date you state but I would be surprised if we didn't get an operational update before then though. Last one was getting on for 3 months ago! Sadly the SP is telling me no news is bad news in the case of PTR....
Well if we don't get an update then we must be due the interim report soon, 30th of June as per the other years, so fingers crossed. Must admit I would have thought we would have had news on well 112 well presently shut-in for pressure build up testing ?
PTR has a great bundle of assets but the major O&G companies already have acreage in the Tomsk Oblast region so I expect that any potential bidder would be an opportunistic outsider looking for a fire sale. IMHO, don't hold your breath for a bid.
The sp is so low that a potential bid by a larger russian oil co is a possibility any ideas on that
Can anyone confirm my understanding of the current situation? PTR issued a statement on 21st March that in summary stated a) the remediation of pressure issues in Arbuzovskoye 102 well had been successful but that time was needed to "allow the pressure maintenance system .... to get established", b) "other Arbuzovskoye wells are currently being examined with a view to re-perforating additional wells in the near term" based on this experience and c) "Locations and timing of further production wells will be selected based on the response to the pressure maintenance programme......and It is likely that at least three additional wells will ultimately be drilled from Arbuzovskoye Pad 1 to fully exploit the area". Arbuzovskoye well 105 was the most recent well and the sixth in the current programme of ten wells. My conclusions are that a number of existing wells are being worked-over to maintain (hopefully even to increase) production while the technical people decide if the original field development programme of ten wells can be optimised by drilling only nine wells - leaving only three wells to drill later this year. There is currently no seismic or other exploration work on-going and no sign of the proposed Farm Down which rather limits the opportunities to exploit the available assets asssuming the cash being generated now is paying down the loans. Thus PTR is held to circa 3,000 bopd with potential to add maybe 600 bopd (with some upside) from the remaining wells in the programme but otherwise there is little else to excite the market. Is this a fair assessment?
If you think this lot are bad try FRR for rns
I ve been in since the first week of feb when there was the initial 30%drop well there was no bounce i bought again at 3.50 just to average down so i have been here just as long lets hope the next rns is what we are all hoping for
We've been waiting for 4 months at UEN, count yourself lucky.
Its been over 2 months since the last one most of us have lost all faith in this company please prove us wrong ptr
I have been v.patient with this stock,if this bo**ocks continues to year end I will be an IN PATIENT in Broadmoor,but things in my mind can only get better,so apparently does the person who bought the 891k's worth,I've wrote off this stock,so in a couple of years I may see a profit,but its not essential,as they say," dont gamble with what you cannot afford to lose" Its just a shame that listening to gossip and so called experts can get you in to stock you would have normally have stayed WELL (get it)clear of,anyway GLA who entered here and suffered for it.
A large 891,864 BUY demonstrating that whilst many believe this to be a dead dog, clearly not ALL do. That old Buffet phrase springs to mind.... 'The Stock Market is a mechanism to pass money from the Impatient to the Patient'
Is actually 3.075 as I can dummy sell my entire holding (surprisingly for PTR) for 3.05 and dummy buy for 3.10.
Look like filled orders to me. Ostensibly they 'look' like sells but, in reality, the price ticked up when they went through. PI's being frightened out while bigger fish stock up at rock bottom levels? Surely not. ;-)
Oh well someone thought it worth sticking £15k's worth in.
Poor management? Poor communication? Poor weather? Poor sentiment? Poor finances? Need I go on? So why on earth would anyone invest in this now? Precisely because everything is seemingly so bad. THIS is when the real money is made.
russia
This share price continues to fall, the scenario hasn't changed to much recently but continues to fall. I'm at a massive loss on PTR. When purchased some 2yrs ago, these were researched to be a incredibly strong buy..... Since then they have continued to fall - I'm bewildered. Views on PTR prospects are welcome folks? We need positive news on this company....
I may have to loose my shirt here with PTR but its nothing like the state of FGP,billion of debt small profits,old stock,how to finance new stock and service debt,this Co is at £1.39 from £2 last week and will see £1 soon(IMO) They have little to no assets just depreciating rolling stock,the Greyhound venture was (IMO) A BIG BIG mistake ,how was the profit EVER going to service the debt repayments and replace stock. So I'ride the storm here and more than likely eat my words as I,like many others talk bo**ocks,especially once I'm in full flow and pi**ed off with my investment selection,anyway,as ever GLA.
stock - ooops don't take it personally mate. Just an observation on your investor behaviour. I most certainly do not have a problem with what you have done! It simply reinforces my belief that we must be approaching, if not at, the bottom now. As for me falling in love with shares? Bizarre mate bizarre. I NEVER fall all in love with any share and never have. I make cold dispassionate decisions about my investments and thats what I'm doing here. Good luck making up your £10k loss. I'm also in LRL btw.
Chicken feed! there are lots of people out there,especially in Russia with cash on the hip doing nothing,maybe a partial buy out could suffice,depending on the bopd on tap or potentially on tap.BTW I know nothing (said in a manuel voice for any oldies) of the inner working of the Oil industry,but I do know GRREEEDD!
So how is the company going to pay the £12.7m maturing next year? Only onw way and that is by a share issue which means at this level a massive dilution of the share price in order to raise the necessary funds to fulfill their debt obligations. It may not go bust but this share price is going to be massively diluted over the coming months and anyone who thinks that 10p is in sight in the next 12-18 months could be in for a big shock.
I dont have enough knowledge of this company to comment,except on obs,I like the cut of your jib sir. someone bought 1million on tuesday + a couple of 250k's ok lots of sells,but there always are,people say they cannot get the texas tea out,why? not long ago everything was "Oh summers coming good news awaits,new wells coming in etc,what went wrong? GLA.