We would love to hear your thoughts about our site and services, please take our survey here.
Spanish Really! The weather is important to us as this would give a clear indication of possible issues on site. Assume you have been on a drill site, stood on the table. Known what it is like when the wind hits at minus 20deg. Mongolia is bad but Kaz is worse and colder. . Carry on with the observations but attacking the new Management is to me unfair and unproductive. The man has been on seat less than a year and PM has gone from under-funded and too many decisions badly made, to a Company that is well funded, is drilling 6 wells over the next year. To me that's pretty damn good! Has he put some money in his own pocket hell yes! More importantly as the CEO why shouldn't he? All IMO - GLA all.
Spanish Sorry but I am beginning to question what you are trying to say? Why so late on the scene? You say you have been in Mongolia for 5 years? You must have been around and heard talk of PM before - again why the sudden appearance? O&G is a small world. Just that you worry me you come on so strong but again no substance to what you say. Just opinions. Some I agree you with I must say but opinions all the same. Facts guy that what we need. That said everyone to their own. Keep on posting as it is interesting to hear another view even though I don agree with most of what you are stating. Just please dont say they are facts - just be honest they are based, if you are in UB, on your experience to date. Thats all! GLA
Spanish With the greatest respect being in Mongolia gives you the right to an opinion, but the same as us all. Have you been to the well site? Have you talked to the crew on site? Have you been to PM's offices and talked to Mike? You seem to be hell bent on decrying everything PM are doing with little fact to support it. Just in my option admittedly - but please state that it is your opinion and not as you seem to indicate a fact! Thats all fella.
Good afternoon all. Well its great day here. UB looking at a high of 22deg today and a week high of 29deg on Tuesday. One thought occurs- regardless of who controls what?, or who signs what? - The bottom line is if I am running Petrovis I want to protect against a hostile bid if we are successful and find oil. Further I want to keep control of the Company. If you go back to 2013 July you will see that at that time Petrovis took an allotment of 55.5M shares. This gave them a holding in the Company of 33.16%, EBRD held 11.42% and the Chairman 6.59% - total 51.17%. I suspect that if you add up the new Petrovis Holding, Chairman's holding , Chairman children as remembering they each had an allocation of 1.8M shares in July 2017 plus directors that the position at present is not far off the 50.??%. they need to maintain control of the Company. In July last year Petrovis held 44.54% of the Company add again directors etc and you get back to 50% or close. Remembering Forrestberries LLC is still i their with 11M shares as far as we know. .(unls someone know otherwise. ) Of interest to is the statement in the July 2013 RNS regarding rule 9 and Control of the Company. "Control and Rule 9 implications of the future Concert Party The Petrovis Group holds together 51.11 per cent. of the Petro Matad's enlarged issued share capital and therefore has majority control of the Company's voting rights. From 30 September 2013 and subject to consultation with the Panel and Note 4 to Rule 9.1 of the Code, which addresses acquisitions of interests in shares by members of a concert party, the Petrovis Group will be able to acquire additional shares in the Company without being obliged under Rule 9 of the Code to make a mandatory offer for all the of Company's outstanding shares it does not already own. " So in short Petrovis can keep control, and obviously want to based on recent and past history but do not need to take over the remaining shares. Question is 14/06/18 a bad day for the Company and us as a whole - I dont think so as this means: 1) We still have focus on Mongolia and its O&G future. 2) Yes enlarged share capital but 79.3% of 850MM BOE is better than 100% of nothing. 3) Additionally we already know they will need at least 160 plus development wells at say $2M /well = $320M 4) If we assume another placing to fund this it could be around 160M more shares to add to the total assuming around $2/share. This would boost share numbers to say 822M. Share price would drop from $2/share to $1.60/share. Even if I am half right would not complain. In short I am not happy with the dilution but I accept "the Concert Party" is controlling things! GLA!!
Spanish Few of you understand Mongolia. – “This is most probably so –but having worked in the FSU for a number of years there is similarity in all the FSU governmental operations as they are simply the democratised version of the FSU version (warts and all!)” “The continued news of schedule slippage for this years proposed activities is very clear evidence the management have a very poor understanding of key deliverable's,” : Again not sure you are right here, the visas are not applied for by PM they are applied for by Sinopec. We know the government gave approval for 82 visas to be issued in May to Sinopec. The only fault I think was that PM did not chase the approvals through the system. This I agree was wrong and bad Management of the process, once Sinopec had lodged them. “Moving onto SP and yesterday’s RNS. If we collectively believe that was a good RNS and in the interests of the true investors on this board, we are fooling ourselves.” – No I don’t think we are fooling ourselves what I do think is that the finance is needed by year end so possibly the thought was let’s bite the bullet – get the cash, yes dilute the share price but as you rightly state the big winners (and loosers) are not the retail shareholders, but the Petrovis/PM Board and Institutional investors. “Yes I have probably flown in more choppers offshore than most on this board will see in ten life times” – Me too but not sure of the relevance here this is onshore ! (tend to spend more time in Land Cruisers than on choppers!) My thoughts are simply this: 1) Can I still come away with a profit from the PM shares ? - Answer yes. 2) Do they have a reasonable chance of success? Answer Wildcats are exactly that . They have a low probability of sucess however the interesting things is WoodMac highlighted Wild Horse, the potential reserves have gone from 290MMBOE to 480MMBOE (and would it not be great if a small Company actually hit oil!) In addition the Block XX will pay a few bills and keep them going. 75% chance of success is to me worth having whne you are talking around 15 to 20 MM BOE So to me yes it is a gamble but I think it is a red and green gamble not pick a number! All I agree iMO. All the above said Spanish I respect what you wrote - well written and succinct! Good post. I hope I am right . But to be clear no guarantees!
Spanish - well put but I have to admit to knowing a bit about the industry having been in it for over 40 years. Further I have operated in places such as Mongolia and understand what you allude to. But I would comment you paint a very black picture that also has , if you are right ,to have a silver lining for all, medium to long term higher share price and better returns for all. 1) The Government need the oil as feed stock for their refinery 2) Petrovis need a return for their directors, yes they can pick up via share placements and re-selling but longer term they need product for their gas stations/cash in their pockets. Cash via inflated share price is the best way to help this happen and in addition profits from the sale of product of course.. 3) Yes Mongolia like many ex-USSR states has issues but it is part of doing business in these areas ( I would also point out that most Western Countries are not exactly clean either. ) - on the surface yes but we all know what happens below the surface. So in short you paint a sad picture but also a picture that is not a balanced view IMO. You also comment on wells being dusters? Why yes in your view and yes I understand your are entitled to a view but guy we have not put the bit in the ground yet! On what basis do you make the statement you do. I see opinion which you are entitled to but I dont see too much fact supporting it. That said a good summary of your views but I would suggest you could have been a little more balanced. IMO. All have a good one - and yes I am still glad I am invested here!! GLA.
Morning all - interesting move. "On completion the Company will be fully funded to drill six wells in five risk independent basins, targeting c.850MMbo of prospective resources over the next 12 months" To me not bad - overall we have increased the possible/potential we are going after. Yes the share price should drop from 12.85P down to 10.34P a share. However if you look at the EMV and share price if the current 480 + 90 + 20 come in you still end up around 80.5P a share which is an increase in the share price estimated earlier (was 76P and is now 80.5P) SO yes a pity they did not offer shares to existing share holder via a rights issue or similar but at the end of the day - what has changed? 1) We are now funded to end of 2019 2) The share price should drop to around 10.3P 3) "Permitting and civil works for the Snow Leopard well are now complete. Sinopec, the rig operator, has commenced mobilisation of the rig to site and the Company expects to spud the well in July 2018" 4) At least the maintenance crew from Sinopec must be on suite with Visas and arguably the Drilling Suptd/Drilling Engineer. So to me a change of tack but one that could save us cash later as I suspect the rig contract had an extension clause in it that needed cash to implement. This will mean a lower price for drilling in 2019. So not all bad. All IMO but DYOR. GLA all - Paul, OJ, D1nger, Mr P, Mikey, Ham, Loz and everyone.
Guys If I said to you name the top seven Energy Companies by proven reserves - who would be on your list ? To assist the list is: 1) Exxonmobil 2) BP 3) Petrochina 4) Petrobras 5) Chevron 6) Gasprom 7) Total Next question what are their proven reserves? (agreed proven NOT possible or potential) 1) Exxonmobil - 13 Billion 2) BP - 9 billion 3) Petrochina - 9 billion 4) Petrobras - 9 billion 5) Chevron - 6 billion 6) Gasprom - 6 billion 7) Total- 6 billion All rounded (and excludes gas reserves!!) My point is guys we are looking at possible reserves of between 9Bn and 23 Bn. If we hit the low number this puts us in the top 5 oil companies for Oil reserves. Let me say that again - this puts us in the top 5 oil companies for Oil reserves! Yes agreed I have fudged the numbers by leaving out BOE in terms of gas, and this excludes the State run companies such as Saudi Aramco. Even so it incredible when you realize what size of reserves we are looking at. Oh well dream on!! Good morning all. - D1nger good post!! OJ apologies had to pick up on your "perspective"! apologies, Bucc good reading, Jndavid good morning, Ham, Manro, Maestro et al I am sure you are all there - and of course Mr P. UB going for a high of 27deg on Wednesday.
https://world.einnews.com/article_detail/450875438/LkaetwRTwSERlBMe?n=2&code=QAvvBSf7LlthxeZs Worth a read! Morning all.
Guys Just an FYI with the use if judicious filtering this board is actually really calm and peaceful - recommend it to all!. Morning all Bucc, OJ, MrP, Captain, Manro (thanks for your nice comments!) , Loz also same to you!, Ham, D1nger, Maestro, JNDavid anf many other I lefy off apologies! Guys apologies being the other side of the world I tend to drop off the board around 2 hours after trading starts. Hence sometime takes me 24 hours to reply!
Guys If you run the EMV and the resultant share prices the original estimate put out by the Joint broker was: Falcon - Prospective 100MMbo - EMV $179.8M and p/share 25.1P, Wild Horse - Prospective 290MMbo - EMV $304.2M and p/share 42.4P, Gazelle - Prospective 10MMbo - EMV $29.9M and p/share 4.2P Balance Sheet MV $7.2M and p/share 1.0P Totals EMV $521.1M and p/share 72.7P the 72.7P was then halved to cover development costs giving a per share of 36P If you run the new numbers from the RNS you now get Snow Leopard - Prospective 90MMbo - EMV $161.82M and p/share 22.6P (down), Wild Horse - Prospective 480MMbo - EMV $503.5M and p/share 70P (up), Gazelle - Prospective say 20MMbo - EMV $59.8M and p/share 8.4P (up), Balance Sheet EMV $7.2M and p/share 1.0P - (stet) Totals EMV $732.3M and p/share 102P Following their logic you then 102P was then halved to cover development costs giving a per share of 51P/share. I dont really care how you cut -it but to me that is a conservative and realistic number that is on the low side. Morning all. Some of the posts over the last few days have been crazy. Guys be clear this is a good share to hold, not a ramp - fact. The chances of success I think are good (only my opinion) but the economics above to me show a good story. IN any case good morning Paul, D1nger, OJ, Mr P, Captain, Tony, Manro, Ham, jnd and all. Keep the rudder straight my friend!! Not long now!!
Good morning all! Interesting watching some of the posts over the last few days. What I think is quite evident now is we have a different "animal" in charge. I think now I have the feel he does not like to update the market on a daily basis but what he does do is come out with a multi-news story when he has the details of the items he wants to announce. This I think leaves only one conclusion we are likely to get an RNS soon confirming: 1) Visas in place (approval there I am sure) just paper for individual's visas needed, if not issued already. 2) Rig has arrived at site 3) Spud date 4) Results of block XX rig tender 5) Maybe likely mob date To me if we can knock these on the head in one go would give us a reasonable push towards where we all want the price to go. Just my thoughts but seems to be the state of play at the present. Anyone any thoughts? Ulan Bator - 31deg today, showers and a cold spell tomorrow then reasonable highs all next week. Weather calm and good. Paul safe sailing, Manro nice posts, Baldderman looking good! OJ all the best also same to Hawk, D1inger, Loz, Mr P and Mikey to name a few! Great weekend and fingers crossed for an early RNS!!