News from Source9 Feb 2020 07:54
Great and reassuring post just now from moneyintransit on other private board (posted with his permission)...
Netoil transferring into the new Petrel would be company-changing on a really massive scale.
So, after the EGM with its “90 days” expectation for the 1st Asset Transfer, I wrote on this board that the next 3 months would probably be the longest 3 months of our lives!
Since then that unfortunate shares sale issue showed up, which made the wait even more agonising.
And there’s nothing worse than not knowing what is going on behind the scenes. Especially under the circumstances, and also when there is such a very significant financial difference between a positive or a negative outcome of the attempts to find a solution for that issue.
However, we are in the fortunate position of being a lot closer to the action this time, mainly through the collaboration between fellow shareholders who in the background have kindly been sharing and combining the various pieces of information/communications we received from both ‘sides’ (i.e. from existing Petrel board and Tamraz/Fayad group).
I can tell you that the consistent message from both sides over the last few days has been that everyone still wants this resolved and as quickly as possible, and that the aim is “to make Petrel big!” (and this "to make Petrel big!” message, including the exclamation mark, was re-iterated as recent as yesterday!).
The level of activity/communications has increased greatly the last 48 hours regarding a potential solution being found that is agreeable to all parties.
Even as recent as this morning, a very reassuring communication was received from one of the sides:
“…the Parties are getting closer to reaching an acceptable solution for all”.
So, the overall message is that we are getting close to a good outcome!
And that will then clear the log jam of good news to come!
I hope this helps alleviate anyone’s concerns or doubts. Apologies that I/we cannot state exact sources or post the actual emails. I hope everyone will appreciate the need for confidentiality at this sensitive time.
P.S. The 5.25m has definitely not been bought back yet as of Friday, due to the injunction. I don’t know if it will, or if an alternative to that is part of the ongoing ‘solution’ discussions.
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