Member Info for GKahn

Who or what is AMc?

So, it would appear that you have inside information and you are protected by a confidentiality agreement, really

You have to wonder who is party to the confidentiality agreement. Certainly not Petro Matad. So, who else? The inference is a government department or Agency? Looks like a spoof to me and his post should not to be taken seriously.

The company now needs to get an extension to the block V exploration licence for a reasonable period. This would certainly be a positive. However, the Board’s credibility has been shot, and the best hope for long suffering shareholders is a takeover. I do not see that there is any realistic possibility of a farm-in or JV, other than possibly with PetroChina.

The Subscriptions and Open Offer are conditional, inter alia, upon the Resolutions being passed at the Extraordinary General Meeting. Petrovis and certain of its concert parties, the Directors, and certain members of the Company's senior management team have irrevocably undertaken to vote in favour of the Resolutions in respect of their own beneficial holdings of, in aggregate, 186,816,666 Existing Ordinary Shares, in aggregate representing approximately 27.42% of the Existing Ordinary Shares.

Shareholders who are an anger at the placing, its timing and discount, should consider voting against the resolutions.

environmental, social and governance perhaps?

Excuse my ignorance, but who or what is ESG?

And Petrovis if they take up their entitlement under the Open Over, possibly with Excess Allocation.

Ojay
I have a feeling that Petrovis will apply for all available excess shares. The maximum additional investment would be about £1.5 million. 3.5p should prove a cheap entry price taking the long view. Moreover, PM needs these funds for its 2022 operating plans. If Petrovis make a meaningful subscription under the open offer it would send a very positive signal to the market. On the other hand, if they pass and the open offer is a complete failure, we might expect continuing weakness in the share price.

Many people on this board have pointed out that shareholders are most unlikely to subscribe under the open offer, given that the market price is somewhat below the offer price. However, it is worth noting that the open offer of 1 for 16 applies to the entire share capital in issue at the date of the circular; thus, Petrovis and Mike Buck have entitlements to take up shares under the open offer in addition to their subscription shares. Moreover, they could apply for excess shares. What Petrovis and or Mike Buck decide to do will be most revealing and may well determine the direction of the share price.

The credibility of Mike Buck and the PM board is eroding, and they need to do something urgently to restore some semblance of credibility.

In my opinion the PM board should formally request an investigation by the LSE into the fundraising and particularly into the trading immediately following the EL announcement and disclose that request to the market by an RNS.

Given the unexplained substantial fall in the share price over 12 and 13 July, while the fundraising was being negotiated and finalised, the placing should have been pulled. The decision not to should be explained.

How can Shore Capital justify its advice to the only independent director that “the placing (at 3.5p) is fair and reasonable as far as shareholders are concerned”, given that the share price had traded over 8p following the El announcement and closed on that day at 7.45p. The relevant discount was more than 50%, in contrast to the stated and thoroughly duplicitous and disingenuous figure of 36 per cent.

Jim: interesting, many thanks

When the new Mongolian refinery starts up, they will need to have a reasonable supply of crude oil already in storage. I would estimate 6 months of requirements at design capacity (minimum 3 months’ supply). As part of the refinery project, they should consider building a pipeline from blocks XIX and XX together with adequate crude oil tankage at the refinery site. If construction of the pipeline proceeds without delay, the government could purchase Heron crude and put it into storage.

Thanks Spainish
It is late where I am so I will respond to you tomorrow. There may indeed be insider trading, but I am certain that nobody in the company nor Petrovis are involved. I am equally certain that the new investors are not quality blue chip. catch up tomorrow
Cheers

The truth is that if it wasn’t for Mike Buck we would have nothing. His commitment has been exemplary in the circumstances. He has a shareholding of about 10 million shares arising from performance shares, shares in lieu of salary and participation in equity fundraising. He deserves to do very well as do all those who have supported the company through thick and thin. The undermining of Mike Buck which we hear all too frequently from the likes of Manro is pathetic and misplaced.

nLondon
Mike Buck has invested on a a number of occasions. Don't try to mislead this board with uninformed misinformation. Stick to the facts if you want to be credible

nLondon
Manro was not right in this instance as neither Mike Buck nor Petrovis have done anything wrong or even naughty. Unfortunately, however the broker and one or more of its clients are utterly disreputable

Something very very wrong here, take a look at the last for trades "unknown" aggregating over 2 million. For the sake of the Company, and shareholders, Shore Capital and Arden must be fired with no further delay. I have enough circumstantial evidence to request a formal enquiry by LSE. If as I suspect t they do nothing the complaint will move up a notch.

I meant for Ojay, certainly not Okay, far from it

Okay
The criminals are in charge - I'm not joking