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The RNS is just a holding RNS. The meeting was postponed so they had to come back with a rescheduled time and date. Todays RNS is letting us know that the timing of the meeting is now 'indefinite'. It is a waiting game.

not quite sure what you mean but assuming you ask in earnest I'll reply .firstly , I have no inside information . What I do have is experience as a CEO and Director of companies that have been through similar processes as this , ( not of my making ) so in that regard I think I know a thing or two . I have be through the entire administration process , I also have been in the middle of some very serious debt restructuring negotiations involving £millions . I am not claiming to be an expert but I think I can hold my own here with the best of posters . And if nothing else I am honest .

will buy fire sale assets not the debt boat

Brent is $56 a bbl , WTI is $48 a bbl . We sell WTI light oil , a nice quality WTI that gives us about $1 or $2 a bbl more than standard WTI ...... So we are at $50 a bbl ...... Not enough I am afraid .

the BH have been screwed over too , they propped up the company with $200m and have lost that - keeping our company afloat , agreed the dilution was a rip off and the BH got a taste of their own medicine . But POO has swung against us !!!!! To understand the new reality here Google ' Price of oil chart ' and see how we are now in deeper trouble than April

The BH have just lost $200m In emergency funding , it's all swallowed up. So what next ? Afren was making money a few months back when POO was between $55 and $62 . It's now $49 a bbl. The case for the BH putting more money in is less obvious . Before this company could survive administration - but at $48/9 a barrel it is operating at a loss , even if protected from Creditors .... If the BH don't put another $40m up the company will go into administration , this will keep it alive but only 1 the POO and 2 debt restructure can save it now . Voting NO or YES ? The SH were clever as the BH had no choice but to put the cash in ( $200m ) , by voting NO the SH managed to keep 100% of their shares . For all they are currently worth !!!! Reviving debt and not securing 90% of SH shares should be the primary concern for BH . The shares are rapidly losing their appeal to BH. Prediction time ? The BH will Inject more money , the NO vote stands firm , administration advised , assets sold off steadily to release cash , controlled wind down , and unless POO rises back up the slow break up of Afren , the shares may never come out of suspension but I guess they will otherwise the SH will revolt

I emailed the company asking them about the L10 well. I got no reply. and they wonder why investors get annoyed, you would get annoyed too. actually PTR have never once responded to an email from me. it is management fatigue and arrogance, the ' i've more important things to do'. or 'another nuisance email' .....these type of managers never last long, mark my words change is coming.

for 2p you will need a machine gun , i don't think so.

it's hard to say , I simply don't know and I have searched . At one time I heard $45 a barrel mentioned . I do know we are drilling for more oil so clearly today's price is profitable for us I think it's safe to assume we can manage $10 a barrel profit . Net! So let's say we get production up to 6,000 a day this time next year . $60,000 a day profits or $21,900,000 a year , of course only 50% of that is ours - it's still $11,000,000 profit annually and I have not even started counting Sib field or license 67. Our profit here could be $20m A year within 4 years .... DYOR

as the POO falls internationally it also means that we can source engineers etc for lower prices. everything for 3D seismic to Hz drilling experts, right down to parts, everything is falling. for example last winter our drilling contractor drilled a well for free on a 'pay me later' basis.

here is a very interesting article…..explains all you need to know. http://www.themoscowtimes.com/article.php?id=514456

PTR is not part of the international oil prices. All its oil is sold internally and as such it always sold at rates lower than the international market. While internal ( domestic ) oil prices have called somewhat in the RF, it has not quite had the same impact as elsewhere. Nobody imports oil into RF so there is not external competition and as such the International Oil price does not fully impact on 'us'. RF oil forms exporting are hurt by this downturn. Oil will have to drop below $40 a barrel before the domestic market starts to hurt. bare in mind our costs are in a 50% devalued Russian Ruble so its a natural hedge against the price fall in dollars. all out $45m cash reserves is in dollars so out CEO says we have extra money for drilling …..I know you are only kidding here but there you go...

basically there are fund managers under serious pressure and unless they see the oil in the pipes, forget it and come back when you have oil, we only have to look at Providence Res producing quite stunning reserves and 3d seismic report after report and still the SP is flat. Unless you are producing money from your oil investors are wary. But canny Oillies will note that 1 the Hz wells are a winner here , and 2, the best part of the license is about to come on tap in the nest two years, 3 an announcement on License 67 where a fortune has been spend on 3D seismic ( heaven only knows ) could give this a real boost …. a dormant asset worth up to $20m, It has come into play soon or be sold off.

The two lead investors in this share Natlata and G. I. (SA), keep adding to their positions. The new strategy of using Hz drilling has produced a 700bopd well on PTR very first Hz well. at least five or six more are going to be drilled in the next 12 months. Both JV partners are financial strong and operating from deep cash reserves. the project is debt free, the infrastructure is largely in place, producing is increasing, drilling programme flat out, and they have just discovered what looks like another huge oil field on the license. a weakened Russian Ruble helps offset costs against dollar sales. People who understand oil are buying, it is a long term play too

Lobon, the news today was excellent. They proved the Horizontal wells are going to be a success here, a big buccess if this one is anything to go by.

thanks

is it trying to say that the reservoir in J1 was present with oil, but no oil in J2, or is it saying no oil at all. ? Or is it trying to say that they encountered the reservoir but it was water filled and they are now going to drill higher up the structure. ? anyone please.

can anyone help me with this…..West Lineynoye The vertical pilot hole of the L-10 well has been drilled and logs show approximately 2.5 metres of excellent quality sandstone in a 4.0 m gross sandstone interval in the Upper Jurassic J1-1 reservoir at a depth of 2,367 metres TVD. While the reservoir was present, no oil was found in the secondary objective J1-2 interval. The horizontal segment of the well is now underway. The well will intercept the J1-1 reservoir about 12 m higher on the structure to the L-8 exploration well which is currently producing 50 bopd from a vertical section of the J1-1 sandstone. The well is being drilled from a surface location near the L-8 well and can immediately be tied-into the Lineynoye facilities through existing infrastructure.

that's is exactly how I see it. It is worth mentioning that Sibkrayevskoye East has always been seen as an outer reach prospect. See this file .http://petroneft.com/upload/information/reports/2008/PDF/petroneft-ar2008_0005.pdf it is clearly several Km long and wide. and it is all part of a single structure. We are not sure in what other areas the expanded oil prospect is growing but this is within easy tie in reach of S373. The $5m bonus should be remembered at this point. but that is nothing compared to what could be here.

what is interesting about the data is the previous data covered the area from the north east to the south west , thats how I understand it anyway. So the extension South East is of massive importance here. I am basing this on the siemic reports in the company's presentations where the line is draw NE to SW. anyone like to comment please ?