Member Info for johnychainlocker

One of the big concerns also has been the German Governments shenanigans about investment in climate change programme re: Tennet. Will it go ahead will it not , however bit of good news here WITH LINK!

"https://oilprice.com/Latest-Energy-News/World-News/Germany-Remains-Committed-to-Climate-Investments-Despite-Budget-Crisis.html"

Again, much appreciated Baron.

I am going to stay optimistic and stick with the belief that the price will recover, and follow one of the posters on here and switch off until 20th unless RNS is issued beforehand

With you PFCvetran, been holding since 2016, and classic catch a falling knife situation.

No other option but to stay with it and hope.

The whole thing stinks of leaks to me!

Careful how you reply to that Auson

We all know it’s a closed period, but surely there has to be SOME sort of statement from the company ?!

Thanks Baron for your kindly response, much appreciated .

I dug a hole for myself but to be completely fair I don’t believe I ever posted anything as ‘fact’

My post to Plutus at 13:30 on 30th states as much. I admitted openly I could not verify the statements from BARD . The rest of the ‘story’ developed after being asked to publish a link to the information I posted from BARD

I’m sure I was not the only one frantically searching for information that could shed light on the dramatic falls , in the share price. and, sounding plausible I believed it too quickly

I repeat though, I can’t find any post where I stated anything as fact, P’raps been removed and rightly so!

Big mistake was believing all the hype around AI

Some of the ‘know it all ‘ posters who replied,with hindsight, and with such vitriol jumped on the bandwagon after one poster questioned (rightly) the source of the info.

You are also right about AI, and it has been a revelation to me since the start of this discussion how dangerous a tool it can be!

AND, fwiw , I am not short this stock and am suffering badly like many other LTH on here, currently holding approx. 55k shares!

I have submitted complaint to Google regarding the information published in the responses, and asked for them to verify the sources of the articles referred to.

Not really expecting a response but any given will be shared

Dead right clungeseeker!

Wow Plutus , you need to calm it down a bit - don't think it was deserving of all that vitriol.

It was basically a search for information, and yes I should have tried harder to verify the info given, which I did, but not seriously enough , and for which after being called out, I admitted to and gave a perfectly valid link to perfectly valid questions.

PS and I used email!

Apparently Evanescent, people are indeed doing exactly that (using AI) to help with investment decisions. Maybe not all BARD but others also.

AND, the most FRIGHTENING aspect of all this is that YES INDEED spurious innaccurate information can and will be used by the unscrupulous - and I have at least been honest and published link

And Didgy, as you can see genuine pertinent questions asked of BARD

Think you and a few others on here can also acknowledge that, starting with the very first question I asked in the chat to the last, even though, at the moment no-one can find the actual articles referred to. Will update if response received from Guardian.

About ALL I can do from the hole I dug for myself!

Https://g.co/bard/share/7df0246442c0

Copy & Paste into URL

Above is public link to the entire 'chat' with BARD, Didgy for your info, and anyone else's

Like I said Didgy I have not and am not trying to mislead here, I have been open and honest and am not about to apologise again!

That appears to be the sum of it with AI apparently.

I copied and pasted the answer that was returned by BARD on my question, however on re-submitting the question exactly as you put it, MY answer came back so:

"Petrofac has not formally defaulted on any of its loan covenants since my previous response. However, the company remains in a precarious financial position, and its future is uncertain.

In October 2023, Petrofac announced that it would be taking a $1.5 billion impairment charge on its oil and gas projects. This news sent shockwaves through the company's share price and raised concerns among its creditors. As a result, Petrofac's lenders agreed to waive certain covenants in its loan agreement.

The waiver of these covenants was a temporary measure, and Petrofac needs to demonstrate that it can improve its financial performance to secure a more permanent solution. The company is currently in talks with its creditors about a potential debt restructuring, and it is also seeking to sell non-core assets. If Petrofac is able to successfully implement these initiatives, it could improve its financial outlook and reduce the risk of a default.

However, there is no guarantee that Petrofac will be able to avoid a default. The company's financial performance is still weak, and it faces a number of challenges, including rising costs, legacy contracts, and competition from other EPCM&FM providers. If Petrofac's financial situation deteriorates further, it could be forced into a default.

I will continue to monitor the situation and provide updates as they become available."

That appears to be the nature of AI.

I use AI to write descriptions for products on our website, and it will come up with lots of different suggestions, all slightly different. Marvellous for what I use it for but frightening when you think that Kids in schools or students anywhere can have a complete thesis produced for them just by asking relevant questions.

As I said earlier I have sent an email to the Guardian's financial editor in order to shed light on the response I received from BARD, and most certainly will publish reply - if I get one that is.

Again sorry to all LTH/posters, but no intention to mislead

I'm sorry if I misled anybody. I was trying only to garner info. to help my decision making.

I was wary about putting the answers up, because of the source and did try, like others here, to find the relevant info. from articles referred to , but like others, couldn't find any, but neither did I try very hard.

I have emailed The Guardian to see if any light can be shed on the referral to them.

If this is the sort of responses to be had from AI, then God help us

I do believe in my reply to Plute that it was open for him to do his own research to verify the statements, and that applies to anyone and everyone else.

Again, apologies but it was never my intention to mislead anyone.

I then asked a 2nd question

"has the fact that Petrofac is currently in talks with it's creditors been put in the public domain anywhere?"

FULL answer below

"

Yes, there have been several reports in the media that Petrofac is in talks with its creditors about a potential debt restructuring. In October 2023, the Financial Times reported that the company was "exploring options to restructure its debt" after taking a $1.5 billion impairment charge on its oil and gas projects. The company has also confirmed that it is in discussions with its lenders about its financial situation.

In November 2023, Petrofac issued a statement saying that it was "engaged in constructive discussions with its lenders and key stakeholders" about its financial position. The company said that it was committed to "protecting the interests of all stakeholders" and that it was "working to find a solution that will secure the long-term future of the business."

The company has not disclosed any specific details about the proposed debt restructuring, but it is widely believed that it would involve extending the maturity of its loans and/or reducing the interest rate. This would give Petrofac more time to repay its debt and would also reduce its interest payments, which would improve its cash flow.

It is important to note that there is no guarantee that Petrofac will be able to reach an agreement with its creditors. If the company is unable to restructure its debt, it could be forced into bankruptcy. However, the company's management is confident that it can reach an agreement that will be in the best interests of all parties involved.

Here are some recent articles about Petrofac's talks with its creditors:

Petrofac explores options to restructure debt (Financial Times, 2023-10-04)

Petrofac in debt restructuring talks with creditors (Reuters, 2023-11-14)

Petrofac says talks with creditors are constructive (The Guardian, 2023-11-28)

Just to try and salvage something here the references I referred to were in answer to a question I put to BARD AI

1st Question was "Has petrofac defaulted on any of it's loan covenants recently"

Answer "Petrofac has not formally defaulted on any of its loan covenants recently. However, the company has been in breach of certain covenants, and its creditors have allowed it to waive these breaches..............In October 2023, Petrofac announced that it would be taking a $1.5 billion impairment charge on its oil and gas projects. This news sent shockwaves through the company's share price, and it also raised concerns among its creditors. As a result, Petrofac's lenders agreed to waive certain covenants in its loan agreement.

he waiver of these covenants is a temporary measure, and Petrofac will need to demonstrate that it is able to improve its financial performance in order to secure a more permanent solution. The company is currently in talks with its creditors about a potential debt restructuring, and it is also seeking to sell non-core assets. If Petrofac is able to successfully implement these initiatives, it could improve its financial outlook and reduce the risk of a default.

Much as I would like to Plutus I can't. As I said I don't buy the Guardian, and don't have account with Reuters, but you can always do your own research to check on veracity, after all the dates are given in the various news sources. Get a hold of the Guardian maybe?or email 'em - I can't be bothered but that doesn't mean you can't

Off thread I know, but ain't it great having filtered all the morons.

No more Snapper or 99999 etc

Luvin' it, never used it much in past

Yes Friar, that's 'cos most media have no more clue about what's going on than you or I.

With you on that Friar Jack - IMHO shorters , with great timing btw, have taken advantage of the lack of available news and inability, to a large extent, of BOD's having hands tied amid discussions around PFC re-negiotiating debt/loans with creditors.

Don't believe it is associated with price of oil.

My position is that the talks will be successful, and I'm staying put!