Member Info for Kev4

From Davy's today: http://static.rasset.ie/news/business/morningrep/download/2014/0402davy.pdf Petroneft is third company on the link. The last two paragraphs read as follows: "In separate news, management expects final legal documentation with its proposed farm-in partner to be completed by mid-April. We value the group at 11.3p per share on the back of just the 2P reserves. This takes into account the recent placing and also the proposed farm-out deal. Factoring a heavily risked value for the overall resource potential increases this value to just over 14p per share."

Ah. It's a company. Or should I say it was a company. Poor shareholders. No comeback at all. Thanks for the help.

What's 'MTA', please?

Should say 'JV and/or finance deal'.

The Russia/Ukraine crisis has eased somewhat. JV due to be announced any day. The board did say they 'hoped' to have that completed by the end of Q1 but, as is very obvious, Natlata's attempted coup made end of Q1 highly unlikely. Nevertheless, the 15th April deadline has to be achieved unless some arrangement is come to with the bank. At this stage the board have had long enough for due diligence so I doubt they'd be going to the bank again. Either way I cannot for the life of me understand why someone would sell now.

Wouldn't it be just typical of Ptr to come out with an RNS tomorrow of all days? Regardless, things are looking very nice right now.

http://www.independent.ie/business/world/oil-and-gas-explorer-petroneft-rejects-19m-debt-deal-with-its-largest-shareholder-30128869.html

Not sure if you can read all this as I'm providing a link from a site you have to register on (for free): http://oilbarrel.com/news/petroneft-resources-battles-dissident-shareholders-as-it-seeks-to-close-key-farm-out Possible re-rating?

The answer to whether he was black or white is: yes.

Thanks for the link, bestintown. I still can't see any negative for shareholders in this battle for control of Petroneft. Not only does it make it obvious that there's something seriously valuable worth fighting for but it also increases the company profile. If I was able to link images I'd link the Michael Jackson Thriller video one where he's sitting in the cinema eating popcorn. This is truly entertaining stuff.

Should say where are you *getting* the information!

Betthehouse, where are you the information about the farmout figures agreed being 'not as good a deal as thought'? I can't find it anywhere.

kbucks, Natlata revealed the EGM request - the BOD had to respond. Anyway, I can't see how any of this is bad for us shareholders. Companies fighting over control!

Goodbodys give a fair summation of the situation vis a vis Natlata EGM request, dilution, geo-politics etc. They still have a buy recommendation: http://static.rasset.ie/news/business/morningrep/download/2014/0318goodbody.pdf "Adjusting our model for the additional funding, lowering FY14 production from 3.0 kbopd to 2.4 kbopd (in line with current output) and assuming forecast net debt at year-end of $30.5m ($29.5m as of June) lowers our core NAV from 7.7p to 6.6p. An obvious caveat in terms of attributing value, however, is that it assumes a successful conclusion to the farm-down both in terms of removing the debt overhang and enabling PetroNeft to maintain its independence. The coming weeks are likely to mark a watershed for Petroneft on several fronts."

...problem will not affect oil flow from Russia. Indeed, the last paragraph hints the trouble in Ukraine could be a boon for oil companies! ESAI Energy are an independent research company. Here's the article from Oilvoice: http://www.oilvoice.com/n/Oil_supply_out_of_reach_from_Ukraine_conflict/12161aaafdc0.aspx#gsc.tab=0

Let's hope the buys keep coming.

Haven't digested it fully. On first reading it seems there are positives and negatives but it's well worth a read: http://www.lse.co.uk/FinanceNews.asp?code=dent6fk3&headline=oil_firms_seen_cutting_exploration_spending

Fiah, the License 61 farm-out is to be completed by the end of the first quarter. Have a look at the RNS operational update of 16th January 2014. Then make a decision.

...PTR has done quite well. The oil/gas sector was the worst performing sector today with some big, big drops recorded. PTR was there for the taking (sellwise) but only lost 4% (under 2% according to other sites which included a big buy at 16:41). This despite numerous successive days of the sp rising. I'm normally cautious but have great hopes for Petroneft in the coming weeks.

Yep. Dropped 9% on the back of that buy. Still up 20%.