Member Info for Newuncle

23 July 2025

Poland has now revealed a sizable oil and gas discovery in the Baltic Sea, where an estimated 22 million tons of oil and five billion cubic meters of gas await exploitation at the Wolin East field.

A new hydrocarbon discovery in Poland could see increased energy independence and a revenue boost for the Central European economy.

Image: Shutterstock / Grints

It’s interesting to think that as the first US oil well was being sunk in Pennsylvania back in 1859, quite a number were already in operation over 4,000 miles away in the Polish Carpathians.

Poland announced the discovery of enormous oil and gas deposits in the Baltic Sea which should bring a large revenue boost to the highly-diversified European economy.

Maybe just maybe Affrim's claims of big premiums could be realised but not how he thought it would be....how bizarre would that be.

New European energy business supplying EU countries to replace reliance on Russian energy......I wonder????

At least if it comes back with a new prospectus etc for Poland or wherever, we will get something back.

Might even be a better deal than the USA leases where wells were poor producers anyway.

Who knows, much too early to make a judgement, lets see what RM gives us in the prospectus......sometimes failing companies that get re-invented do rather well.

SSCCSS,

As a certain Italian Gentleman might say..."Nothing personal, it's just business"......we are just pawns in the game as PIs, sometimes we win, sometimes we don't....buying shares shouldn't be called "investing" as it's no better than gambling in reality.

SSccSS, Yesterday you had written this off etc so what's your problem now?

With regard to the operating results, the Board has reviewed and concluded that a level of impairment of the company's assets is necessary amounting to US$7.1m. 

The impairment could be REVERSED in future periods depending on the outcome of establishing the status of mineral leases.

The Board is working closely with relevant authorities to reach a conclusion in this regard.

The impairments are necessary to place the company in good standing for future activities.

A number of opportunities are under consideration which will permit future growth, enhance shareholder value, and provide a strong platform for further capital raising.

Hep YES and NO, I will add more next

And national power grid energy suppliers etc etc

And M&S and every other major retailer out there as well

Plus if PPP do resume activity on those wells and leases again then the impairment can be adjusted over time.

I do wish posters would actually digest details in the RNS before engaging in knee jerking scare mongering posts

SSccss,

Maybe you could look up the meaning of "Impairment" before posting again?

Try reading this

Impairment = $7.1m

Made up as follows:

• There is uncertainty over the title and enforceability of mineral leases.

• A decision has been taken by the Board to discontinue exploration due to the absence of a commercial level of reserves.

• Sufficient data exists to indicate that the costs incurred will not be fully recovered from future development and participation.

Following their assessment, the Directors concluded that an impairment charge of $5,571,282 is necessary.

AND

It was identified that the primary term for the Mineral Leases had expired without renewal in the year. Whilst there is production on the land, the lease remains enforceable, regardless of whether an extension has been granted. The Mineral Leases at Whistling Straits have had their primary term expire and production ceased in April 2024. Consequently, there is uncertainty over whether the validity and enforceability of said leases. The Mineral Leases at COG#1-H have also had their primary term expire without renewal. There has not been production at this well for a significant amount of time, resulting in more uncertainty over the validity of these leases. A Competent Person's Report ("CPR") has previously been relied upon to support the ongoing commercial viability at this well. The last CPR is now out of date and the Board are reviewing options to obtain another. Given this uncertainty, the Directors concluded that an impairment charge of $1,484,931 was necessary for the year ended 31 March 2024.

THEN ADD the two figure together to get $7.1m

Thats it

Mediman,

Great post ✅

Today is a good new day for all GENUINE shareholders who want this back trading.

Those Anti Lunn haters clearly have nothing to lose by voting no as they have nothing or so little interest anyway so their "votes" won't matter, assuming they actually have shares that is.

Selfish idiot

Zag

Sorry but you did accuse me of blabbing

Anyway we move on

Hep,

They will just carry on regardless, guarantee that. They will not believe today's news in "genuine" or in their selfish interests to keep 100% of what they have. They will still accuse Lunn of making a play to grab as much of PPP's money as he can

Hepran,

I think you can guarantee that the updates today will make them believe that they made it happen etc etc by going legal, their egos will be super pumped up and they will 100% not give up their never ending anti lunn campaign. In fact I think it will get much worse even though Lunn has said he would resign at the next AGM. They won't be happy re - Petroquest.

Zag,

Oh christ alive Zag.....I guess you love the never ending pro Evans Anti Lunn club garbage then?

You know full well they will be bragging about their successful campaign but they still won't be happy because the dilution/funds needed will be significant.

No doubt they will still fight Lunn and Vote No to anything they can at the AGM.

Impairment = $7.1m

Made up as follows:

• There is uncertainty over the title and enforceability of mineral leases.

• A decision has been taken by the Board to discontinue exploration due to the absence of a commercial level of reserves.

• Sufficient data exists to indicate that the costs incurred will not be fully recovered from future development and participation.

Following their assessment, the Directors concluded that an impairment charge of $5,571,282 is necessary.

AND

It was identified that the primary term for the Mineral Leases had expired without renewal in the year. Whilst there is production on the land, the lease remains enforceable, regardless of whether an extension has been granted. The Mineral Leases at Whistling Straits have had their primary term expire and production ceased in April 2024. Consequently, there is uncertainty over whether the validity and enforceability of said leases. The Mineral Leases at COG#1-H have also had their primary term expire without renewal. There has not been production at this well for a significant amount of time, resulting in more uncertainty over the validity of these leases. A Competent Person's Report ("CPR") has previously been relied upon to support the ongoing commercial viability at this well. The last CPR is now out of date and the Board are reviewing options to obtain another. Given this uncertainty, the Directors concluded that an impairment charge of $1,484,931 was necessary for the year ended 31 March 2024. 

THEN ADD the two figure together to get $7.1m

Thats it