Member Info for shamI89

It was a con right from start and BOD had deliberately used misleading words and statements to mislead shareholders.As things start there is no asset,there are others competitors and comapny owns a part of technical studies.So looks like all of that rig selection and other bs was done to put wool over investor's eyes.BOD has been forced to release this RNS and admiit that info given is correct.However looking at history this company taps market after a month or two for funds and last RNS smacks of desperation

Company is short of funds and this house of cards is about to fall.It was nothing but "hot air".Private investors were fooled and some "p&d" investors pumped it to 4/5.

So why was it looking and selecting rigs?So we have a company that does not have an asset, an asset that expected to be awarded is open to other bidders and is yet to come on market at the end of next year.Meanwhile company has raised millions on that pretext.surely a stake in joint technical study cant be worth 40 millions.Mug punters being taken for a ride.

As technical studies would be finished by August 2025 and could be given to highest bidder.So this company has been feeding private investors nothing but bs!

So that means that this company has been looking at rigs for an asset that it does not have?It can be given to another bidder.So what has happened to money that has been raised?

There is no asset here and it was pumped on nothing but "hot air".History suggests that whenever this company releases this sort of update it is followed by placing or warrants.

Read official statement released by petros, company does not own asset and survey will be completed at the end of next year.So what does this company have?

Looks like there are other "bidders" too and company does not even have any asset.That puts a massive question mark over everything company has been saying over last year or so....

PETROS will be conducting a blockwide de-risking activity in SK334 by reprocessing all the existing seismic data which is scheduled to be completed in Q1 2025. A feasibility study on the application of e-FTG in Block SK334 is also currently being assessed.

Upon completion of the feasibility study in Aug 2024, a full e-FTG survey over Block SK334 is envisaged in second half of 2025. It is necessary to acquire the e-FTG survey over the entire SK334 block in order to have a wider comprehensive dataset (full tensor, gravity, magnetic and LIDAR) which will be processed, interpreted and integrated with seismic and other geological data.

PETROS is confident that with the additional high-quality datasets gathered, we will possess far better geological understanding to mature a technically robust prospect to drill in SK334. This will then enable PETROS to offer Block SK334 for competitive bidding to all interested investors.”

Ends.

The underline is mine. This statement suggests there will be no imminent decision and that tin pot cash poor Upland is not quite the certain partner for the block that it wishes us to believe.

At 2.65p the market cap is £40 million which, in light of the Petros statement, is insane. This is a slam dunk short.

Then I suggest that you read RNS again as there are two options if delisting is not voted through then they will raise money through placings and 25 millions at this price would effectively wipe out shareholders .Private investors does not really have any option as either way they are screwed.

Why would they not buy it out of administration?As it looks like shareholdrs have no choice here if they reject delisting then they will be wiped out through placing.So no value here I am afraid.

Guy is a crook, he comes up with new frauds to excite the market and then raise money through placing.Last year it was "Diamonds" and then a gold mine.Quite a few "p&d" merchants were active but I guess you cant fool everyone.

Still falling for this scam, get out while you can.

Then company would need to raise 25 million through placing!

There are two options really and both of which would leave shareholders with nothing.As if delisting is voted through shareprice would fall and if it rejected then company would need to raise 25 million:which would wipe out existing shareholders.

Not really these shares were offered to existing shareholders only and they had no choice but to take up offer to average down.

If they manage to have a successful drill then would still need to fund appraisal well and that leaves them in similar situation as this.

That they did not raise money through placing as this upcoming drill would leave them in same situation if drill is susscessful where they will need to raise money to fubd appraisal well.

Placing shares are being dumped onto private investors for a nice 60/70%.

Was there not a placing son?