Member Info for Sisyphus

life is far too short to be glass-half-empty! :-) Seriously, at these levels [and I wholeheartedly agree with BITB] PAN is very undervalued. Fuel storage and transport is a supposedly staid and boring business with no glitz or glamour. It is perceived as predictable dependable etc. We've had our fair share of frontier style aggro in Kaliningrad, but that is now firmly in the past with operations secure, stabilised and accountable and product reconciliation being carried out meticulously on a daily basis. PBI is buzzing - now trans-shipping Gasoil and fuel oil with doubled capacity from August 1st. Expect good volumes and increased margins due to the sheer volume that 240,000 cubic metres represents. Do the maths - it is a huge volume. Dan Balt is the sleeping giant. Existing, inherited [relatively low margin] 'storage' contracts expire within the next couple of months and Contago are working flat-out on our behalf to replace with higher margin trans-shipment contracts. With a new harbour to accomodate 80,000 dwt vessels rather than the 40000 dwt vessels; plus improved [German SOTA] fluid handling capacity this will fire-up the profits in Denmark. The abilty to take Russian fuels from the Baltic in small vessels and offload to Aabenraa then to 80000 dwt transocean vessels is the USP. We have a SOTA facility: requiring minimal staff; computer-controlled smart-card accessed; fast-fluid negative pressure vessel and tanker loading - it doesn't get much better for flexible fuel contracting. Tied in with Baltic-top and Rosbunker shipping from Kaliningrad - the only ice-free Russian Baltic port in winter. And- Rosbunker is performing extremely well and contributing to earnings at progressively higher levels. As an associate, those earnings are being held in the business and therefore increasing the NAV of Rosbunker. As Simon has said - the options are growing stronger by the month. We will be in a very good bargaining position to make decisive action on what we wish to do with those assets. At the current price there is no value at all being attributed to those assets - absolutely crazy!!! Actual NAV is stated in interims at £47.5m - Russian associates are £24m and Euro assets £23.5m. Take away the £7m Eurobond loan that leaves...............£16.5m which is virtually our MCap at the current 16.5p! And we are earning 5p a share [increasing] with £1.4m cash in the bank! It really does not add up. This is a screaming buy at this level on any consideration. Any deal re Rosbunker and it will double overnight. Otherwise just wait for Dan Balt to start delivering big-time. I really am at a loss as to why some people are selling at this time - this has to be one of the best shares on AIM. It will deliver markedly over the next year on Euro-transhipment and has the potential to double overnight by selling assets that are not even being allocated any value. If there is a more secure share with such potential upside - le

I've just been running projections on this and they look really good factoring in PBI volumes increasing by 100% for second half and continuing cost containment. Dan Balt is being upgraded for fluid transhipment and harbour deepening will be completed for start year 2013 meaning vessel access increased from 40000dwt to 80000dwt. Existing [inherited] storage contracts for Dan Balt run out this half year and are being replaced by more lucrative transhipment contracts These are being brokered by Contago for bidding in October for 2013. So we have - 2nd half 2012 - PBI capacity doubled for 5 months out of six - 120000 cubic metres storage/tranship fuel oil and now 120000 cubic metres tranship Gasoil facility with greater margins. Dan Balt will basically cover cost of the loan interest - any renegotiation will go to bottom line. Expect cascade of news regarding transhipment contracts in Q4 and completion of pumping and harbour improvements. Baltic Top has been transformed by offering consignment handling which not only consolidates its position but also makes it a lucrative asset. Strong performance from associate Rosbunker should again support strong earnings growth. I think we could be looking at concrete earnings of over 6p a share this year with a good wind as the growth in PBI escalates to equal Russian operations. Then we hit 2013 running as Dan Balt accelerates rapidly into a significant profit stream. All IMHO - I also expect imminent news on DB refinancing at around 5.5% over 3-5 years backed by assets - time will tell.

renegotiation of Dan Balt bond/finance: positive action re Rosbunker: the share premium account of the company being cancelled/amended and reflected in the Group's accounts for the year ending 31st December 2012 to allow future dividend payments from strong cashflow 2013/14; harbour deepening at Aabenraa. In which order, I don't know, but all bringing big positives and uplift.....................nice.

Looks good all the way to the horizon now. I expect lots newsflow with refinance imminent and then details of negotiations re Rosbunker. Char..................heyho! Made a lot on the way up from 30p - sold out - - foolishly bought back in - dropped - lost a fair bit - posted that they were running past Tapir drill time on Nimrod [didn't sell!] - then lost more when duster!! Now out. Plus 40 minus 41.75 result -1.75 and a couple of years of life! All down to experience. Luckily PAN is the bank and a couple of others make all the difference. I think the world and his mate have been in and out of Char at some point. In retrospect, rose-tinted glasses stopped me looking at prehistoric split of Africa/S America and lots of other negative signals that oil was going to be north of Namibia. Hope I am proved wrong for all those left in. I baled at 34p and have gone into long-standing high-risk watch SLG [effectively backed by the Pentagon!] - 1.5mill at 0.35p. And yes - I do expect it to give me a factor 5 gain over 12 months - I can wait. High risk but biggest risk is possible share dilution - downside limited - upside considerable. At least PAN is working hard for me and I'm happy with it as main part of pf. DYOR

By Russian asset I assume you mean Rosbunker as our Russian assets consist Baltic Top and TDNK. Baltic Top is a subsidiary - performing very well - TDNK we leased at $72000/month for 7 years from 2010. Rosbunker is an associate and the other two are subsidiaries. The third party that illegally tried to capture our share of Rosbunker and intimidate management at Baltic Top is now being vigorously pursued through the legal system although no assets were taken and all are stabilised. Management admitted they 'took their eye off the ball' but correctly and appropriatel suspended the shares and appointed Grant Thornton to give an indication of their strength in addressing any corruption - and it worked - hence the rapid progress within the group and it's current re-rating which has a long way to go. IMHO it is possible to realise cash from Rosbunker to fund expansion outside Kalininrad. My preferred way would be as stated below - Alpcot Russian provide the ideal channel for expatriation of monies held in enclave. I am sure the management are looking at all aspects but this seems the best way to free capital whilst retaining control. Comments appreciated as always.

Excellent week - bodes well. In response to Clainy/Lowie 100, if I were SE I would be negotiating with Alpcot. They are one of our major shareholders and their Agro subsidiary was previously interested in Kaliningrad as a grain transhipment site in 2010. Alpcot are also co-interested in Shelton Petroleum [also one of our shareholders]. Best course of action to me is to sell down large % Russian assets to Alpcott Russian ETF : that would release cash and yet still maintain oil chain and infrastructure. Alpcot is respected and qctive in Russia so no big conflict of interest there. Single move would give immediate re-rate and we would realise a realistic price for assets plus security. Simple - but what do I know - I'm only a PI.

I now have the dilemma of posting on PAN as sisyphus - a name chosen for the nature of the challenge that BTC had to overcome. I now feel that the task of 'rolling the stone uphill only to have it roll back down' is over. Methinks I should now change it to perhaps Hermes - God of Trade, Profit, Merchants!!! Onward and upward or - if you prefer a bit of relevant Latin to Greek - per ardua ad astra! GLTA

PANacea for the market blues! Bang on the money with interims and outlook - all plain sailing now. Lots of new in the pipeline - all of it good.

The share price is 17p at this moment. If you put £17000 in the bank and the bank earned £2700 on it every six months (increasing) Would you put your money in that bank? I rest my case.

Brilliant prospects - fantastic interims - money in the bank - growing vigorously - trading at 50% NAV. They don't come much better than this! And all the crew on board and ship-shape. Roll on 2012-13 and beyond - riches on the horizon.

Topping up again - too cheap

I'm in at this level - just bought tidy little lot at 3.91 to add to the 4p lot. SHFT just made me 100%plus in very short time and decided to put some funds in here for short term gain or may hold. All pointers are up and I like Total being involved. Looking at x2 possibly x4 within 3-6 months. All IMHO.

Never moan about quiet under-researched boards - buy and wait. GKP sat at 6p with two or three of us just waiting and watching for several months. We waited. We had done our homework; invested ............and waited. Impatience always kills the profit...................... Wait, hold and watch. When this moves, it will move fast because the elastic is so tight it will just take one RNS. Directors don't sell into impatience...............................they wait. Why keep chasing smoke when you can pay 4p for goods worth 25p???? It's only a matter of time.

BBE owns 9% of WSX - guess who has just picked up another 526k. This is an option-priced play on Wessex in Guyane with Tullow and Shell as partners. Proven virgin oil field in stable area - this is a steal at under 1p. DYOR and get in before the re-rating follows WSX over 2012. The US assets are in here for nothing.

Do the maths. BBE holds 9% WSX with option to buy more. MCap only £4.71m and has £2.38m cash plus US assets and also shale play up for sale. Sum of parts is lot more than MCap = reckon shares approx 1.2p RAV. Do your homework - I've just picked up 240k.

Picked up 50000 today at 15p as all directors bought in at same price. We now have 3 years working capital and later this month tests should result in ENI field trial in Italy with big majors watching. Nice little update from Middle east imminent so happy to hold for better things. IMHO DYR

Strongest buy on the market at present - IMO - cashed in 3 blue shares and re-invested here in quantity. All fundamentals scream oversold and with analyst invites and update on 27th Sept management are screaming the value in this share. All directors have been buying and geographical spread excellent. Obama's move to open healthcare to all in US is just the fuel this needs to re-rate. All the shorters are now cleared and this only has one way to move - DYOR and get in at sub 150p - this will easily double within 6 to 12 months.

Good here. SD check DPL at 3.215 buy - like CHAR but East Africa - just picked up 200k - bounce due. Read background later re Block offshore Tanzania adjacent operators. DYOR but good buy in price now.

Agree - bid looks higly likely with French licence won. Holding 20k @ 39p from last week and looking good.

Think you mean - MCR very soon will be over - - - - - - 2p will be a memeory ;-))))