Member Info for Ssccss

The devil as always is in the detail.

The ONE well JV is the “nice sounding” part of the RNS, while the real economic transfer is that Petroquest gets control of the US subsidiary. But Nobel covered multiple leases/interests and the new disclosed upside for PPP is only clearly stated on ONE well, so shareholders are entitled to ask whether the deal is being presented in the most flattering possible way.

Maybe have a think about the difference between control of the US subsidiary and conrtol of the JV (just the ONE well). To me it feels like the JV is just a way to make the petroquest deal more palatable for shareholders, but really 51% of profit on one well that we have to fund and execute isn't cutting it for me. Especially, seeing as the impairment issue has been backwards and forwards and a total nonsense with no REAL figures given to us. They are making up as they go along. Smoke and mirrors imo.

Zag, I'm not going to argue with you because you clearly don't get it. You are blinded by something other than logic.

Zag, I do want this to come back as I would like my money back. However, it's important that shareholders understand the complexities of the information give to us, seeing as we will probably have to vote at some point. I really don't see what the issue is with just being clear about what is in the RNS. None of you can actually dispute my points because they are merely telling us what the rns has already told us.

Zag,

PPP likely wanted operational control of the new JV because the expertise and execution burden sit with PPP - they are funding it alone via RMD. Petroquest will not have to fund anything but will profit.

However, PPP appears to have traded away majority ownership of the US holding company to get rid of the Petroquest debt and reset the structure of it.

However, with regards to profit, petroquest only get 49% and ppp 51%. Not very meaningful really.

Petroquest has 51% stake not 49%. Therefore, they have a larger portion of control.

Affrm, just one point.

Petroquest gets 51% of Pennpetro USA Corp, and

the new JV for Chalk Talk A-1H gives PPP 51% of profits and Petroquest 49% after repayment of the company loan commitment.

Those are not the same thing.

Those are the facts like them or not.

Thanks for writing it so clearly for everyone delta. It will be ignored though.

Will they notify us when ppp applies to relist? They said in a previous rns that they would inform us of the timeline to relisting?

It's literally like watching turkeys getting excited about xmas.

Zag, are you bad at maths? I think you must be.

Anyway nothing can be done now about any of it. Imo shareholders have given away their rights. So we don't have any say really on what happens now. Too late for that. I do hope you all realise we have given half of the assets we own to SL without any information being given to us. Yes it cleans up the balance sheet for RMD but we are not RMD. We have shares in ppp. I know it's quite confusing for some of you.

Well pacman, you can say what you want but I don't think you have fully grasped what's been happening over the last 2 years.

So SL got what he wanted...

I would love to know what independent valuation or board analysis concluded that issuing 51% of Pennpetro USA Corp to extinguish the Petroquest debt was in shareholders’ best interests, given the company’s recent statements that Chalk Talk A-1H may support impairment reversal and near-term revenue?

Have they already applied for suspension to be lifted? I thought they had some other issues/steps to take first.

At the moment, it just feels like everything ppp is geared towards getting existing shareholders on board and their vote for RTO. None of the things promised have a substantial concrete basis. Even the PowerPoint was pretty basic imo. But I am highly sceptical due to past experience.

I have to agree delta. I do wonder if Texas is partly padding / distraction /appeasement until RTO approved. I still feel for RMD, the RTO being approved has to be their priority otherwise ppp is of no value to them. Will be interesting to see by what mechanisms this is achieved.