Member Info for tvhold

I hope they dont

I have posted questions that we should be asking and between us we should cover them all and more although as per DSAF i expect we will be shut down. If anyone thinks these are insightful then perhaps just read the RNS again and join the dots.

I'll happily ask them all myself as i suspect Gasman won't be attending. He never does.

I presume anyone who is challenging the ownership of Petroquest would be absolutely delighted in that they will own the whole US PPP structure if they are successful. Couldn't have worked out better for them actually and why would they bother negotiating with PPP now anyway. So the GV lien would actually have helped trigger this.

See you tomorrow

They can maybe answer the following questions which aren't market sensitive but would help understand the position :

- did the board take external commercial advice on the transfer of equity in Pennpetro USA to Petroqeust noting that Petroquest is controlled or owned by the former Chairman of PPP and the perception of conflict. if not why not ?

- why was the recent CLN priced at 2p rather than with reference to more recent off market transactions at 9p and 6p. Was there a board resolution, including independent voices that justified the CLN price (noting the earlier CLN was at 4p). Who sets the CLN prices and with what measures are taken into account.

- how did Nobel Petroleum USA end up with a lien for $1.5m from Global Vision. GV claim in their court application they were active from Jan 31 2025 to March 1 2026. Who was the director of Nobel Petroleum USA from September 2025 (whilst under your watch) and allowed this to continue for a further 6 months. Is this a failure in governance, management oversight, financial oversight that this wasn't addressed. What services were GV providing for $1.5m given that you advised that the transaction with GV did not occur ?

- is the lien the reason you transferred the assets to Petroquest ?

- Did Robert Menzel sign a services contract with himself, when he was a director of PPP and GV ?? Was this the reason why the USA information needed to complete the audit not provided ?? Was he working for GV while working as a director for PPP on the same assets ??

- why are the historical shares referred to in the RNS not yet reissued - they were approved by shareholders on 23 December ? and again on 6 May - what has taken 6 months to progress issue arrangements ? Are they necessary to be reissued before trading and the delay in reissuing is to avoid re-trading ?

- can you appreciate that shareholders feel betrayed that you have simply turned the company into a shell, loaded it with CLN at deep discounts , haven't addressed basic internal governance, have not issued shares other than JW (who only got them after taking you to court) and haven't set out any plans for retrading or share price growth

- why is Olaf Rapp still a director ? was he aware of the GV transaction in the US given he was on the board when this was entered into ?

- what do you think accountability looks like ? What actions are being considered against Tom Evans or David Lenigas or Stephen Lunn and what status are they at ? Do you think shareholder have a class action against PPP for the misrepresentations and deceit that resulted in loss ?

Cakeious

PPP used to own 100% of Pennpetro USA.

They swapped the $5m liability of its subsidiary in return for 51% equity stake to Petroquest the secured lender. This removed the group debt but also deconsolidated it from the ppp accounts which was seen as a good thing.

They would then arrange RMD to provide additional funding for any new costs associated with restoring the Texas interests. The ceo Mav visited Texas snd reported that there was some potential there worth exploring further.

Then global vision placed a legal restriction on the assets in Texas (what is there to restrict is a seperate question) to secure their claim of $1.5m in unpaid fees (no idea if this is legit but they must have had a contract of some sort to get the lien)

The RNS now says that PPP have decided not to explore Texas further and to avoid any future funding obligation from either ppp or RNS via ppp have transferred the 49% residual interest to Petroquest (I guess this was a condition in the loan agreement). This was done at deminimis consideration.

So correct, we no longer have any interests in any of the US companies. They are all owned by Petroquest who now also has the liability to further invest and or administer or wind up.

The question of value is very relevant but I’m sure the board took advice on the market value prior to disposal particularly as it invoked the sale to a recent board director. A little messy but they would not have sold at below market value else all of the directors (including the new ones) would be exposed

In terms of whether we have lost everything the answer is possibly if RMD decide not to continue funding. The company now is a shell and can apply for retrading and the value of the shares will move in response to the expected activity and value the new management can create. It’s perfectly possible that they have access to new commercially viable deals that would support the PPP share price growth but to get there they need new funding which initially will create dilution for existing shareholders.

So long term play I think and totally down to the new board and management.

Ok - just caught up with the RNS. Sadly not unexpected when the $1.5m lien was filed.

I’m not sure it was right to simply hand over the remaining ownership to Petroquest but actually suspect he probably didn’t have a choice.

Let’s see what he says at the management call but looks like there was marginal interest in Texas, worth something but nowhere near the $5m of accrued liability (that was swapped out for 51%) and given the lien they just pulled any future investment and walked away leaving any upside to the lender but also the obligation to future funding and operationally sorting out the mess.

I imagine this was simply a drag financially, reputationally, still impacting the audit reports and probably advised by spark that there isn’t any real benefit. Maybe the RMD guys also just recognised that it was too much of a headache given other things they want to pursue.

I saw the comments on Lunn and nicking the asset etc but I’m not in that camp. There wasn’t ever $5m of value (ppp didn’t get $5m of assets but a fraction of that and the difference being premium and accrued interest), the loan isn’t capable of ever being paid off, there are no underlying assets in existence and haven’t been for some time but maybe some could be recovered but it needs more funding. Either way whoever takes this on now (and maybe it’s a plan of GV) is going to have to commit funding that would simply take the economics. I doubt that’s going to be Lunn not do I think he has anything that can be sold. So I’m not crying over something that I think we gave away / it was lost a long time ago.

I’m also not obsesssed with Lunn as a shareholder as some seem to be. He isn’t in the management or on the board and I expect he will simply want to maximise the value of the equity position he holds quickly. Which is exactly what I want. So whether he owns 200 shares or 20% I’m not bothered (given he has no influence) but I can’t do anything about it anyway. It’s not like these are new investors it’s just reissuance of previous shares that wasn’t a problem before 2023 so I’m not sure why I should be bothered now. I can’t see Mav of Richard being influenced or actually in league to defraud us.

What does bother me most is the actual plan for retrading and the strategy for growth in value. No doubt we are now considered shell and if there are demonstrable investment plans on assets more attractive than Texas then we may be ok albeit there will be more dilution, loans, conversion and capital needed. Maybe it’s not a quick return to trading until these are evidenced.

Wish I did have a crystal ball but whatever happens we do need to keep the ceo and chair or I think it will be terminal. Looking forward to the management call and I hope he doesn’t shy away from calling out why they changed their mind and so strong justification for transferring the position. If he does read the BB he’ll get the sense of …. Betrayal we feel and address

Mood changed because of a $1.5m lien in US on

- asset we were told we don’t have

- counterparty we were told we didnt have anything to do with

Someone telling porky pies

Yes been a member briefly but only driven to comment because it’s so frustrating and I’m now hooked on looking at this chat room.

I hope that they come out with some statement and a way forward. All we seem to get is third party knowledge of court cases. I wish I did have some insight as perhaps it would then be explainable rather than super sleuth guess work and inferences.

I’m expecting an RNS that categorises Texas as of marginal economic benefit and causing ongoing damage to the repositioning of PPP financially and reputationally.

The lien by GV is last straw - why bother investing on one for 40bpd

Ssccss - good point

- accrue substantial corporate debt at very low conversion prices

- put clear water between history and current activity

- exhaust the active shareholders to the point of attrition

Dsaf - Lunn tried to raise funds in Dec/jan 2025 to address the outstanding corporate liabilities - pulled because zero interest in backing him and some visible hostility over pretty much everything.

The only good thing he did was get gem (who defaulted) and then RMD who are still around but were massively oversold the situation which essentially staved off administration.

RMD are now hitting headwinds on battling multiple consecutive legal cases (that have either withdrawn or been dismissed) and the delays in restoring or commencing operations. All they seem to have done is populate the board and make loose threats to chase naughty boys. They should get on with issuing the required shares, dump US operations, get rid of Rapp, announce mou’s or loi’s within the new wheelhouse and formally apply for retrading and capital raise.

It really isn’t very difficult but the longer they procrastinate the more suspicious we all become that there is a cunning plan that is set to dilute us and / or ghosts of Xmas past with the TG group being active. I dont think either apply - I just think they do more talking than doing and they now need to reverse that.

If anyone is close to Tom then ask them to make an offer for ppp USA. So why don’t Cloudbreak offer £2m all share offer for ppp usa ?

Come on Tom - cost you no cash. Then existing shareholders can be distributed their pro rata shares in CDL and he gets everything in Texas

Richard gets rid of headache and parties who screwed up can fix it

A Trish special

Leases were already gone before Lunn arrived. They don’t exist and one of the reasons why GV JV didn’t complete (oh and they also didn’t have any money and the debt didn’t consent etc). But this isn’t a Lunn issue - he had no money to fix it anyway - problem was Evan’s not paying royalties, lease payments, legal fees, GEM fees etc just run out of cash all the time and chose not to raise enough.

Gasman - it also does work like that I’m afraid. They don’t control Nobel USA any more - they are a minority interest and they can just do what they like with it. It’s written down to zero so if you want it then offer them £100 and I bet they’ll sell it to you or probably they’ll pay you £100 to get rid of it - might be a good solution as everyone here thinks it has value - let’s put up £20 each and see if we can get it -

Richard if you are reading this - formal offer - £100 for the 49% in Pennpetro USA - all cash

Ppp need to shut all this crap down. All association with Evan’s, Lenigas, Lunn, Menzel, Rapp is toxic and it’s time to start afresh.

This latest nonsense with Nobel USA I think evidences they can’t manage these subsidiaries and crap just keeps turning up. Every year the auditor cites missing Information from US subsidiaries as reason for audit delay. We can see why now / no mention of any material contract, third party conflict or related party relationships. And we are expected to believe $1.5m has been spent operationally by GV on sites with no leases and no assets - for what ?? . It’s a scam for GV to lay claim to whatever’s left. Whatever happened to GV own acquisition of assets - looks like they were leveraging off Nobel USA for credibility ??? What else of ppp were they using/abusing - bank accounts, corporate vehicle, staff etc. Just a mess.

Its lethal to ppp attempts to raise new money - any litigation is, so I expect ppp to cut out this festering wound and park it elsewhere and move on. Then the whole nonsense around global vision, lithium, Petroquest, Nobel and every crook associated with it goes away, and stays away, and they can fight amongst themselves for whatever perceived value they associate with it.

In my view ppp can only retrade once Texas is disposed of and new assets identified so sooner they do that the better.

RNS time for sure

No it looks dodgy / from public info

- Dean pierce was president of Nobel petroleum USA

- Dean pierce is also president of global vision

Dean pierce lodged the lien from Globalvision against ppp subsidiary Nobel petroleum USA - essentially sued himself over his own contracts - no idea if ppp even made aware but certainly auditors clearly weren’t. Odd given Menzel (of global vision fame) was also ceo of ppp and a director of ppp at the time. It’s not as if Nobel

Petroleum USA had anything to do and it hasn’t been on an operational update either. Sounds bogus.

Looks like Richard Spinks dropped the ball here and hasn’t dealt with the governance of the USA assets

And……to resolve it

Ppp has neatly simply swapped the $5m Petroquest debt for a controlling interest in Nobel petroleum USA and it’s now nothing to do with PPP and a bunfight between guess who ??

Lunn and Menzel over a $1.5m debt and non existent assets and leases. Gladiators begin !

Im joining dots but does this sound a correct interpretation ??

Dsaf - looks like a genuine claim and one that needs a response

I can’t see how PPP can accrue an undisclosed liability of $1.5m in a subsidiary without explicit parent company support - without this it’s trading insolvently

I also can’t see why any service provider accrues a debt of $1.5m in a short period of time without it being disclosed and action taken.

Particularly relevant is that this hasn’t been mentioned at any of the management presentations or accounts and therefore needs clarification.

It also looks to me that GV directors are on either side of this transaction as CEO of Global Vision and CEO of PPP. Sounds like a conflict that should have been disclosed as well.

As everything with PPP just opaque

Not possible - it would have to have been disclosed in both accounts and at the AGM

It’s a massive number to a related party company secured on assets the company doesn’t own.

Seems an RNS is due at a minimum

The claim, which appears genuine, is that Nobel Petroleum USA (a 100% sub of PPP) entered into contract with Globavision for consulting services during the period when Lunn was Chairman and Menzel was CEO and continued for further 8 months under Spinks/RMD governance and appears to only be terminated when Menzel (the CEO of GV) left PPP.

There must be a contract or they wouldn’t have secured the lien.

However, there has been (as far as we know) no disclosure of any material subsidiary liability or related party relationship in the audited accounts or management updates which would have been required.

It seems odd that auditors would have missed a $1.5m liability to Globalvision (a company owned by Menzel, the former CEO and the former PPP director who would have also signed off the audited accounts). The other directors would also have had to approve and disclose a related party transaction.

I presume PPP will have to issue a clarifying RNS.

My own view is we are all creating our own little frenzy between 6 or so posters. The points are all valid but make zero impact so the only possible and rational thing to do is wait.

The board expressed gratitude for overwhelming shareholder support at the AGM but are clearly annoyed with the continuation of specific JW litigation (when he already had shares) and the other Blomqvist, Lunn case that drags ppp into expensive, time consuming and reputationally damaging action.

Until these historic noises play out I cannot see that Spark would want the company retrading and in market for new capital when these are pending nor should FCA if these are regulatory issues.

I’m resolved to waiting - I would like the other board members to be a bit more challenging on any future CLN pricing as the 2.2p did just look like a knee jerk reaction to JW historic rather than consideration of the more recent off market trades at higher prices but maybe this was a deliberate strategy to set price expectations for new issuance.

Affrm / this is a live case and does involve Lunn

https://caseboard.io/cases/6c7117b5-6047-4299-b921-7cbbc17b1f87

My worry is that while we remain suspended more and more expensive borrowing is incurred from RMD at worse conversions. loading it up for cheap shares feel like I’m being taken advantage of.

It really is time to retrade or bust. There were 45m or so yes votes. Surely we can collectively secure the 10% threshold necessary to call an EGM with a resolution for directors to apply for re-trading immediately.

We need 13m votes to apply for an EGM with a sole resolution.