earthly
07 Dec 2015
Would be interesting..IF.. "Emirates National Oil Company (ENOC) announced this morning that it has increased its offer for Dragon shares to 800p, a rise of 6.7% from a previous offer of 750p 3 Aug 2015 "__________ ________Dragon swallowed a poison pill to ward off being taken over !!! the enoc paragraph taken from a post on the xcite BB. DYOR as to the above statement.EARTHLY
Fordian
25 Nov 2015
Re: Egypt sale You may have been sucked in like the rest of us poor holders. Despite the oil price dropping by 40%, the reserves have been marked down and production is dropping. Who is to know if they were both overstated when the merger occurred but it certainly looks like the BOD were a little over optimistic...Exploration failures and ridiculous costs of exploration for Kurdistan compared to other explorers, combined with the impending requirement to stump up cash for the Algeria development once the free carry comes to a close, means PCI needs to raise cash swiftly. The question is HOW? WV don't agree with the bond issue and they hold 28% of the shares last time i looked!Even if they found the monster Zohr field extends into the PCI block, what could they do with it? Nought as they couldn't finance a turrd polishing machine at the moment. They can only sell up IMO and there aren't too many investors around, especially not one that will trust these clowns based on their track record. However, some are doubling down on gas despite concerns over its price holding strong going forward (Shell consolidating?).I'd be happy if the company sold out to competent management or merged with someone who has the clout to obtain cash to weather the coming storms
Fusion98
24 Nov 2015
Re: Egypt sale Are they selling egypt because algeria is costing too much?Algeria is due to come on line in 2018 and has a shed load of gas.there is such little information from the board i dont even know if this company is solvent any more.I was initially under the impression that the daily income from production was enough to keep the lights on, its really not good news if they are selling the family silver at such a rate.Anyone like to comment?Fusion98
earthly
24 Nov 2015
Re: Egypt sale Fordian (BP, ENI or Edison are all contenders in my book, BP most likely).__________ __________ __________ __________ ______So, it looks as if the Bod are with their backs agains the WALL and are not going down without a last ditch attempt to save their jobs....looking a bit further ahead by their action seems to me they are putting themselves up for sale !? interestingly BP are Geographically almost our near neighbours in ALGERIA and of course ENI are already our partners. just thinking aloud 2+2 making 5 etc.etc. I hope if the Egyptian thing is sold we get all the monies that are owed to our company or least compensated from whoever takes over. Hopefully things will get resolved with a little more time. Remember we still have Italy...!!all IMOEARTHLY
A_cluelesspunter
23 Nov 2015
Re: Egypt sale Agree with you completely...if they sell off Egypt leaving just Ain Tsila (Bulgaria? or is that already gone?) then I would have to seriously consider selling out at whatever it may hop up to, take my loss, and forget about this irritating little company for good!Clueless
Fordian
23 Nov 2015
Egypt sale There are quotes in this weeks MEES magazine (subscription sorry) from PCI saying they are looking to sell their Egyptian acreage."Petroceltic is looking to sell its Egyptian acreage. It “has received a number of conditional proposals and expressions of interest in respect of the potential disposal of certain of the Group’s producing and exploration assets in Egypt. A number of these proposals are currently under active investigation,” the firm says"If this happens then it would solve the debt problem, however, PCI would effectively become a one trick pony with just Algeria on the cards and no excitement until start-up in 2018/19. I would seriously hope they keep the offshore acreage adjacent to Zohr (the biggest gas find in the med and blatantly extending into PCI's block), with a farm down and free carry (BP, ENI or Edison are all contenders in my book, BP most likely).
A_cluelesspunter
18 Nov 2015
Re: Income I share your pain Earthly. The only consolation is that it is a paper loss until the day you are forced to sell, I'm sat on a paper loss in excess of £20k at the moClueless
earthly
17 Nov 2015
Re: Income Don't know what their end game plan is Fusion 98 as you say they are or seem to be pre - occupied with their single largest shareholder and whilst this is going on the market makers keep marking the sp down of course the company seems to want to raise money to carry on with Algeria but cannot do that realisticaly without their largest shareholders blessing..? so what are the alternatives..in these uncertain times, roll over and let someone else take over the reigns...wait and see what happens (most likely) can't see Worldview making a bid even at ths silly sp...they don't need to, do they? something will have to give sooner than later cannot see this going on forever. Hopefully someone else will make a bid and then the SP will go up to a more realistic value or the present BOD resigns....fingers crossed... market conditions aside.,this bunch have cost me thousands, EARTHLY
trickler
16 Nov 2015
Re: Income Profit! You are kidding of course. They've never made a profit .Apart from the BOD that istclr
Fusion98
16 Nov 2015
Income Hello, Does anyone know if this company makes a profit currently?I have lost track with all the sales and non communication from the board as they seem very pre-occupied fending off attacks than getting on with the job in hand.Good news today is that Saudi have recognised that oil price of $40 is not sustainable and would prefer it to be about $80 where they see it rising to in the next 18 months, shame no one else does.Fusion98
ozoresas
13 Nov 2015
Cesareo To my good friend Cesar held tight into PCI, good luck!!
ozoresas
12 Nov 2015
woooowww I cannot beleive you guys still hold shares. I still has long way to go ...... down. I will be back in at 10p. GLA
JoeyTheFox
12 Nov 2015
Re: The SP... 1.7p in old sharesWhere to now,I was cursing my luck when I sold at 175p before the dragon offer, Now it seems like divine intervention.
A_cluelesspunter
11 Nov 2015
Re: The SP... Yep indeed it does and that's why I asked. Just wondered whether you were on here enjoying other people's misfortune or whether you were in the same boat.It's a bit of a rubbish boat to be on isn't it.Clueless
trickler
09 Nov 2015
Re: The SP... yes I'm a LTH - I think that entitles me to an opinion tclr
