oilman6
18 Apr 2016
Todays RNS Looks like our Goose could be cooked regarding today. Natlata and General invest have at least over 40% and obviously want the same thing. Fingers crossed
elliottsilverman
12 Apr 2016
I reckon i'll vote against the resolutions not because I have much faith in the BOD but likely to recover something from PTR if Oil India make an outright offer which seems quite plausible or Natlata might be forced to if they increase stake anymore and probably would be more than if Nat. take over the board in wihch case ord. holders will be engineered out of the frame with zilch
oilman6
12 Apr 2016
Phoenix Mag Article IT IS bizarre that two Irish quoted companies, Petroneft and Petroceltic, should have similar names, operate in the same oil and gas industry, have Tom Hickey as a common director, encounter trading and fi nancial diffi culties, and have a very hostile minority shareholder build up a threatening 29% shareholding. Matters are set to come to a head again later this month, when the hostile party seeks to remove the Petroneft board. For the hapless shareholders the whole story has been a sorry one, with the share price plummeting to 3c. However, there just might be an offer nearer 10c in the pipeline, which would be very good news for recent arrivals on the share register. The most signifi cant strategic difference between Petroceltic and Petroneft is that the former still has to spend huge money to try to develop its big Algerian gas fi eld. In Petroneft, however, chief executive Dennis Francis has almost completely offl oaded the commercial and fi nancial risk associated with developing its Russian Tomsk oilfi elds (which are admittedly on a much smaller scale than Petroceltic’s Algerian gas prospects), by doing an $85m farm-out deal two years ago with the giant Oil India group. This left Petroneft still in charge of developing the oilfi eld, with an effective 50% carried basis. In Petroneft’s case, when the fi rst big battle broke out two years ago, it was with a Russian, Maxim Korobov, a member of Vladimir Putin’s United Russian Party in the Kremlin. In order to stop the farmout deal with Oil India (OI), Korobov’s holding company, Natlata, which then held a 5% stake, tried to buy out the $8m Macquarie loan, which was then due, and covert it into equity. He offered to underwrite a $10m share issue at 3p a share, half the then share price, seeking to end up with a 43% holding. The Petroneft board turned down this offer on two grounds: with Natlata having a controlling shareholdingthe outside shareholders would be vulnerable to being marginalised; and there was a belief that the OI deal was far superior. Korobov responded by offering to up the underwrite price to 5.5p, 0.5p higher than the share placing the Petroneft board had previously carried out, but to no avail. Korobov responded by calling an EGM for May 9, 2014 to effectively dismiss the whole board of directors and appoint a new board, but just as in the Petroceltic case, the shareholders supported the incumbent board against the intruder. Petroneft then went ahead in June 2014 with its $85m deal with OI, wherein OI paid $35m up front to clear the whole of Petroneft’s balance sheet and get rid of the Macquarie bank loan. It offered a $45m injection into the new joint operating company to fund exploration and development, with a further $5m dependent on performance outcome. Clearly, this did not put off Natlata, which instead proceeded to build up its shareholding to a current 29.4% position, despite the continuing underperformance of Petroneft’s operations, in which the company now has only a 50% interest. For example, production in the fi rst six months of last year actually fell 19% to 1,700 barrels of oil a day, although some new wells that have come on stream since then, as a result of the new funding and drilling programme, helped to increase production in the second half to 2,700 barrels of oil a day. Compared to the original plans Dennis Francis had presented 10 years ago when the company fl oated off on the Dublin Stock Exchange, these latest fi gures are, nevertheless shocking. At a gross level, they are well over 90% behind the 30,000 barrels of oil a day Francis estimated that Petroneft would be producing in 2016. When you consider that Petroneft now only has a 50% stake in this much smaller oil fi eld, with only 1,350 attributable barrels of oil a day, as against the original 30,000 barrels originally projected, the shortfall is over 95%, a dramatic underperformance and one that clearly justifi es Korobov’s total dissatisfaction. The diffi culty with the sands
oilman6
07 Apr 2016
Phoenix mag Interesting article on phoenix regarding petroneft
oilman6
05 Apr 2016
egm one should worry if natlata and General invest are the same entity. If so if they get on the board they could end up setting the conditions so that they could buy this company for a song. Not happy with current management but its all about the devil you know and if oil price would turn around any bit this company could be worth quite a bit
longmile
03 Apr 2016
i hope the board of directors have planned the refinery to be dual purpose , oil and vodka, because it will refine more vodka then oil
elliottsilverman
21 Mar 2016
........................... [tumbleweed]...
elliottsilverman
11 Mar 2016
What does anyone think about Natlata and the request for EGM?
longmile
15 Dec 2015
if the price of oil has fallen by more then 50% in the last year and if the bod are telling the truth the production is at best stagnant the company will suffer a serious loss in current financial year plus the fact it must be suffering monthly losses and negative cash flow at present . the bod should in their roles of responsible officers of the company should clarify the current financial position and the current losses .a doubt looms over their ability to be in business this time next year in the current low oil price climate
forwardloop
14 Dec 2015
Rusian roulette? [link]
elliottsilverman
14 Dec 2015
V. disappointing ... update after update with little or no operational improvements. PTR looks like it's a dead man walking...
forwardloop
26 Oct 2015
interesting take on oil price >$100 Russia mentioned[link]
longmile
16 Oct 2015
about now oil india must realize that they have been sold a pup when they very expensively bought into this company , the first indication is the firing of the Russian drill rigs whose staff have been virtually running the oil operation during the winter period .. this action will lead to some serious bad feeling in the area towards the company . the board have since 2009 never achieved a budgeted oil flow rate and the recent news is just a continuation of their mismanagement .oil india must try and extricate themselves over the coming year and try to minimize their losses .
Our Haven
22 Jul 2015
Re: RNS Incresed production, reserves exp to... The downside is it is in Tomsk Oblast, Russian Federation therefore not secure.
miltonboy
22 Jul 2015
RNS Incresed production, reserves exp to increase to I am trying to see where the negatives are here, but all looks good with a production increase expected, reserve update from 50m at end of year now strongly hinted at and a company that seems to be doing what they said they would.....
