This looks a very good bet? Mentioned in the share magazine.

Here is another good post from the same guy who attended the recent AGM, bags of petential and strong management.

2kilty - 28 Nov'06 - 21:39 - 410 of 507 edit


The following is an earlier post from ZENGAS in which he compares PTR with IEC, at similar stage, worth a read:-



ZENGAS - 15 Nov'06 - 14:22 - 34 of 409


Muttleyrules

We might have started at a higher valuation to Imperial but let me show you something.

Petroneft came to AIM barely 8 weeks ago with $15.5m raised and some cash left from prior to listing as a private company.

There are 3 top Russian guys on board that are of immense value to Petroneft (already been detailed just how valuable these men are).

Petroneft are now 6 weeks from drilling. MARKET CAP is 50m with 33.5mbo P2 (+ 37mbo P3) on two proven oil fields. The previously drilled edge of the 3rd field flowed oil from a 2.3m payzone and has 67mbo P3. In short we are targetting 137mbo from imminent drilling. There is expected to be up to 423mbo recoverable.


Now lets look at Imperial Energy - particularly the early days and why this company should prove to be every bit as good if not better than Imperial.

5-4-2004 IEC floated with just 3.4m shares to the mkt at 25p. Total shares were 8.1m giving a mkt cap of 2m. In reality the average Joe was lucky to get a meagre holding of shares at this time.

20-4-04. They appointed Keith Dallard who worked on Shells Sakhalin project and Shells/Sibirs Salym joint project - 25 years odd experience. This was their only top guy at that time who i believe since moved on. (We have 3 ex top Marathon oil men with 100yrs experience between them who initially put Sakhalin together plus 3 top Russian geos from the Russian state body who know Tomsk inside out and were responsible for delineating/exploring most if not all of the fields in Tomsk. They personally developed 32 major fields - Imperial can't lay claim to that).

7-7-04 First acquistion by IEC of 85% intertest for a 51% share of Sibinterneft for just under $1m.

21-7-04 75% initial stake in Sevkazgra for $100,000.

26-8-04 Option to acquire 51% stake in Allianceneftgaz for $4.95m. (not yet paid for - no cash).

12-10-04 Raised 20m with 12.5m new shares @ 1.60 = total 20.6m shares.
AFX news reports IEC shares slip 16.5p to 2.075. This valued IEC at 43m.

One month later (19-11-04)the shares were 2.55 valuing Imperial at 53m. (where Petroneft is now). This money was used to pay for their licence acquistions etc and fund the upcoming seimic programmes and drilling.

At this stage Imperial were only gearing up to start operations.

Interestingly the corresponding crude oil price averaged $42 for those 6 months against $59 now!

So ok - Imperial started at a low base with 3.4m free shares floated - but in all honesty you would need to have been one of the lucky and early few to get shares at that time and acquire a decent holding. The real base starting time for Imperial was really 6 months later when they were valued at 43m and incidentally Petroneft came to market at 35m and are now making steady progress. PTR are now valued at 50m exactly where Imperial were and this is where the two companies most closely compare.

Petroneft are also after new licence blocks and acquistions. Petroneft paid under $6m for Licence 61 (3.15m). They can at any time pull in a similar acquistion (just like IEC). In new shares it would represent only 6% dilution (just like IEC made their acquistions in part).

This was deemed to be the best licence package to come on the market for some time. Don't ask me because i have no proof - I can only go by what the directors and Chairman said). You have to realise that the three top Russians from the state body responsible for exploration and field development in this Tomsk area (where this licence is) are all shareholders in Petroneft. Even one of Russias top drilling contractors with 4,000 employees is a substantial shareholder and is doing all of the 3 well drilling. He has brought one or two of his own staff to come and work with the new company. The Chief Financial officer of Tullow Oil also is a director and bought shares in the placing.

The company is expected to be worth a minimum 250m from Licence 61 alone. Certainly licence 61 has the ability to create a market cap well north of 500m.

Will they pick up further acquistions? - they say they are after quality stuff so i expect acquisitions will come most definitely just like Imperial have done. It took Imperial a number of months after listing to announce new licence aquistions.

I let 30,000 Imperial go at 2.50 only to watch them touch 11 by May 06 (They'll be back there in due course 550m mkt cap with 70m cash - there was an end of year 07 broker note out for roughly double that from memory).

My own price target here is 75p to 1.20 over the next 6 months. Any acquistions and that may be higher.

dyor etc.

Have looked for news (incl the PTR website) but found nothing.
Almost a 14% drop at midday today. Anyone got any ideas or is it just the mms allowing a big trade to go through???

suspect just short term traders takinmg their profits ..... very common pattern with newcos

Looks like the best gamble in the oil sector,dont know where else one could potentaily buy oil for 25p a barell. will be very exciting early next year. . buy buy buy.............the market has turned....

Interesting price movement today accompanied by 3 large sells at the end of the day??

Iwould not consider that they were sells, more like same 250,000 changing books, if tey had been sells the price held up very well. .

wakey wakey............ drilling in two weeks, whats wrong?.....

Got into PTR, story about to unfold one way or another!!

See who has topped up his stake........... now that says something i think...

interesting......

The drilling was due to start in January 2007, THIS IS THE Last DAY and there;s no sign of drilling activity. Delays are imminient for late Febuary/ March another 6 weeks for any drilling to commence. I am selling and out of Ptr untill Spring is here.

any news on spudding front would be good? holding @ mo.

Friday 2nd march still no news.what is going on.?

2 huge buys today way above the ask, interesting!!

any news yet ? still in red but may cut my losses

we have news at last . looks hopefull . sitting tight at present

More Director buying, good signs.

on the move the right way. see what happens in next few weeks. good luck to all !

At last!! Going north.

Sold up on CHP and topped up PTR first thing, Directors of PTR have splashed out 200k of their own cash last week, they have experience of both the culture and the area that they are prospecting in. It will be interesting to see if this rise holds or if there is fallback until drilling results are confirmed.