tulleile
05 Jul 2015
News item News ItemsPetroceltic (LON
CI) – All the Right IngredientsToday's results are of course important as it provides us with an understanding g of how the cash generating businesses are faring and how much cash there is on the balance sheet. However, the big issue, for us anyway, is the outlook and more specifically the timing of the Ain Tsila facility in Algeria.We suggest that this overshadows everything else due simply to the fact that it accounts for in excess of 80% of the Company's future value, and in that context, it is vital to understand where it is at.While PCI has a first rate in-country partner in the shape of Sonatrach, they are oft accused of being slow to move and bureaucratic, which could induce delays in bringing the facility online. That said, we continue to believe that Ain Tsila is on time, but this continues to be a risk, especially given the fact that the development is remotely located and a gas condensate facility.The contemporaneous announcement that the Company is contemplating a bond raising is not a surprise, and nor is it an issue, provided that the principal amount is no more than they can pay under their stress tests utilising reasonable variances, key of which is timing (of the Ain Tsila project) and price.We believe that the Company is well funded presently and has access to sufficient capital to meet its obligations as they arise, even if delays occur. Furthermore, we also have confidence in the management team to address the issues and risks within their control, and adapt to those that are not. Consequently, we believe that PCI represents a significant investing opportunity at these levels for investors.
Dictum de dicto
04 Jul 2015
Peter Hambro's nightmare Peter Hambro's nightmare when his Russian Gold miner nearly went out of businessA tumbling gold price nearly wrecked plans for the Russian gold mining company Petropavlovsk [link]
earthly
03 Jul 2015
I thought.. and I would be pleased for anyone to correct me but at the last fiasco THE BOD unequivocally announced that they had NO INTENTION of raising any more funds !EARTHLY
trickler
03 Jul 2015
Re: RNS response to Worldview One could almost wish that WV would just put us out of our miserytclr
aandeeltje
03 Jul 2015
RNS response to Worldview GLARegardsAandeeltje Dublin3 July 2015Petroceltic International PlcPetroceltic Responds to Worldview Capital Comments Petroceltic International plc (AIM: PCI) ("Petroceltic" or the "Company"
, the oil and gas exploration, development and production company focused on the Middle East and North Africa, the Mediterranean and Black Sea regions, notes the statement issued on Thursday, 2 July 2015 by Worldview Capital Management in relation to the Company's contemplated bond financing and other matters.Contemplated Bond IssueAs announced on 29 June 2015, Petroceltic is contemplating issuing up to $175 million of Senior Secured Callable Bonds (the "Bond Issue". The Bond Issue will represent an important addition to Petroceltic's overall financing mix. While further funding will be required as the development of Ain Tsila progresses, the Bond Issue will, once completed, represent the first step in diversifying the Group's funding base as part of its long-term financing plan for Ain Tsila.Since 2013, Petroceltic has been consistent in disclosing its intention to consider such a bond issue or equivalent financing as part of its long-term plan to part finance the development of the Ain Tsila asset in Algeria. Petroceltic confirmed at its 2015 capital markets day that its objective was "to effect a partial or first stage of refinancing during 2015". This financing strategy has been discussed extensively with shareholders, including Worldview. The Bond Issue will be undertaken in full compliance with all applicable legal and regulatory requirements.Amendments to Articles of AssociationThe Bond Issue is being proposed, and will be effected, entirely in accordance with the provisions of the Company's existing Articles of Association, which are available on our website www.petroceltic.com, and Irish company law. The amendments to the existing Articles proposed for consideration by shareholders at the forthcoming AGM of the Company on 24 July 2015 are solely those required to reflect the enactment of the Irish Companies Act 2014 or to make consequential or minor housekeeping changes. The approach proposed by Petroceltic is consistent with that taken by most Irish plcs whose shares are listed in Dublin or London and who have undertaken a similar exercise.2014 ResultsThe Company published its annual results for 2014 on Monday, 29 June 2015 and the 2014 Annual Report and Financial statements are available on our website. Legal CaseThe Company's reporting of the May 2015 outcome of Worldview's legal proceedings has been confined to factual matters. Worldview has the right to appeal the decision of the English Courts, or to bring equivalent proceedings in Ireland, should it wish to do so.EGMPetroceltic has not to date received a requisition from Worldview to convene an EGM of the Company. Ends For further information, please contact: Brian O' Cathain /Tom Hickey, Petroceltic International Tel: +353 (1) 421 8300James Henderson / Rollo Crichton-Stuart, Bell Pottinger Tel: +44 (20) 3772 2500Douglas Keatinge / Joe Heron, Murray Consultants Tel: +353 (1) 498 0300John Frain / Roland French, Davy Tel: +353 (1) 679 6363
forwardloop
02 Jul 2015
info [link]
ISpotCrap
02 Jul 2015
Re: RNS WV, finally some action?? Looks like round 2 is about to begin.The sooner the clowns in charge are thrown out the better.Bunch of absolute wasters. Bet there are a lot of holders who voted them back in last time are re-evaluating their choice now.
bizana
02 Jul 2015
Re: RNS WV, finally some action?? Interesting post aandeeltje.It has been dispiriting to watch the remorseless destruction of shareholder value over the last several years. The present Board have already sold off two thirds of our "world class" asset and squandered every cent of the proceeds. Around the time of the Melrose deal the Board announced plans to greatly expand exploration activity and I expressed my concern by asking whether the board collectively had delusions of grandeur. I think the question has been answered. The Board has excelled at one thing and that is in rewarding , to a preposterous degree, their collective mismanagement of the company. I believe that if the present management continues in place we will see the total destruction of PCI.
aandeeltje
02 Jul 2015
RNS WV, finally some action?? GLARegards,AandeeltjeWorldview Capital Management("Worldview"Worldview set to call EGM to decide the fate of Petroceltic $175 million bond Worldview believes the proposed secured bond jeopardises the Company's crown jewel asset and will result in squandering shareholder value London 2 July 2015: Worldview Capital Management, an investment management group which holds more than 29% of the share capital in Petroceltic International Plc ("Petroceltic" or the "Company", today announces its response to Petroceltic's 2014 financial results and its $175 million secured bond proposal, along with an update on Worldview's legal proceedings against the Company.Proposed bond issuanceAs predicted by Worldview in its EGM circular issued in February 2015, Petroceltic appears to have now run out of money. As a result it is proposing to pledge the Company's crown jewel, namely its participation in the Ain Tsila asset, as a security for a contemplated $175 million bond issuance. In our view, this will result in squandering shareholder value.Given Company's past history of very poor financial management and false claims, Worldview is extremely concerned that such bond issuance will be perilous to shareholders. Owing to the Company's consistent inability to produce sufficient cash flows, proceeding with the bond issue on the announced terms would, in our view, likely result in bondholders eventually securing the world-class asset for a derisory sum.The board's proposal to issue such a secured bond without shareholder approval is an abuse of the unfettered borrowing powers in the Company's articles of association and represents yet another example of poor corporate governance by the board. We note that the Company has failed to amend these inappropriate borrowing powers as part of the new articles of association it is proposing to adopt at the upcoming AGM.Worldview has offered numerous times to work with major global investors, some of which form Worldview's own investor base, to provide or arrange financing to meet the Company's operational requirements provided that certain members of the current board resign. Today we re-iterate this offer and position. EGMWorldview will actively take all legal steps available to stop the bond issuance in order to prevent the Company putting its core asset at risk with a wholly inappropriate and irresponsible financing strategy, until a major Board overhaul has taken place to ensure viable strategies in the interest of shareholders are been implemented.In particular, Worldview announces today that it intends to requisition an EGM for shareholders to determine the fate of this bond and to adopt appropriate limits on the Company's borrowing powers in accordance with good corporate governance. 2014 resultsWorldview notes yet another dismal set of operational and financial results from Petroceltic.Regrettably, and despite a number of warnings and constructive proposals from Worldview presented in numerous meetings with management and contained in its EGM circular issued in February 2015 the Company's management continues to execute a failing strategy that has resulted in further shareholder value destruction.The Company's revised production guidance of 14-15Mboepd represents a 33-38% decline against the already unacceptably low production achieved in 2014. Such a rapid drop in production volumes in mature fields poses the obvious question as to whether the wells are adequately managed and operated to their potential. Yet, despite these operational failings and significant reserves, production and revenue downgrades, the Company plans to spend $167m in capex in 2015.Legal caseWorldview notes the misleading manner in which the Company reported on Worldview's legal proceedings against the Company for failure to conduct a corporate and strategic review of the business in accordance with the shareholder agreement between the Comp
RichardLY
29 Jun 2015
Re: As this drifts away... "a director recently bought a shed load at 15% higher cost and he knew of the sale of assets prior to that (probably)"When was that?
Fusion98
28 Jun 2015
Re: As this drifts away... Personally I would look at 100p, if i had the money i would average down for 2 reasons.1) its far lower than my current average2) a director recently bought a shed load at 15% higher cost and he knew of the sale of assets prior to that (probably)Fusion98
A_cluelesspunter
23 Jun 2015
As this drifts away... Does anyone have an entry point in mind, even if it's theoretical?(I certainly won't be ploughing any more into this)Clueless
trickler
16 Jun 2015
Re: RNS Selling Romanian assets Yes - no choice but to hold after consolidation and subsequent price slide - what I don't get is that it must be in B O'C's and others interest to raise SP as they have large holdings - just incompetence I suppose.tclr
A_cluelesspunter
16 Jun 2015
Re: RNS Selling Romanian assets I've now just about had it with PCI and (although hindsight is a truly wonderful thing) really wish I'd cut my losses at the height of the Dragon takeover hypeClueless
earthly
16 Jun 2015
Re: RNS Selling Romanian assets Brian O'Cathain, CEO of Petroceltic, commented; "This concludes our involvement in the Romanian Black Sea. This process of disengagement forms part of our strategy to focus our efforts on our production and development assets, and to exit from high risk exploration ventures. We have now withdrawn from Romania and Kurdistan, and are focusing our future exploration efforts on Egypt and Italy".__________ ________With a wave of the hand ...was it £16million or was it £27 Million squandered on a pointless exercise on Kurdistan wanting to be big time charlies all at our costs instead of growing expotentially...I presume ..they are clearing the decks to join the main market in order to be able to raise more cash for the developement of Algeria. They need to focus of getting our money owed from Egypt...and lower their own take home pay.What I would like to know WHAT do they intend doing in ITALY they don't appear to have progressed since all drilling within 5k of the coast was stopped, was it 3 years ago ?WILL WE BE GETTING ANY CASH AT ALL FROM OUR DISENGAGEMENT ?EARTHLY
