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Look at it this way. Now their options are underwater and worthless.
JFF7
MMT.V
I'd be very happy if it was just as half as good Uma.
JFF7
MMT.V
"...It's still undervalued but needs that second pipeline to grow production, cashflow and my portfolio!"
And what would another concession done jointly with Midwestern do for the share price?
JFF7
I am starting to wonder if a large number of PTQ shareholders are not also Inmet shareholders. Disgruntled PTQ shareholders that want a change at PTQ board level. Maybe they don't need that many shares to take control of PTQ board and put in a more progressive Inmet friendly board. Inmet gets their concessions and disgruntled PTQ shareholders get control.
All speculation on my part. I currently own no share in either company.
JFF7
I would certainly not presume to give anyone here investment advise. I'll leave that up to you. I was simply setting the record straight since you asked if I was back in. I have been in PTQ twice. Once for a little over 12 months and again for about 8 months. But yes I do trade around my position to maximize my profits. I consider myself an investor first and a trader second.
I was interpreting your use of the word foil in the literary sense. Perhaps I gave you too much credit. My apologies.
Nice to see PTQ as one of the few greens on my watch list this morning. It bodes well for the future. I don't see how the POG can be kept down much longer.
JFF7
"foil"? ...another self serving reference or maybe just a reflection of your grandiosity. Regardless, I stand by the validity of my interpretation versus yours.
No I have not bought back yet. Unfortunately the waters are too muddied in PTQs pond and too many other attractive opportunities are vying for my attention. I hope PTQs true value becomes more apparent in the coming weeks and I hope the value is north of 2 dollars but I think at this point in the game, that would be too much to hope for.
Happy hunting.
JFF7
MJK are you daft?
"This SH poster is convinced that he should gain from at worst 67%, to at best 300%, in a couple of months. Yet he is adamant that he will not buy another single share of PTQ stock under any circumstance!!! "
are you daft MJK? .....or is your reading comprehension as low as you make the ankle biters out to be?
what he actually said is he is worried it may drop back to the 40 cents a share if Inmet backs away from PTQ. So any additional dollars may result in a paper loss of 33%. That's my interpretation of what was said.
so he is not disputing its potential value, only what might happen in the interim. If it does fall back, he could get 50% more shares for any additional dollars might he put in.
The point is, we don't know why the market has valued PTQ so low for the last 5-6 months at 30-40 some cents. The share price rose when Inmet made an offer. What is the real market value of PTQ?
I think it is much higher in the long run but how will this play out in the short term? I certainly don't know. Hopefully much higher for all longs.
JFF7
"In regards to the reason about the cluster fu** why Inmet never secured this property properly....I don't think you will ever find out the true reason what exactly transpired."
Yes I agree we may never know unless this goes to the courts years from now.
I suspect Inmet got blindsided by something that was not openly available to them or perhaps their needs changed as they got further into the project (needed more land for technical reasons).
I also think there is a lot more to the story about that part where in the offer they ask for access to all the non-public material agreements PTQ might hold.
" In particular, Inmet must receive and review copies of the material agreements and other material instruments that Petaquilla has not publicly filed..."
JFF7
BOBwins,
Maybe you should go fishing more often. Your portfolio might APPRECIATE it (pun intended).
Congrats,
JFF7
one talented resourceful connected guy is not enough for this task. Inmet is trying to drag PTQ into the deep waters. They need a team of strong swimmers on their team.
JFF7
Time to start scrambling.
JFF7
nice little argument. Inmet's offer underpins the PP. They would be required by law to take over the debt. Unfortunately that argument breaks down right away since Inmet has already made "no PP" a condition precedent for the offer. If there is a PP then no valid offer exists.
Simple thing would be for PTQ to get the PP put in place. That would instantly kill the hostile takeover offer that is coming.
So what's taking the PP so long? It's been over 2 months. I wonder if PTQ announced the PP as a defense to the hostile takeover offer that they saw coming from Inmet. Certainly the timeline is about right. Supposedly six month ago was when Inmet knew that PTQ was not going to play ball and ran to the President to intervene. Maybe that is when Inmet started thinking hostile takeover.
Pressure is on PTQ to get that PP in place before the offer is made to the shareholders. Who knows, maybe some of those big shareholders that participated in the dollar PP are disgruntled with Fifer's handling of the company and their investment dollars. They may just want to roll their investment over into Inmet if they feel their investment would be be better manged over there.
JFF7
OT - Jal
It was CGA.... good management, 200,000 ounce producer, positive cash position, plans to increase production 50% in next 18-24 months..self funded...5 year tax holiday, lots of gold in ground...only downside was a 20% hedge at 900 bucks an ounce and conservative management (left themselves open for takeover). B2B is buying them. My respect for B2B management just went up and I already thought well of them.
But enough digression.
JFF7
hmmm I might be back to PTQ sooner than I thought, my current gold holding just got taken out. Funny how the money always follows value.
JFF7
well I am out at this point. No, I do not think others should follow me out. Especially if you are still under water. I had a chance to book a nice profit and don't really have a solid feeling about where things are going short term (market wise as much as PTQ wise). I may miss a big jump but I'll take that chance. I won't be going to far so don't rejoice in my leaving. I'll be back in on weakness or if I see strength before it moves too far.
JFF7
INA.V Iona Energy closes West Wick Acquisition
Iona Energy Inc. ("Iona" or the "Company") (TSX VENTURE:INA) is pleased to announce that its U.K. subsidiary, Iona Energy Company (UK) Limited has closed the acquisition of an operated 58.73% interest in U.K. Block 13/21a containing the West Wick Oil Field ("West Wick") from Centrica Venture Production Company ("Centrica VPC"). The U.K. government's Department of Energy and Climate Change ("DECC") has also completed the license assignment. Under the terms of the sale and purchase agreement, Iona has completed a USD$5.1 million payment to Centrica.
Iona engaged Gaffney, Cline & Associates Ltd. ("GCA") to prepare an independent reserves report of the West Wick oil field, based on the draft Field Development Plan ("FDP") for West Wick prepared by Centrica VPC (the "GCA Report"). The GCA Report was prepared in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities and has an effective date of December 31st, 2011. GCA has estimated net proved oil reserves ("1P") of 5.1 MMbbls, net proved plus probable oil reserves ("2P") of 9.71 MMbbls and net proved plus probable plus possible oil reserves ("3P") of 12.18 MMbbls.
The closing of the West Wick acquisition brings Iona's net 1P oil and gas reserves to 16.0 MMboe and net 2P oil and gas reserves to 31.7 MMboe and pre-tax net present values discounted at 10% of USD$431 million and USD$1.19 billion respectively, as evaluated by GCA (see note below). Iona's currently evaluated reserves are comprised of approximately 79% oil and 21% gas.
The West Wick oil discovery is located within UK Block 13/21a approximately 3.75 km west of the producing Captain oil field. Oil was discovered within the Cretaceous Upper and Lower Captain sandstone reservoirs and correlates to the same reservoirs of the Captain field that have produced since 1997. The West Wick field has remained undeveloped since discovered by Amoco in 1990. Since that time four delineation wells have been drilled appraising the accumulation with the last wells (13/21a-5 and 13/21a-6) drilled by Enterprise Oil in 2001. The West Wick field is a three-way dip closed structure approximately 3 km long by 2 km wide with an observed oil column of 228 ft (true vertical thickness) with oil proven though wire-line sampling that gives an API range of 13 - 21degrees, with an estimated 100cp viscosity crude in the reservoir. Iona considers West Wick fully appraised and development-ready, as confirmed by GCA's 2P reserves evaluation.
Iona intends to finalize the preferred development concept within the next few months and integrate the West Wick project schedule into its plans for the ongoing development work at Iona's Orlando and Kells oil fields, both of which are owned 100% by the Company. Iona will upgrade the draft FDP engineered and designed in 2007 by VPC with the final development concept and will move swiftly to place engineering contracts and identify critical long-lead items for procurement.
Block 13/21a is covered by 3D seismic and Iona believes the deeper Jurassic stratigraphy offers further exploration potential underlying the block and an evaluation of this potential is planned to commence immediately.
Iona's Chief Executive Officer, Neill Carson said: "We are very excited to add the Iona Operated West Wick field to our rapidly growing portfolio of high-quality development assets, and its planned development fits nicely with our goal of a new development every 12-18 months. This is clearly an area in which we can grow and compliments our development portfolio nicely. At 31.7 MMboe of 2P reserves, we believe we have reached critical mass allowing us to take the company to the next level."
I hope they get the heap leach working but when?
I know, I know, don't be in such a rush. This is a multi-year investment. And yes this is the second year I have owned it, I just selective of the years I own it.
It would be great if we had a balanced board but that is not happening. Instead, people take extreme views and only push their view harder when the other side tries to stretch things in their direction. Sad but true, that's the world we live in for the most part.
I have no clue how this is going to play out. We need a few more clues to make any good guesses.
If I look at PTQ's past financial's and remove the investment gains and just look at the operational gains, PTQ is pretty fairly valued here. If PTQ gets the ball mill and heap leach working and starts bringing in Spanish ore like they said they would by year end, this is due for a big uptick in share price. They need the debt financing (do dilution please) to make things happen this year, or at least a nice chunk of change from selling something to Inmet. The timelines will stretch-out if they just try to pay for things out of earnings.
JFF7
I find it very hard to believe that PTQ would not be under pressure from the Panama govt to get to the negotiation table. Can't have Inmets huge project held up in negotiations. The project means a lot to Panama.
JFF7
My impression is that Inmet is stretched pretty thin trying to make this copper project happen. Last I looked they were still short of the market. Now you think it will be easy for them to come up with another 500 million to buy PTQ for 2 dollars. If it is shares they pay they would probably need shareholder approval.
Maybe Inmet does not intend to make a formal offer. Maybe this is just a way of putting pressure on PTQ to come to the bargaining table for the concessions needed with a more realistic price in mind. It certainly did not costs them much to make the informal offer.
JFF7
who says he will sell it. maybe the negotiations are about the land concessions needed and or other things.
JFF7
Interesting. Looks like about 1.5 million was accumulated over the last two days. Not all of that would be Inmet.
JFF7
The problem with Inmet making PTQ an offer they can't refuse is that they will need shareholder approval to get it. They are already stretched tight financially trying to do this project and they have not even got very far along.
I can't see any other way fro Inmet to proceed though. They are going to have to go back to their shareholders, hat in hand and ask for approval for more shares and / or approval to acquire more capital or simply to acquire PTQ at a much higher level.
JFF7
So does this mean, Inmet has the right to buy the needed land from PTQ but they just can't agree on price?
Sorta sad that we are all left guessing, where is the company on this question? I know, there is nothing to say because this is not an official offer.
JFF7
My opinion is that possibly they made a mistake on the size of the tailing ponds that they would need. In other words, they thought they had all the land they needed for the tailing ponds and then things changed, for the worse. Not sure what changed but they did. Somewhere along the way the circumstances changed. Maybe they discovered the rainfall season or the geology had more effect on their tailings ponds plans than they thought would be needed. Maybe they had to reach a nigher standard.
Regardless, if I was them I would take this message from the government as a precursor of things to come. If you are not a Panamanian company, you are going to get the short end of the stick every time you need a decision made. So you better get out the check book out because you are going to be paying dearly for the opportunity to min e Panamanian resources.
The question is can they walk away from this 6 billion dollar commitment or how much will it cost them to move ahead with it.
The real message is....welcome to Panama, your not in Kanasas anymore!
JFF7
different perspectives can come from different circumstances. Tax on turn over means nothing if the funds are in registered accounts not subject to taxation at the time of the sale.
Also not everyone is looking to just maintain wealth, some of us are living off our investments as well as looking to grow them.
JFF7
german_investor,
You make some compelling arguments about the future of PTQ. I can see that you are very passionate about your investment here but still looking realistically where the growth is going to come from.
I do not have a problem finding investment opportunities that can double in the immediate year in these kinds of markets. Will it last, i don't know. But I will take advantage of it each year as long as it lasts. As for POG going to 2500 or 3000, it's quite possible but all gold companies will have that possibility to take advantage of, not just PTQ.
I think the difference is our outlooks is our faith in Management to deliver. Too many goals have come and gone. They have not proven their track record to me. Maybe it will be different in the future. It is good to be optimistic as you clearly are.
I am not saying I will not consider PTQ again in the future if things look stacked in their future. Once this deal is done this year, most of the exceptional shareholder value of PTQ will be realized.
Maybe after this settles, and PTQ is left with the Spanish properties they will be able to make a tremendous go of it there. I made a double in PTQ in 2010, left and came back in 2012 where I hope to make 400-500% this year if things turn out right. From there I will re-evaluate. But I will not turn down 400-500% today for the possibility of 2000% in 4 years.
Good luck to all in their investments.
JFF7
"Stockholders Equity May 31, 2012, $(10M)...May 31, 2012, $86M. That buys a lot of faith in my book"
where are you getting your numbers from ...the date is the same ... May 31, 2012
what happens when you take in number of shares outstanding so that you are comparing shareholder value per share? Not a lot of improvement.
I'm not saying there is not a lot of value in PTQ holdings, I'm saying I don't any faith in management's ability to quickly realize that shareholder value in the share price. Unless, management meant to put the company into play, because that is what is bringing the value out and into the share price.
JFF7
I'm here because I saw value in the holdings. I want the value to be realized as quickly as possible because time has value too. Going from a 37 cent cost base to buck or two in 9-10 months suits me just fine.
JFF7
A bird in the hand....
I'd be in favor of a quick sale now (especially if we get the PDI spinout) for 1-2 dollars than holding out for longer term. I have no faith in management's ability to deliver short or long term.
JFF7
I guess they eventually will come to some agreement whether to buy the land or buy the company. Either we will have some of the financing we need or the shareholders will have a great capital gain.
Gotta think that this sort of wheeling / dealing will be warning shot for companies wanting to do business in Panama. Make sure you have all your i's dotted and t's crossed. And someone at Inmet needs to be fired.
JFF7
yes the poison pill doesn't help if the majority of shareholders wants the take out to happen. Your looking for minority shareholder rights.
Can PTQ management do something? Deliver the financing would do it probably. But lets be serious. PTQ management has had ages to do things right. They are only in this position because of the lack of forward progress and their inability to communicate a plan and follow through on it. Their ineptitude has led to this takeover offer being possible at these prices.
If the big shareholders don't think much of managements track record, this takeout will go through. The question is just at what price. Some more upside is coming of course.
JFF7
"momentum from the short-squeeze"
your kidding right.
"Amazing ... nearly 25M shares traded in North America today"
More like 43 million plus. I think.
JFF7
what a day. congrats all holders. even if you are underwater, your still a lot closer to getting your money back or a profit than you were yesterday.
JFF7
absolutely....this offer puts the share price in motion....it moves up the timeline for seeing a return on your investment (assuming your cost was under todays trading price) by a huge factor. Instead of waiting years, you will only have to wait weeks or months.
You may not end up with the sort of return that you want but you will get a return and be able to put your money to work somewhere else. with POG moving up each day, there are lots of places to get a good return on your gold investment dollar.
JFF7
yup Spanish properties may just be a deal sweetener that Inmet is not interested in sinking more capital in that is highly needed elsewhere. Also as pointed out keeps the overall price down so their debt rations don't shift too badly (which they can't afford to).
Maybe this is a concession to PTQ management. Give them something to run after the buyout. Maybe this was Fifer's plan all along if he foresaw the buyout an an eventuality. But where will they get the money from to bring it online?
Lots of questions on top of the speculation.
JFF7
over 23 million traded so far. what percentage of that was short interest covering. Momos are all over this.
JFF7
http://www.stockwatch.com/Quote/Detail.aspx?symbol=PTQ®ion=C
here's the base forming.
JFF7
# Orders Shares Bid Ask Shares # Orders
31 1471500 0.550 0.560 243000 18
20 1363000 0.540 0.570 238000 10
19 1525500 0.530 0.580 520000 2
9 862000 0.520 0.590 86000 5
7 890000 0.510 0.600 500000 1
absolutely agree that the gold processing capabilities in a upward moving gold market are extremely valuable. Very attractive reason for Inmet to try to buy the whole company instead of just the 2 concessions and PDI.
JFF7
the 55 cents the market is paying right now is the 48 cents plus whatever the market thinks Spanish properties might be worth. Remember the offer is 48 cents plus PTQ shareholders get to keep the Spanish properties if PTQ management can spin them out to PTQ shareholders before the takeover.
I can't comment on whether a purchase over a buck was good or not. But I would say the 55 cents the market is paying now does not reflect the value of PTQ.
JFF7
I think there is an element of truth to the story they are selling.
They are spinning this offer as an elimination of a project risk. They need the aggregate from PDI to keep costs down but also they need a steady source.
Can they count on PTQ to be able to manage that? If they feel they can't rely on PTQ to manage it without hiccups (ie deliver on promises on time) then they need to mitigate that risk. Either control it themselves or pay for someone to haul aggregate in from somewhere else. Just another reason for them to make a pitch for PTQ.
JFF7