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either someone is pushing the share price down to try and get some cheaper shares or the market is telling us that PTQ is not getting that much cash from this deal....maybe enough to pay off debt? Increased aggregate sales would help for a while. PDI has to become more of a construction company with more clients in more areas. Can't rely on aggregate sales for main income forever....
If the share price gets a 30% lift, it's trading back at 32 cents although I don't know how long it would stay there.
JFF7
KUB.v / TPNEF .19 +.015 +8.57% (341,000 volume)
I guess someone else agrees with you that nat gas prices are going back up in Ukraine and that higher profits for KUB are on the way starting tomorrow. Russia and US talking about how to deal with the situation is helping left the stock price as well.
Canaccord's price target price of $.55 is 190% higher than the current share price. Even if they are half right, that's a big move up from here.
JFF7
well thank you. Peace out !
JFF7
nah...your completely off base to expect 4 bucks. Too much inherent value. Let's ee how far the shorts can take it and then jump on board. The tech chart will give the answer to the best entry point.
JFF7
the share price will rise while the cash pile burns. Not sure when to step in but we are getting close. Let's see if this dip has any depth to it.
JFF7
Hope you didn't lose too much on your short. Take care.
Onward and upward for BBRY.
JFF7
I guess the market disagrees with you. Headed up not down to your 3-4 dollar target. Tight belt tightening gives them more time to switch over to a software company from a hardware company. See ya at 15 bucks.
JFF7
KUB.V
CUB ENERGY INC.: ANNOUNCES YEAR-END FINANCIAL AND OPERATIONA
http://www.einnews.com/pr_news/197171028/cub-energy-inc-announces-year-end-financial-and-operational-results
Cub Energy Inc. ("Cub" or the "Company") (TSX VENTURE:KUB), a Black Sea region-focused upstream oil and gas company, reports its audited financial and operating results for the year ended December 31, 2013.
In 2013, Cub achieved several key accomplishments including record production volumes and revenue and operational success on the Company's 100% working interest Rusko-Komarovske ("RK") licence. Additionally, the fourth quarter of 2013 was the Company's seventh consecutive quarter of production growth.
Operational Highlights
Production averaged 1,542 boe/d (95% natural gas) for the year ended December 31, 2013 for an increase of 27% over 1,210 boe/d in 2012;
Exit rate of 2,070 boe/d for the year ended December 31, 2013 for an increase of 35% over 1,531 boe/d in 2012;
Current production of approximately 1,800 boe/d;
Achieved average natural gas prices of $11.26/Mcf and condensate price of $87.90/bbl for the year ended December 31, 2013;
A shallow pool gas discovery was made on the RK licence with the RK-22 well in western Ukraine which was tied-in and brought on production in late 2013;
A new pool gas discovery was made on the Makeevskoye licence in eastern Ukraine in the Serpukhovian Zone with the M-16 well and was tied-in and on production in 2013;
Tested gas on a new reservoir on the Olgovskoye licence in eastern Ukraine with the O-15 well, which was also tied in and brought on production in 2013. This deeper pool discovery has the potential for offset development;
Krutogorovskoye licence in eastern Ukraine was successfully converted to 20-year production licence; and
The expansion of the Makeevskoye and Olgovskoye production and processing facility was completed in 2013. Gas began flowing on March 6, 2014 resulting in increased capacity to 68 MMcf/d from the previous 30 MMcf/d and it's expected to take 30 to 60 days to become fully operational.
Financial Highlights
Netback of $40.15/Boe or $6.69/Mcfe for the fourth quarter 2013 and netback of $41.02/Boe or $6.84/Mcfe for the year ended December 31, 2013;
Revenue from hydrocarbon sales by KUB-Gas for the year ended December 31, 2013 increased 18% to $117.7 million (2012 - $99.6 million) of which the Company's 30% share was $35.3 million (2012 - $29.9 million);
Revenue from hydrocarbon sales by the Company, outside of KUB-Gas, for the year ended December 31, 2013 increased 94% to $3.3 million (2012 - $1.7 million). The 2012 period represented nine months of production;
The total pro-rata revenue from hydrocarbon sales, a non-IFRS measure combining the Company's revenue and 30% of the allocated KUB-Gas revenue, totaled $38.6 million (2012 - $31.5 million) for the year ended December 31, 2013;
During the year ended December 31, 2013, the Company received $9.8 million (2012 - $Nil) in the form of dividends from KUB-Gas representing the distribution of excess cash flow;
Net loss for the year ended December 31, 2013 was $3.0 million or $0.01 per share which was impacted by a $5.2 million impairment charge on the Turkish licences (2012 - net income of $2.3 million or $0.01 per share). Excluding the $5.2 million impairment charge, the net income for the year ended December 31, 2013 would have been $2.2 million;
The Company's unsecured line of credit with Pelicourt Limited was increased to $5.0 million and remained undrawn at December 31, 2013. Subsequent to the year ended December 31, 2013, the Company drew down $1.0 million; and
Capital expenditures of $8.9 million (2012 $2.0 million) for the year ended December 31, 2013 and the pro-rata capital expenditures, a non-IFRS measure combining the Company's capital expenditures and 30% of the allocated KUB-Gas capital expenditures, totaled $17.9 million (2012 - $12.6 million) for the year ended December 31, 2013.
(in thousands of US dollars) Three Months
Ended
December 31,
2013 Three Months
Ended
December 31,
2012
Year
Ended
December 31,
2013
Year
Ended
December 30,
2012
Petroleum and natural gas revenue 745 606 3,250 1,666
Pro-rata petroleum and natural gas revenue(1) 9,761 8,805 38,575 31,542
Net profit (loss) (5,304 ) (136 ) (3,013 ) 2,290
Earnings (loss) per share - basic and diluted (0.02 ) 0.00 (0.01 ) 0.01
Funds generated from (used in) operations(2) 857 (1,611 ) 2,474 (3,931 )
Pro-rata funds generated from operations 2,111 2,692 9,814 12,187
Capital expenditures (3) 2,789 304 8,851 1,843
Pro-rata capital expenditures 4,900 4,738 17,861 12,627
Pro-rata netback ($/boe) 40.15 47.60 41.02 51.39
Pro-rata netback ($Mcfe) 6.69 7.93 6.84 8.57
December 31,
2013 December 31,
2012
Working capital 942 9,577
Cash and cash equivalents 1,617 10,116
Long-term debt - -
Notes:
Pro-rata petroleum and natural gas revenue is a non-IFRS measure that adds the Company's petroleum and natural gas revenue earned in the respective periods to the Company's 30% equity share of the KUB-Gas petroleum and natural gas sales that the Company has an economic interest in.
Funds from operations is a non-IFRS measure and is defined as cash flow from operating activities, excluding changes in non-cash working capital.
Pro-rata funds from operations is a non-IFRS measure that adds the Company's funds from operations in the respective periods to the Company's 30% equity share of the KUB-Gas funds from operations that the Company has an economic interest in. The KUB-Gas funds from operations is calculated as the income from equity investment less the KUB-Gas depletion and depreciation.
Capital expenditures includes the purchase of property, plant and equipment and the purchase of exploration and evaluation assets. Pro-rata capital expenditures is a non-IFRS measure that adds the Company's capital expenditures in the respective periods to the Company's 30% equity share of the KUB-Gas capital expenditures that the Company has an economic interest in.
Mikhail Afendikov, Chief Executive Officer of Cub Energy, commented, "We successfully drilled, completed and tied-in the RK-22 well, which was our first well drilled in western Ukraine and is 100% owned and operated by Cub. Cub will be devoting significant capital to develop its 100% owned assets in western Ukraine with at least four drilling operations planned. At KUB-Gas in eastern Ukraine, we had a new gas pool discovery in the Serpukhovian zone along with our successful development drilling, workover and fracture stimulation programs. We continue to create shareholder value with our production growth in eastern and western Ukraine."
Outlook
In 2014, the Company will continue its drilling operations on the RK-21 well on its 100% owned Tysagaz assets in western Ukraine with further plans to drill the RK-23 and RK-24 development wells and re-enter the RK-1 well.
Operations expected in the remainder of 2014 for KUB-Gas in eastern Ukraine include the drilling of four wells, five fracture stimulations and a workover of the O-6 well and construction of pipeline to tie-in wells as needed. The Makeevskoye and Olgovskoye production and processing facilities became operational in March 2014 and increased the facilities processing capability to approximately 68 MMcf/d from 30 MMcf/d.
To date, the unrest in Ukraine has had limited impact on the Company's operations; however, the final resolution and the effects of the political and economic crisis are difficult to predict and could negatively affect the Company's results and financial position. With the uncertainty of gas prices in Ukraine created by the unrest between Russia and Ukraine, it is possible that the programs could get constrained.
Supporting Documents
Cub's complete quarterly reporting package, including the audited annual financial statements, associated Management's Discussion and Analysis and the 2013 Annual Information Form, have been filed on SEDAR (www.sedar.com) and posted on the Company's website at www.cubenergyinc.com. All currency references in this press release are in US dollars except as otherwise indicated.
About Cub Energy Inc.
Cub Energy Inc. (TSX VENTURE:KUB) is an upstream oil and gas company, with a proven track record of exploration and production cost efficiency in the Black Sea region. The Company's strategy is to implement western technology and capital, combined with local expertise and ownership, to increase value in its undeveloped land base, creating and further building a portfolio of producing oil and gas assets within a high pricing environment.
For further information please contact us or visit our website: www.cubenergyinc.com
Oil and Gas Equivalents
A barrel of oil equivalent ("boe") or units of natural gas equivalents ("Mcfe") is calculated using the conversion factor of 6 Mcf (thousand cubic feet) of natural gas being equivalent to one barrel of oil. A boe conversion ratio of 6 Mcf: 1 bbl (barrel) or an Mcfe conversion of 1bbl: 6 Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead and is not based on either energy content or current prices. While the boe ratio is useful for comparative measures, it does not accurately reflect individual product values and might be misleading, particularly if used in isolation. As well, given that the value ratio, based on the current price of crude oil to natural gas, is significantly different from the 6:1 energy equivalency ratio, using a 6:1 conversion ratio may be misleading as an indication of value.
Reader Advisory
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Cub believes that the expectations reflected in the forward-looking information are reasonable; however there can be no assurance those expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic and political conditions in Ukraine and globally; industry conditions, including fluctuations in the prices of natural gas; governmental regulation of the natural gas industry, including environmental regulation; unanticipated operating events or performance which can reduce production or cause production to be shut in or delayed; failure to obtain industry partner and other third party consents and approvals, if and when required; competition for and/or inability to retain drilling rigs and other services; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for natural gas; liabilities inherent in natural gas operations; competition for, among other things, capital, acquisitions of reserves, undeveloped lands, skilled personnel and supplies; incorrect assessments of the value of acquisitions; geological, technical, drilling, processing and transportation problems; changes in tax laws and incentive programs relating to the natural gas industry; failure to realize the anticipated benefits of acquisitions and dispositions; and other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
This cautionary statement expressly qualifies the forward-looking information contained in this news release. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cub Energy Inc.
Mikhail Afendikov
Chairman and Chief Executive Officer
(713) 677-0439
mikhail.afendikov@cubenergyinc.com
Cub Energy Inc.
Lionel C. McBee
Director of Investor Relations
(713) 577-1955
lionel.mcbee@cubenergyinc.com
www.cubenergyinc.com
Read more at http://www.stockhouse.com/companies/bullboard/v.kub/cub-energy-inc#5GS46Rv3w4t6eU2L.99
SEN.T 3.55 +0.31 (9.57%)
Serinus up 10% as Ukraine East situation deescalates. Hopefully this means KUB.V also moves up soon. A key point will be when the "military exercises" end and the number of Russian troops along the Eastern border of Ukraine drop back to normal levels.
JFF7
LOL,,,,ok shortie. So their testing Samsung and others. What will they find? Oh yeah, Blackberry provides better security.
Geesh.
JFF7
KUB/TPNEF - nice. Looks like one for 2 with the second being put on the stimulation list. At this rate I don't think they will have any problem meeting plan this year. The new RK well they just spudded in western Ukraine is the one I am most interested in. They have 100% working interest in that one. Should take till May to reach TD.
Reserves update coming out next with the fiscal year 2013 results before the end of the month.
Still trading at 2 times cashflow.
JFF7
"Just for the record we closed at 28c"
well the TSX closed at 27. That's where the most volume is so that is most representative as the closing price. That's what most investors use as a closing price. That's what most people / analysts / business programs / charting programs etc quote as the closing price.
But yes I see on Stockwatch it was the last transaction and happened to be higher than the TSX.
But if 28 cents is the closing price then yes there is even less "tanking" than supposed.
JFF7
down 3.57% on about $100k (384 K shares or 1.34 times normal daily volume) is "tanking on high volume"?
You and I have very different definitions of those terms.
JFF7
today's volume does not reflect that "news is out today".
as for those still thinking PTQ is a great long term investment in spite of their operating records over the last two or three years, there is always hope. They can ignore the reality as long as the company continues to operate. That's the power of hope, however faint.
JFF7
Most are here to make money, I would agree.
Some though are here to invest in a local Panama company in the hope of making money in the longhaul (multi years, whatever it takes).
When you see some reveling in the share price tanking, they are usually from the second category and are simply taking a shot at the first category who are complaining about the poor company performance and resulting share price. If you are hurting from the share price dropping, maybe you will leave if you think the share price is going even lower. The second category only wants to sheer on the local company and does not like the potshots the first category takes at the company management and the country. Simply put, the second category feels the first category is insulting their local company and country and is being disrespectful (which makes it personal for them).
The second category is willing to forgive and forget all that has happened with the share price in the name of national pride where as the first category is more objective about the lack of success of the company and willing to be critical (although probably overdone by a few of the more pedantic posters).
JMO, JFF7
KUB.v
yes Kub fundamentals continue to improve as they said they would. Reserves will be updated later this month.
There were more comments about the natural gas prices Cub Energy is getting in the Serinus copy of the press release. The devaluation of the Ukraine currency is eating into the price they get but it is still very good. Should improve even more next month as Russia terminates the subsidy officially on April 6th.
Talk of Crimea nationalizing assets (railroads and such). This may just be posturing but it is enough to make the market nervous. We will have to wait for the dust to settle some more before we see an increase in the KUB share price. The bids are building up OK though (people waiting for a drop in the share price).
JFF7
"If the deal is good, then we can celebrate"
If the deal is good, sell as fast as you can and invest in a real gold company that can take advantage of a rising gold stock.
JFF7
Bobby, even your pom poms can't save this one in the long run...do a quick cheer and get out quickly on any spike. This is not a good investment as a going concern.
JFF7
Hopefully PTQ gets some cash out of any deal and then they can use that money to bring the leech pads on stream and use up that backlog of gold piles...and possibly have the cash to develop LP so they get their concessions back and have enough to bring it into production (although I think LP is going to suck up a lot more than the numbers being floated by the pumpers).
There are plenty of better bets out there than PTQ when it comes to hoping for gains from an operating gold company. Shareholders will dump into any share price spike.
JFF7
KUB.to .22 +.02 +12.82%
good news coming this month as more production comes online. Reserve upgrades? Return to higher Nat gas prices as Russia deal ends (will know April 10th for sure).
Capital spending could expand if nat gas prices go up. That would increase the target exit rate again.
Adding to my position.
JFF7
Now that PTQ has shown that they can't run a gold mining company properly, the "deal" just remains. Once that deal comes through, just remember that everyone will be headed for the exit at the same time. First ones through get a decent share price...the rest, not so much. Their ticket out will be $2000 POG
GLTA
JFF7
Best wishes on your health and recovery.
JFF7
MMT.v - it only went up because Bob got out.
JFF7
(sorry Bob couldn't resist)
Cub Energy KUB.V (I'm in....increasing production from 2070 boepd to 2800-3100 this year)
Cub Energy set to boost production in Ukraine
Political instability and a shaky economy do not seem to have deterred either the government’s plan to increase domestic natural gas production or the willingness of private companies to help fulfill that plan. Toronto-listed Cub Energy recently announced that it would go ahead with its 2014 capital expenditure plan of $23-$27million for in-country projects.
The news comes after the Houston-headquartered company increased hydrocarbons output by 29 percent in 2013. A leading oil and gas exploration and production company, Cub Energy last quarter brought its first 100 percent working interest well online – RK-22 – in the Transcarpathian Basin.
The government’s policy of increasing domestic gas production by 8-9 percent, or to 22 billion cubic meters, this year has not led to a stampede of companies entering Ukraine, except for oil majors with their shale gas plans. Of the six biggest private gas extraction companies making holes in Ukraine, only third-ranked Cub Energy can claim to be fully foreign owned. The steadiness of government policy in this sphere and the enormous potential profits are more than enough to keep them going.
Despite the company’s slow but steady success, Cub Energy has not garnered much attention. Unlike its rivals, like London-listed JKX’s Ukrainian subsidiary, the Poltava Petroleum Company, or billionaire Rinat Akhmetov’s Naftogazvydobuvannia, it is not afflicted by shareholder conflict. The debt load is low and the company has not suffered from stoppages.
Through Luhansk-based KUB-Gas, Cub Energy has a 30 percent interest in five drilling licenses in the Donbas and fully owns three more in the region. In addition, the company, via its purchase of Tysagas in 2012, has a 100 percent working interest in four licenses in the Transcarpathian Basin in western Ukraine. Last year Cub Energy bought the Ukrainian PrivateCo and the Turkish Anatolia Energy Corporation to increase its extraction territory to 766,000 acres. While the company states that it is based in Texas, it placed 20 percent of its shares on the Toronto Stock Exchange in 2009. In its 2013 third quarter financials the company reported a 5.6 percent year-on-year decrease in net profit to $2.3 million.
It is also one of the oldest gas extraction companies in Ukraine. In one form or another Cub Energy has been working on the Ukrainian market for at least a decade. It was formerly called 3P International Energy Corporation and registered in Canada, which in 2012 bought out in a reverse-takeover all the assets of Gastek LLC. In turn, Gastek, a U.S.-registered oil and gas company founded in 2004, bought the Luhansk-based KUB-Gas. KUB-Gas, meanwhile, can trace its history back to 2000, when it was co-founded by Luhansk businessman and politician Oleg Titamir.
Titamir currently deals in heavy machinery and construction materials, but in the 1990s and early 2000s he was into fuels, having worked for the notorious United Energy Systems of Ukraine and Donbastransgas developing gas wells in Luhansk Oblast. By his own admission, Titamir did not have the resources to develop KUB-Gas properly, and so as the company’s output declined and gas prices shot up in 2009 he agreed that 70 percent of it be sold for $45 million to Jan Kulczyk, the richest man in Poland. Titamir was appointed deputy head of Luhansk Oblast State Administration under then-President Viktor Yushchenko, but he changed colors during the financial crash in favor of opposition leader Arseniy Yatseniuk’s Front for Changes, now part of imprisoned ex-Prime Minister Yulia Tymoshenko’s Batkivshchyna Party.
The common denominator in all these companies is Donetsk-native, U.S. and Ukrainian dual citizen 49-year old Mikhail Afendikov, the current executive chairman and chief executive of Cub Energy and co-founder of both Gastek and KUB-Gas. According to investor relations director Lionel McBee, Afendikov left Ukraine for the U.S. in the early 1990s and returned to Luhansk to enter the gas extraction business. Seeing how local technology limited effective drilling, McBee explained, Afendikov began importing state-of-the-art Canadian equipment, a practice that his companies have extended to other sites.
Afendikov has praised conditions for foreign investors in Ukraine and his company has had no problems with the authorities. Others have not been so fortunate. Cub Energy senior consultant Robert Bensch was obliged to close his Cardinal Resources oil and gas production company in 2008 after he was unable to resolve conflicts with billionaire Igor Kolomoisky, owner of several major assets such as Privat Bank, Naftohimik Prykarpattia and Ukrnafta.
However, the gas production business in Ukraine is a risky activity with uncertain long-term prospects as the country’s gas reserves have been vastly exhausted by the Soviet economy due to high inefficiencies. Moreover, such projects usually intersect with the interests of local oligarchs, whose businesses are highly dependent on energy resources. Therefore, it’s difficult to succeed in such a market without strength and the ability to resist external pressure.
Kyiv Post staff writer Evan Ostryzniuk can be reached atostryzhniuk@kyivpost.com.
http://www.kyivpost.com/content/business/cub-energy-set-to-boost-production-in-ukraine-336409.html
"Company has a big problem keeping shareholders and investors informed as to what's going on."
I think the company shares as much as they want to share, probably more than they want to.
JFF7
Badge, good one. I have thought that of that same Chester and Spike relationship was apt for a long time. I would have mentioned it but I didn't think anyone else remembered.
Brought a smile to my face.
Another couple of weeks of waiting according to MJ. It's possible I suppose.
JFF7
Nice post Curlews.
JFF7
POG rising nicely. what's PTQ doing? shouldn't it be pushed higher? Patience....1600 pog will move all gold stocks...patience...
PTQ share price is trading here on hope of some sort of asset sale that would benefit shareholders significantly and the general upward trend of gold and gold stocks lately.
Gold and gold stocks getting a little tired now and will probably retrace some. I don't think hope will be enough to hold the share price up. Headed back to sub 30 unless some news is released supporting the hope. Rumors would do it anymore if POG heads south for a bit.
JFF7
take your profits and run. BB going down in the interim. Short covering rise is over. Technical s say it is overbought. BES sales not going as quickly as they had hoped. Come back later. Just my two cents.
JFF7
Typical analyst....upgrade the stock after it has gained 60% off the lows.
JFF7
He was just doing the ole "bait the sellers" game. Both play that game. Deception is the name of the game. If you can get someone to give up something of value or to pay for more than it's worth then it's their fault they got ripped off. The simple rules of engagement. As long as you know and remember that, proceed.
JFF7
I don't see why Panama does just cough up the 1.6 billion and get on with the canal. Someone has to pay for the cost overruns if they want the canal completed. I guess they could hire someone else but that would take time and the costs would probably be even higher. These delays have got to be hurting them. Already 9 month overdue. They need the traffic to pay for all the debt they took on to pay for the canal.
PTQ shuffling along until we someone folds and a winner is declared. Or POG to 1600, that would be nice.
JFF7
"We are all here for one of the following reason only....Buyout or sale of main assets."
your absolutely right Bobby. It's not because of management or the companies ability to execute a coherent business plan (although I will give them credit for getting the original mining operation up and running).
Shareholder value is being dragged out of the company by external companies interested in the companies Panamanian assets as they relate to the copper mine.
JFF7
is FM trying to draw the Panamanian government in to the fray? Hoping to get them to pressure Fifer to take a more reasonable deal? FM is in tight financial troubles on a number of fronts. They need to make a good a deal as possible. Do you really think FM and PTQ are close after all this negotiations? Does the dirty tactics tell you differently?
I think the Panamanian government wants their large copper deposit developed. It's good for their economy and will help pay for the infrastructure changes they want to continue making. The more development and infrastructure added, the more money to be made by the rich families in Panama as well.
Copper miners that can take on this size of mine project are getting fewer and fewer. To say that FM can easily be replaced and that there is a line up of potential suitors to take it on is simply not accurate. With copper where it is at and the expectation that there will be copper surpluses for the next couple of years, I think even the Chinese would think twice about taking it on. And if you think FM is bargaining hard, you should see what the Chinese are like. And they take a longer term view of things and have a lot of patience.
If FM ends up losing this concession because of the imperfect land interests that exist around this copper deposit and the Panamanian government takes the concession away, you can bet other international mine developers will think twice about taking on such a project where two previous miners have failed miserably. The land interests have to be cured and at a reasonable cost for FM to continue.
The clock is ticking for all interested parties.
JFF7
Jal, sometimes when your forced to play dirty the bigger guy will simply use his size to try and out wait the other little guy. Both FM and PTQ are in financial trouble, maybe FM is simply trying to put the pressure on PTQ and outlast them. I am sure Fifer has been holding their feet to the fire in the negotiating that has gone on. Each will use their own strengths against the others weaknesses. Time and cashflow seem to be the weapons of choice.
JFF7
"We were always told that PTQ would be fine even with $1,000 Gold price."
who told you that?
JFF7
so many games being played. People wonder why Panama is referred to as a banana republic. These types of activities just demonstrate why this impression is held and is growing in the mining industry. Just one more reason why PTQ is not a good investment.
JMO,
JFF7
wahoo ! a new 52 week low of 25.5 on the TSX !
still not a technical break down since we have not closed below the old low of 27 cents.
Come on PTQ management, save us !
JFF7
too late for Cdn and US retail sellers. last day was 12/24 for Cdn tax loss selling and 12/26 for US tax loss selling.
JFF7