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Implanting

05/03/12 8:42 PM

#14473 RE: Lojiko #14470

IMO this looks like another big credibility issue coming to light with these people. Why in God's name weren't they compliant with these filings? Were they lying about the resources in Spain and in Panama? I don't see how this can be spun but anything short of another disaster.
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mjkiii

05/03/12 9:48 PM

#14482 RE: Lojiko #14470

Loji, I think you have been published.

You are an official PTQ social media!!

Lastly, the Company notes that there are several websites not operated by the Company which may contain information relating to the Company and its properties. The Company notes that its only official website is www.petaquilla.com. No other website or social media forum contains information sanctioned by the Company and the Company disclaims any information contained on any other website.

From what I understand in reading the PR and reviewing the associated problems objected to by the regulator, they did not like the value of the aggregate left out of the resources and wanted more thorough explanations of the background information and methods used by Behre Dolbear and the other companies that performed work previously. I do not think that any of this will change the valuations or reserves significantly. So it is just another bureaucratic mess wherein the company is responsible ultimately for the filings, but had no input or control as to the contents of the reports, relying on the guarantee and signed off authorization of Behre Dolbear.

Blaming Petaquilla management is sort of like blaming the Doctor for a bad diagnosis when he is the victim of a bad MRI analysis or faulty lab work. Fortunately the inadequacies as determined by the regulator are all format and detail inclusion matters and not substantive reserve matters except for the now to be included valuation of the aggregate resources.

Bottom line....no big deal.