|By PR Newswire||
|March 17, 2014 12:53 PM EDT||
LONDON, March 17, 2014 /PRNewswire/ --
Natlata Partners Limited ("Natlata"), the private investment company that is the largest single shareholder in Petroneft Resources PLC ("Petroneft" or "the company") (AIM: PTR) is surprised by the Funding & Operations Update that was announced this morning by Petroneft.
On 11th March 2014 Natlata delivered a requisition for an Extraordinary General Meeting ("EGM") to be convened to give shareholders the opportunity to consider the replacement of five members of the existing board and give directions to the board to:
- investigate why Petroneft has not performed as it should (so this can be rectified for the future); and
- consider all possible options in relation to the refinancing of the loan due from Petroneft to Macquarie Bank Limited (the "Macquarie Facility"); and
- require shareholder approval for the farm out of Licence No. 61.
Over the past year we have made a number of financing proposals to Petroneft, in both writing and at a number of meetings, which we believe are in the interests of all shareholders. All have been rejected or made dependent on unrealistic conditions. Our latest proposal in January 2014 was rejected without any discussions. In the meantime the significant underperformance of Petroneft has continued. We consider that such measures that have been proposed by the existing management to address this will only cause further damage to Petroneft and its prospects.
We were surprised that no mention of the EGM requisition was made in today's announcement. We therefore ask the Board of Directors of Petroneft to clarify:
- Were the subscribers to the Placing made aware of the fact that Natlata had requisitioned an EGM?
- Was Arawak Energy made aware that Natlata had requisitioned an EGM?
- Has Macquarie Bank Limited been informed of the EGM requisition?
- Has "the large international oil and gas company" who is considering the farm out of Licence 61 been informed about the EGM requisition?
- Why is the EGM requisition not even mentioned in today's announcement?
- Why was Natlata as the largest shareholder in Petroneft, with almost three times the size of holding of any other shareholder, not consulted in relation to the proposed Placing? Had Natlata been approached we would certainly have considered participating in the Placing, and this participation might have been at a price that was more in the interests of all shareholders.
- Why is the Company paying Macquarie $2.5 million ahead of the agreed repayment schedule ($650,000 per month) when the money is needed for operations and the farmout is almost completed?
- "Under the Macquarie agreement, the bank will have the right from 15 April 2014 to ask for Licence 61 to be put up for sale in its entirety in a competitive process (as well as their other normal rights as lender) if the farmout of Licence 61 is not completed at that date." Why is the Company not considering other refinancing options available? Why did the Company agree to put Licence 61 up for sale in April 2014 whilst the loan is to be repaid in May 2014?
- We note that today's announcement describes the current production figure of 2,400 bopd as an improvement, when as recently as 30th September 2013, production of 2,500 bopd was claimed. The 100 bopd production increase from 2,300 bopd in January to current 2,400 bopd, i.e. still below September level, is attributed to successful completion of several workovers. What is the oil flow rate of well Lineynoye No.9? Why is there no impact on production figures? When does the Company expect to put the well into production?
- The winter season in Tomsk region will be over in a couple of weeks. Does the Company have all contracts and money in place for all of the necessary supplies and equipment to be moved into place in time? Has the drilling contractor been selected?
Commenting on the announcement, Maxim Korobov, Natlata's controlling shareholder, said, "Today's announcement by Petroneft demonstrates once again that the board is not acting in the best interests of either the company or all its shareholders. We therefore feel that it is only right and proper that all shareholders are given the opportunity to consider an alternative direction for their company's future at an EGM, which we firmly believe will help to recreate and exceed the significant shareholder value that has been destroyed under the existing management."
About Natlata Partners Limited
Natlata Partners is a private investment company that seeks out investments with a focus on Russia and CIS countries that appear to be distressed or are at an early stage of development and which will clearly benefit from effective management and proven sector experience. For more information about Natlata and our investments please contact [email protected]
Much of the value of DevOps comes from a (renewed) focus on measurement, sharing, and continuous feedback loops. In increasingly complex DevOps workflows and environments, and especially in larger, regulated, or more crystallized organizations, these core concepts become even more critical. In his session at @DevOpsSummit at 18th Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, will show how, by focusing on 'metrics that matter,' you can provide objective, transparent, and meaningfu...
May. 6, 2016 07:00 AM EDT Reads: 1,217
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
May. 6, 2016 07:00 AM EDT Reads: 1,065
Artificial Intelligence has the potential to massively disrupt IoT. In his session at 18th Cloud Expo, AJ Abdallat, CEO of Beyond AI, will discuss what the five main drivers are in Artificial Intelligence that could shape the future of the Internet of Things. AJ Abdallat is CEO of Beyond AI. He has over 20 years of management experience in the fields of artificial intelligence, sensors, instruments, devices and software for telecommunications, life sciences, environmental monitoring, process...
May. 6, 2016 06:00 AM EDT Reads: 1,517
In his session at @ThingsExpo, Chris Klein, CEO and Co-founder of Rachio, will discuss next generation communities that are using IoT to create more sustainable, intelligent communities. One example is Sterling Ranch, a 10,000 home development that – with the help of Siemens – will integrate IoT technology into the community to provide residents with energy and water savings as well as intelligent security. Everything from stop lights to sprinkler systems to building infrastructures will run ef...
May. 6, 2016 04:00 AM EDT Reads: 1,338
Redis is not only the fastest database, but it has become the most popular among the new wave of applications running in containers. Redis speeds up just about every data interaction between your users or operational systems. In his session at 18th Cloud Expo, Dave Nielsen, Developer Relations at Redis Labs, will shares the functions and data structures used to solve everyday use cases that are driving Redis' popularity.
May. 6, 2016 02:45 AM EDT Reads: 1,300
We’ve worked with dozens of early adopters across numerous industries and will debunk common misperceptions, which starts with understanding that many of the connected products we’ll use over the next 5 years are already products, they’re just not yet connected. With an IoT product, time-in-market provides much more essential feedback than ever before. Innovation comes from what you do with the data that the connected product provides in order to enhance the customer experience and optimize busi...
May. 6, 2016 02:00 AM EDT Reads: 1,419
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, will discuss how leveraging the Industrial Interne...
May. 6, 2016 01:45 AM EDT Reads: 1,435
In his session at 18th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., will focus on real world deployments of DDoS mitigation strategies in every layer of the network. He will give an overview of methods to prevent these attacks and best practices on how to provide protection in complex cloud platforms. He will also outline what we have found in our experience managing and running thousands of Linux and Unix managed service platforms and what specifically c...
May. 6, 2016 01:30 AM EDT Reads: 1,401
The increasing popularity of the Internet of Things necessitates that our physical and cognitive relationship with wearable technology will change rapidly in the near future. This advent means logging has become a thing of the past. Before, it was on us to track our own data, but now that data is automatically available. What does this mean for mHealth and the "connected" body? In her session at @ThingsExpo, Lisa Calkins, CEO and co-founder of Amadeus Consulting, will discuss the impact of wea...
May. 6, 2016 01:00 AM EDT Reads: 1,264
Increasing IoT connectivity is forcing enterprises to find elegant solutions to organize and visualize all incoming data from these connected devices with re-configurable dashboard widgets to effectively allow rapid decision-making for everything from immediate actions in tactical situations to strategic analysis and reporting. In his session at 18th Cloud Expo, Shikhir Singh, Senior Developer Relations Manager at Sencha, will discuss how to create HTML5 dashboards that interact with IoT devic...
May. 6, 2016 12:00 AM EDT Reads: 1,490
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
May. 5, 2016 11:30 PM EDT Reads: 1,364
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
May. 5, 2016 05:00 PM EDT Reads: 1,288
Many private cloud projects were built to deliver self-service access to development and test resources. While those clouds delivered faster access to resources, they lacked visibility, control and security needed for production deployments. In their session at 18th Cloud Expo, Steve Anderson, Product Manager at BMC Software, and Rick Lefort, Principal Technical Marketing Consultant at BMC Software, will discuss how a cloud designed for production operations not only helps accelerate developer...
May. 5, 2016 05:00 PM EDT Reads: 1,387
Peak 10, Inc., has announced the implementation of IT service management, a business process alignment initiative based on the widely adopted Information Technology Infrastructure Library (ITIL) framework. The implementation of IT service management enhances Peak 10’s current service-minded approach to IT delivery by propelling the company to deliver higher levels of personalized and prompt service. The majority of Peak 10’s operations employees have been trained and certified in the ITIL frame...
May. 5, 2016 04:00 PM EDT Reads: 1,210
A critical component of any IoT project is the back-end systems that capture data from remote IoT devices and structure it in a way to answer useful questions. Traditional data warehouse and analytical systems are mature technologies that can be used to handle large data sets, but they are not well suited to many IoT-scale products and the need for real-time insights. At Fuze, we have developed a backend platform as part of our mobility-oriented cloud service that uses Big Data-based approache...
May. 5, 2016 04:00 PM EDT Reads: 798