IND - Indus Energy

[newanimal]

Re: QPN - Quest Petroleum

Been feeling like a trapped sucker for what seems like an eternity waiting to see a flicker of light at the end of this uhhhh ... tunnel. That was a pathetic activity report. Anybody know what these really guys do for a living

 

[mobcat]

Re: QPN - Quest Petroleum

And got few million more today took a bit of time to get this last trance sellers are really thin at this level, happy to take more as they present.

 

[Porper]

Re: QPN - Quest Petroleum

And got few million more today took a bit of time to get this last trance sellers are really thin at this level, happy to take more as they present.

At least you have a sense of humour, especially liked the "sellers are really thin at this level" comment. Very funny

At least it can't go any lower...that is until it delists.

 

[mobcat]

Re: QPN - Quest Petroleum

And got few million more today took a bit of time to get this last trance sellers are really thin at this level, happy to take more as they present.

And again today another 5m @0.02 got to be happy with that ....keep em coming i have a way to go yet till i have my fill

 

[basilio]

Re: QPN - Quest Petroleum

And again today another 5m @0.02 got to be happy with that ....keep em coming i have a way to go yet till i have my fill

Well I'm glad someone still believes in QPN's possibilities!

OK it does seem to have a potentially great lease. Trouble is they have now spent more than 2 years trying to make sure of exactly where they are going to drill. Meanwhile management has worked that they can simply take over the company completely by NOT drilling but taking their super expensive salaries in scrip for the next few months.

I wonder when the directors share ownership becomes 50 plus % simply by allocating themselves hundred of thousands dollars worth of shares at .02 c ?

In my view QPN is an exceptionally interesting prospect that is being systematically milked by its management.

 

[newanimal]

Re: QPN - Quest Petroleum

Well I'm glad someone still believes in QPN's possibilities!

OK it does seem to have a potentially great lease. Trouble is they have now spent more than 2 years trying to make sure of exactly where they are going to drill. Meanwhile management has worked that they can simply take over the company completely by NOT drilling but taking their super expensive salaries in scrip for the next few months.

I wonder when the directors share ownership becomes 50 plus % simply by allocating themselves hundred of thousands dollars worth of shares at .02 c ?

In my view QPN is an exceptionally interesting prospect that is being systematically milked by its management.

right... so after these guys have glutted themselves with shares @ .02, they'll want to "pump" SP north with some "positive announcements".... then dump at some point. Perhaps something to look forwards to at least

 

[basilio]

Re: QPN - Quest Petroleum

And again today another 5m @0.02 got to be happy with that ....keep em coming i have a way to go yet till i have my fill

Well Mobcat look forward to seeing you jump into the market today. Looks like at least 17mil of shares at .02c available.

Let's go!!

 

[mobcat]

Re: QPN - Quest Petroleum

Well Mobcat look forward to seeing you jump into the market today. Looks like at least 17mil of shares at .02c available.

Let's go!!

Hi Basilio got enough for now mate, now i suppose its just a matter of being patient now and let this bad boy build some steam

 

[mobcat]

Re: QPN - Quest Petroleum

Found a bit of a informal update this week from Motboy on HC worth a read for holders of QPN

Hi All,

for many of us the last quarterly raised more questions than answers. For me personally I had a number of questions that needed further discussion and these questions were posed to Anthony on Friday.

He responded over the weekend with a conference call arranged for today to review the questions in more detail.

Below I've outlined the question Qx), Anthony's response (AM) and my subjective take on the situation (MB).

Note that I asked permission to post this information and I've highlighted where Anthony was unwilling to answer any of my questions due to sensitivity concerns.

Q1) The last quarterly update mentions that tenders have been tabled for UKL, UPL and EBA assessment. Do you have a view for when a contract maybe allocated?

(AM) No view at the moment. Have providers that we’re looking at. Regulators are now considerably more cautious making on the ground progress tough going.

(MB) For those of you who have been following the absolute shambles that is unraveling in Indo you'll be aware there is a plethora of corruption being uncovered with high ranking Indo O&G officials and other key industry players.

As someone who has run a business in Asia and seen the level of corruption that can play out in the flesh I don't view this as just as an excuse rather tough timing. Could Quest have done something different to get a drill in the ground by now? Undoubtedly. But with the likes of the head of Oil and Gas looking like he's about to be drawn and quartered all the decision makers have gone to ground for fear of exposure (rightly or wrongly).

For some more light reading on the current situation check out the following links -

http://www.bbc.co.uk/news/business-23691287

http://www.thejakartaglobe.com/news/rudis-arrest-only-the-first-in-skkmigas-corruption-scandal/

And one of many articles out there about Mobil reducing its Indonesia exposure due to "various reasons"...

http://www.thejakartapost.com/news/...ds-exxonmobil-replace-uncooperative-boss.html

2) The most intriguing statement within the last quarterly related to the "Expanded production strategy and strategic partnership" section. Specifically -

PREVIOUS QUARTERLY

Expanded Production Strategy and Strategic Partnership

The Company continues to receive and review proposals to participate in projects that could compliment the Company’s ambition to become a significant hydrocarbon producer.

CURRENT QUARTERLY

Expanded Production Strategy and Strategic Partnership

The Company has received and reviewed several proposals to participate in projects during the quarter that could compliment the Company’s ambition to become a significant hydrocarbon producer.

This seems to imply that Quest has reviewed some proposals and I can only presume the team has made a decision around whether these proposals are worth pursuing. To tie off this point are you planning on communicating exactly what these proposals were as I believe it to be of shareholder interest?

(AM) Don’t read anything into above. QPN are looking into partnership options but information is too sensitive to mention. Nothing has been agreed or the market would know about it.

(MB) Without question partnership discussions are happening but how progressed and the likelihood that these deals will materialise was undisclosed.

3) If I was to summarise the quarterly it would appear that the companies focus seems to be leaning toward putting a deal in place with a partner than forwarding drilling plans. If I'm reading this right can I assume that the only way QPN is going to move forward with the Ranau Block given the companies cash position is via a farm-in, or similar, agreement?

(AM) Can’t say one way or the other.

(MB) Response backs up the summary of the previous question. This was certainly an area that Anthony was unable to discuss in any detail.

4) The recent 3b announcement stipulates the following break-down in allocated shares -

25m employees
31m consultants

Are you able to break down who has received these shares and more importantly the nature of the work conducted by the aforementioned "consultants"?

(AM Directors can’t be allocated shares without shareholder approval that will happen at the next AGM (or EGM). Ken Bull and Jonathan White are good examples of employees who are taking a significant amount of shares as salary (exact amount was undisclosed but close to 100%).

(MB I pressed Anthony on who the aforementioned consultants are and when he wouldn't disclose this, for obvious reasons, I asked the nature of their business and again the answer was equally vague in that they are focused in the "technical space".

Now it would not be a push to expect that these consultants could be either a) helping Ken on the ground in Indo and/or b) helping Anthony fashion a partnership agreement. Regardless of what they are up to I believe it should be viewed as a vote of confidence as consultants do not do something for nothing and given they have taken shares in lieu of cash it seems to indicate that the end game, what ever that looks like, will allow them to recoup their expenses at the very least.

5) Thanks to the share allocation cash burn was down below 500k last quarter. That's great news and I fully support the share sacrifice scheme however in your opinion what will happen at the end of June when the scheme is reassessed? Again reading between the lines does this infer that this quarter is somewhat of a make or break for Quest and its attempt to secure a partnership?

(AM) Share salary scheme will continue beyond the 30th of June if required.

Finally I asked Anthony where he would like Quest to be in a couple of months time to which he responded -

(AM) To have a production enterprise up and running.

(MB) If I would attempt to summarise this discussion I'd say that there are three key out takes -

1) Trying to conduct O&G business in Indo at the moment is a nightmare.
2) Clearly there are deals being discussed in the background and whatever these deals are the 'consultants' are willing to take Quest shares in lieu of cash as are the likes of Ken Bull.
3) Cash burn is under control and on the improve. Appreciate this comes at the expense of share dilution however it's unlikely there would be similar operators in Indo running at a similar burn rate.

Anthony was very responsive and as candid as he could be. It was pretty clear from the call that he's just as pissed off with the lack of progress as the rest of us. Credit to him for taking the time to talk and approval for the conversation to be summarised and posted on HC.

Just to stress that comments prefaced with my initials above are subjective and from an investor that sees light at the end of the tunnel. Let's just hope that Anthony can pull some kind of a deal together so those of us who have been around for a while have something to show for our patience.

Note if you have any questions regarding the points above I'm in the UK so won't be able to respond until Tuesday arvo AU time.

Cheers,

Made in New Zealand

 

[basilio]

Re: QPN - Quest Petroleum

Mobcat your last post was around 6 weeks ago and in theory QPN wanted to have something concrete in a couple of months. So maybe there is an anouncement around teh corner.

Meanwhile the market is telling a different story. Now how 20m sellers at .02 so clearly there is plenty of stock if you want at just above dead.

But the buyers at .001 are falling rather quickly. Now only 69m shares wanted. Really hope there is the mother of all announcements in the next few weeks....

 

[mobcat]

Re: QPN - Quest Petroleum

Just waiting for news Basilo nothing else we can do but be patient now i have my fill of shares at what i hope is a rock bottom price

 

[mobcat]

Re: QPN - Quest Petroleum

Just waiting for news Basilo nothing else we can do but be patient now i have my fill of shares at what i hope is a rock bottom price

Looks like it hit the fan at close today up 100% on volume dont know what it means lets hope its good news coming

 

[Porper]

Re: QPN - Quest Petroleum

Looks like it hit the fan at close today up 100% on volume

It's amazing what you can convey with words.

It can only go up or down 100% at these levels? Plus a massive $29000 worth of shares changed hands. Judging by the chart it has as much...if not more chance of delisting than surviving. Just a view from the other side for those thinking of an out and out gamble.

 

[basilio]

Re: QPN - Quest Petroleum

I thought it was a bit crazy too. 15 million shares sold at .002c.

Yet no change in the purchase numbers and no change in the amount for sale. Somehow a 15 million shares buyer came from nowhere and met a 15 million seller who wasn't already trying to sell.

Fascinating....

Still I really hope there is some real activity in QPN. It has just gone nowhere and downhill for so xxxxxing long.

 

[mobcat]

Re: QPN - Quest Petroleum

I thought it was a bit crazy too. 15 million shares sold at .002c.

Yet no change in the purchase numbers and no change in the amount for sale. Somehow a 15 million shares buyer came from nowhere and met a 15 million seller who wasn't already trying to sell.

Fascinating....

Still I really hope there is some real activity in QPN. It has just gone nowhere and downhill for so xxxxxing long.

Back down to 0.001 today Basilio and the wall at 0.002 is 40m whats going on!!!!! ....by the looks of things nothing hey

 

[mobcat]

Re: QPN - Quest Petroleum

@00. 15 how can you buy at the price????

 

[mobcat]

Re: QPN - Quest Petroleum

Up 100% today but only on $1300 worth of shares , oh well better than nothing suppose

 

[svengali]

Re: QPN - Quest Petroleum

Up 100% today but only on $1300 worth of shares , oh well better than nothing suppose

With the share price bouncing around .001 to .002, and usually none being sold anyway, discussion regarding the share price at any given time, and any perusal of the capitalized value of QPN is useless and only gives the disaffected a forum to berate management (understandable though their protests may seem)

However as the old saying goes "there are more ways to skin a cat than dragging it backwards through a keyhole"

Perhaps management are not, indeed cannot be actively pursuing QPN's Indonesian holdings due to the chaotic situation with MiGas, the criminal investigation of their staff from the very top down, (already the jailing of some senior staff for graft), and the ascension of the new cleansing President not due until October.............for the time being Indonesia is a basket case

It may be that company eyes are trained over the horizon, well over the horizon. We shareholders are in management hands, they may yet surprise us all, if so the sooner the better

 

[basilio]

Re: QPN - Quest Petroleum

End of the year is approaching, not a peep from QPN and even the few .001c buyers are diminishing....

Just a question folks . What happens to a share if there simply arn't any buyers even at .001c ? Is it effectively no longer solvent ? And does anyone have any goss on the current state of play with QPN ?

 

[Porper]

Re: QPN - Quest Petroleum

End of the year is approaching, not a peep from QPN and even the few .001c buyers are diminishing....

Just a question folks . What happens to a share if there simply arn't any buyers even at .001c ? Is it effectively no longer solvent ? And does anyone have any goss on the current state of play with QPN ?

There can be no buyers or sellers...it makes no difference to whether the company remains solvent or not. As for the goss...playing with a stock like this is as near to a pure gamble as you can get.