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Real-Time news about Sibir Energy (London Stock Exchange): 0 recent articles
|martinmulberry: I have a horrible feeling that private investors are going to get stuffed. You cannot buy Gazprom Neft shares in the UK or on any European market - although you can buy ADR's on Frankfurt and Berlin.
With Tchigirinski appearing to sell (some) of his assets to get out of trouble I suspect that Gazprom will acquire enough stock/form alliances to effectively control the company, manipulate the share price and essentially tell the PI's to take what may be on offer or be left holding on to shares for which there will be no real market.
I hope I'm wrong but if not why hasn't Gazprom made an offer - because it wants to get Sibir on the cheap and it can do so because of our shareholders structure.|
|davron8: This situation is certainly the strangest one I have known since first buying Sibir shares in 2000. On several occassions I have sold and bought back in later and always at a very good profit. My last buy was 3rd Dec 2008 at 39p when I topped up with 12500 shares. I have always believed in SBE and Mr Cameron whom I have met on a number of occassions so recent events have been a great shock. The acting CEO is a first class person but then I thought Cameron was so must wait and see if I'm correct now.
As to the share price I'm certain we will see an offer if one does proceed in excess of £6-00 per share. If no formal offer comes forward then the shares are worth holding for the longer term. Of course it is in my honest opinion.
Good luck to all the older holders.
PS have a look at Ascent Res. This is going places. Reminds me of Sibir years ago but without being in USSR.|
|squintyflinty: For me shell would be the obvious take out choice.They are already in a 50.50 partnership with SBE on the salym oil fields which is the most lucrative oil field in Russia.They would then own 100% and even at £2 per share it would be a steal. I was hoping that the SBE share price would have risen to around the £2.75 mark before a bid was launched. We would then have seen around £4.50 per share.Anyway,I shan't be selling any of my holding when the shares resume trading. I will take it to the end game just like I did with IEC.|
|1nf3rn0: I don't care what it would do to the share price short-term, but I think Mr T should just have to dump his shares and SBE shouldn't bail him out of any amount whatsoever. The guy has f#cked up and should feel the pain like we would.
Someone will pick the shares up and SBE won't have this debt hanging over them.|
|coco: Well no revision to the IEC offer - this should provide a boost to Russian oilers there paying over the top in todays market but just goes to show what value is hidden in todays Russian oilers - feel sorry for the shorts could get expensive
Petromin, OVL had plans to revise Imperial offer
Posted: 2008-12-08 00:02:48+05:30 IST
news: part 1
Petromin, OVL had plans to revise Imperial offer
Posted: 2008-12-08 00:02:48+05:30 IST
Updated: Dec 08, 2008 at 0002 hrs IST
New Delhi: In a startling revelation of facts, both ONGC Videsh Limited (OVL) and the petroleum ministry have accepted before the Empowered Committee of Secretaries (ECoS) that they had considered re-negotiation of the $2.6 billion deal for acquiring the assets of the UK listed firm-Imperial Energy Limited by OVL in the wake of current depressing global economic situation.
However, fearing that this may lead to "reputational damage to OVL, ONGC, the Indian government and potentially the India Inc", the government has decided to allow OVL to go ahead with the deal and make an open offer to the shareholders of Imperial Energy. The open offer will made by OVL before December 9.
"We are in the process of making the open offer to the shareholders of Imperial, who will then have 28 days time i.e up to January 6, 2009 to tender the shares. If acceptances are received in respect of 90% shares, OVL would be required to make payments to the shareholders, expected latest by mid January," confirmed a senior company official on the condition of anonymity.
Delays on part of OVL to make an open offer has seen the share price of the UK listed firm-Imperial Energy trade below the offer price of £10.5 a share for some time. As against a price of £ 11.48 per share on November 11, the Imperial Energy stock was quoting a price of £ 10.30 on December 5
FE is in possession of documents, prepared by the petroleum ministry for the consideration of the Empowered Committee of Secretaries (EcoS), which revealed that petroleum ministry had advised OVL to "confidentially explore the possibilities of making a revised offer" in the changed economic circumstances. The EcoS was told that the withdrawal of the offer was not considered desirable as "it may have undermined the company's and the country's credibility besides depriving an opportunity to acquire such an asset abroad, which is crucial to enhancing India's energy security."
The documents further revealed that the adverse global financial conditions and the plunging crude oil prices have led to a massive fall in the projected returns to OVL from the acquisition of Imperial Energy Limited's assets. The acquisition of Imperial Energy's assets by OVL was based on an Internal Rate of Return of over 10% and at a long term crude oil price of $75-80 a barrel. However, with a steep fall in the crude oil prices, currently ruling...|
|ammons: Emailed the company on 20 November asking why they had not issued an RNS given the very dramatic fall in the share price. Recieved this reply on 21 November which for some reason went into my "spam" folder. I checked that folder today and found their reply. I had originally thought that they just hadn't bothered to respond.
"As I write you the share price has recovered quite substantially after two days of heavy technical pressure. We did not release an RNS announcement as we are still preparing a circular on the related party transactions and we were advised not to make an announcement in advance of the release of the circular. We are targeting December 18th for the AGM and hope to hold the EGM on the same day"
Not sure I agree with the "share price has recovered quite substantially" bit. It has recovered from its recent ultra low of 61p I agree but it is still massively down compared to even a month ago. I wonder when the circular will be published? I presume at the AGM.|
|davron8: PTOLEMY. Still like knocking SBE. Six years ago you said they would fail, never get oil production going and we would all regret buying our shares. This little hic cup in the share price does not change the fact that SBE is a good long term investment.
The long term holders here know that it is our Russian shareholders who helped the company through some difficult times in past years. I have met both of them at AGM's and never once felt that they were anything other than positive SBE supporters.
You also knocked Henry Cameron as someone out of his depth in Russia and would lose everything. Today he has shown why he is such a very good CEO by his response to yesterdays share price fall. As others have posted, he placed his money where his mouth is.|
|ptolemy: Waggle, I guess we can each pick our own "fundamentals". The SBE share price is at the same price as start of year whereas the RTS index is up 25%. This at a time of high oil prices. SBE has seriously underperformed the local market (where I'm very long...)|
|george99: Since hitting a high of circa £5.60 around May 2006, the SBE share price has been disappointing. This is despite a monthly uplift in oil production and a high oil price. It seems the investment climate in Russia has weighed heavily on the stock.
This has been leading me to question whether my decision to significantly increase my holding at around £4.50 was altogether wise.
I have been starting to think that it is perhaps unrealistic to think that SBE can survive as the last small independent oil company in Russia. Perhaps a deal with Gazprom at full value for all the company's assets would be in the best interests of shareholders. This could be Henry's legacy and was always my fall-back position.
We are in the hands of the majority Russian shareholders and we must hope that their best interests are aligned with our own.
In the short term, plenty of speculation about a deal with Gazprom, a surge of interest in the stock and an increase in the share price to strengthen the company's hand in any negotiations would be helpful.|
|alwaysbanking: I'm sorry but I think my calculations overvalue the SBE share price unless I'm reading it wrong:-
15 March 2006
Sibir Energy Plc
("Sibir" or "the Company")
Subscription for 58,813,008 new Sibir Shares by Bennfield Limited
Sibir is pleased to announce that Bennfield has today received on schedule the
third and final payment required for Bennfield to fulfil its Sibir shareholder
approved subscription for 58,813,008 new ordinary shares in Sibir ('Bennfield
Subscription'). This third payment amounted to $202,316,747 making the total
paid to date $620,358,052.
As a result of this, and of certain other conditions having also been met,
Bennfield has now paid Sibir $404,633,493 for the 58,813,008 new ordinary shares
in the Company or $6.88 per share. At an exchange rate of #/$1.72, the rate used
in the agreement with Orton Oil Company Limited, this equates to #4.00 per
Admission to trading on AIM of the 58,813,008 new shares is expected to occur on
20 March 2006.
So there is an expected increase in the total number of shares available to 333.7m. Market Capital 1262m - Therefore my estimate for the price per share is £3.78p per share a long way to fall yet.
Or is it 1262M + 400m then divided by 333.7m if so that IMHO equates to £3.90 per share +/- 2p or 3p for exchange rates which evaluates it at £3.92 or so exactly what the price of the other additional shares are offered at. So really then not a bad time to short this share. Something I would not consider but it would appear it is rapidly heading southwards toward the benchmark of £3.92p.
Davron and $ any thoughts??????? a little confused as to value at the moment.|
Sibir Energy share price data is direct from the London Stock Exchange