Timan Share Discussion Threads

[kubok012] 30/5/2015 07:43

Agree, the only topic which we should discuss at the next AGM is selling the company at any possible price within next 6 months, and nothing more. Credibility to Mr.Chalov is below zero.

[kubok012] 29/5/2015 08:56

I suggested many times to give up 51% for free either to lukoil, bashneft or rosneft in order to maximize the value of the remaing 49%. However the management has done a lot of mistakes and tried to attract some mysterious partners without any funding ability. Now we are left with new shareholder and still no funds.

[miamisteve] 29/5/2015 08:32

it has not been revoked yet, but the issue that we are in default of license obligations makes it difficult to sell as is.

[kubok012] 28/5/2015 18:00

Sad news, 2 out of 3 were revoked. This management doesn't worth a penny. The company should have been sold long time ago, all these efforts to drill oil without any funding are useless.

[miamisteve] 28/5/2015 17:27

No Caspian sale to report. Received notice from Rosnedra regarding revocation of Geoterm licenses around 6 weeks ago. These issues have to be resolved first before anyone is going to formalize interest.

[kubok012] 28/5/2015 05:18

How about our Caspian asset disposal? It should have been done already

[miamisteve] 28/5/2015 03:57

I am not checking the bulletin board every day, but received a few emails about the Araca news, so want to update.

1) Araca is a holding company for Levant. It is the same Norwegian shell Company as before, but they have changed it's name.
2) The 27.5% holding comes from the conversion of Levant's loans $10m and 1m gbp + interest and the Kamanisk loan which they acquired around a year ago.
3) My understanding at the time was that Levant required 25%+ holding in Timan to be able to book the share of the reserves and to takeover Araca. With that strategic box ticket they have shown no appetite to finance / increase stake in the company in any credible way.
4) There is now no planned issue of 5p shares to Levant. After the EGM, Levant were not prepared to make an undertaking to provide the $30m so we received emergency loans from NRC and Directors to pass through the licence reviews we are now looking at all means possible to finance the company.
5) Araca/ Levant have not made any tangible proposal to invest in the Company since the EGM.
6) There is no 30% threshold, where an entity would be forced to make an offer for the Company as the takeover code does not apply to Timan.

[moormoney] 27/5/2015 21:37

Agreed cheers Kubok!

[fsu gold investor] 27/5/2015 20:56

Well, that is certainly a turn for the better. Even Kubok seems positive which I never expected to see.

[kubok012] 27/5/2015 19:22

Share swap into araca shares, i think we might get it

[cfccfc1970] 27/5/2015 19:07

without doubt Araca have spent a substantial sum of money in obtaining 27.5% of the company, in an open market arms length transaction.

Clearly there is value in these shares.

They presumably will take an active role in the management of this company which can only be a good thing. They will presumably have a seat on the board and want to extract a profit on their investment, they may also want to get rid of the minorities.

Who knows but it has to be a positive for us minorities surely.

I am sure Miami will update us with the information now in the public domain.

I would also like to thank Miami for all his efforts keeping this share alive.

Maybe just maybe .....!!!

[kubok012] 27/5/2015 18:54

I think we will see rather soon the dillution at 5p in favor of Levant as it was initially planned,
It is a complex transaction, with many steps ahead of us.
I am expecting to see another 500mn shares issued in addition to 100mn as an option for management

[cfccfc1970] 27/5/2015 18:24

So Araca buys 27.5% for $193m which equates to £125m.

100% share would therefore cost £125m *100/27.5 =£454m

Annual return filed at Companies House 04/02/15 states number of shares in the company at 437,223,905.

Price per share is £454m /no of shares = £1 per share.

Any thoughts??

[richie1218] 27/5/2015 08:17

nice to see something still happening and creating some value with the shares.

I would imagine that miami will be updating us as to what this means for the PIs.

[kubok012] 27/5/2015 07:37

Further to previous press release and other available material, Araca Energy ASA is proud to announce having closed the most important financial transactions in the history of the company. Following months of negotiations, Araca Energy ASA has completed the purchase of 27.5% of Timan Oil & Gas PLC (UK). The transaction is one of several anticipated transactions, set out to transforming ARACA from marginal field developer to mainstream production company.

Transaction details:

- At NOK 1.00 valuation per ARACA share, ARACA acquires Levant Energy Limited's stake at 27.5% of Timan Oil & Gas plc (UK).

- A total of 1.38 billion shares in ARACA have been issued in the transaction, at NOK 1.00 per share.

- The transaction increases the share capital in ARACA from NOK 18 million by NOK 342,7 million to NOK 361 million.

- The transaction further increases the equity in ARACA by NOK 1 028.4 million (share premium account) as par value per share is NOK 0.25, and the issue is done at NOK 1.00, thus creating by the issue a significantly stronger balance sheet and core value.

- The transaction value is US $ 193 million in total, valuing ARACA at around $ 200 million.

[debbiegee] 22/5/2015 07:29

ITS BEEN A LONG 6 YEARS !

[excell1] 15/5/2015 09:33

Cheers Miami,very nice to know. Sorry for the previous scepticism.

[jaynealex] 11/5/2015 09:30

That would be really good news Miami !!

[miamisteve] 09/5/2015 15:53

excell1 - I am still invested in the company. I have not sold any shares.

We are trying to find a solution here which will lead to some return for the original shareholders.

[olivercromwell] 05/5/2015 13:24

'Gratiano speaks an infinite deal of nothing, more than any man in all Venice. His reasons are as two grains of wheat hid in two bushels of chaff—you shall seek all day ere you find them, and when you have them they are not worth the search. '

[excell1] 26/4/2015 23:29

Thanks for the update Miami.

This has been now going on for years. What are the chances for small investors and has your personal position as an investor changed?

[richie1218] 23/4/2015 14:48

Thanks Miami

[johnnyvee] 23/4/2015 07:56

thanks for your update