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[bb44] 29/7/2009 02:41

tolstoi

I just read that Rowen was appointed ceo of Aurelian...any opinions?

I'd ask Bensh, but I think I know the answer.

[bb44] 28/7/2009 16:56

agreed
although...you stopped short on the description of the magisters relationship and how regal got it done.
as for baron
don't be two minds. you have proof he came in to make as much money for himself as possible...shareholders be damned...i tell you, you're smart and have a clue, but your anger clouds your better judgement...again not a criticsm, it happens, just be mindful of it all...and have all of the facts before making statements...yet again, not a criticism.

be well

[bb44] 28/7/2009 13:09

i'm in complete agreeement with you on cad.
regal insight...you are right again. I would say that their prospects look good, but you never know, i agree, that was a purchased roof, and it can disappear rather quickly.

I did see the leaked emails - how can you support a guy like that? They're in there to soak cash and fees for themselves..you're an interesting guy...that's not a judgement, but you're excusing their behaviour, yet critical of others...again not a criticsm, i'm done arguing with you, there's no point to it.

[andy] 28/7/2009 12:26

tolstoi,

An interesting insight into doing business in the Ukraine there!

"roof" sounds like it has a different meaning in that part of the world!

[turbotrader2] 28/7/2009 09:15

oh yes i will be happy but it aint never going to happen

[bb44] 27/7/2009 22:11

Yes Ukraine is very much like that...issues dropped...I won't bother you about Bensh unless you start again. I know you are wrong about him, many of his actions, you're basing on some information not all, and on that you can not be blamed.

I'm happy to hear you're doing well in Ukraine and I wish you the best.

I do not work for CAD, so I will defer to youon this issue. I have been asked to work on behalf of large shareholders and the board on a variety if issues, and ultimately, refuse as I do not want the "stink".

You can do better. Yes turnarounds are fun, but we both know the assets are mostly worthless...so what is there to fix?

Yes...Mark and Vasyl(for being criminals), Dan Fox Davies (for being stupid and greedy...this you can blame on Bensh...He fired FDC for being incompetant and FDC's revenge was to back Cadogan and to support QVT)...they're the worst, follwoed closely by the engineers and the board? Have you meet any board members? Well, if you have, they're all worthless...

As for cardinal and regal, yes, they had legacy problems and they may ultimately be sorted...Regal in Ukraine...they have a good "roof" there..cardinal has run back to the states, not wanting to do things the "Ukraine" way, at least with out proper support...hares group was worthless weren't they?

[tolstoi] 27/7/2009 17:29

BB44, ok, lets put it behind us, just don't accuse me and my family of actual crimes. Of course we did do some things wrong, but Ukraine is like that I am afraid.

I am being a bit cheeky, but unless you work for CAD, or did some hefty due dilligence on them, you wouldn't know more about them than I do. (both due to my present and my previous employer). Let me know if you want any info and I will try to help (pref. by email)

I find it striking how CAD's situation is a mirror image of Cardinal in 2006 or Regal in 2005: they raised money to develop one asset (CAD: ZAG, PIR, POK - CDL: RC - RPT: Greece-Kavalla). Incompetently spent a fortune on those fields, failed miserably and have what moved onto their secondary side business (CAD: BIT, CDL: RUDIS, RPT: MEX-GOL-SV Ukraine).

How they managed to spend $20m+ per well, is not for these pages, but the situation now is quite comical:

Tolley is running behind the scenes trying to get back on board. Current board is suing Tolley and his gang, whilst trying to determine who is left at the company to blame for the mess (Hint: I am not sure I can name an innocent decision maker - that company was just rotten to the core) and shareholders are trying to figure out how this mess came about (hint: Management, non-execs, FDC and the "competent person" should be lynched)

Overall, their present strategy is correct: a) Sell as much as you can (licences, GPFs, equipment, etc) b) try to complete the BIT well, c) whilst doing that, find a real licence, with real proven reserves, which they can acquire and develop.

Helping sort CAD out sounds like a fun challenge, and I was thinking of applying for a job with them. After all, I have had a hands on experience in helping sort out a bigger and higher profile Ukrainian basket-case back back in 2007-8.

But, I am presently distracted in a lengthy application process for a job of a lifetime (for my age anyway) in a top management role in Ukraine.

We shall see how it goes. Good luck to you.

[bb44] 27/7/2009 14:54

like i said before...you're on here for one purpose only ...to discredit someone...you have low morals and ethics...i'm done here and with you...i'll let time be the judge

[tolstoi] 27/7/2009 12:29

bb44,

Again, you relayed a baseless rumour told to you by a party with a vested interest, in a desperate situation, which has limited morals:
2 points:
a) "Use of state equipment" - nonsense, Mirgorod didn't own a rig since the early nineties. It was all "expropriated" by successive Ukrainian governments. Therefore they always had to rent one. You using that as an accusation stinks. Tell me the specific crime and the criminal, rather than start vague accusations.

b) Incompetence in drilling. Again: episode, date and who is to blame. My understanding is that 2 wells reached TD (DUB 2 and BC 3A both found no commercial hydrocarbons). One well got P&A'd half way through due to non-payment (4NY in Dec 2007 - Director of RUDIS signed a closure of contract act, where RUDIS accepted the blame for non completion.) and one well started drilling and was suspended (116 BC). Litigation for the latter 2 was initiated and the courts found in the contractor's favour and was eventually settled out of court by KECC agreeing to pay all the penalties.

All of these were never admitted to the stockmarket, which is a failure of management, non-execs and the Nomad. I know the truth, because I was a party to all of this. You either don't know the full truth or are being dishonest. In both cases you shouldn't be accusing people. You are lowering yourself to the low levels set by Bensh and his posse.

[turbotrader2] 26/7/2009 20:14

tell me what i should add when I have been ripped off by your master?

wanna buy my shares?

[bb44] 24/7/2009 22:34

you have no redeeming qualities or comments to add except to be crass and whiny

[bb44] 24/7/2009 17:33

tolstoi? i'm done with you...I am none of the above...i have told you whom I am and your rigs did come from Mirogord (sp?) drilling...
you have proven to be wrong and a liar willing to say what you want to get your vengence
you admit that your goal here is vengence
for that i have no time in enabling what for you still remains an open wound
i find it ironic that - i f you do in fact continue to work in Ukraine in the oil and gas business...bensh is consistently contacted by Ukrainian firms to run their business or advise them on the western capital markets...

and yes, enjoy your weekend and leave all of this ... slandering a man will get you no where but bitter and unsatisfied...

[tolstoi] 24/7/2009 14:06

vendetta, ignore it if you want.

If you think that you are a shareholder in taurex, you are deluded. Bensh only stayed because leaving it would have opened up a big can of worms (a la Tolley leaving Cadogan). He is not the altruistic type.

[ttt13] 24/7/2009 14:02

tolstoi, are you actually a shareholder in cardinal/taurex or you simply post here to get even with Robert Bensh? it all sounds to me a bit like vendetta...