Sibir Energy Share Discussion Threads

[bethany3] 18/12/2008 16:11

Apparently the decision to purchase real estate from Mr T has been postponed now that the Moscow Government has opposed it even though Mr T promised to indemnify SBE should SBE incur a loss on these estates after June 2010.

Does that mean the gas station networks not have to be sold now?

Does that mean SBE been put into play?

[leeson31] 18/12/2008 15:37

sorry to hear that Davron!

[davron8] 18/12/2008 15:36

Did anyone go to the AGM. If so ,please post your comments.
I did intend to be there but suffered servere flooding at my home in the west country over the weekend and have a million jobs to do as we must move out of our home for around six months.
Hope the news is good so that the share price jumpsto cheer me up. Insurance will pay for everything but it is still a bloody misery for my wife and I.

[leeson31] 18/12/2008 15:36

good rise on afren today too..

[miamisteve] 18/12/2008 15:31

I've taken the afternoon rise to bailout.

Just felt uneasy after the property deals $800m+ of debt.

Surprised the market has been so forgiving although on an enterprise value it's p2 is as cheap as some oilers with no production.

Not sure if the petrol station sales are out of necessity and todays indemnity news seems also like a requirement to gain shareholder approval rather than a kind gesture.

My opinion is that they will not sell any property at or above the price Sibir paid and will get a dubious valuation made in due course to erase Mr T's indemnity.

If they do manage to offload something, then it will probably add 30% to the share price instantly.

[bohemia] 18/12/2008 13:21

Bloomberg headlines (from the AGM presumably):

13:14 *SIBIR ENERGY JUMPS 16% IN LONDON TRADING
13:15 *TCHIGIRINSKI, KESAEV DON'T PLAN TO SELL STAKES IN SIBIR ENERGY
13:14 *TCHIGIRINSKI SAYS HAS TIME TO ASSESS PROPERTY SALE :SBE LN
13:14 *MOSCOW GOVERNMENT OPPOSES PROPOSED PROPERTY SALE :SBE LN
13:14 *SIBIR MAJOR SHAREHOLDERS NEED TO REASSESS PROPERTY PURCHASE
13:14 *KESAEV, SHAREHOLDER, SAID TODAY AT SHAREHOLDER MEETING :SBE LN
13:14 *KESAEV SAYS WILL ACT IN INTEREST OF MINORITY SHAREHOLDERS
13:00 *SIBIR SHAREHOLDERS POSTPONE DECISION AT MEETING TODAY :SBE LN
13:00 *SIBIR ENERGY SHAREHOLDERS DELAY DECISION ON PROPERTY PURCHASE

[miamisteve] 18/12/2008 13:15

It's definitely a positive. It means that theres a fair chance of getting back what was paid, and also signals that the company intends to offload these assets asap.

[squintyflinty] 18/12/2008 11:09

That would be the best bet in my opinion.Just use any money to develop the oil fields NOT the properties.

[josels] 18/12/2008 09:07

could They not stop building the tower higher and left as it is?

[sakamuka] 18/12/2008 09:00

see above posts. (2566/7)

[promethean] 18/12/2008 08:42

Couldn't help but notice in todays RNS that Tchigirinsky has signed an indemnity (guarantee) over any loss to Sibir arising from the acquisition of his property assets. Does anybody think that this indemnity is worth anything considering that Sibir has had to bail him out? I thought that he was in serious financial trouble.

[coco] 18/12/2008 08:24

Sibir shares if he has no cash and if the indemnity is required

[typo56] 18/12/2008 08:22

How would Tchigirinski deliver on such an indemnity?

[greenrichard] 18/12/2008 07:34

RNS Number : 3338K
Sibir Energy PLC
18 December 2008

Sibir Energy plc
("Sibir" or the "Company")

Property Indemnity from Chalva Tchigirinski

As set out in the circular posted to shareholders on 2 December 2008 Sibir intends,subject to shareholder approval being granted at
today's General Meeting, to acquire various property interests from companies connected with Chalva Tchigirinski, a director of the Company
and substantial shareholder. It was made clear in the circular that following acquisition of these properties the Company would consider
every offer to monetise these assets either individually or as a portfolio as the opportunity arises.

Following further discussions with Mr Tchigirinski he agreed with Sibir yesterday to indemnify the Company against any aggregate loss on the sale of the portfolio of properties acquired from him. The amount of any aggregate loss
will be the extent to which any losses exceed any profits following the sale of properties. Such profits and losses will be determined by the auditors of Sibir. To the extent that a property has not been sold as at 30 June 2010 there will be a notional sale of the property, the profit or loss of which will be determined by reference to an open market value calculated by a suitably qualified independent valuer in accordance with the RICS Valuation Standards.
Any aggregate loss will then be payable on demand.

Henry Cameron, CEO of Sibir, commented "Mr Tchigirinski's agreement to the terms of this indemnity is part of the ongoing efforts to realise full value for the real estate portfolio after acquisition. Given my view on the intrinsic value of Mr Tchigirinski's interest in Sibir I believe the indemnity has real value for the Company."

[coco] 16/12/2008 13:07

Never hit 30 pence -intaday low 36.5 pence good job you never bought at 8.00.

Regards Coco

[1nf3rn0] 16/12/2008 09:17

Avoid - only 80,000 barrels per day ;-)

[kibes] 16/12/2008 08:28

Coco - I have seen something about Gazprom in the press but now I can't seem to find it. However, it was not that Gazprom is not doing well, only that it is is affected by the current global liquidity issue with regard to raising finance on attractive terms and may choose to borrow from the Russian state rather than on world markets.

[banj] 15/12/2008 22:10

Nice posts Coco - my thanks :-0

[coco] 15/12/2008 21:37

The Bp. service stations were bougt as part of a larger transaction but independant assesment was at under five times net profit and equates too approximatley 95 million dollars ($95,000,000) in (end of)2006. It paid a dividend to sibir of $15 million.

So I think there may be an eye opener to the amount of cash we will recieve from this sale.

[coco] 15/12/2008 20:54

Kibes can you post a link to the "Talk about Gazpromneft" or perhaps you mean Rosneft ??? appriciate it if facts are kept to fact - Thanks _ please correct me if Im wrong.

Regards Coco looking through coffee tinted glasses.

[coco] 15/12/2008 20:49

Kibes that is what I am saying "I am concerned about point 5, Sibir does not have deep pockets and nobody is going to lend it any money." Hence why I feel that plans are drafted for a major new shareholder to enter Sibirs arena.

Ammons im not telling anyone to buy more shares and prudence says wait for answers at the AGM

Ammons I will find out what there initial investment was in to the BP. stations and will post it here it will give us a value on one of the sums of the parts (the other stations)when the sale and proceed amounts are anounced the day before the AGM hopefully.