Sibir Energy Share Discussion Threads

[squintyflinty] 25/2/2009 14:10

He obviously had enough faith in the company to purchase 600,000 shares at £2.42 a share recently

[tpain] 25/2/2009 09:15

Cameron should go for good. A disgraceful corporate governance decision.

[miamisteve] 25/2/2009 09:13

I was never convinced with Camerons claim of the necessity to maintain Tchigirinski's shareholding at literally any cost.

I do have some sympathy for his position given that he may have had a gun held to his head throughout.

His position though had become untenable and I view this as a positive development, in that they are removing Mr. T's cronies as well.

[leeson31] 25/2/2009 07:42

RNS Number : 8319N
Sibir Energy PLC
25 February 2009



?SIBIR ENERGY PLC ("Sibir")
Investigation and Directorate Change


Sibir announces that it has appointed its solicitors, Jones Day, and the
accountants, Ernst & Young, to carry out an investigation into the actual and
proposed real estate dealings with any Chalva Tchigirinski ("Tchigirinski")
interest and any other related party transactions between a Tchigirinski
interest and Sibir during 2008. For the avoidance of doubt, the Avtocard and
Korimos transactions, which were approved by shareholders on December 18, 2008,
will not form part of this investigation.


In addition, Sibir announces that Henry Cameron, its Chief Executive Officer,
has been suspended from all his executive duties (save as set out below) pending
the result of the investigation.


Henry Cameron will continue (notwithstanding the suspension of other executive
duties) to assist Sibir on an ongoing basis to recover all monies owed by any
Tchigirinski interest to Sibir.


In addition, Sibir announces that its Deputy Chief Executive, Stuard Detmer, has
taken over as Acting Chief Executive Officer from Henry Cameron with immediate
effect.


Contact:


Stuard Detmer, Acting CEO
Moscow [phone]


Rory Murphy, Strand Partners Limited
London [phone]


Nick Miles, M: Communications
London [phone]

[curt3] 23/2/2009 14:46

Benefield pumped their money into sibir about 3 years ago at £4 per share at which time SBE produced about 40,000 bopd and did not have the refinery or the Koltogorsky licence. Asset wise it is twice the company it was then. Cerrtainly the recent fiasco has damaged the company but the world class assets remain - so a little perspective would be appreciated with regard to valuations.

[dorset64] 23/2/2009 11:47

LOL miamisteve!!!

[leeson31] 23/2/2009 11:36

lol. "I'm a Trader", now.

:p

[miamisteve] 23/2/2009 11:32

COCO - 11 Feb'09 - 21:04 - 2896 of 3041

Remember when at 43 pence I was shouting this up well im doing it again - UNDERVALUED BY A LONG WAY.

The news items over the next 270 days will keep the price on the up - Broker upgrade after broker upgrade - me Im holding tight and will enjoy the ride, Now I wonder when the Management update statment will be printed and the reserves upgrade from the Koltorsky blocks are due

Kind regards

Coco

[squintyflinty] 22/2/2009 20:18

yf 23-1 Yep,I agree 100% with your post.

[yf23_1] 22/2/2009 17:57

key is to recover the debt - No, the key is to get rid of Mr. T and the notion that nothing can happen without the 'russian connection', by someone buying him out or cancelling his shares in lieu of the debt.
In the latter case Sibir would be more highlly geared but with such outstanding assets and free of Mr. T or with a new shareholder backing it would actually turn out to be beneficial.

[mandy711] 22/2/2009 13:54

Sibir, this is not the first time
that private investors have been screwed
by the russians.
remember that guy who now owns chelsea football club
he ripped us all of a few years ago.
and it all happening again.

[leeson31] 22/2/2009 08:41

Coco has ran off to the circus, or back to it I should say.

Harry - pls do yrself a favour and dont listen to that tw*t.

Cheers

[josels] 21/2/2009 23:31

key is to recover the debt

[harryh05] 21/2/2009 20:11

COCO - Where are you? Can you please comment

[squintyflinty] 21/2/2009 12:25

Ammons ,
How much do you think that SBE'S share of the Sallym field is worth? .It's one of the richest oil fields in Russia so let's not lose sight of that.

[davros006] 21/2/2009 09:26

Sibir sob story
By Elizabeth Rigby

Published: February 20 2009 02:00 | Last updated: February 20 2009 02:00

Not even Sibir Energy's harshest critics could have anticipated yesterday's bombshell, which led to a suspension in share trading.

They had been faced with Sibir's wrong-headed plan to help out one of its largest shareholders, Russian businessman Chalva Tchigirinski, through a foray into real estate. This was presented as the only way to ensure Mr Tchigirinski's stake did not end up on the open market, or in the hands of predatory buyers. Then there was the relief that the plan seemed to have been averted via some new deal that would see Sibir's advance payment to Mr Tchigirinski recovered, while keeping the existing shareholder structure in place. This is the structure that was described as a "key intangible asset".

Then came yesterday's news that various Tchigirinski interests owe Sibir roughly a whopping $325m, not $115m as originally thought.

There will be, of course, an inquiry into how on earth this happened and how the debt can be recovered. It should be a page-turner and a lot more compelling than the inevitable soul-searching over whether a listing on Aim rather than the main market had anything to do with Sibir's problems. That seems rather beside the point. Aim companies have an obvious duty, like all quoted companies, to ensure that information they release is correct.

Perhaps the bigger point is how a successful operating company (its venture with Royal Dutch Shell in western Siberia has been a great success) has been dragged into a mess of this magnitude.

[ammons] 21/2/2009 07:04

I doubt that anyone would bid for the whole company in its current state. Shell might cherry pick the bits they want such as the other 50% of the existing joint venture. Taking on the whole company may levae it finding further skeletons in the cupboard. The last bombshell caused the share price to crash to 40 odd pence. This time...........

[squintyflinty] 20/2/2009 21:10

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.

[bethany3] 20/2/2009 19:42

squinty......agree it's low if you were in ages ago - just my take. However, still not very far off pre-suspension share price and damn side better than what share price would be when it does return without a bid.

SBE with current production level plus other assets were trading at 170p pre-suspension, why did you think that was? Uncertainties about Mr T's 'baggages' and location of assets perhaps? Who would be the deal maker in the future if Mr T was forced to resign - near certainty having offended the City of Moscow officials? A non Russian? Be very surprise if SBE remain independent for long when it does return if a bid has not already been tabled before.

[cmabey] 20/2/2009 16:49

Lot of Russky-bashing on here (even compared to UEN) and I understand that to a degree. However, William Guinness (Chairman) and Henry Cameron (CEO) are hardly very Russian names. Strikes me that's where any shareholder pressure should come to bear as at least their careers will/should be held accountable if this mess isn't sorted out smartish.