Sibir Energy Share Discussion Threads

[gatdecor] 07/4/2009 13:37

what does all this mean for share price and company when relisted?

[alwaysbanking] 07/4/2009 12:41

Cameron, the thief needs to be stripped of his knighthood.

[1nf3rn0] 07/4/2009 12:09

I second that Steve, especially if we all lose any money we have tied up in this

[steveofsw19] 07/4/2009 12:07

Lets not forget the "Mr. T is not facing any margin calls" RNS.


Jail time here I hope.

[banj] 07/4/2009 11:39

The disgraced duo images have been removed from the header. Until they (a) prove their innocence and (b) return said funds. I am not expecting a quick relisting. LoL!

[miamisteve] 07/4/2009 10:57

What todays announcement pretty much proves is the conspiracy theory that Henry Cameron's share purchases were funded by bribes.
_________________________________

As a further result of the ongoing investigation into the Unauthorised Payments,
the Company has informed the Financial Services Authority (the "FSA") that it
believes that the price of its shares may have been manipulated between
approximately 16 October 2008 and 31 October 2008 and that a significant number
of the transactions in its shares between those dates was conducted using money
that had been taken from the Company.

---------------------------------

To avoid Mr. t having margin calls the company was using it's own money to prop up the share price. Henry Cameron's payoff for colluding into this crime was approximately 1,000,000 shares 'bought' on the 18th and 27th of October (falling succinctly in the quoted brackets of the proposed manipulation).

Because of that the total black hole now looks likely to be in the $400m range.

This is now an LSE top ten corporate scandal.

[alwaysbanking] 07/4/2009 10:08

Gambler99 - I lost £7000 in this share in just two weeks during that period in October 2008. Let me know if you find that there ia an avenue for a claim for this loss please.

[gatdecor] 07/4/2009 08:45

COMMENCEMENT OF HIGH COURT PROCEEDINGS

TRADING UPDATE

Sibir today announces the launch of High Court proceedings against, amongst others, two former directors and publishes a trading update for the fourth quarter 2008.

High Court proceedings
Sibir and two of its subsidiaries (the "Sibir Claimants") have commenced proceedings in the High Court in connection with the unauthorised payments which were referred to in its announcement dated 19 February 2009 (the "Unauthorised Payments").

The proceedings are against former directors, Chalva Tchigirinski and Henry Cameron, Gradison Consultants Inc (a company owned by Mr Tchigirinski) and Derbent Management Limited. Mr Cameron has, as a result of his conduct, been dismissed by the Company with immediate effect.

The total amount claimed by the Sibir Claimants is currently not less than US$328 million but it is anticipated that the total claims will, in due course, rise to approximately US$400 million.

The High Court has granted a worldwide freezing order under which, pending a full hearing of the claims, Mr Tchigirinski is prevented from disposing of his assets to the extent the value of his remaining assets falls below £250 million. Gradison is prevented from disposing of its assets to the extent the value of its remaining assets falls below £120 million.

As a further result of the ongoing investigation into the Unauthorised Payments, the Company has informed the Financial Services Authority (the "FSA") that it believes that the price of its shares may have been manipulated between approximately 16 October 2008 and 31 October 2008 and that a significant number of the transactions in its shares between those dates was conducted using money that had been taken from the Company.

Sibir expects that its shares will remain suspended from trading on AIM for the foreseeable future.

Trading update
Operationally, the company continues to perform profitably and is cash generative. Total crude oil production for Sibir in Q4 2008 increased 31% to a record 7.1 million barrels compared to 5.4 million barrels in Q4 2007. For the full year 2008 Group crude oil production totaled 25.3 million barrels, representing a 42% increase over the 17.8 million barrels produced in 2007. The Group's average daily rate of crude oil production in Q4 2008 reached 76,698 barrels of oil per day (bopd) compared to an average 58,335 bopd in Q4 2007.

The weighted average netback on domestic and export crude sales after transportation and export duty and before mineral extraction tax was US$12.9 per barrel in Q4 2008 and US$35.5 per barrel for the full year 2008.

In the downstream, Sibir's trading operation processed 9.7 million barrels of crude at the Moscow Refinery in the fourth quarter of 2008, up 34% from 7.3 million barrels in Q4 2007. For the full year 2008 Sibir processed 35.8 million barrels at the Moscow refinery compared to 21.4 million barrels in 2007. Gross margins on product sales from processing averaged US$16.6 per barrel in Q4 2008 and US$16.7 per barrel for the full year 2008, which compares with US$6.5 per barrel in 2007.

Stuard Detmer, Acting CEO, Sibir Energy, commented: 'The launch of the legal proceedings announced today underlines our determination to recover on behalf of our shareholders the funds that were taken from the company. Our investigation into the events of last year is ongoing and the results will be reported as soon as is practicably possible. In the meantime we will continue to build on the record operational performance the company achieved in 2008.'

[gambler99] 07/4/2009 08:14

reading todays announcement, it mentioned the price could have been manipulated
last year , i lost a grand on this.... surely i have a right to claim
my losses back if true....

who shall i make a claim to?

[willessa] 07/4/2009 08:04

ANd no news to say that the company is in trouble or can't borrow the extra for now.

Trying to find positives!

[1nf3rn0] 07/4/2009 07:19

Commencement of High Court Proceedings, see news.

Suspended for forseeable future, but prduction up and still making operational profits

[fxdealer3] 05/4/2009 16:02

Anyone thinking suspension is good needs their head examined .

Sibir is heavily indebted and banks may take control of any assets if any are still legally held and wipe out shareholders.

This is a nightmare for shareholders.Anything is possible and the options are not good .

[davidwilkin] 03/4/2009 20:45

Yes, im sure the cashflows still rolling even if the share price isnt.

[stevest2] 03/4/2009 15:10

We seem to be forgetting that City of Mosow have a circa 15% holding in Sibir - i am sure they are doing everything they can to protect their shareholding!

In turn as pointed out above Shell will be monitoring events and in the meantime continue pumping oil out an ever increasing rate.

[ammons] 03/4/2009 05:00

Whats left of the "excellent assets" will depend upon how far the cancer has spread and whether or not any vital organs have been badly affected. We dont know that yet..........................

[kabylie] 02/4/2009 20:13

We had already been robbed in the past, and came back up fighting. The company has excellent assets, I can't wait for them to come back to the market so I can buy more cheaply with a bit of luck. For some reason I beleive that this company will make it big one day. So Hold on there, I am certainly not worried about this issue of stollen cash, as sson as this Financially engineered "credit crunch" fades, Sibir will pick up fast and the moscow property will regain its value and we will be on the winning side again.

[davidwilkin] 02/4/2009 19:41

well said curt3......positive stuff not like Kibes's negativity.

Good luck to all, D day cant come soon enough for me, any views on how much longer this might take.

[curt3] 02/4/2009 13:58

compared with its daily production, its share of refinery, its downstream sales and its exploration potential the possible loss of $ 325m is not a huge item. a realistic valuation of its world class assets would be between £ 1.5bn and £ 2.5bn. At present levels it is a sitting duck for a takeover with both Gazprom and Shell already involved in their operations.

[willessa] 02/4/2009 09:56

I just hope that if they can't get the cash back, they can at least borrow it.

At the end of the day $325m is 70p off the share price. I would at this moment take that it we can then move forward.

[miamisteve] 02/4/2009 09:50

My concern would be that Sibir have no security over the money that Chiggers 'stole' .

We know that the bank has a call on his shareholding and it seems strange that they wouldn't own the property as well.

[cmabey] 01/4/2009 19:51

1nf3rn0, certainly a very interesting development - what do JPM know, other than that Chigers has fled for the US? Or are you inferring that JPM are unaware of the delisting?
As for the April 1st connection, no dinosaurs mentioned (Gazprom excepted of course) so fair enough really.

[1nf3rn0] 01/4/2009 12:26

JP Morgan raises Sibir Energy price target to 200P from 165P

Hmmm... it is April 1st though isn't it.

Does anyone else think raising the price target of a suspeded share is a bit disrespectful to current shareholders... Maybe I'm just feeling over-sensitive today

[declan2] 01/4/2009 09:14

A total and utter shambles, money tied up here and other oilers are flying :(