Urals Energy Share Discussion Threads

[neftanik] 30/10/2018 14:54

But wind speeds gusting to 50 mph so won't be loading

[neftanik] 30/10/2018 14:53

The tanker is on station now

[darren81] 30/10/2018 11:57

I only checked when it was already offshore so not sure if a tug had been there previously.

Weather doesn't look too bad over next few days even if it is this tanker that is the relevant one.

[chavitravi2] 30/10/2018 11:52

That sounds like the one if there is a tug close by. If I understand it right the wind has only just died down this last few days so the one before wasn't it if a tug wasn't in attendance imo.

[darren81] 30/10/2018 11:41

alternatively there is now another tanker not too far from the island with a tug & cargo ship near the shore.

The last RNS stated expected date for arrival of tanker wa 27th which would tie in more with the tanker that I mentioned earlier and is not quite a bit further from the island.

[martyn9] 30/10/2018 11:10

If that's the situation darren, then let's hope the bod clarifies that very quickly and furthermore supports it backed up with a secured loan.

[darren81] 30/10/2018 11:04

if the tanker has indeed been loaded and has now departed this significantly derisks things - we will be guaranteed the payment in mid November.

the possibility of weather adversely affecting the shipment was a worry for me - we now have approx. $12m coming our way in a couple of weeks.

[nick rubens] 30/10/2018 10:54

Yes, cheers Martyn9, this is from the 10th Oct RNS

"The Board are of the opinion that if the Loan is not repaid, or alternative financing is not secured, by the end of the month then the Board will have to take steps to protect the interests of the Group's creditors."

[martyn9] 30/10/2018 10:16

I would like to see kononov sacked and legal action taken against him for obvious fraud and deterring anyone else trying the same in addition to what you state chav.

[chavitravi2] 30/10/2018 10:10

What I would like to see now is them announcing they have secured a loan of $6-$8m to pay our dept and give good working capital to get new wells on line as quickly as possible to pay it off and increase profits.

[chavitravi2] 30/10/2018 10:03

Their main worry is the end of November. They will likely get a loan for October's out goings of wages,tax etc.

The Group has a number of pressing payment obligations which need to be made by the end of November 2018, some of which are very significant in the context of the Group's current working capital position. In particular, the payment of Arcticneft's accumulated mineral extraction tax liabilities and the payments associated with the logistical resupply of Articneft (food and spare parts) and its wages for October 2018, represent a significant aggregate payment obligation.

As indicated in the Company's announcement of 10 October 2018, the Group had originally earmarked funds in order to satisfy its short-term payment obligations. However, due to the unauthorised actions of Mr Kononov, as detailed in the Company's announcement of 15 October 2018, the board estimates that even after the net cash inflow from the coming tanker shipment the Group will continue to face a working capital deficit of approximately US$3 million

[martyn9] 30/10/2018 09:44

Nick my thoughts exactly,i presume some statement from the bod has to be made PDQ.

[darren81] 30/10/2018 09:33

it looks like the tanker that was offshore yesterday is now moving away from Kolguyev - anyone who has access to marine traffic able to verify this?

[nick rubens] 30/10/2018 09:32

Will we hear something before the end of October? Is that the deadline before potential suspension of trading pending clarification notice, or am I overstating things?

[darren81] 29/10/2018 12:14

can see a tanker off the coast of the island (last update 10 hours) but don't have access to see details of the ship

[darren81] 29/10/2018 12:07

anyone able to identify whether the tanker has arrived at Kolguyev yet?

looks like weather isn't too bad there at the minute so should be able to load the oil ok

[defender3] 29/10/2018 08:01

if you read the rns 15/10 carefully you also come to realise that in real terms urals and company actually bought or owned 23% +19.9% + 11.9% in total

[gaffer73] 28/10/2018 09:32

True Darren but you would then expect their bank balance to reflect it.

[darren81] 28/10/2018 09:06

Given POO had increased then it’s pretty obvious that taxes etc would increase hence the increase in the loan amount

[gaffer73] 27/10/2018 08:47

The $8m is net of taxes etc but not of the Petraco loan according to the timing of the RNS's, and the lack of money! It's worth noting that the loan amount has also increased from $3 to $5m now. If the company wants to expand they need to get the money from somewhere instead of scrimping about and spending every last penny. It's no way to run a business.

[martyn9] 26/10/2018 20:26

Takeachance, that's my take on it.

[takeachance1] 26/10/2018 19:22

I was under the undestanding that Tax’s and some costs are paid upfront hence taking a loan from Petraco. The $8m is after the deduction of tax and some (not all) costs.

[chavitravi2] 26/10/2018 17:01

That's another week done. Sod it for now, try and have a good weekend all.

[chavitravi2] 26/10/2018 16:18

On the other board someone has reported wind speed at the loading point will be 12mph for the next week. That should be ok if we load next week then.
I think we need too if they want money in the bank by the end of November.

[gaffer73] 26/10/2018 13:34

Neft, you are more informed than me in these matters but the company RNS states"The Company will also, in due course, confirm the net proceeds from this shipment, after taking into account all duties and taxes, transport costs, demurrage and similar charges. "