Urals Energy Share Discussion Threads

[darren81] 06/11/2018 10:06

the tanker keeps appearing/disappearing on marine traffic neft, its hard to keep up.

is this the site you are checking?

[rcturner2] 06/11/2018 09:29

You are the mugs who stuck around. How much more corrupt does it have to be before you decide its not for you?

[amargosa] 06/11/2018 09:17

When the directors handed over control of the business to Kononov, in exchange for their continued employment, they betrayed the 55% multiple shareholders in favour of the the single 45% shareholder. Simple as that, or 'simples' in today's parlance. Some director(s) didn't even bother to turn up for work, allegedly.

[martyn9] 06/11/2018 09:04

Gaffer,SNAP!!

[gaffer73] 05/11/2018 21:23

I have to say what a bloody mess they've made of this company. They are exporting 160k bbls and the result? Nothing or slightly less. What an absolute waste of time. If, and it is an IF, this ever gets back to 100p I'll be selling faster than Kononov can arrange a loan.

[darren81] 05/11/2018 14:56

tanker seems to have departed as no longer visible on marine traffic, that means the average will be taken of price from next Monday - Friday.

POO up just over $1 today which equates to an extra $157,400 in revenue, hopefully we see a more substantial increase before next week, i.e. post mid-terms / sanctions taking effect

[martyn9] 05/11/2018 08:31

Thank you amargosa, totally agree with you on that.

[amargosa] 05/11/2018 08:19

Commiserations Martyn9, at least sending these guy down is a message to others; we don't see enough of them paying for their crimes. A few more and at least some of them might think twice before putting their hands in the till.

[martyn9] 04/11/2018 18:51

Afren eventually achieved FTSE 250 status.

[martyn9] 04/11/2018 18:09

Yes amagos, afren cost me a nasty sting of £25,000. I hope they rot in jail.

[amargosa] 03/11/2018 20:41

Afren directors doing some porridge; there should be a new facility built to house many more AIM directors.

[chavitravi2] 02/11/2018 18:18

A step forward, all be it a little one. Have a good weekend all.

[darren81] 02/11/2018 13:14

my only purchase today was first thing neft - been a number of others buying since then

at current share price it definitely worth the risk! Even if we go into administration, which I sincerely doubt we will, imo multiples of current share price will be returned to shareholders.

[darren81] 02/11/2018 13:08

Marine Traffic shows a tanker offshore again, confusing given there was one earlier in the week - seems to have disappeared and then reappeared.

[neftanik] 02/11/2018 13:08

I knew it had to be you buying. Be careful mate

[darren81] 02/11/2018 10:47

I added some first thing, as well as smaller amounts earlier in week.

I think the RNS is much more positive than recent ones and my take is that there is an agreement with Kononov to repay some/all of the money but this will only be finalised once the review is compete otherwise we could sell ourselves short if other loans were made.

Not much that can be done re profits from the shipment, just have to hope that post US midterms / Russia & Saudi meeting next week that we see the price revert some of its recent declines.

I think going forward we should negotiate the payment so that its the average of a longer time frame so as to mitigate risks from temporary price drops - we've been caught out by this much more than we've benefitted.

[martyn9] 02/11/2018 10:36

Needs a lot more blowing too!!

[chavitravi2] 02/11/2018 10:03

Thar she blows. 40p paid.

[chavitravi2] 02/11/2018 09:44

Nearly 17k bought and no tick up, yet you can't buy. Sell as much as you want.

[amargosa] 02/11/2018 07:34

Spot on I'd say. Scorched earth policy. We know that Kononov controls all the finances and signs all the cheques, so perhaps it's taking time to arrange things because the Board has to ask Kononov's permission to commission the audits.

It's interesting that Kononov has been busy using some deft moves to seize control of the Port, managing in the process to get 5 of his men onto the 7-man board. He's obviously no fool, so it's unlikey he would have crashed the Company for the sake of a couple of million dollars. Was he about to do the same 'Port Manoeuvre' to the holding company (UEN) and the UEN Board got wind of it?

If this is what's going on, you'd have to wonder whether deliberately crashing the share price of a listed company out of spite is in the ToRs of a director or a Nomad.

Of course they may only be trying to punish Kononov by naming and shaming him or they may hope that he will be snapped back into line by the 'protect creditors' threat. It's certainly all classy stuff.

And still no resignations or sackings.I guess in the end Kononov can just reduce the Board remuneration to a few dollars a year (about what they're worth) and they'll resign eventually.

[chavitravi2] 01/11/2018 22:05

Interesting points one guy made.


15 Oct the RNS said: 'Under Russian Law, the President or General Director of a joint stock company, which is the legal incorporation status of JSC Petrosakh, has authority to approve any action, including contracts, loans and asset sales within a limit of 25% of the capital employed of that company, and in this case the employed capital of JSC Petrosakh is approximately US$30 million.'

The Company have acknowledged that the spending by Kononov was a) to secure an additional 19.9% control over the Port at arms length, b) to secure a further 11% odd control over the Port, in the run up to Port Board elections, then to dispose of that holding at around the purchase price, although some of the sale proceeds may still be outstanding, and c) to make a loan to the Port as a working capital advance.

There is no fraud, just a breach of internal controls (by someone who owns over 44% of the company) to set priorities for working capital deployment at the discretion of Mr Kononov, not the Board, and putting the interests of Petrosakh abve those of arctikneft.

This is an internal matter that should have been dealt with internally, but bviously the Board feel they have no control over Kononov so have decided to air the dirty washing in public, trash the share price, and make wild threats about calling in administrators. ;

[chavitravi2] 01/11/2018 18:30

Gaffer73, I can't see it. They need $3m and with the market cap not much more than that the shares in issue would near double imo to raise that amount. The dilution would be unacceptable to one and all I would think. None more so than Adler and management. I think you got it right, a manageable well structured loan to let us press on quickly and get large amounts of oil and money flowing.

[gaffer73] 01/11/2018 18:06

Well well it looks like all that hope paid off after all! That's a good news update and gives UEN a stay of execution. Chav, like I've been saying a structured loan would be the best option and much needed. Unfortunately I think the next RNS will be a share fund raise.

[amargosa] 01/11/2018 17:25

That was a good-news RNS. Well, for us.

[chavitravi2] 01/11/2018 17:23

I thought the opposite John, looks like some fiddling but we knew that but it looks like things are going to be ok once it's sorted. They have the support of the Bank which is the main thing.