Our latest Investing Matters Podcast episode with QuotedData's Edward Marten has just been released. Listen here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
I just wanted to add a few observations to the article written in Ukrainian on Friday by the journalist Igor Maskalevich.
The English translation was posted by Mills240 at 22.20 on Fri. although it can be hard to understand the sense of what's being said.
https://m.dt.ua/energy_market/delfin-tanci-na-hvosti-314544_.html
Having discussed it with my Ukrainian colleague, here's what he understands from it.
Bids were submitted for 4 companies.
The Ministry of Energy will spend 1 month studying them. One bid was 1100 pages long!
The Presidential administration wanted to extend the bid process for a further 60 days but they have no power to overrule the Ministry of Energy, so there will be no extension to the tender process and only the 4 contenders will be considered.
The tender and information process was in Ukrainian only, so International companies didn’t have the time to respond with bids within the 2 month timeframe, which was the main complaint of the Presidential Administration.
Both Socar and Trident could do the job and appear to be the strongest candidates. Trident plan to produce within 3.5 years and have a rig available in Romania that could be brought down. Ponymarev’s company looks to be in the strongest position on the face of it.
One problem is that the block is surrounded by 2 other blocks that have been siezed by Russia and were previously producing gas for Ukraine with 5BCM reserves.
A bit risky therefore to be offering to put in a lot of funds into this venture.
So one month for a decision on the winning candidate then up to a further 2 months for review with the winning bid made public by Sept 12 at the latest.
The Ukrainian journalist drily described the bid process as the usual format for business in the Ukraine, and titled his article as ‘for such people as’ - meaning that it usually favours those with the right connections.
As usual, more questions than answers when it comes to Frontera's involvement and their chances of a successful bid.
After reading Judge Seeborg's verdict on Order denying motion for Preliminary Injunction
https://www.leagle.com/decision/infdco20190610b51
and paragraph 2 of section III A.(Likelihood of success on the merits), I would have thought that the case for jury trial pressing for damages (caused by the defendant being mastermind of alleged harm to the company) might be weakened by the ability of Frontera to somehow be able to stump up 56 million USD as the minimum required reserve for this bid tender.