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I read it some were earlier in another post that someone believed we only received $3m proceeds from each tanker but they did not really understand that we receive between $8 and $9m . the forward advance of $5m is to cover costs and to provide working capital
Pre-export short term loan finance arrangement The Board of Urals Energy (AIM:UEN), the independent exploration and production company with operations in Russia, is pleased to announce that it has entered into a pre-export short term loan finance arrangement with Petraco Oil Company Limited ("Petraco") under which Petraco has advanced the sum of US$5.0 million to the Company (the "Loan") ahead of the anticipated July 2018 tanker shipment from Kolguev Island.
this $5m is still profit but is advanced to keep the weels going round
On 10 October the Board said this: "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." They reiterated this on 15 Oct.
Some posters on a d v f n seem to have been expecting the company to be going into admin today.
Okay, I accept that the RNS of 23rd kicked the can down the road, and the steps the Board were going to take was to appoint some accountants. But it does suggest that they have been panic mongering to put pressure on Kononov, and they overdid it.
The price per barrel for the tanker shipment announced on 16 July 2018 has now been confirmed as US$76.46 per barrel.
After taking into account all duties and taxes, transport costs, the net proceeds from the shipment are expected to be approximately US$8.4 million, representing a net back of US$53.44 per barrel. This represents an improvement of approximately US$16.46 per barrel, when compared with the net average receipts from the Company's two tanker export shipments in 2017
the last tanker in July
this tanker will be equivalent
Thanks for the updates :) GL
Looks like it is still at the loading buoy hopefully shouldn’t be much longer before loading complete rns
The six months ended 30 June 2018 were characterised by continuing increases in crude oil prices in the market. During the period, oil prices averaged US$68 per barrel (H1-2017: US$52 per barrel) with the Russian Rouble devaluating on average by 2% compared with the same period in 2017. Domestic prices for oil products ranged over the period from US$50 to US$120 per barrel (H1-2017: US$37 to US$97 per barrel).
we are still producing aprox 2000 bpd and the price is now $ 75 the shipment of 157400 barrels is loading now
this should gross $ 11.805000 mil . we should be able to do something with this. current market cap $ 3.79m and we are receiving 3x this
Always Taxes before, taxes after, taxes on profits, taxes on mineral rights, royalties, wages or something else to pay.
Andrew Shrager, Chairman of Urals, commented:
Â
"We have been more fortunate with the price received for our oil shipped by the second tanker, and this has put the Company in a strong financial position. The fact that we now have increased production on Kolguev Island has allowed us to make these two shipments per year, rather than one, and has benefitted our cash flow considerably. It has been efficient, however, to continue to have the financial support of Petraco with a short-term pre-export loan finance facility ahead of each shipment, as it helps us to meet taxes and duties that have to be paid prior to the shipment being made, and releases our working capital for other operations. Shareholders are reminded that we will be paying our maiden dividend on 1 December 2017. Contradicts October RNS's on meeting tax liabilities and duties prior to shipments. So many Lies at the moment IMO
I'm sorry but I don't think they should postpone anything, quite the opposite. Like I said earlier I think they should get a properly structured loan that's manageable and get cracking fracking, drilling and 're entering and get as much production going asap. Get the bunker oil business going asap and reap the better profits from that and the port also.
Depends on which weather forecast you use I guess. The one I see says max 38mph, but much calmer from 7am tomorrow, through to late Saturday.
weatherforecast for next 24 hours
03:00
5.1°C
9.3 kn NE
31.10.
04:00
5.4°C
9.3 kn NE
31.10.
05:00
5.4°C
8.7 kn NE
31.10.
06:00
5.3°C
9.9 kn NE
31.10.
07:00
5.2°C
9.9 kn NE
31.10.
08:00
5.4°C
10.1 kn NE
31.10.
09:00
6.3°C
10.1 kn NE
31.10.
10:00
7.4°C
12.8 kn NE
31.10.
11:00
8.0°C
13.6 kn NE
31.10.
12:00
8.0°C
13.8 kn NE
31.10.
13:00
8.3°C
12.1 kn NE
31.10.
14:00
8.2°C
12.8 kn NE
31.10.
15:00
8.4°C
The tanker is on station but by all accounts cant load cos the wind is too high, blowing at 50mph.
Kononov unilaterally decided to prioritise Petrosakh (where he is Pres) over Arctikneft. That's what it boils down to. If they get back the loan to the employee and scrap the div, they should be okay. Actually if they postpone the plans for the fracking fleet for a year they should be fine. They might need to revise their group structure though, to resolve tensions about prioritising investment in different areas.
It was in all probability the loan to an employee to buy a stake in the port that did it, took away working capital. The money too the port it's self would I feel have been released in tranches has we could afford it rather than one go.
They were bound to feel that one big unexpected un planned hit. Kornonov should have consulted so things could have been put in place if the idea was considered good.
Reread the half year results announcement just a month ago, particularly the Chairman's statement. Highlights for me are: "Our term debt position remains comfortable; The acquisition of a shareholding in the most important port on Sakhalin Island is part of the strategy. The objective for this investment is to secure the future of our refinery at Petrosak, improving throughput and margins, which we expect to see over the coming months.; We have initiated a plan that could allow us to acquire our own fracking fleet for Articneft and continue to investigate partnerships to develop our Komi reserves and resources."
They can afford a fracking fleet out of working cap? But are now contemplating going under because of a $3m unauthorised spent which is consistent with their strategic aims for Sakhalin Port? Come on.
Profits at oil giant BP more than doubled in the third quarter, boosted by stronger oil prices and higher production from new oil fields. Makes me wonder what our so called BOD have been doing :-(
Authorised Share Capital Was 300m before 20-1 consolidation so I’m guessing they can only issue a max 2,377,697 new shares without an EGM and a vote anyway. So it wouldn’t happen.
I and I'm sure most would reject a placing as this would make my shares worth in the region of 13-14p on current pricing. Imo.
I would think the reason they have not done a placing in the past is because it would have been rejected straight away by Adler and their 44% which would make it a non starter. No reason at these oil prices that they can’t get a few sensible loans under each subsidary and sort it out for good if they actually wanted to but to do that they need to sort out their books. Which is what they are doing at Petrosakh. And I would hope the same is being done at arcticneft. And at the port should have been fully audited before the investment in to it as part of the due diligence (lol), but if not I hope they are doing it now aswell.
I couldn't agree more Chavi, a placing would be ridiculous. But, the Board seem determined to suicide the company over this. I don't know the rules for a placing. Would they need to get shareholder approval? If so, they haven't got a cats chance in hell I'd have thought.
On the tanker, I haven't been watching the dock. The last RNS said they expected it to arrive yesterday. Knowing which tanker it is would make it easier to track.
I’ve Been watching marine traffic.com over the weekend and not seen any tankers dock on the island, it is the bugrino port on Kolguyev Island? (just to confuse matters I’ve seen it spelt Kolguev Island and Kolguyev Island in rns’ and on the urals website and I’m going by the location map on the website)
I honestly don't think a placing in our current position would be a good idea. With the share price and market cap being low, about $3.6m, to raise $3m would mean nearly doubling the shares in existence! The dilution to you and I would be horrendous. The better idea would be to take out a properly structured loan of say $6m to $8m to eliminate the periodical loans and give us a good working capital to go on much quicker to produce good producing wells to allow us to clear that dept quickly at the same time produce more profit. That to me is the answer.
That is right. It presumably explains how they now have 5 put of 7 of the directors on the Port Board, and thus effective control. It was not fraud or theft, it was a strategic move in the long term interests of the Company. Our holding has gone down now. Incidentally, there is a discrepancy between what was paid for the 19.9%, and the 11.9%. They company never announced what they paid for the 23%, but having scanned the accounts, it looks to be broadly in line with what was paid for the 19.9%. If I have identifed the right cost item, its not made explicit.
They need to call the AGM soon. I wonder if this manouvering is to pave the way for a placing to try and dilute the Kononov's control. Maybe one that would cost them $3m to maintain their percentage share of the company? Just speculating, I still think this is an internal struggle between the Board and Adler, which has spilled out into public to exert pressure.
On a happier note, the tanker should be at Kolguyev island for loading now. Winds are forecast to be moderate this week. I see some on a d v f n have been suggesting that wind will frustrate loading, to add to our pain. Looks like they're wrong.
Every time I post, someone seems to sell. I think its 4kandles. Lets see if it happens this time. :-)