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There appears to be a spring in Kuat's steps recently ... he's either spotted an opp or has gone mad.
KazMunayGas built CE with the Koreans, so if they are venturing back out again in 2021 with BP then CE will sail once more.
http://casp-geo.ru/burovoe-sudno-caspian-explorer-provodit-raboty-na-dne-kaspijskogo-morya/
https://rogtecmagazine.com/bp-set-to-return-to-kazakhstan-after-11-years/
https://inbusiness.kz/ru/last/kazmunajgaz-i-bp-mogut-podat-zayavku-na-geologorazvedku-v-kazahstane-v-i-polugodii-2021-goda-kmg
Time for Kuat to redeem himself and stick his boat in to these projects.
STK Geo Limited Liability Partnership*
*Following a rehabilitation procedure in relation to STK Geo LLP, the company was liquidated
Despite all the business from Roxi/Casp he still managed to run STK Geo into the ground.
During 2017 the Group had purchased drilling services from the related party STK Geo LLP, the company registered in Kazakhstan, which is owned by a member of Kuat Oraziman's family (2016: US$4.4 million). As at year end the Group has prepayments made in the amount of US$2.6 million (2016: US$2.4 million) and trade receivables in the amount of US$92,200 (2016: US$69,300) in relation to STL Geo LLP.
During 2016 the Group purchased drilling services from the related party STK Geo LLP, the company registered in Kazakhstan, which is owned by the member of Kuat Oraziman's family, in the amount of US$4.4 million (2015: US$4.8 million). These expenses were capitalized to unproven oil and gas assets. As at year end the Group has prepayments made in the amount of US$2.4 million (2015: US$4.9 million) and trade receivables in the amount of US$69,300 (2015: US$67,900) in relation to these drilling services.
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During 2012 the Group purchased drilling services from the related party STK Geo LLP, the company registered in Kazakhstan, which is owned by the member of Kuat Oraziman's family, in the amount of US$2 million (2011: US$ nil). These expenses were capitalized to unproven oil and gas assets. As at year end the Group has advances paid in the amount of US$237,000 (2011: US$826,000) and trade payables in the amount of US$220,000 (2011: US$ nil) in relation to these drilling services.
Their deep well,
"ASH-2 well, which was announced in January, and which is still producing at over 3,000 bopd"
El Salmiyah-5 early flows at 4,100 bopd.
No broken pipes, coil tubings or RPT in sight.
CASP (50M) is starting to look very expensive against it's peers ...... or UOG (20M) is super cheap.
smasher so telling lies like "acid is on site" and "they are holding back on the deeps" is ok.
I'm not going to do this company's dirty work by ramping it so they can sell into it.
What I have posted is genuine research. Their own broker thinks it's worth 2.75p. Why don't you pick up the phone and have a go at them for such a low ball offer.
It's a public company and I have a right as a shareholder to criticise their actions and let them know no more related party transactions, no more BS.
I want the price to rise but only because of geninue operational progress confirmed by an independent CPR.
jmr hope you are not bricking it already.
IMO, BoD will want to exit their 3.2p shares first and then the placees at 2.75p. Nearly 50mil shares to be dumped ... same as the rig seller who caused a 100% drop. The boat guy might want to join in too. What will that do to the sp from this level.
It's not held the support at 2.90p .... so where's the bottom now??
interesting. didn't notice that before.
So let me get this straight ... KCE (o/b KO) lends money to Casp (o/b KO) which is used to pay KSEK (o/b KO) and then Casp (o/b KO) pays them both in shares to buy out their assets (o/b KO) ??
Awax, it's worth a try but not at the current price. We've doubled the number of shares since the first A5 spike.
The 6p floor back then is now 3p. However, we have now spent all the Galaz money & Kairat's $40mil. Buried in taxes and oil debt. It's too expensive for the risk.
Would have been a different story if they had dveloped MJF in 2017/18 like they promised in 3 buses presentation.
Their refusal to release the MJF CPR, declining production and delays on the long overdue workovers has cast significant doubts on future of MJF.
If their nomad gets 2.75p then why should I pay 2.95p
dhb ... balances aren't cummulative but credit/debits are. You've used word "balance" where as Clive hasn't.
We can both agree that real money in millions has left CASP and into KSEK.
No shallows drilled in 2019 and no workovers. A8 drilled by Sinopec. Where did that money go?
I'd like a breakdown of exactly what KSEK did for CASP.
I know Clive's response will be since you are speculating about what happened, we'll just stop telling you about any RPT in the future.
Switching to production license triggered historical costs tax.
http://www.buhgalter.kz/nalog/module_1_3_19_3_4.htm?st=MA%3D%3D&sct=MA%3D%3D&mw=NTk5&ms=CQAEAAAAAAAAAAAAAAAAAAAAABJABA%3D%3D
Next payment due is end of August around $750k. There are a ton of other taxes payable regardless of whether they sell oil or not (social tax, property tax, income tax etc ... paid monthly).
KO didn't manage the transition but I blame his advisor Clive who should have warned him not to feed his private businesses and interests a the expense of CASP. He should have stopped all related party transactions.
"During 2018-2019 the Group had purchased drilling and workover services from the related party KazSmartEnerKon LLP, a company registered in Kazakhstan, which is owned by Kuat Oraziman, amounted US$ 3 million (2018: US$4.2 million). These expenses were capitalized to unproven oil and gas assets. As at year end the Group has prepayments made in the amount of US$ 0.5 million (2018: US$2.9 million) in relation to these drilling services."
Where has this $3.4 mil gone ??? Do we still owe the remaining balance of $3.8mil.
Was the oil sale at $10 a related party transation too? You just can't tell.
They could have raised at 12p had they looked after their long sufferring holders.
Instead they threw disparaging comments at them at every oppourtunity.
List of taxpayers declared bankrupt. State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan
Decision of the SMEC of Almaty city No. 7527-19-00-2 / 17614 dated 06.12.2019
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Below are debt proceedings. Small amounts but it's very long list and I haven't posted everyting.
Total debt (tenge): 560 129.25 tenge
Total debt to the budget: 0.00 tenge
Debt on compulsory pension contributions, compulsory professional pension contributions: 207 182.59 tenge
Debt on deductions and (or) contributions for compulsory social health insurance: 18 810.37 tenge
Debt on social contributions: 39 250.78 tenge
State Revenue Authority: Republican State Institution "State Revenue Administration for Almalinsky District of the State Revenue Department for Almaty City of the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan" ( 600701 )
KBK: ( 104401 ) Tax on vehicles from legal entities
Total debt: 7 986.38 tenge
State Revenue Authority: Republican State Institution "State Revenue Administration for Almalinsky District of the State Revenue Department for Almaty City of the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan" ( 600701 )
KBK: ( 904101 ) Receipts of deductions and contributions for compulsory social health insurance
Total debt: 18 810.37 tenge
State Revenue Authority: Republican State Institution "State Revenue Administration for Almalinsky District of the State Revenue Department for Almaty City of the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan" ( 600701 )
KBK: ( 105316 ) Fee for emissions into the environment
Total debt: 3 692.65 tenge
State Revenue Authority: Republican State Institution "State Revenue Administration for Almalinsky District of the State Revenue Department for Almaty City of the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan" ( 600701 )
KBK: ( 101201 ) Individual income tax on income taxed at the source of payment.
Total debt: 147 240.76 tenge
State Revenue Authority: Republican State Institution "State Revenue Administration for Almalinsky District of the State Revenue Department for Almaty City of the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan" ( 600701 )
KBK: ( 902101 ) Social security contributions
Total debt: 39 250.78 tenge
State Revenue Authority: Republican State Institution "State Revenue Administration for Almalinsky District of the State Revenue Department for Almaty City of the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan" ( 600701 )
KBK: ( 103101 ) Social tax
Total debt: 135 965.72 tenge
State Revenue Authority: Republican State Institution "State Revenue Administration for Almalinsky District of the State Revenue Department for Almaty City of the State Revenue Committee of the Ministry of Finance of th
uncertian .... my post was highlighting the problems to come ... they came sooner and deeper than even what I antcipated.
KO's KazSmartEnerKon and STK geo have both gone bust. The troubles started two years ago for KazSmart and we provided them work (nearly $4mil each year - read the accounts) . KazSmart lost a case recently against Frac Jet LLP (creditor) which appears to have been the final nail.
KazSmart cancelled the MJF workover in Oct 2019 due to financial issues (check e-license). We bought the rigs and that's why in the accounts they mentioned we were starting up the workover program again.
The oil traders know KO is in trouble (businesses can credit check each other) so they want their money back. Casp is being buried in taxes and oil debt and production from MJF isn't covering it.
Kazak investors have known this from day one, hence they dumped stock from Sept 2019 onwards.
KC Caspian Explorer LLP is in similar trouble where workers have brought a case against the company for non payment of wages. Hard to translate russian but that's my understanding of the proceedings.
Here are the cases for 2020.
# 1
Act number: 2340-19-00-2 / 322
Judicial body: Indersky District Court of Atyrau Region (General Jurisdiction)
Participants in the process: Limited Liability Partnership "KC Caspian Explorer", KUTHUJINA MAYRA SABITOVNA
Category: DAMAGES DISPUTES
Status: denied the claim (statements, complaints)
# 2
Act number: 2399-20-00-2a / 329
Judicial body: Atyrau Regional Court (Appellate Instance)
Participants in the process: Limited Liability Partnership "KC Caspian Explorer", KUTHUJINA MAYRA SABITOVNA
Category: DAMAGES DISPUTES
Status: the complaint was dismissed
# 3
Act number: 7527-19-00-2 / 18146
Judicial body: Specialized Interdistrict Economic Court of the city of Almaty (Civil cases (part 1 of article 27 of the Code of Civil Procedure))
Participants in the process: Debt Bureau LLP, KC Caspian Explorer LLP
Category: DAMAGES DISPUTES
Status: denied the claim (statements, complaints)
# 4
Act number: 7599-20-00-2a / 3346
Judicial body: Almaty City Court (Appellate Instance)
Participants in the process: KC Caspian Explorer LLP, Debt Bureau LLP
Category: DAMAGES DISPUTES
Status: complaint satisfied
Uncertain
You seem like a wise person and my friend needs some advice .... what would you do in this situ?
You fancy yourself as a bit of dragon and invest in a local mechanic 'Numpty Ltd' who wants some cash to buy tools and equipment in exchange for a 25% stake in his company.
The mechanic doesn't do a good job of growing the business and you invest more until you end up a majority shareholder. As his customers dry up you start sending cars from Uncar Rentals Plc, where you are the CEO, that need repairs his way.
This "related party transaction" lasts a few years and you realise the mechanic couldn't fix a tricycle. Your cars come back worse than when they were sent to the mechanic and now your customers & shareholders are angry about the quality of cars you rent out.
Numpty Ltd is now in debt and you know the bailiffs will come knocking. The only thing of value left are the tools and equipment that he bought with the cash you injected in his business. You quickly transfer the equipment to a friend's name 'Mr Dodgy' who is a ghost so you know nothing can be traced back to anyone.
You then get Uncars Plc to buy the equipment from Mr Dodgy in exchange for Uncars Rentals Plc shares and tell your shareholders that you were thinking about opening up a services division anyway. You push the deal through just before Numpty is declared bankrupt and all assets seized .... but the tools & equipment are long gone …
The bailiffs get nothing but Numpty's creditors aren't happy. You never intended to make enemies ... but oh what to do...
Should he come clean to the shareholders. Asking for a friend
desert1 .. Microsoft didn't see an opportunity in a web browser, search engine, social media, video streaming, online shopping ... it's a long list.
Usually the big companies let the little ones fight it out and then just buy them (if they spot them early enough).
Nobody saw the potential in Netflix or Amazon in the early days.
The Netflix story is nothing short of amazing. $990 at IPO is now worth $340,956.
https://www.investopedia.com/articles/active-trading/081315/if-you-invested-right-after-netflixs-ipo.asp
This isn't about pushing a product. Ultimatey this is all about Tom. Does he have a vision of the future and can he get the world to get on-board with that vision.
I can't say anything about the short term sp movements. It's fun to trade ..... for a while. I like a challege and I want to know if I can spot the next Netflix or Amazon as early as possible.
There is a digital transformation coming in healthcare. It will have 3 things in one package.
Telemedicine (Bleepa)
AI (Texrad)
Blockchain health records (missing).
My only concern with FDBK is that they still think of themselves as imaging only comany. They need to think bigger.
The person who has that big vision is the real threat. Not Micrsoft or Google.