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My sums are saying that there are going to be between 907 and 916 million shares here after everything is issued which is quite a lot and gives a m/cap at say 6p of about �54M which is rather hefty. Admittedly CORO will have about �15M cash and the PO assets have had recent success during suspension with a new drill but against that the SOUND Italian assets are a total waste of time and money, SRON's existing production has been slowed according to the last operational update and any Indonesian assets will take a long time to get sorted. There were 186M shares in issue before the merger with PO but that wouldn't in itself add any value as more shares were in issue and similarly the SOUND assets do not carry much value (who the hell wants to be stuck with Badile!!!). To me this is just about full value at the moment if not over-valued hence why I have now sold at a modest profit and will look to buy at a later date when things get underway. This may fallback to nearer the 4.38p placing price in the meantime.

Excerpt from Capstone's Q4 and Full Year trading statement issued yesterday: "Minto Mine: At the start of 2017, it was Capstone's intention to place the Minto Mine on care and maintenance at the end of 2017. As a result of rising copper prices and the downside protection provided by the renegotiation of the precious metals stream in 2017, Capstone made the decision to continue operations until at least mid-2021. Significant development and stripping costs were expensed in the second half of 2017 as part of the mine life extension that will benefit future periods. These additional costs, combined with lower than planned production for the fourth quarter, impacted C1 cash cost per pound of payable copper produced. Produced 3,003 tonnes of copper during Q4 2017 at a C1 cash cost of $4.29 per pound of payable copper produced and all-in cost of $4.80 per payable pound of copper. Produced 16,332 tonnes of copper during 2017 at a C1 cash cost of $2.60 per pound of payable copper produced and all-in cost of $2.75 per payable pound of copper produced. At Minto, underground production continued to lag planned rates, resulting in higher utilization of partially oxidized and low-grade sulphide ore stockpiles. The lower proportion of sulfide ore in the mill feed negatively impacted grade and recovery. As a result, 2017 C1 cash cost and all-in cost per pound of payable copper produced were higher than revised 2017 guidance." https://web.tmxmoney.com/article.php?newsid=7700539168306970&qm_symbol=CS Apart from the dilution PERE shareholders will have to hope that the price of copper stays high - above $7000/ton - as otherwise PERE will have bought a turkey that Capstone had just about given up on before the upswing of the price of copper.

"Financing In connection with the Proposed Acquisition, Pembridge will undertake a financing to raise approximately US$50,000,000 (the "Financing'') to fund the acquisition price together and working and resource development capital. Pembridge is actively engaged with a number of potential capital providers and is currently reviewing available financing options. It is currently anticipated that the Financing will be funded through an equity placement (the "Placing"). GMP Securities L.P. and Arden Partners plc have been engaged by the Company to act as brokers and bookrunners in connection with the Placing." I thought Mr Lindsey had always said that he would raise any acquisition funding by any means except the issue of more shares - in other words a placing. Looks like a big discount placing to me. Not holding here but just keeping an eye on events.

Is there a company on AIM with a worse record for keeping shareholders informed - probably not, and certainly not for a company that is in production profitably, paying a dividend, who haven't done a placing in 8 years and who have nothing much to hide. Anything will do - an operational update, a trading update, the very long overdue CPR - anything at all will prop this up. Just a shame as the re-rate was underway here but now it's lapsed for no reason at all except poor communication. ATB

It's time this re-rated like Regal Petroleum..............................................................

TRIN are probably a better comparison than CERP as that is continually overvalued and with 2770bopd they have a m/cap of �47M as of today.

Complete stalemate. It's going to have to break soon and the only way is up. Massive re-rate potential.

http://www.uralsenergy.com/archive/presentations/Urals_Inv_Presentation_20_11_2017.pdf?v=231117 See pages 8, 9 and 10 for more info.

As far as I can see Dubai spot prices seem to be $2/$3 lower than Brent.

That should read "36.5 - 37.5 API". The � should not be there. It's all on Page 8 anyway. Cheers.

According to the November 2017 presentation on Page 8 "All produced oil is processed and refined products are sold on the domestic market (Sakhalin Island)". Looks like they have a refinery and process it themselves and sell it all locally. "Premium quality, light oil (36.5 � 37.5�API) with low paraffin (1.08%) and sulphur (0.24%). Crude sold with US$2-3/bbl premium to Dubai benchmark". I'm not sure how the Dubai benchmark compares with Brent.

If I was a ramper I would post non-stop on here until the shareprice did bl**dy well re-rate to a much higher level, especially after what has happened at Regal Petroleum over the last couple of weeks.

This re-rate is just waiting to happen. It's not a case of whether this will re-rate but when and the truth is that it is imminent. And like Regal Petroleum, who I repeat operate in a much more trouble environment than Urals Energy, it's going to be a 3/4/5 times rise in the shareprice and m/cap. This in inevitable.

As I posted the other day RPT didn't go up in a straight line. The shareprice rose initially in early January and then consolidated for a couple of weeks before the real rise set in. This could and should happen here as well. A rise to �2/�3 is very possible and even that would leave this far behind the recent RPT re-rate. A pro-rata equivalent m/cap to the RPT peak would give a m/cap of around �75 M and a shareprice of nearly �6. I'm not expecting that though I don't think anyone at Regal was expecting such a big rise and re-rate either. It just happened there, with no news or RNS's released, so there's no reason a similar style rise cannot happen here.

whistler51 needs to be aware that there was a 20 for 1 consolidation about a year ago. 5.38p a year ago would be �1.076 today. Having said that this is stupidly under-value at a current m/cap under �12M @94p. Regal Petroleum, which operate in a much more risky environment than Urals and even not so long ago had their offices searched by the Ukrainian authorities over a tax dispute, and who produce 2800 boepd of gas and condensate have recently re-rate to peak at a m/cap of �100 Million with a shareprice that rose from 6p to 31.5p. UEN produce 2145 bopd of quality oil and operate within an environment that along with OPEC and the USA is now one of the 3 big oil producers. Russia is a very safe environment for oil production and is recognised as such by OPEC particularly since Russia has joined in voluntarily with the production cuts that have seen the price of oil climb back up to $70 a barrel. The UEN shareprice now needs to re-rate in the same way that RPT has done. �3/�4/�5 - anything is possible. Let's hope the twitter crew get hold of this soon as it is a perfect opportunity for a big ramp. Me, I've just bought some more at 94p. ATB

Funnily enough I have not been even thinking about UEN even possibly rising to �5/�6 (which as I just posted is the equivalent pro rata with the Regal Petroleum rise). I was always expecting around �2.50 with the CPR as the main catalyst. RPT has effectively changed my expectation here completely and I may have to up my stake here considerably.

Well even the previously equally undervalued Regal Petroleum is now making this valuation look pretty daft. RPT has 5 bagged this year from a low of about 6p and today hit just over 31p to give a m/cap of �100M. RPT are on 2800 boepd so at the same valuation UEN would have a m/cap of just over �75M and a sharprice of �6.00. Interestingly RPS doubled early in the rise and then stalled for 10 days before going up much further. UEN as good as doubled but has only stalled for about 5 days so far so it looks like the main part of the rise could be still to come. I shall definitely hold and may add more. CPR still to come here which should produce some very good figures.

With takeovers like this the SP usually moves up to around the takeover shareprice value. It'll jig around for a while as some holders will disappear with a nearly 3 times profit and then should go on up to 12p ish. 6.5p to sell now so all trades going through are buys.

I managed to grab some at 5p. Offer values STEL at 12.7p per share so this might get somewhere near that pretty soon. ATB

Once again it's the total lack of communication which is causing the shareprice to drop back slightly. The CPR is due and overdue now and needs to be released while a year-end trading up would have been very nice and would certainly not have done the shareprice any harm but as usual all we get is silence.