Member Info for Chavitravi

Reading between the lines it's clear to me they strongly suspect fraud and intend to find out where and who. It's also clear to me they failed in their governance for this to happen. The thing is it's going to take a long time to get back trust and for this share to come back. It's going to take alot of good news by way of high production and profits to do it. And in mv the only way to achieve this is to get a good sized loan to let them get a lot done very quickly and have the oil and money pouring in.

A lot of taxes are paid up front hence the loans from Petraco before the tanker comes but some must be paid periodically after it would seem.

It would seem to me we are ok for now. The important bit for me apart from their saying they are looking for other money and do their best to look after shareholder interests is that last bit. They still have the support of the Bank.
If they are confident of that support we live to fight another day.

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.

The tanker is on station but by all accounts cant load cos the wind is too high, blowing at 50mph.

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.

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 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.

It reads that "part OR all" of the group may go I to insolvency. That could mean the port and or JSC LDC. Which the money was used for.

The share seems up on nowt which may suggest they have orders in and not enough in hand to fill them.
Or possibly news has leaked it's all sorted and divi is reinstated.

I'm of the opinion a placing would have been do years ago if there was to be one.
Done at a time when it was deemed necessary to buy licenses and carry out the drill programs. It just isn't necessary now Imo.

Not a bad day. Just needs a few good buys tomorrow and good new early next week to push it back up. Lets hope if it is good news it isn't their usual short and vague stuff. A clear and concise in depth statement needs to be made together with any updates would help.

4kandles, the recent news could end up a very shrewd move.
We await a clearer more concise rns on the matter.

Mm don't seem to mind taking large sells. Why?

Itsagame, I feel the same. A bit of Russian sculduggery going on, Russian greed.
We don't know how far advanced JV is and we have wells coming in not to mention the port and other things.
Is this a ploy to take the lot on the cheap I ask myself.
On the other hand I don't suppose we are doing ourselves any favours effectively talking this down.

Takeover rules do not apply here no matter what holding someone has. I here some people are getting calls to sell for crap money. Anyone here had offers?

It's down to incompetent writing of rns mate. We are half the price of consolidation now which was brought down on a rns to say there was no reason for the price rise when there was every reason and they didn't say so. The price dived.
Every time their rns are short and vague with little explanations of things and no updates on other things on going.
It's shameful.

Yes I believe it was over sold. I reckon it was the T traders getting out quick that whacked it down.
The good thing is they were mopped up pretty quick. This is still very cheap and there was a lot of good stuff in the rns although as usual very poorly written and put over. When it comes to vagueness in a report these guys take the biscuit.

Yes I believe it was over sold. I reckon it was the T traders getting out quick that whacked it down.
The good thing is they were mopped up pretty quick. This is still very cheap and there was a lot of good stuff in the rns although as usual very poorly written and put over. When it comes to vagueness in a report these guys take the biscuit.

One guy called Steve posted this explanation on another board, hope it some help to some of you. It was to me.

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If they've been coring all the way down (or at least the bottom 1000m or so, then this would partly explain the long time to drill.
Coring (where they need to pull the entire drill-string out of the hole in 20-30m sections to recover each cored segment of 20m or so in length) takes MUCH MUCH longer than simply circulating out the cuttings, and adding more drill pipe at the surface to keep going deeper.

Coring at 1000m will entail removing 30-50 sections to get the last cored piece, then dropping it back down again... perhaps need to do this 50 times to get to 2000m, by which time they'd be recovering 60-1000 sections of upper drill-pipe...throw in a few stuck-pipes and no wonder it took so long.

Big question is: Did they really need to fully core it?