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Joe,
Block 8 if you read the RNS none of it is set in stone, it's got slippery Carverism's written all over it.
One example.
Nephew owns Block 8
Casp took out a Bank Loan for $5m to drill block 8 using CTS, Auditors flagged it and refused to sign it off and made them go back and point out they had tried to fudge it in the accounts and that this had been corrected to a loan and not a commercial transaction.
They have appointed three sets of Auditors ( why? these large firms are multi juristictional )
If the deal doesn't get done K.O will repay from his future Dividends... what if its an asset sale to the UAE owned companies and its not technically classed as a dividend ...
Why is he guaranteeing to repay a CASP loan.
Watch the terms get changed.
Joe,
25sqm, I thought that it meant 2500 sqM and was yet another Carver mistype and Nomad miss but then I read this,
Sinelnikovskoye covers 90 square kilometres in the country’s Aktyubinsk region and was discovered during 1980s. Bought for £606k and nearly 4 times the size, 7 wells drilled, 2 more required to keep the licence.
https://www.upstreamonline.com/exploration/kazakhstan-puts-two-blocks-back-on-offer-after-previous-winners-failed-to-pay/2-1-1609672
look at 25 Sqm and 2500 sqM and $15m it's still the same either $50k or $500k isn't worth $15m 8 months later with clean up work to be done.
Eight other blocks being auctioned are located in the Aktyubinsk, Mangistau, Atyrau and West Kazakhstan regions, and range in size between 1000 and 4500 square kilometres, according to the ministry.
One of the legacy assets is the Sinelnikovskoye oilfield, for which the ministry has set a starting bid of 345 million tenge ( £606,871.95 Pound sterling).
Sinelnikovskoye covers 90 square kilometres in the country’s Aktyubinsk region and was discovered during 1980s.
It is understood to have seven exploration and development wells in place, which were abandoned about 15 years ago.
The company that wins the Sinelnikovskoye asset will have to drill two more development wells and pay for ongoing efforts to clean up the oil spills from the field.
Abandoned wells have been leaking oil at Sinelnikovskoye for years, and one was covertly reopened by thieves looking to steal crude reaching the surface under reservoir pressure, according to earlier regional media reports.
Other blocks on offer include Kendala South and Kendala North in the Mangistau region that together cover more than 8800 square kilometres.
The winners of these two blocks will be obliged to collect some 2000 kilometres of 2D seismic data and drill at least four new wells.
Going to be interesting to read what they paid the Kazak Government for West Shalva, they have to show it and we know the names it went under to look it up...
Block 8 - that's worth a look at, owned by the same person.
I wonder what he paid for that and how long he has held it for?
Not me Bully, mine were 1's and 2's, not adding, prolly Smarmy.
3A- Best, licence expired, drills not completed so fines in place, this looks to be from ownership from Kuat's Fathers time onwards.
Best guess is the Government are taking it under force majeur to drill the deeps once stage 3 at Dunga ( 2500m) is completed.
https://kz.kursiv.media/en/2023-11-23/kazmunaygas-acquires-a-60-stake-in-the-dunga-oil-field/
Note production 7400 bopd not 15000 as per Clive's RNS.
Khaldar,
There's one easy to find link, I'll keep the others but they are there if you look for them...
https://www.upstreamonline.com/safety/fire-burns-in-oil-well-a-month-on-from-blowout-with-emergency-services-striving-to-reduce-pressure/2-1-1491400
The new operator of the Shalva oilfield that was sold at a recent governmental auction, has reported finding a dead camel lying next to a seeping old christmas tree as its representatives inspected the acquired asset, Kazakh energy industry social network channel, Energy Monitor, said.
Note NEW operator 2023...
Mango, all those brains and still as thick as mince, god bless ya.
Don't worry Mango,
As I know u like studying mind games, the great thing about AIM is you can stand in front of someone ( metaphorically ) and tell them the truth and they will be 100% convinced you are lying to them.
Bought a miniscule 25 sqkm block of land with zero production, just a dead camel next to an old drilled well that had started leaking ... complain to the Government after you'd bought it and then did a site visit - all online to be read.
Or if you want people to buy your stock tell them they've bought a piece of land where oil has been found rising to the surface ... and you are going to pay them in stock at 4p and final cash at $5m.
If the plot cost you say $50k and you redrill one well with a G40 rig for $2.5m ( CASP pays ) , sell those shares at 3p each? great business to get some easy cash.
Another question is, why didn't CASP buy this piece of land for $50k? it was in the Government auction and they had RNS's that they were looking for other projects you would assume they were aware the Government had announced another block sell ?
Why have they waited 8 months from auction sale and then bought it from this New Co owned by the nephew that have been registered in the UAE?
The Nephew that runs 3A - Best, is a shareholder in Casp, they are very careful to point out he has nothing to do with running the company so everything is arms length because he also now owns Block 8 and West Shalva, which while they never realised was for sale have now realised a great piece of business it would be to buy them for multiples over recent acquisition costs.
It stinks and I realise i'm trashing my own investment.
Quaytec,
I'm with you.
I would add footy commentary words like gutted, blindsided etc etc.
I'd figured Kuat had handsomnly repaid himself for the cheap boat price by ripping $60m out for block 8, another unproven field with an expired licence and no firm production figures.
The nephew bought West Shalva in 2023 with a dead camel next to a leaking abandoned well, hexwill have gotcit on the cheap as the Govt said no ones buying, last auction some blocks failed to sell so now invite buys from individuals who can band together and kazak nationals.
It's only a 25sqm block, they were selling 500 to 5000m blocks for $430k to $1.5m ( all info online - look it up)
How can they put this through at $15m 8 months later , with no work done and an assumed ecological clean up bill to be paid?
Straw that broke the camels back ...
Yeah, he's right you have to watch out for newly invested, either a bit clueless or pretending to be,rampy 7uckers like this poster...
"What ages are Carver and Kuat? Presumably they will be seeking a comfortable retirement at some point in the not too distant future. Look at it from their viewpoint and with the extra info they have at their disposal.
Do they and the Concert Party in general want an exit at a much higher valuation? Of course they do, and the time for that exit is probably drawing a lot closer. For holders who have been in this a decade or more, who feel this has gone on forever, it may not seem like it, but that has to be the reality. If people don't like or don't understand some of the strategy, then go along to the GM in a couple of weeks' time and get some explanations.
No way I'm parting with any shares until this multi-bags from here. Period."
That $15m is deffo a steal, get Yr missus to look up the register...
You might Jimmy.
I think it is fantastic news that we are buying another oil block with no production and a dead camel by the side of a leaking oil well, on top of the other overpriced oil field that may or may not have 100 bopd but is no longer producing anything ( info courtesy of Somm / Flawless Hicks via the Companies RNS ).
I wonder at what depth that well is blocked at ; )
Give it a go mate, just don't bet the farm I think that's what most of the longer term posters are saying.
We are still invested in here but if you ask around everyone's cut their position's, even Smarmy's admitting he sold a load although it looked like he was buying some back earlier.
The MJF and South Yelemes being sold news was good, as was the discussions for the two boat contracts ( now one ) as was the sale of 50% of the KC Caspian Explorer ( fixture cancelled due to rain ) ...
This is a generational play, they are milking the herd and passing it on, we are part of the herd ... attending General Meetings is pointless.
Follow the money.
Block 8 - cost $60m ( cost to buy $1m?? )
Casp loan to Block 8 $5m
West Shavla cost $15m ( cost to buy 50k?? only 25km2 )
Therefore: Sale price of MJF and / or South Yelemes will be greater than $80M.
$75m paid to UAE holding Co's for the assets.
$5m repaid to CASP ( if not repaid will be from K.O. family future dividends )
Therefore $80m U.S. dollars is the golf money and anything else goes into the drilling programme.
It's a smart piece of accounting by them.
OR: and Belles will like this one, his old favourite.
CASP owes $75m for the two new oil field purchases, the shallow oil field sales and boat sales do not go through, the $15m profit from the boat rental is swiped to leave a balance of $60m.
Casp cannot afford to pay $60m so the debtor kindly agrees to take the oil fields in payment of the debt, the troublesome London listing is cancelled.
That would be an interesting scenario.
One way or the other the money goes to the UAE, they paid dividends for 4 months and gave half away and then stopped!
Mango,
If you've researched this you will know that the current concert party ( met in the 1980's Kazak Banking institution or are related to K.O. ) had parents who were ' Generals ' under the old soviet system.
This led to influence within the country.
Once the USSR fell in 1990/91 the parents were able to use this influence into the new capitalist system.
As an example - Kuat Orazimans Father until his recent death owned 100% of the 3A Best oilfield, this passed to Kuat who then split it into three parts of Kuat, Kairat & Raushan ( Father a General ) she did a big telecomms deal back in the day.
Note Kairat lent his shares against a loan when SP was at 14p, S.P. got trashed ( you can assume how this may have correlated )
Kairat then sold his shares to three members of the Al Marri family and these have since moved on one step again - Kairat none family member was ex banker.
Now Kuat has put his shares into son and daughters names, he still has control over them and can recall them at any time, all held in the UAE for the purposes of Divis or sale.
It was several years ago, a few of us still invested were there.
It sparked the research into the background of what they are up to.
Bm,
Is this the general meeting where Clive Carver stood at the lectern and told investors they would stop releasing so much info in their RNS to put off investors complaining and moaning to him and some of the "London traders" from trading?
The info given in that rns appears highly misleading and should be clarified!
West Shavla is a small and cheap to purchase prospect.
The Neds and Nomad can look all of this info up online or they can ask the Directors to hand over proof of title and financial chain and then see if this is a "value transaction"
Ned questions.
Block 8 -
When purchased
How much paid?
West Shalva
When purchased?
How much paid?
How have the values multiplied for Block 8 on back of a casp $5m loan into a $60m purchase price?
West Shavla -
How have the values multibagged into a purchase price of $15m with no work being carried out?
Why did the RNS state oil seen seeping out of the earth, actually mean that the new purchaser of the Block complained to the Government that a dead camel was found at an abandoned well that had leaked water and oil, the assumption being that the camel had drunk the contaminated water and died!
The info
Hope you rang the Nomad and asked them how that small parcel of unproven land with an oil clear up requirement was passed ...
Https://www.upstreamonline.com/exploration/kazakhstan-going-back-for-a-third-oil-and-gas-bidding-round/2-1-1534617
Authorities hope the upcoming round will find new owners for four fields with confirmed oil reserves and 14 prospective acreages, varying in size from 500 to 5000 square kilometres, in onshore provinces with existing oil and gas activity including Mangistau, Atyrau and Aktobe.
The most valuable asset on offer — in the ministry’s view — is the Doschan field in the Kyzylorda region, which carries an initial starting bid of over 186 million tenge ($430,000)
West Shalva 25 km2 and $15m :) :) :)
"The West Shalva contract area is rectangular in shape and extends over approximately 25 km2"
Smarmy,
I've never disclosed numbers so you wouldn't have a clue, and that's just how I like it.