RE: worth reading again5 Feb 2019 18:01
"The Board also notes last week's publication by the Central Bank of the Russian Federation regarding the revocation of the banking license of joint-stock company Kamchatsky Commercial Agroprombank ("Kamchatka Bank") and the appointment of a provisional administration to Kamchatka Bank for the period until the appointment of a receiver. "
Kononov i smell an opportunity, wait a while and then offer the administrators peanuts to clear the UEN debt, say $500k to start with.
( Or do a Branson / Mike Ashley and buy the bank out of admin for peanuts, secured using its own funds or with a government grant. Then UEN can run everything : Oil, Gas, Heating fuels, Drilling rigs, Fracking fleets, Shipping Ports with ferries, Distilleries and the Banks! we can rule it all! mwahahaha... )
There is no working capital deficit if you carry on pumping oil as you are at the moment, just do that for 12 months with no expansion (no fracking fleet) or other unexpected purchases and the debt will clear itself, or get to work and sort out financing and actually fix the cash flow once and for all.
Its really not hard your at $62 brent / $53 WTI (minus ~20% export duty).
Your pumping over 2kbpd.
Your total outstanding debt is around 10% of this years turnover.
Go to any bank and ask for $10m with these figures
show them the >$60 (averaged) you have received for Arcticneft the past 2 shipments
show them the asset book.
show them how much money you have spent over the last 10 years on financing,
show them your repayment history
they will throw money at you knowing they will make a killing from UEN.
Its a $100m+ enterprise with $5m debt for god sake.
im still trying to earn money from other shares to eventually buy 1% here and still dont currently have any actual position here, i know that the time window is narrowing for me infact i thought i missed it up to today.
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and just for fun here are a few translated tweets i kept note of the last few weeks, not from Urals the company (refers to the area), i know different parts of Russia but gives an idea on oil price UEN are getting.
"The average price of Urals oil for the monitoring period from December 15, 2018 to January 14, 2019 was $ 55.94531 per barrel, or $ 408.4 per ton. The export duty on oil in the Russian Federation from February 1, 2019 will be $ 80.7 per ton." -- thats where i got the 20% DUTY from
"MINFIN OF RUSSIA - The average price for Urals oil in January 2019 was $ 59.85 per barrel, which is 0.9 times lower than in January 2018 ($ 68.46 per barrel)."