Member Info for itisagame

I understand your point krull, ive been in companies that have been screwed or corrupted by all sorts of people it always comes down to greed or power. So It might sound naive but i prefer to take a positive view and I dont hold it against them that they are Russian infact i think thats a bonus here, if they were not Russian then UEN would never have had any of the assets and they are all good assets - the company just has to clean up and have better control over its finances.

If they wanted to just rob the money they would have done it as bonuses / wages / stock disappearing and covered it up till after the dividend like everyone else, lets see what the "accountants review" show.

And why can’t they take the proceeds left from the tanker payment (after tax and repayment of the $5m loan) and before paying bills use that as security against a larger loan, eg $2/3m held in escrow by the bank as security against a $10m loan to cover all working capital requirements and put this all behind us.

In September they said they anticipate it will be completed in the next two months, were going to have to wait im afraid. Yes The idea of them going bust due to extremely poor cash management when they produce ~400k barrels of oil a year at the highest price oil has been for almost a decade is a **** take. I would also like to know how much cash the port has, if UEN floated it $1.5m with its 23.1% did the other parties put in a combined ~$5m for their combined stakes? And If it was only UEN then why?

Two weeks and $11/$12m on its way and the majority of the main bills get paid. That is Unless the oil price tanks to $30 over the next few weeks (and no doubt from something that will be Russia’s fault) or the sky falls in. On the upside oil still at $76/$77 and the pound is on its ass again at $1.28 so counters part of the drop from $80. Also getting 10% more roubles to your dollar over this time last year so might help a tad with some local costs. If they can get through this we have in January the $5m petrosakh revolving credit line with the bank up for renewal. Then the next pre export loan around May, followed by the tanker in June / July And don’t forget an update on the dagi drill at any time but probably in the new year now. With oil at this price All they need is a year with no unexpected expansions or excessive spending, just keep putting some money in to new and maintenance drilling, a bit of good management and a bit of luck and the debt would soon disappear. Mind you as I type that I just remembered they said they wanted a fracking fleet for Arcticneft, Oh well Good Luck it’s nearly the weekend.

because " it is secured by way of a pledge by Urals Energy over the shares that Urals Energy holds in JSC Articneft.".

and they probably only set the loans up as and when UEN has >$5m of oil in the storage tanks, and were expecting the next one to be set up in May 2019.

Tanks will be empty for a few months but thats not to say they cant loan new cash monthly as they fill up the storage tanks. But there are other options for financing,

Kind of glad I was offline today, what a disappointing share price to come home to. UEN have always been tight on cash, that’s one reason why they use the $5m loan between shipments. Look at the half year results “ Negative net working capital position on 30 June 2018 of US$3.5 million (2017: negative US$1.8 million)” So it might even currently be lower then reported back then. The 56% of UEN that Adler don’t own is currently valued at ~£2.1m. UEN have $1.5m in the port as working capital. UEN have the loans Kononv made of $1.5m and $300k. $3.3m / £2.5m of UENs cash is basically in Adlers hands which could fund its own takeover. They are auditing all the accounts to prove their current cash and asset position which will be required to get a loan from anywhere and rightly so. The dividend last year was only to please Adler and it was questionable paying it back then paying down debt would always have been the better option, it’s the same for this year. Who knows this could be Adler trying to force a dividend payment out the company when in reality it shouldn’t pay one. A $3m deficit when UEN have had a year of high expenditure including paying $1.9m for the port, Paying $1.5m in a cash advance to the port (that’s money is still there) plus the $1.5m and $300k loans plus all the extra expenditures in the same year, drilling producing etc etc. Is not that surprising, It’s not the end of the world just needs financing. The RNS are always worded strongly and It was the last sentence that is the problem, playing hard ball and deliberately killing the share price to kick Adler in to touch or Adler pushing the buttons who knows. From £1.20 to 30p - so Adler are down £5m in 6 months, no one is winning at the moment. On the bright side ~$12.5m worth of oil is being collected next week and that does make a profit, so that proves the assets on the west side of Russia are worth a few quid. It’s Just cash flow and there will be somewhere that will give out $3-5m at 10% for a short term loan, just hope they don’t have bergen or YAs telephone number.

Morning other board. the need to prepay taxes on exports does explain why they are tight with cash at the moment, soon adds up when you think they have made the $1.5m loan / $1.5m advance to the port / $300k loan in the last quarter, maybe prepaying the tax was what was overlooked by Kononv “darren81: i wouldn't call them "payday loans" gaffer, due to tax system in Russia they have to pay tax on the oil extracted before they get paid for the exports so not exactly surprising they need a loan to pay for this - otherwise they'd need to have almost as much money sitting in the bank ahead of shipments than the current MCap!!! Hopefully we see some positive news this week”

just pinged up on my phone.
custo up to 25.05%

I made a point on the Angus board the other day that I have overlooked for a while - the price of oil when you price it in GBP is close to it’s all time high, it was only about 8% shy at $86 / $1.3=£1 a few weeks ago from its historic highs (compared to $140 / $2=£1 in 2008 pre crash) I know here it’s usd and roubles but still its been a period of almost historic top of the market prices for the products and it’s not priced in to many GBP listed stocks. It’s only got to get to ~$95 at ~$1.3/£ and the real price everyones paying in GBP will be higher than ever. Pros and cons to that but it should be a great time to be a producer.

Steps to protect creditors would be cancel div. Placing idea Is just noise, on the back of negative sentiment to fill orders, If they needed to do a placing they would have outright cancelled the $780k dividend (plus disbursement costs). The outstanding loan is only $1.5 and the $700k difference if the div was cancelled wouldn’t justify a placing, as it’s covered with the uptick in oil price since the last tanker. That said I’m not completely against the idea of a placing (at around £1.5-£2) to clear some debt, and aslong as the offer was done in a way that excludes mr 44% so it dilutes his ownership and control.

That was an interesting day here to watch even from the sidelines, You were Bang on with the 2.3p predictions.

I got my top up, ignore the 300 trade at 46.5p that was me was testing the water earlier, tried playing them at their own game but I couldn’t tempt the mm to fill my order at 50p and didn’t want to wait any longer. looks like they are running on fresh air.

1.7 - 2.00 - 1.8798 buy quoted. I’m on sidelines missing out but this price action is interesting to watch.

lowest buy price I had quoted was 1.599p. The drop on bid/ ask to 1.27 /1.3 was fake I had buy orders in at 1.35p and they never got executed. Was trying for live quote the whole time of the drop £500 -£3k and quoted nothing the whole time. Now 1.69 to buy. *now nt

Bid / ask all over the place, was down to 1.27-1.3 1.3- 1.3 1.3-1.7 1.6-1.85 No quotes below 1.5.

I want to top up but they can bugger off with that spread 46.5p - 52.5p. That’s more then the dividend will be the greedy toerags.

Just looking at charts and It might not be in USD but the cost of brent oil in GBP isnt to far off from its historical highs.
June 2008 pre crash price Brent hit $140 / USD/GBP 2.0 = £70 / barrel,
current price - Brent $80 / UDS/GBP 1.31 = £61 / barrel.
At $86 two weeks ago it was only about 8% shy from its GBP high.
What a great time to be producing.

Thanks google.

44 tonne tanker - Capacity: 38,000 litres - Weight: 44 tonnes - max 239 barrels
26 tonne tanker - Capacity: 18,000 litres - Weight: 26 tonnes - max 113 barrels
16 tonne tanker - Capacity: 10,500 litres - Weight: 16 tonnes - max 66 barrels
1 Barrel = 42 Gallons
1 Barrel ≈ 158,98 Liters

"In addition, the Group has made working capital advances to the Kholmsk Port totaling approximately 100 million Russian Roubles (approximately US$ 1.5 million at current exchange rates)."

is that another reason they secured 5 / 7 seats?

If a few different Russian companies or private investors were to purchase ~685k shares in UEN (currently valued at ~£340k) would The UEN group be able to buy the whole port? as UEN would technically no longer be a majority owned foreign company.

"Under Russian Federal law, the Group, as a majority owned foreign company, would require preliminary approval of the Anti-Monopoly Commission before obtaining control of a Russian port"