Member Info for lemmink

RNS today ... http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12249847.html --- JKX seems to have been on the attack legally over production tax issues and is seeking compensation from the Ukraine authorities under international law type stuff / proceedings. .... I think it would take years to get the cash, but a lessening of the severity of the production tax situation seems plausible in the near term, which could be good for cash flow.

Orders (Expiring 19 March) set to SELL 10k @ 33p & 34p and 5k @ 35p ... holding 175k

Orders (expiring 17 March) set to BUY 10k @ 28p and 26p each ... holding 200k

http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12245061.html **--- Hendersons sold over 1 million shares yesterday.

Sold 50k @ 30.32p each... holding 200k ... Order (Exp 13/03/15) set to sell 25k @32p each ... was feeling a little desperate to get the first batch sold.

The conversion price of the $40m convertible bonds issued on 19th feb 2013 was 76.29p and the deal seems to have been structured around a belief that 75p a share was a reasonably fair value .... * http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/11494327.html Extract--- Pursuant to the terms and conditions of the Bonds, the conversion price initially set at 87.425 pence per Ordinary Share, has been adjusted to 76.29 pence per Ordinary Share. * http://www.investegate.co.uk/jkx-oil---38--gas-plc--jkx-/rns/offering-of-convertible-bonds/201301251330264053W/ * Extract --- The Bonds will be issued in principal amounts of U.S.$200,000 and will be issued at an issue price of 100 per cent. The Bonds will have an annual coupon of 8.00 per cent. per annum and a conversion price set at an initial premium of 25 per cent. above the volume weighted average price of the Ordinary Shares of the Company between launch and pricing (subject to a minimum initial reference price of 97 per cent. of the share price at launch of 75 pence per Ordinary Share). *** CONCLUSION *** I think the shares are unlikely to be viewed as worth more than 75p after whats happened since february 2013 ... perhaps a bid price of 40p - 50p is worth playing for + the last production update still demonstrates long term potential under better conditions for Ukraine.

Hi Blue, Hopefully more than a tad too early! ... not tempted to come back then ;o) Glad you did ok & GL with your other stuff.

http://www.proximagroup.ru/en/

http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12240032.html .... Proxima Capital Group Inc are thinking about making a bid for JKX (price not given! Takeover panel reg deadline of 5th March) .... *** Comment *** I read this RNS nearly an hour ago and decided to go for a walk to think about it ... came back to see I missed the spike to 29p, (would have sold a few) ... Other RNS today shows Hendersons were selling yesterday, but still hold over 13% with the CFD.

BlueDealer, I hope you have done well; I've checked my dealing account and I need 19.4p to breakeven. JKX's situation seems a bit clearer to me now, but I don't really know how to price it ... 25p-50p feels vaguely doable currently. kiss kiss, L.

Sold 100k @ 3.125p each ... bye

http://www.iii.co.uk/stockmarketwire/71334/jkx-oil-gas-40m-bond-issue ... an extract of interest is --- "The company says its cash balances have been reduced as a result of its strategic move to diversify into new assets in Russia, which has taken longer and cost more to effect than originally anticipated, whilst continuing to invest in Ukraine." --- the article was dated Jan 2013

Stuff I noted down a little while ago while skim reading the half year accounts ending 30/06/12 --- Page 1 --- 3 charts showing EBITDA, CASH GEN FROM OP ACT, REVENUE from 2008 to 2012 Not explicit about periods ie is it 1st halfs vs 1st halfs (since this is HY12) . Point of interest is EBITDA and CASH FLOW both appear to average at circa $60 million. {Robert Peston (From memory) “EBITDA is roughly the same thing as cash flow”} * By looking at cash flow statement on page 21 it is clear that the page 1 charts were for half year comparisons. Conclusion / question Prior to 2013 JKX group was generating pre tax cash flows of circa $120 million per year (income tax appears to be 30% ish ?? … production tax must happen above the EBITDA level, ie somewhere in cost of sales??

Two extracts from the Half year accounts ending 30/06/13 ... *** "Russian production has now stabilised in excess of 7500 boepd" --- front page * *** "placing of $40 million of convertible 5-year bonds in the early part of the year. The bonds are now listed on the Luxembourg Stock Exchange and trading on its Euro MTF market." --- Page2

CASH = $28.3m

Some numbers taken from the cashflow statement and balance sheet for the Half year accounts ending 30/06/14 ... *** Net cash from operating activities = $25.4m * *** Balance sheet stuff *** CASH = $25.4m, DEBT = $4m + $29.4m, RECEIVABLES & PAYABLES = circa $20m each

Extract from the 2013 full year accounts, somewhere near page 56 ... Cash flows from investing activities section ... *** "At the end of the year, the carrying value of the Group’s oil and gas assets in Russia was $286.3m (2012: $299.6m). The value of this investment in comparison with the carrying value of the Group’s Ukrainian oil and gas assets ($169.1m) demonstrates the importance and size of this operation to the Group."

http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12222735.html ... Hendersons buy more (crossing 13% again ??) now holding 13.61% vs 13.05% reported previously.

Bought 25k @ 12.82p each ... holding 250k

What's in it?