Member Info for mbingo

Brent continues its path towards us$80/barrel. Urals sell their oil from Articneft /Artic Oil managed resources (circa 950 BOPD currently) at a premium of US$1-1.8 to Brent. Tax duties to be paid of course but $$$ likely come July. $8-9m at this range net to urals, all things being equal. How about the drill you say, or partnerships ..... or massive reserves ... or tight free float....

It doesn't get the twitter crew ramping it and the company don't exactly talk themselves up unlike some. It will come good. Plenty of aim oilers not producing with market caps in and around this mark. Crazy valuation really.

How does L2 look?

Picked up 8000 of these today - looking great! Drop well over done. On a run now towards 180

You could easily argue that £30-40m market cap would still be cheap or 300-350.

Makes it a very limited free float, so when it goes up, it flies. Same the other way. . Adlex increased their stake to circa 45% in 2014 from about 24%. Would be good for other ii s to take an interest.

Disparity between assets/debt and market cap: Total Assets: US$92.5m (per 1st half financials 2017) Debt: US$3.8m or less (further to 2nd shipment Articneft October 2017) Market Cap: £11.9m

Thanks Dart!

40.8m of proved 1P reserves at Arctineft and Artic Oil, 59m of proved and probable. WOW!

Interesting to see what will come from the Brandon Hill appointment: "The Board is pleased to announce that Brandon Hill Capital Limited has been appointed as the Group's Financial Adviser to introduce strategic partners such as oilfield services companies and investors, with the aim of forming joint venture partnerships or other suitable structures, and/or raising capital for our development projects for Articneft and in Komi. The intention is to start with the Articneft development, where our plans include fracking and additional wells, taking advantage of the substantial reserves confirmed by Blackwatch". Lots to look forward to. Apologies for my excitement!

Oil price of circa 45$ and taxation on their first tanker at more like 55$\barrel in June 2017 really stung them. I can't see oil price dropping to this level in July this year. 11-12m valuation ludicrous in my view. What's that - 1 or 1.5 X Future 2018 earnings ?? !!

Netback on October 2017 tanker was $45.08 with an oil price of US$62. That netted UEN US$8.5m for the shipment. Brent at US$77/barrel (today's price) could have a really positive impact on their export tankers - and domestic sales! I think that UEN are being conservative on two export tankers of 158,000 barrels each in 2018.

Potential JV partners etc Dart, what's your view on the net back to UEN for Petrossakh operations (currently about 950 BOPD)

Strange isn't it. Not many small caps with a drill by end of next month. Be interesting to see cash balance and debt in 2017 financials (was at 3.8m after last October tanker) set to be released in June. 158,000 barrels at approx $50 net back conservatively to UEN in July. That's about US$8m to UEN.

How can market only be at 12m!

Think this goes on a run now. Plenty of news flow over the next few months and fundamentally undervalued. Not many aim companies with these reserves! And producing ... Dividend at 10% EBITDA provides confidence.

The potential here is clear!

This is incredibly undervalued. A bit of volume and it will fly given the tight free float. Significant reserves, 2000 BOPD in this price environment, very little debt - circa 3m, and a drill Q2. Crazy market cap. Should be double for starters.

This can turn very quickly. On any scale, this is cheap. Producing 2000 BOPD, 2P reserves well above 100m excluding Komi/RK Oil. South Dagi drill this quarter. Debt circa $3.5m. Dividend paying - 10% EBITA. Looking for partners to develop Komi/RK Oil assets (additional 178m reserves "realistically" ). Brent recovery.

Komi comment by chairman looks very interesting. Looks like a p90 (90% chance of recoverable reserves on conservative estimate) at 124.7m, p50 (50%) at 178m, p10 at 256m confirmed in the CPR by blackwatch. Am I reading this correcting?