Member Info for MountTeide

Could you or the company direct the market to where the Singaporean banks that served writs on Aeturnum in late October 2020 for carrying out an alleged $89m fraud against them, have since rescinded them.

FWIW.....I have no intention of buying back any of the 4.7 million I've sold - the cash has already been reinvested by adding to seven figure holdings in JSE, SAVE, TXP and PTAL .
While Tony may like the Auturnum management the Bank that served writs on them for fraud certainly does not, nor do the Indonesian Stock Exchange who suspended Suhir Energy for failure to submit annual accounts.

To successfully launch an IPO the executive board of PT WIN will need to be people of high character and probity - it will be interesting to see who is running this company - especially if its Aeturnum's intention, considering their background, for their Board to hold the executive positions in PT WIN ! That is likely to go down like a lead ballon with much of the market - and perhaps shows how desperate Manini is ...... if this is the best option he has been able to come up with after 12 months of trying to find a partner to develop the BKM asset.

Suggesting this is garbage is misleading ! Do some research and you may actually find what I diid .....that is is entirely accurate !

'PT WIN appears to be nothing more than a murky Indonesian Shell company with no assets, that few if any has heard of, being used as a vehicle (by whom?) to buy the trading arm of Aeturnum Energy ( a company currently the subject of writs alleging 4 counts of fraud totalling $89m - run by directors who's previous company was suspended from the Indonesian stock market in H2/2019 after repeatedly failing to submit accounts or paying fines levied by the regulator - the company appears to have since stopped trading after reducing its operational staff from 49 to 2) and Asia Met's KSK asset; by way of a $500m IPO on Indonesia's little IDX Stock Market. '

I hope you're licensed to give Financial advice - if not suggest you remove your post !

If you're investing on the basis of the 'research' in your posts you perhaps might find that National Lottery scratch cards may be more suited to your investment risk and offer better returns !

I have apparently been banned from Horneblower's Advfn thread for being 'boring and pompous' not because of my views or recent research!

The filter button is the best way to deal with posts or posters you do not wish to read not banning people - that's the type of behaviour you would expect from the Guardian moderators towards posters who fail to sufficiently cheerlead their highly condescending, illiberal left echo chamber views!

My views and factual comments on ARS over the last year and especially recently on the murky PT WIN, Auternum and its management, touched the raw nerves of the blinkered cheerleaders of a company who's management performance over the last three years has been nothing short of abysmal - failing to meet a single, self set business development timeline target given to the market is totally unacceptable.

I kept 25% of my investment in ARS - the paper profit - simply because of the quality of the assets not the performance of the management - in the expectation that in the present strong copper price environment, a well heeled, professional mining company will come in with an offer for the whole company to put long suffering shareholders out of our misery !

AIMHO/DYOR

Marine Fuel Oil continues to strengthen against Global Benchmark Crude Oil pricing:
change compared to pricing on 9th December in brackets.

$81 / (+6) - MGO - APAC Average
$68 / (+6) - VLSFO - APAC Average
$61 / (+4) - Jadestone / STAG - ($9.2 / 18% Premium to Brent)
$56 / (+4) - Jadestone / Montara - ($4.0 / 8% Premium to Brent)
$52 / (+3) - HSFO - APAC Average
$52 / (+3) - Brent
$49 / (+3) - WTI

$7 - VLSFO/STAG Spread
$16 - VLSFO/Brent Spread
$16 - VLSFO/HSFO Spread

The $8/bbl differential in early October between the APAC VLSFO price and the global average VLSFO price at 20 major ports has since narrowed to just $1.5/bbl - suggesting as in SE Asia, the large excess stock of VLSFO held in storage elsewhere since the summer Covid driven peak has largely been worked off.

Jadestone should currently be generating circa $37/bbl / $13.2m a month cash flow on average production of circa 11,500 bopd.

Because, I do not expect the 'deal' to progress through to a successful IPO and, that a much higher quality suitor will subsequently step step in and buy the whole company.

'Firstly,they have not sold any shares despite us being told by one poster they had so we must question the credence of that poster.'
Incorrect - Produce evidence that I've said that or retract the comment!
'A couple of posters wanting more info on Aeturnum history and involvement of deal which would be useful but I am not concerned at this stage at all.'
Really! A company that has received writs from banks alleging 4 counts of industrial scale fraud totalling $89m - and you're not concerned ? "A fool and his money are soon parted" springs immediately to mind !
Expressed my concern immediately following the announcement since I could find NO information on PT WIN or Aeturnum Energy, other than business press news over the summer that Aeturnum Energy were named as a secondary party in an alleged oil trading fraud.
After finding out last week they had refused to hand over some documents in connection to the case and allegedly altered others and were now the subject of 4 counts of alleged fraud totalling $89m; that changed everything.
Particularly since PT WIN is a shell company, we know nothing about - other than Shells are routinely used to hide money and/or shield identities, and often as in this case have no email addresses, no phone numbers, no physical address, no contact numbers and no company logo.
'I am sure TM and BS etc have done their DD to ensure they have picked the right partner'
Who are the people running PT 'WIN? Have the owners any direct or indirect relationship or executive involvement with Aeturnum, Sugih Energy or Asia Met ?
PY WIN appears to be a murky Indonesian Shell company with possibly no assets, that no one has heard of, being used as a vehicle (by whom?) to buy the trading arm of Aeturnum Energy ( a company currently the subject of writs alleging a $89m fraud - run by directors who's previous company was suspended from the Indonesian stock market in H2/2019 after repeatedly failing to submit accounts or paying fines levied by the regulator - the company appears to have since stopped trading) and Asia Met's KSK asset; by way of a $500m IPO on Indonesian little IDX Stock Market Exchange .
False trading, stock price manipulation, failure to meet regulatory requirements and breaking the professional code of conduct were among the most common violations found last year in the Indonesia Stock Exchange (IDX), according to the Financial Services Authority (OJK). The findings are based on OJK inquiries from which actions were issued on 15 securities companies, 24 investment managers, 14 issuers, one public accounting firm and one public accountant, “Up to the middle of the year, the number of violations is approximately the same as the whole of last year !"
Makes the London AIM casino look a paragon of virtue by comparison.

The details of the oil trading scandal that have emerged since June/July paint are very serious and are likely to increasingly bring into question Aeturnum's suitability to bring a new $500m IPO to market, when the company is the subject of writs from Banks alleging 4 counts of fraud totalling $89m .

Your memory is very selective - As you well know, I have been publicly criticising the Asia Met Board for nearly 3 years for failing to deliver against a single self set business development timeline target. At least Bird showed some accountability by resigning earlier this year.
Have remained fully invested - 6.45 million shares - until recently because of the quality of the assets not Manini's management ability. However, with commodity markets surging off 20 year lows in 2020, I believe there is better less risky prospects elsewhere for my investment funds.

No.........I still hold 1.7m shares - my paper profit to date .......will retain these to see if Manini can pull a white rabbit out the hat by next March.

BP Singapore Oil Traders Leave After Probe on Disputed Deals - October 2020
'Internal investigations by the oil major began after the company and BP personnel were mentioned in court filings by units of CIMB Bank Bhd. and Natixis SA against Hontop Energy (Singapore) Pte. Ltd. and Sugih Energy International Pte. Ltd. — now renamed as Aeturnum Energy International Pte Ltd.'

Oil trader Sugih ‘conspired with Hontop’ on oil trade fraud, Natixis claims' - Financial Post

'However, when Natixis sought to recover the funds from BP, following the on-sale, the oil major informed the bank it had no record of the transaction ever being agreed.

Natixis responded by seeking further evidence from Sugih about the initial sale to Hontop. It says in the court documents that at that point, Sugih “repeatedly failed to explain or demonstrate to [Natixis] that the cargo was shipped on board the vessel and delivered”.

By March this year, the bank’s suspicions had grown, and it informed Sugih it “had reason to believe that the cargo had not been discharged and/or delivered” at all.

Though Sugih’s solicitors said evidence for the shipment was being “collated”, the trader did not provide further documentation despite several requests from Natixis.

The bank says Sugih “ignored [its] requests for transactional documents between the defendant and its supplier, and correspondence in connection with the sale and/or delivery of the cargo, even though those documents would have been in the defendant’s possession”.

After Natixis expressed concerns over Sugih’s conduct, the trader said it would provide further information on the condition the bank agreed not to use it in any legal proceedings.

The bank says it now believes the actual cargo was much smaller – under half a million barrels – and that Sugih did not have the right to sell to Hontop in the first place.

According to Natixis, Sugih and Hontop “conspired to defraud” the bank in order to obtain financing, adding: “The defendant’s representations were false and fraudulently made.”

Sugih and Hontop could not immediately be reached for comment. BP is not accused of any wrongdoing.'

AIMHO/DYOR

For transparency: As a consequence of my continued unease with the way the management are running the company and the change in the way the upfront payment of the 'deal' has been structured, I have sold 75% of my holding over the last week.

However, this process was hampered because the President Director of Sugih Energy Abhaya Bhushan Chatterjee, who is an Indian citizen, apparently did not have a permit to use foreign workers (IMTA). Whereas Abhaya is the liaison with the creditors in question.

The company's worrisome condition is also evident from the number of company employees, which initially reached 49 people at the end of 2017, only two people left per quarter III-2018.

The company also had a heavy financial burden that put pressure on the company's financial performance, so it had to lose money in the first 9 months of last year.

The company's financial costs were recorded at US $ 6.62 million with an operating profit of US $ 5.11 million. As a result, the company had to come up short and suffered losses of up to US $ 1.37 million.

As of September 2018, Sugih Energy's shareholders were Goldenhill Energy Fund 12%, Pertamina Pension Fund 8%, Credit Suisse AG SC Trust 6%, Interventures Capital Pte Ltd 7%, and the public 67%.'

After reading all this and much more I asked myself, would a company and Board like Sugih Energy, be well received by Institutional Investors for a new circa $500m listing on ANY quoted exchange, considering their recent quoted market history, and subsequent behaviour at Aeturnum, now the subject of writs from Banks alleging major fraud.

AIMHO/DYOR

The more I have researched Aeturnum (Sugih Energy) the more concerned I've become that this deal is unlikely to complete.

Two days after Sugih Energy sold the Lemang Block to Jadestone Energy, they were suspended from the Indonesian Stock Exchange on 1/1/2019 for failing to submit 2018 Accounts and being late in paying fines. Sugih Energy has not traded since afaiaa.

hTTps://theinsiderstories.com/singapores-jadeston-acquires-lemang-block-from-sugih-energy/

Sugih Energy resurfaced 6 months later as Aeturnum Energy - a small unquoted Energy Trading company since the subject of writs by banks alleging 4 accounts of major fraud totalling circa $89m.

Interestingly, the O&G assets in Sugih Energy do not appear as assets in Aeturnum Energy - the Sugih Energy website is still up on the worldweb, although not updated since 2019, they still provide a good source of information on the company, Board and structure.

Business News coverage of the suspension of Sugih Energy from the Indonesian Stock Market.

Jakarta, CNBC Indonesia - 'Another oil and gas (oil and gas) mining company that has been temporarily frozen by the Indonesian Stock Exchange (IDX). The issuer is PT Sugih Energy Tbk (SUGI).

Trading in the company's shares was suspended starting Monday 1 July because the company had not submitted its 2018 annual financial report, and was also late in paying fines. Sugih joined 10 other issuers who were also suspended (six issuers carried out suspension extensions).

If you look at the financial statements for the third quarter of 2018 and the results of the public expose on January 3, the company is currently in trouble regarding the continuation of onshore exploration and production prospects in the Selat Panjang refinery area, Riau.

The story began when SUGI's subsidiary, PT Petronusa Bumibakti (PNB) with International Mineral Resources Inc (IMR) established a joint venture called Petroselat Ltd.

The company was later declared bankrupt by the Central Jakarta District Court for failing to fulfill its payment obligations to its suppliers.

Petroselat Ltd is a joint venture formed to become the operator for the Production Sharing Contract (PSC) for the onshore working area of ??the Long Strait of SKK Migas.

The condition of the operator's bankruptcy proves that the PSC contractors do not provide financial needs to carry out operational activities and do not carry out their obligations under the PSC.

Then on July 26 2018, the Minister of Energy and Mineral Resources (ESDM) Ignasius Jonan gave oral directions to the head of SKK Migas to terminate the agreement. As a result, based on this directive, SKK Migas ended the PSC for the Selat Panjang area with the company and IMR.

SUGI then tried to make correspondence with ESDM and SKK Migas to ask for an extension of the Petroselat bankruptcy settlement.

The company also entered into an agreement with creditors worth US $29 million to help pay all obligations related to the

'why do you think Aeturnum is cash strapped? looks like a big company to me although difficult to find info about them'

The following is why I posed the question: Was there any lock-in period for the 20% holding that Aeturnum acquired at 0.9p?

As the high volume of selling following the announcement of the Heads Of Terms and signing of the deal is difficult to understand if the deal is going to proceed. If it subsequently fails, Aeturnum will have got a shareholding that they may have flipped for a 5-6 fold profit, before an inevitable s/p collapse should the deal fail to proceed - nice business! Changing the upfront payment to just $2.5m does not inspire confidence.

Do some research on Sugih Energy International Pte. Ltd. (since renamed Aeturnum Energy International Pte Ltd), and in particular their assets and company structure.

One of their major E&P assets the Lemang PSC was sold to Jadestone Energy recently in a seriously distressed sale for $12m - I have it from a highly reliable source they were originally hawking the asset around the market for $50m because they couldn't get the finance to develop it into production.

For transparency: As a consequence of my continued unease with the way the management are running the company and the change in the way the upfront payment of the 'deal' has been structured, I have sold 75% of my holding over the last week.

Hi Agadem - a modern 24/7 container terminal with electric cranes such as Long Beach which handles around 9 million TEU per year has an electricity demand of circa 150 MW - enough to power 150,000 homes.

For an idea of the huge impact that the Ibom Deep Sea Container Port's design capacity of 9.0 million TEU is likely to have on the economy of Nigeria and the 6 land-locked Central African nations it will service - last year all Nigeria's container terminals combined handled a total of 1.48 million TEU.

Chinese ports handled 242 million TEU, US ports 55 million TEU and Singapore were third with 38 million TEU. UK ports handled 10.5m TEU.

No, the capacity of the global tanker fleet is forecast to be slightly ahead of demand over the next 2-3 years, suggesting charter rates are likely to average around their current modest level.

The two year timetable for first berths to be operational will have been given to the Nigerian Government by the marine civil engineering consultants appointed to carry out the site surveys, they will have used to design the port layout and specification.

The port development contract will contain financial penalty clauses; such that failure to achieve the construction timetable will attract highly material compensation, as it will not just impact the planned business operations of the port but also those of the land-side logistic park and industrial city businesses being built in parallel to the development timetable of the port.

2 - Any well researched investor would consider 3-5 years as a minimum to maximise the return for a value and growth investment of this nature - an investment outlook timeline in common with virtually all the investments I currently hold in my portfolio, since they are overwhelmingly in the O&G, commodities, shipping and ports sectors which are highly long term cyclical and currently surging off a more than 20 year low made earlier this year.

AIMHO/DYOR

ps: Anything, ANYONE posts on an investment website should under no circumstances be considered as investment advice - you should ALWAYS use it as a starting point for your own research, which I would humbly suggest should be carried out prior to and especially following an equity investment in an ongoing way, to ensure the investment case is being maintained by the management.

I can speak with some authority in this connection, as the global Port and Shipping industry has been my area of expertise for 40 years - running both Ports here and abroad and International Shipping Companies.

Ibom Deep Sea Mega Port - with the various environmental and planning consents in place there is absolutely no reason why the first container berths should not be operational within 18 months to 2 years - the tender document for the construction will almost certainly have contained such a requirement!

All the associated land-side infrastructure listed below:

* Rail lines
* Access and service roads
* Logistics Park / Ambient and temp controlled Warehousing
* Freeport Zone Heavy Industry - Petrochemical Plants etc

Will be built in parallel to the development timetable of the port by the successful bidder - a Chinese Port Development Company, who are one of many marine civil engineering companies today that specialise in the construction of major Port Terminals in very demanding locations from both a technical and logistical perspective.

Most Port developments with a design specification the size of Ibom will today have the first container terminal berths operational within two years. By way of example, recent new mega Container Terminal developments at Mumbai, India and London Gateway on the Thames both had operational berths within two years following commencement of dredging operations.

The big difference between those Port terminals and Ibom is that most of the land on which the Ibom Port is to be developed will not first have to be recovered from a fast flowing 23-25 metre deep river - which at Mumbai and London Gateway took the contractors 12 months of dredging operations just to reclaim the land from the river before they could start building the port.

Shanghai, China is the largest container port in the world and bolts on the annual 3.5 million TEU container throughput of Felixstowe, the UK's largest container port each year as its annual growth! Felixstowe has 10 x 350 metre berths and 3.5 miles of quay capable of handing the worlds largest containerships.

Shanghai was built entirely on land recovered from the South China Sea, some 20 miles out from the coastline, where the water depth is over 20 metres - the first berths were operational within two years.

The Project has received Federal Government Approval(including their 40% project finance) following a 10 year application process to secure the necessary environmental and planning consents; the preferred bidder is in place to construct the port following an international tender process more transparent than anything I've ever seen in Europe. The terminal operators are in place also by way of tender process.

Effectively, as the Regional Governor and Project Commissioner stated, the starting stall gate is now open and port construction will commence immediately.