Member Info for Urraca

Keep posting shakey, I find your posts interesting

It's a hell of a bounce back that's for sure

On the one hand, the price is bound to drift without news. On the other, news could come at any time. You can buy now at a decent discount to the recent placing. Personally, I am spreading my buys. If news comes, great. If not, I can get my average down. Of course it is possible that they can't avoid arbitration, which would cause the price to drop in the short term. But that's the gamble.

Just waiting for it to break back through into the 30s. The Board are suffering diminishing returns from their endeavours to punish Kononov by trashing the share price. Perhaps they need to mention Brexit in their next RNS?

We're overdue a bounce back. Most other oilies have been recovering over the last couple of weeks. I don't know why we lagged.

It's felt like that for the last few trading says hasn't it. Certainly hope so.

On Petrosakh website:

03 January 2019

Dear Shareholders of UEN.
Thank you for your emails. We will review them in due course and try to answer each one of them to the extend permitted by AIM Rules and applicable law. Please take into account Russian public holidays till 9 January 2019. In order to process all emails efficiently we set up a separate email address for UEPCL shareholders: shareholders@uralsenergy.ru Please use this email address for further enquiries.

Meanwhile we wish you all the best in 2019. Seasonal greetings!

Sincerely yours, JSC Petrosakh team



At least they are responsive. Guess that's a hnt that they won't be setting out their stall before the 9th

Carling is right. Their e-mail is sakhalin@petrosakh.ru.

I have contacted them along the lines Carling suggests, and would encourage everyone who has an interest here to do the same. I would also encourage you to cntact Allenby Capital, our current nomad, to voice concerns about the way they are being used in this boardroom battle.

I agree Dr Who and Chavi. But apart from the postings which are in English, the petrosakh website is in russian, and my russian is not up to navigating it, and finding the contact link.

If someone can manage to do it, I would only suggest not over-egging the requests. A commitment to maintain AIM listing; speedy action to secure an alternative nomad, just in case; a solid plan to put the company finances on a more secure footing; and some long overdue speed on the south dagi drill would do it for me.

Full doc available on the london stock exchange website. This seems to be the relevant bit:

"ADVISE THE AIM COMPANY ON ANY CHANGES TO THE BOARD OF DIRECTORS
OR4 – The nominated adviser should advise the AIM company on any changes to the board of directors the AIM company proposes to make, including (i) investigating and considering the suitability of proposed new directors and (ii) considering the effect any changes have on the efficacy of the board as a whole for the company’s needs, in each case having in mind that the company is admitted to trading on a UK public market
In satisfying this, the Exchange would expect the nominated adviser to usually:
? be satisfied that the AIM company knows to liaise with the nominated adviser at the earliest
opportunity about proposed changes to the board, in order to allow the nominated adviser
appropriate time to comply with OR4
? in relation to new directors, consider the requirements of AR2 (and where relevant the
guidance to admission responsibilities) and take the appropriate actions including issuing and
reviewing director’s questionnaires, reviewing the director’s CV and testing such information
? consider whether such proposed directors are suitable to be a director of a UK public
company and consider the effect of the appointment on the efficacy of the board as a whole for
the company’s needs
? in relation to the removal of directors, consider how this affects the efficacy of the board as a
whole for the company’s needs, make any recommendations it thinks fit to the AIM company and considering whether this in turn affects the AIM company’s appropriateness for AIM"

I'd have to question the nomad's independence in the event that they quit claiming doubts raised when doing this without the fullest disclosure.

I'm in. First buy today. I'm hoping to build a decent stake, unless news drops first. Atb.

Nice bounce back from the lows too. Kicking myself I'd didn't buy some more then. Guess the rig should be on the move soon. Ragnfrid should be near done by now.

I imagine K already has sufficient votes in the bag. I'm not sure whether, under Cyprus law, they can speed up the agm. Amargosa over on a d v f n has raised the possibility of a class action against the current board and nomad if they force a delisting before the egm. Such thought were passing through my mind when I contacted Allenby, and reminded them that they would not be acting in the interests f shareholders if they did follow that path.

UEN's Nomad is Allenby Capital. It's pretty out of order for the Board to use them to hold out the threat of delisting from AIM before the EGM. I have therefore e-mailed them asking them to clarify their position. I suggest every concerned shareholder does the same. My message was:
"Hello,

I am a shareholder in Urals Energy, for whom you are retained as the Nominated Advisor.

As you are aware, although Urals is listed on AIM, it's primary listing is in Cyprus, so not all AIM rules apply. I am sure you are aware that an EGM has been called to replace the current Board. And that the current Board as suggesting that you might resign as NOMAD, leading to the company being delisted from AIM before the EGM.

This appears to be on the basis that you may not have sufficient time to conduct due diligence on the proposed new Board members of the company. Despite this, the company claims to have offered to remove Mr Dyachenko from the Board, and replace him with Mr Rusinov. As proposed under two of the EGM resolutions. Which suggests that due diligence on Mr Rusinov was able to be conducted very quickly, or perhaps was not necessary under Cyprus law.

I would be very grateful if you could clarify your own position in this, as resigning as NOMAD before the EGM, such that the company gets delisted from AIM before the EGM would seem to be clearly disadvantageous to the shareholders of the company, although not perhaps to the current Board.

Many thanks for your consideration of this matter.

Regards"

It is possible that both SDX and the Egyptian authorities put the Development lease on the back burner for the duration of the talks with BP, as I expect they were both involved in a signifcant amount of paperwork relating to that.

On 15 Octber the Board said "The Board remains of the opinion that if none of the potential solutions to the Group's current working capital deficit can be put in place by the end of this month, then the Board will have to take steps to protect the interests of the Group's creditors."

This was a clear threat to put the company into administration, which trashed the share price, and which has proved to be hysterical fear-mongering which they weren't going to follow through on.

Now they say that the shares might be delisted from AIM because the NOMAD may not have time to carry out due diligence on the proposed new directors. But at the same time they say that they have offered to throw Dyachenko under the bus, and install Rusinov. What about the due diligence there?

Honestly, they have completely destroyed their credibility, along with the share price. Given they've got prior experience of fending off this sort of board coup, I'm aghast at how badly they're bungling it.

And honestly, if UEN keeps its AIM listing, and pays dividends, that is a legal and straightforward way to get money out of Russia and in to London. If any Russian had any interest in making that sort of transaction.

I appreciate your concerns chavitravi, and the articneft loans do look dodgy. The Petrosakh loans though, for the most part ate clearly aimed at securing control of Kholmsk port. It was in financial trouble when the Board decided that it was sensible to make that a strategic goal, so I can see that the situation needed to be stabilised.

But more broadly, the current Board have effectively ceded control of the company over the last few years by allowing Adler SA to own 44.5% of the company without requiring them to make a full take over bid, employing Kononov, and then making him President. It's all very well simply saying everything is Kononov's fault, but the reality is that the Board let it happen and have badly bungled this attempt to reassert control.

Anyway, the Board have made their pitch. A lot of it seems to revolve around possible NOMAD led suspension. Given that AIM NOMADs have been happy to represent Cloudtag, Mysquare, African Potash, and a host of other garbage, I find this quite hard to swallow. I expect Kononov will make his pitch shortly. It will make an interesting read, and I don't think any decision should be made in advance of seeing his offer.

Good luck all, however this unfolds. We're still producing 2k bopd, have big reserves and substantial assets. Kononov's best route to riches is to get this company back to a realistic valuation, then sell.

Aazam, it shoukd be covered in the circular. But assuming you hold your shares in a nominee account, you should get a flag on the website for 'corporate actions'. If you can't find it, contact your brokers and they'll tell you how to do it. I'd wait until next week though.

I think they went to their NOMAD and said 'how long can we string this out guys?" Then, they paid, lots, for some lawyer to say,
"If the NOMAD is doing due diligence, I reckon you might just be able to push it out to 70 days after you got the requisition. Any longer, and Kononov will be suing you."

Trash the shareprice, and try to keep snouts in the trough as long as possible. I hope Kononov has people outside the London office on the 22nd, to go in and remove their personal effects as soon as they're voted out.

Project Fear reaches UEN. Gotta laugh, its desperate stuff. How hard is it to presuade an AIM NOMAD, given the number of appalling companies they're happy to advise?