Member Info for Urraca

The relentless selling has dried up. Lets hope they're done, rather than the price had just got too low for them to stomach any more.

Pmsl. I'd advise that you take a chill pill AO, but you're far too amusing. I'm guessing that you are someone who is going to loose their lucrative and easy life when Kononov boots the current Board and their hangers on out. Tough break, kiddo.

And Badile is a very long way away from TE-10. I don't think anyone has previously suggested that the underlying geology there has any read across to the geology underlying the current drill. Let alone that that can be deduced by running wireline logs over RNSs. Lol.

The share price reflects the current uncertainty, and the fact that the current Board said the Comany would be going into administration (at the end of October - it didn't) would make Kononov resign (he didn't) and that the NOMAD would rule the propsed board changes illegal (they didn't). Whatever you may think of Kononov, the brute fact is that he owns 44.5% of the company, is the President of the operating divisions, is Russian and based in Russia. He effectively already controls the company, as the recent saga has demonstrated unequivocally. The Biard have attempted to wrest control back from him, and in the process they have wrecked the share price without any care or regard for the other shareholders in the company. They have succeeded in destroying confidence and the market cap, which will be very problematic if an issue of equity to raise capital to address the working cap shortfall was considered. But they have utterly failed to take back control from kononov. Therefore, when he replaces the Board, and everyone is clear about who is in control, confidence should return. Not that I'm expecting to see the share price bouncing back to a quid any time in 2019, but there is a very good chance that it will recover, and that's what I'm betting on. No guarantees in this game though.

£60m, top end, is around £3 per share. How did Malcy come up with £10 per share top end?

Fair points africanobserver, and its always good to get views from all sides.

For me, I am going to take Kononov's side at the EGM mainly because voting to retain the current Board will do precisely nothing to resolve the current stand-off. Kononov will still be President, able to do as he pleases. They can't sack or control him. So its better to be open about the reality of the situation, and make him responsible.

Most of the loans have been about securing control of the Port, and attempting to secure the Port's future. That was a strategic aim of the company just a few months ago. As for the way business is being conducted? It's in Russia. If you don't like the way they do things there, no one is makng you invest in a Russian company. But, eyes wide open, they still have incredible resources, and have been to top producer of oil in the world recently, although USA fracking has recently overtaken them I think. They need at least a semblance of good business practice to keep the oil flowing.

Only just checked in and clocked the amazing rise. Did tommytippytoes or whatever his name is give a fabulous tip off or what?

The Board announced that they had received a letter demanding an EGM on 11 December, so they will have received it before that. Who knows how much before, when it takes them almost a week to confirm info posted on their own (Petrosakh) website? Unbelievably, in that RNS they said they were seeking advice on timescales, and appropriate next steps under Cyprus law. One would have imagined that they would know this stuff already, without havung to pay someone to tell them.

Anyway, a poster on anther board thought that they'd have to call it within 30 days, and give 7 days notice, so that people could get to it, cast votes, etc. I haven't check the Cyprus stock exchange code myself - its christmas after all - but they won't be able to ignore it indefinitely. So my best guess is that it will be called first week of Jan, and held in the second week.

Well, it would have been nice to exit the year with an 8k boepd production rate, but that hasn't happened, and I guess the share price reflects just how much we have undershot that. I very much hope PW and the management team are fully focused on getting production up to that target as quickly as possible, and not diverting themselves with dreams of 'transformative' deals. Who knows how much time energy and money was expended on the BP proposal, instead of concentrating on moving the core business along. I understand that acquisitions are a quick way of growing the business, but SDX have a lot of untapped internal potential, and they need to crack on with delivering that. Imo, of course.

On 15 October the company indicated that Kononov had been arranging deals around ownership of the Port because under Russian federal law, UEN as a majority owned foreign company could not control the Port, without prior approval of the russian anti-monopoly commission. If, following a new board being installed, Kononov and his associates bought a few more shares, they could make UEN a majority russian owned company. And for a pittance at the moment. They could then reverse the Friedis loan and the distillery/warehouse deal, and be the outright majority owners of the Port without any issues. And the vast majority of the transactions the Board is getting its knickers in a twist over would be extinguished at a very small cost to Kononov.

Yes, it loked like a great buying opportunity, except it was impossible to buy. It beats me why the Board are still trying to talk this down, as they stand on the brink of expulsion. Not exactly rallying the troops around them, is it? How about a plan on how you're going to move forward positively chaps?

Confirms what Kononov said. A week ago. Still moaning about a working cap shortfall, which by spooky coincidence exactly matches the so-called unauthorised loans, although almost all of them relate to the Sakhalin Port, which was recently a company strategic priority. And, strangest of all, they seem to have forgotten all about an EGM. Hilarious and pathetic in equal measure. How much are we paying these guys?

Indeed. I'd like to see the seemingly stupid Articneft loans repaid. If that was done, maybe the EGM requisition would be rescinded, and everyone would be friends again?

I expect the Board's circular pleading for votes to be much more positive than the recent slew of RNSs. An acknowledgement that they overdid it suggesting the company was going down the pan would not go amiss. And I expect Kononov to put his side in further press release/s on the Petrosakh website.

Some positivity from bth camps, plus an acknowledgement that the company is not going to fold, would help repair some of the recent damage.

Still think Kononov will win if it does come to an EGM though. And on that, shouldn't the Board be getting on with announcing it? Or it will be they who are in breach of exchange rules?

Franklin Dehousse a plonker? He was a judge in the EU court from 2003-2016 and is now a professor of EU law. So I'm pretty confident he knows more than you are I and his opinion is worthy of serious consideration, rather than being dismissed oit of hand. Although that does seem to be the remainer way when denying inconvenient facts.

And of course businesses want a sensible deal. Which is why they are in despair, not just with the intransigent EU which understandably wants to harshly punish us for leaving, but also with our own Gvernment, which seems to want to do the same.

For me Crowcast, the long term gains will come through a) not having to pay to prop up the increasingly expensive EU; b) being free from the regulatory capture it suffers which stifles small business and business innovation to protect large corporate interests; and, c) being able to import goods more cheaply when free of the EU's protectionist measures.

These are all real downsides of staying in. There are more, but for me, these are the key economic ones.

Another press release on the Petrosakh website today

"Dear UEPCL shareholders,

I, on behalf of JSC Petrosakh as its President, would like to keep you updated on a number of matters raised by the UEPCL Board of Directors (the "Board") in various RNS announcements issued on and after 10 October 2018 concerning JSC Petrosakh and its management.

On 22 November 2018, the Board published the results of Crowe's report (the "Report") and raised an issue with various loans totaling Russian Roubles 12 million (equivalent to approximately US$0.18 million) issued to "the individuals associated with me". In particular, there were two loans to Bondaruk Alla Borisovna which amounted to Russian Roubles 5 million and Russian Roubles 2 million, and a loan to Shvets Roman Viktorovich which amounted to Russian Roubles 5 million (the "Loans"). The interest rate on all the Loans was 7.5%. The Board was reviewing whether an impairment was required.

The Board failed to disclose the fact from the Report that both Bondaruk Alla Borisovna and Shvets Roman Viktorovich were employees of UEPCL Group since 2016.

Hereby I inform you that the Loans were repaid today, with accrued interest thereupon. Moreover, the loan issued to Shvets Roman Viktorovich with December 2022 maturity was early repaid."

http://www.petrosakh.ru

Battle lines being drawn. But this is good news, although the sums are pretty small, as these were the most worrying loans, whereas the Port spending was clearly aligned with Company strategy.

Dow and Brent down so I expect further pain tomorrow. Who knows where the bottom will be though. The Dow could potentially slide quite a bit more.

I appreciate that DrWho. The loans before the port were pretty small, and had, to me anyway, the whiff of backhanders. That's how business gets done in much of the world, and the company probably benefitted. The Port loans were a different irder of magnitude, but again I can see the strategic benefit for the company.

I also agree that the current Board are now destroying shareholder value and need to go. They let this situation evolve, and can't win now.

BTW weird trades today. I'd be tempted to think the trades around 25.40 were sells, but I tried a dummy sell earlier, just to check, and only got offered 22.40. Maybe I've just got a rubbish broker. The differing prices are weird though.

It isn't Jazbo, and if he takes control we won't even knw he's doing it. To be honest, the best thing I think the Board can do now is to try and sell the company, either whole or broken up. With the reserves, production and infrastructure, you'd think they'd be able to get a quid a share without too much problem. I think the 55% non Kononov would vote for that.

South Ramadan? He says, like a drowning man clutching for a toothpick.