Member Info for Urraca

Even if the current Board survived the EGM, Kononov would still be President of Petrosakh, they still couldn't sack him or control him. So voting fir the current Board would be voting to prolong this ridiculous situation. Bth sides are spinning BS in their statements, and who knows how it might pan out under the new Board? There would certainly still be potential risk. But at list there would be stability within the Company, and a clear sense of direction. And Kononov has definately got skin in the game (with the bonus that equity dilution would hurt him much more than me). The Board need to accept the inevitable, and get it over with. That is what is in shareholders interests. Stringing it out only allows them to draw their salaries as long as possible. I can't see any other benefit.

To be fair its a bit of a bloodbath all round on the markets at the mo. And, graybird, jog won't delay the drill. They are not in control, so they can't. They, and we, are at the whim of Equinor.

Would appreciate news on the 3D though.

I'm personally very disappointed in ShaunG's pessimism. £2 a share? What happened to £10 won't cut it?

Or maybe Shaun is still deep in the denial phase of the five stages of grief over his lost fortune?

They started out suggestng they'd be putting the Company into administration at the end of October, moved on to suggesting a new Board would mean delisting from AIM, and now it looks as if they only clocked the statement on the Petrosakh website from browsing the BBs, where it was spotted much earlier. Beyond pathetic for guys trying to cling on to their jobs.

Well, I very much welcome a 7am RNS rather than dropping them at random times during the day when I'm working, but having said that, fer christs sake guys, when you're in a hole, don't keep digging. Each one gets more pathetic and whiny. They've lost all dignity. And, lets face it, they're going to lose the EGM. Either way, we need this spat over and done with for some stability and positive forward planning to resume.

Kononov says "I believe this report can hardly be considered as a complete and unbiased undertaking due to work on it being suspended by the Board.". So I guess the Board halted the audit before it could get round to it. Very rum, maybe they started to sniff out some Board transactions?

Anyway, looks like Kononov's going to win this fight. Wonder if he'll then refinance and reinstate the divi?

Seems now that the NOMAD won't have any problem with the new Board, and so there's no possibility of delisting just cos the current Board don't like em, lol. Walking through town today, there were quite a few people out with their begging bowls. When I read this RNS it put me in mind of them somehow. So it looks like the current Board have completely lost control of Petrosakh. Why keep paying them then?

I was interested to see that this new ship is in South Korea. When i was researching the Sakhaln Port, I read somewhere that North Korea are shipping stuff over to Sakhalin, to get rebsdged and shipped on, sanctions busting. Guess it might be lucrative ;-)

Every 20 old shares became 1 new share (not 200 to 1) but otherwise yes. Don't think anyone would put £2.40 on the table now. Maybe £1.

You're rght, but we are more around the 1.4p mark than 3p. 3p then would equal 60p niw, and I'd be very happy to see it.

I agree about Petrosakh. And I kind of wonder if this boardroom fight is about control of Petrosakh because they have a very good idea about the South Dagi drill, even though they have come up with a range of excuses for not doing, or announcing, full test results. 9 object layers discovered. Shame its 400km from the refinery and its production has to be moved by road.

For what its worth, I think the new board will want to retain AIM listing. Must provide some protection from being plundered by the state.

I agree with Gizzy about Morocco. The margins are just so good, they're like the holy grail for a business. And there is significant running room to increase volumes there significantly. I'm pretty incredulous seeing the share price where it is. But we have fundamentals most AIM O&Gs can only dream of.

Thanks Chavi. I assume Maxim Barski is no relation to Aleksi Maximov.

I know, itsagame. Plus the Company is registered in Cyprus, and applies Cyprus Stock Exchange rules. I've had a browse through them. They're a lot woolier than AIM code.

Anyway, someone's buying in. Kononov's chums, going for an extra 6%?

I agree. Its duplicitous of the Board to suggest the proposals for the new management team mght not meet AIM rules. Has it escaped their attention that it is also a breach of AIM rules for a single shareholder to hold over 30% of a company without having to make a full takeover bid? given the current Board's scorched earth policy, any change it bound to be met with relief. Although a prospectus and intended strategy would really help to allay concerns.

I guess they are no longer "fully supportive" of the management team. Wonder why? It would be interesting if they contacted other shareholders to set out their prospectus and win support to dethrone the current Board. But they probably don't need to do that.

Does anyone know, or know roughly, what they paid for their 44.59% of the Company? If its held in trust for his daughter, Kononov is hardly likely to want to crash the company. And I expect he wants an AIM listing, to have a toehold in London.

He, or more likely his mates, could buy the rest of the comany for a couple of mil right now. The Board have brought this on themselves though.

So the boardroom battle rumbles on, with no clear victor in sight yet.

There's no need to be quite so abrasive graybird. You literally cannot know fairdealer's trading track record, so you can't know if you are right more often than he/she is. I'm not going to bother tracking back through your posts, but I feel very sure you were calling this down to £1.50 back in the summer. And I was wondering if you still thought if it might get down to that level. On the face of the price action today its looking very possible. I'm still in profit here, having cut my holding signifcantly when it went over £2 recently, and I'm lookng to increase my holding shortly. But I always find timing my trades difficult, so I was interested in what you thought. And anyne else too, of course.

The share price/ market cap has collapsed by over 60% in the last five weeks. That's pretty calamitous. Are there any thresholds on debt instruments does anyone know? And we still have a market cap almost twice that of, say, SDX. I've got a bad, vertiginous feeling in my belly like when I look down from a great height. If TE10 fails, and it seems odds on it will, where the hell will we end up?

I thought you'd been pitching for £1.50 Graybird? Think we might get down to that? It would take a further major meltdown I think, although nothing is impossible.

"People will focus on 14% without understanding it. "

To be honest Shaun, it is not difficult to understand. It means that there is an 86% of failure. How can people fail to understand that? Bit patronising really.