Member Info for Urraca

I freely admit that I lose money on some trades, but I make money on others. And, on balance, I make more than I lose. Although most of my assets are property, for personal income I rely solely on trading, and have for the last 8 years. I'm still afloat, and my trading nut is growing. I expect to make money here because the company is patently not going broke, they're just having a boardroom squabble. I don't really care who comes out on top, but when the fight is over stability will return, and in the meantime this is ludicrously cheap. I don't expect every trade to be instantly profitable.

But the price goes down. Baffling.

Do we get a premium over Brent because of the quality of the oil produced by Articneft? (Special light crude). I ask because the previous tanker RNS said "This pricing will based on the arithmetic average of the quotations for Brent DTD published in "Platts Crude Oil Marketwire" for the five trading days after the date of the bill of lading. The date of the bill of lading is 12 July 2018". But the price of Brent during those five days in July never reached the US$76.46 price achieved, let alone averaged it. Every dollar extra is around $158,000 more for the company, so not to be sniffed at.

Here you go trellis. GSA soon, the sp should hit 40p soon, or it will be irrelevant. And as a bonus, wouldn't want to be out over the weekend. Lol. Lighten up, the drill bit is turning, so there is positive action.

Lol 4kandals, you're a legendin your own lunchtime. If you have to tell other people you are smart, you're maybe a little insecure. I haven't lost anything, or made anything, on this trade yet. That will only crystallise when I completely close out my position. A really smart person could work that out for themselves.

I won't comment on any technical issues, but bought in earlier and I'm already underwater. What's happened to the irrepressible exuberance of the Sou of yore? Guess i'll have to average down tomorrow. I'm confident, given the amount of time and prep they've spent to get this right. We seem to be priced as if its a duster already. Don't get that.

Abatt1, you said:

"It will definitely knock the price significantly - as news of any delay always does. It is this I have to avoid, so I am relying on you to be right in your bold statements about when the drill will take place. You haven't given any caveats."

I do have to point out that this is a BB, not regulated investment advice. It is honestly a bit out of order for you to try to imply a legal obligation or contract. All we have to go on are the public statements of Equinor and JOG. We can infer from that. You also can infer. If you want professional investment advice, that is available, but you have to pay for it.

Sorry, but that wound me up a bit.

They sprinted through the previous drill for Anasuria. Oh, wait...

I'm back. Surprised I could get in at this price tbh

Hard to disagree. I was expecting this to be around £1 by last christmas, ffs. The old rubrick about the market staying irrational longer than you can remain solvent springs to mind. My SDX holding is bottom draw stuff at the moment.

If they start drilling Verbier on 12/12 I'll buy graybird a pint. Can't honestly see it though. Ragnfrid was scheduled to take 80 days, which means it should be completing around Christmas day (ish), then Verbier 3rd of the UK drills, maybe to allow the seismic to feed in, means spud around the end of Feb. And that's if everything goes like clockwork, and the rig can travel between drill sites instantaneously.

So long as its by Easter, I couldn't really care.

So, Gambier. Joined on Sunday. Two posts. The first a blatant deramp, the next getting on the high horse when called to order. Is that you 4Kandles, with another id, by any chance? You've got the same insufferable, patronising, know it all attitude.

List the 3 main sources etc? Sure, buddy.

1 URA
2 TWA
3T

Bribes and threats? Lol Gambier I think you're getting a bit carried away there. Getting a foothold in the Sakhalin Port was a stated strategic aim of the Company, elections to the Port Board were imminent, and Kononov had to move fast to secure control. My guess, for what its worth, is that he knew if he referred it back to the main Board for approval, by the time they'd stirred themselves to have a look, the opportunty would be long gone. And nothing he did was illegal, as the 15 Oct RNS makes clear.

If he buys the rest of the company now, he could probably flog Arctikneft for the cost of his outlay and have Petrosakh for nowt.

I have never ramped UKOG on here.

You got me Graybird, I've regularly been cross ramping UKOG, which I regard as the holy grail of 1000 baggers, and not a total POS.

Cross ramping Graybird? Sym is only doing well as a bounce back from the terrible slump in sp over the last few weeks, so it depends when you bought in really. I'll sit tight on my Jog holding thanks.

Amidst all the doom and gloom, the Company managed to pay down $8m debt back in August. With this clear evidence of revenue generation and a willingness to repay loans, a long term funding arrangement should be relatively easy to secure. An announcement that the company is now the fuel supplier to the Sakhalin port will help too.

Mr Kononov is the priority buyer. Lol, who knows. They don't want to let it go up, although they were quick to mark it down. They're meant to make a market though, not throttle it.

Chavi, on 15 Oct the RNS said: 'Under Russian Law, the President or General Director of a joint stock company, which is the legal incorporation status of JSC Petrosakh, has authority to approve any action, including contracts, loans and asset sales within a limit of 25% of the capital employed of that company, and in this case the employed capital of JSC Petrosakh is approximately US$30 million.'

The Company have acknowledged that the spending by Kononov was a) to secure an additional 19.9% control over the Port at arms length, b) to secure a further 11% odd control over the Port, in the run up to Port Board elections, then to dispose of that holding at around the purchase price, although some of the sale proceeds may still be outstanding, and c) to make a loan to the Port as a working capital advance.

There is no fraud, just a breach of internal controls (by someone who owns over 44% of the company) to set priorities for working capital deployment at the discretion of Mr Kononov, not the Board, and putting the interests of Petrosakh abve those of arctikneft.

This is an internal matter that should have been dealt with internally, but bviously the Board feel they have no control over Kononov so have decided to air the dirty washing in public, trash the share price, and make wild threats about calling in administrators.

But I do agree, they need to sort out their finances to get them secure on a long term basis. They are earning enough to do this ferchrissake.

28 Sept: our term debt position remains comfortable
10 Oct: The Board are of the opinion that if the Loan ($1.5m) is not repaid, or alternative financing is not secured, by the end of the month then the Board will have to take steps to protect the interests of the Group's creditors.
15 Oct: a combined current working capital deficit of approximately US$1.6 million. In addition, the Group has made working capital advances to the Kholmsk Port totalling approximately 100 million Russian Roubles (approximately US$ 1.5 million at current exchange rates).
23 Oct: the Group will continue to face a working capital deficit of approximately US$3 million (by the end of November)
Today: 'The Board believes that the Group will continue to face a working capital deficit of at least approximately US$3 million in the coming months' - and they're so worried they haven't even appointed the accountants and agreed scope of works yet.

Honestly, the company still looks to be sound, Kononov must be taking the position that his actions were both in the strategic interests of the company and affordable. The biggest worry is the Board who are partially in control. They're all over the place and totally trashing their credibility. They need to go to restore confidence. And what about the AGM?

On the upside, they've backed off saying they are goung to put the company into admin, either today or at the end of this month. Clowns.