Member Info for Urraca

They certainly don't NEED to do a placing. It's all posturing, and pretty childish posturing if you ask me. But the market has reacted as if they think a placing is coming. Although some sanity seemed to be returning today. Its all a storm in a teacup if you ask me. They let Adler take 44% and put their man in control of PetroSakh, this is much too little too late to turn back that tide.

Yes, a good day. I am expecting a fairly vague RNS because the Board have a whole heap of face saving to do here.

Their demand in their last RNS that "An agreement should be reached between the Group and the Kholmsk Port to secure JSC Petrosakh as a direct supplier of fuel oil to the Kholmsk Port, as originally intended." was overegging it, imo. The first three demands were reasonable, but this one will take a little longer, and they control the Port Board for gods sake. And thanks to Kononov's manouvering too.

But and having said that, I'm expecting a positive outcome, not 'protecting creditors' measures, whatever they might be, maybe a placing, calling in the aministrators as someone on adv fn suggested would be a wild over reaction I'd have thought. The tanker will get loaded and shipped, so a large cheque will arrive within the next month at the outside.

I hope Schvets/Adler shake up the main board after this is over. The incompetence is deeply embarrasing.

Bottmz, do you recall if 4kandles was posting on OBT when it was in the mid-teens, warning people to bail? I wouldn't know, as I noy got in when the price cratered, and the CEO started hoovering up vast quantities. Just like I've only got into UEN in the last week or so, when the price there crashed. 4kandles has been gloating over there too. While it doesn't always work, there is very good money to be made when shares get oversold. Be greedy when others are fearful, as one small time investor likes to say, although I guess 4kandles would not count him as a 'smart' person to identify. He's only Warren Buffett.

I have no idead if 4kandles really is a tree-hugger. But he certainly exhibits all the smug insufferable sanctimonious utter conviction that he is right that make those types such poor company. Our very own BB pocket Owen Jones.

Do you mean 4kandles is still buying SBB? He might be, but if so I'm surprised he hasn't popped up to remind us all how clever he is. He's a great man. I know. He told me so himself. Lol.

Better trading volume than we've seen over the last few weeks chaps :-)

Oh well, disappointing, but its not like we spiked up on speculation before the suspension. Maybe it will have raised awareness of SDX anyway.

Currently valued at 3.5p per barrel, with everything else thrown in for free. Can 2P reserves be brought more cheaply anywhere else?

Currently valued at 3.5p per barrel, with everything else thrown in for free. Can 2P reserves be brought more cheaply anywhere else?

Is 4Kandals invested here? Or just cruising BBs of battered shares to gloat a bit?

The following line from the last RNS: "Any working capital loans from the Group to the Kholmsk Port that are greater than JSC Petrosakh's interest in the Kholmsk Port should be repaid." strongly makes me think that the 50m roubles discrepancy in the buying price of the 19.9% stake in the Port covered the pro rata share of the capital investment that the RNS also covers. I don't think any money has been nicked, it's been used to gain control of the Port, and to loan the port funds for capital investment, to upgrade it. This is all to the benefit of UEN.

I appreciate that have working capital earmarked for short term use being used for something else instead shows conflicting priorities at a high level in the Company, but clear elections to the Port Board were happening in the last couple of mnths, so immediate action was required. This is also Russia, and in that context, these dealings are virtually squeaky clean.

We just need the BOD to sort out the short term working cap requirements (early tanker loading and despatch would be ideal) and we emerge in a stronger position. Either the BOD are incompetent, or trying to provoke a showdown with Schvets/Adler. Either way, and with the sp on the floor, he must be considering a straight up buyout.

There is always risk, but this looks like a very good gamble to me.

It suggests that PW is looking ahead to further acquisitions beyond the BP deal. It depends how much free cash flow the BP deal throws off, but it looks to me like he is hoping to build a Tullow/PMO sized O&G co in double quick time.

4Kandals! Never one to gloat! How's Uen going for you?

Guess I'd better do a quick pump as I haven't dumped yet. Here goes.
Virtual certainty the tanker gets loaded and shipped earning net proceeds greater than our market cap now. Better than even odds the shenanigans get sorted and the divi gets reinstated. Good chance we get to be direct supplier of fuel oil to the Port. SP back to £1.30, doubles all round.

Yes, I will top slice a bit on the way up to derisk. Very sensible. Not half though, I'm hoping this will have legs. Run winners, cut losers and all that.

I'm still here 4kandles

I hope South Ramadan comes up too. But there are many many questions. Is it getting live streamed, or anything like that?

Graybird, i think the sp will top £3.50 before the drill is done. But that's just my opinion.

Wow, moving now. Really wish I had more, but SDX still suspended and my gambling pot committed to a gamble. Oh well. Still got a decent chunk in here. GLA

It seems to suggest that that is their pro rata share of capital investment the Port needs, based on their 23% ownership. Although they think they might have paid for a larger share. It may also explain the extra 50 million roubles loaned to the employee to buy 19.9% of the Port. Presumably he would have been expected to stump up his share of the capital costs, and may have found his salary didn't quite stretch to that.

Fair play, it's storming back up. I thought it would struggle to come back up through the 30s, but I called that wrong.

Hamilton, mate, I know its hard to take a loss on the chin. But you need to look at the capital you have in OBC as it is now, not as it was when you bought in. Then think about how much less it will be next week, next month, next year. Cutting losses is essential to preserving capital and living to fight another day. Once you sell, you will see how easy it is to put a loss behind you and move on. And also, you will have learnt lessons for the future, about what makes a good trade. Every good trader on these bbs has learnt some hard lessons along the way. That's life.