Member Info for Urraca

I think (but can't prove) that the Co owned the 23% and 11.9% and the employee owned 19.9% all at the same time, and when the elections to the Port Board were happening. The 11.9% was then swiftly disposed of, the employee still has 19.9%. And I strongly suspect he will not attempt to sell them on his wn account, or do a runner. I think t as all to do with getting 5 out of 7 Port Board members.

The Company is banging on about running out of working cap by month end, seeking solutions to that, and "protecting creditors" in a veiled threat to do a placing. And dilute Adler Impex. They seem to suggest n today's RNS that they have already taken preliminary soundings in the City to this end, which might explain the price action today. I'd be livid if they did do a totally unnecessary placing just to posture with Adler. But I imagine Roman Schvets is incandescent at the moment. I doubt he would permit a placing, and he will certainly want a Board shake up, if not buying out UEN. Now its a dollar cash cow.

The loan of 87m roubles to the employee bought 19.9% of the Port. Yet Kononov bought then sold 11.9% of the Port for 22m roubles.

Suggests they'd get around 37m roubles if they force the sale of the 19.9%, a loss of 50m roubles. And potentially a loss of control of the Port if further Port Board elections were forced.

They operate in Russia, and this still looks like a good deal to me, to get control of the Port. The BOD should never have gone public with this. Still, on the upside, it presents a great opportunity to get in cheap.

Look naive and inept over this. Still, it's very hard to see how they could possibly refuse to reinstate the divi, and the tanker will load next month, making this a screaming buy. The main problem for the BOD now is saving their face over this fiasco.

Reading between the lines, I think this looks like Kononv on manoveurs to secure the 5 out of 7 seats on the Port Board, giving UEN effective control, while circumventing state rules on foreign ownership. As such the contract to directly supply fuel oil to the Port should be a slam dunk. Some arrangement will be made to sort the money out.

To be honest it looks to me as if Kononov was acting in the interests of the Company, and the BOD should have discussed this with him, and kept it quiet, instead of over-reacting, and now bringing it to the Govt's attention.

Hope your reassured by that Carling. Both sides step back from the brink - war is averted. Divi reinstated before the end of the week?

Hi Italian. I cannot envisage any circumstance in which this share could be the 'investment opportunity of a lifetime' lol. But when it relists there will be volatility for 'price discovery' so an opportunity to turn a buck if you can get it when it's oversold, and cash out on the rebound. I know the trying to catch a falling knife adage, and I've lost out doing this, but on average I make more than I lose. Plus, it's fun. (Apologies to holders here for that last bit, but it's true).

Firstly, my condolences to anyone invested here and locked in by suspension. I hope your holding here is only a small part of a diversified portfolio.

Secondly, any bottom fishers like me out there, thinking there might be an opportunity for a quick buck when this relists? It's hard to know where it will go, but below the placing price I think. 40p? 30? If it hits 30p I would be very tempted to have a punt. Although with predictions of £12m real profit in the next year, it could conceivably drop to 10p - one years earnings while the uncertainty about what's going on continues.

I'd have a chat with Equinor Graybird.

What I take away from the line in the RNS that they may move to protect creditors, is that they will get the Russian banks they have credit facilities with involved. Kind of like, my gang is bigger than your gang. And, it being Russia, gangs is not a bad description. We shareholders do not count as a gang. Unless we want to tool up and invade Russia, lol.

Good spot on Kholmsk being usd for smuggling by North Korea btw. Wonder if its got anything to do with the Sakhalin Oblast Governor being moved on a few weeks ago? Whatever happens, this is definitely one of my most fascinating investments.

Great spot Chris 11B. 75kboepd within 12 months? Where would that rank us in E&P companies? Not UEFA champions, but the Prem maybe?

The key issue isn't really the loan. It looks like a battle for control of the Kholmsk Port. The loan was apparantly used to buy additional share interest in the Port. And Comrade Kononov also transferred a share of UEN's ownership of the Port to someone else. It was a little weird that UEN seemed to have taken control of the Port (5 out 7 directors) with only a 23% voting interest. But I guess there is an opportunity for UEN to cut its port costs, or for an alternative faction to use it to bleed the company.

Possibly related is the fact that the Governor of the Sakhalin Oblast, Oleg Kozhemyako (appointed by Putin), was moved from his post to a different region only a few weeks ago, on 26 September. There is now an acting Governor, Vera Scherbina, who was previously Chair of the Oblast, and a member of the SakhalinEnergy Board. Who knows if new players on the board have opened an opportunity for UEN to reduce Adler interference. There's a good news article in this, but I doubt the truth will ever come out.

The key risk for me is that Roman Schvets (the guy behind Adler) decides to sell out. That would exert big downward pressure on the sp. I. think this is unlikely though, because you don't get rich by flushing money down the drain in a fit of pique. I expect Comrade Kononov to depart UEN though, and some sort of arrangement to be struck. The Board must think they have a good hand, or they would never have gone public with this.

Been around three weeks now. Hope these negotiations don't take as long as Brexit. Suspense is killing me.

The 'working capital' excuse for witholding the divi is BS. They just don't want to pay Adler Impex while this is going on. Was the loan actually made in dollars? Or local currency? Because the divi is paid in dollars, which must be attractive to Adler.

Once this is sorted the divi will be reinstated, hopefully in time for the AGM next month. It represents a return of almost 10% at current sp levels.

100% COS of hitting oil. In terms of how much, my rule of thumb is take the midpoint between high case and low case as having highest COS, with diminishing liklihood as you approach the extremes, low and high. Like a bell curve.

But this could be rubbish, just seems like a sensible approach. Any petroleum reservoir engineers out there who can offer a better approach?

Buys heavily outstripping sells. Tiny number of shares in issue, and even tinier amount in free float.

Needs a 30% rise to get back to 40p. An extra £100m on the market cap. Given current market conditions, that looks a little bit optimistic.

Have you stocked up yet graybird?

Mr Kononov represents Adler Impex whch owns 44% of UEN, so this may be somewhat tricky to resolve. But as the Board have gone public with it, they clearly intend to face him down. Maybe get him removed? Or maybe Adler will now try and buy the rest of the Company. I'm not quite sure whether they'd have to follow AIM rules, as a 44% shareholding should automatically trigger a takeover. Which clearly it has not.

Just got in and seen the two tweets. Maybe the investor evening on 16th is going to rock. Anyone going?

The proceeds from the tanker shipment next month should be significantly above the total market cap of the company as it stands now. I appreciate this news is troubling, but the price drop seems to have been at least douboe the total sum of the fraud. Been watching UEN for a bit, bought in today.