Has anyone please got any info on this one? It was supposed to start trading again in July and then August - almost end of August and nothing!

From the Independent on Sunday

Oil-row businessman aims to score against Chelsea owner
By Greg Harkin
Published: 25 September 2005
Chelsea may be sitting pretty at the top of the Premiership with a record-breaking 100 per cent record, but the Champions of England could face their greatest challenge yet: from an angry Scottish businessman.

Henry Cameron, a 65-year-old former solicitor, could knock Chelsea off their perch if he succeeds in a legal action seeking 500m from a business associated with the club's super-rich owner, Roman Abramovich. He claims that the Russian was involved in share deals that cost him a 50 per cent stake in a 1bn Siberian oil fields venture.

Instead of making his fortune, he says, he ended up with 1 per cent of the business, after directors of the Russian firm Sibneft issued thousands of new shares in the business to their own subsidiary companies.

The Scot is a director of Russian-owned Sibir, which struck a deal with Sibneftto jointly develop oil fields in Siberia.

Mr Abramovich is named in a lawsuit launched by Mr Cameron's company in the British Virgin Islands, where the case is being heard because a number of co-accused firms are registered there.

Mr Abramovich's spokes-man, John Mann, insisted his boss had acted legitimately.

Chelsea may be sitting pretty at the top of the Premiership with a record-breaking 100 per cent record, but the Champions of England could face their greatest challenge yet: from an angry Scottish businessman.

Henry Cameron, a 65-year-old former solicitor, could knock Chelsea off their perch if he succeeds in a legal action seeking 500m from a business associated with the club's super-rich owner, Roman Abramovich. He claims that the Russian was involved in share deals that cost him a 50 per cent stake in a 1bn Siberian oil fields venture.

Instead of making his fortune, he says, he ended up with 1 per cent of the business, after directors of the Russian firm Sibneft issued thousands of new shares in the business to their own subsidiary companies.
The Scot is a director of Russian-owned Sibir, which struck a deal with Sibneftto jointly develop oil fields in Siberia.

Mr Abramovich is named in a lawsuit launched by Mr Cameron's company in the British Virgin Islands, where the case is being heard because a number of co-accused firms are registered there.

Mr Abramovich's spokes-man, John Mann, insisted his boss had acted legitimately.

Another Sunday Article

From Scotland on Sunday on line

Former Aberdeen solicitor to sue Abramovich for oil 'fraud'

NICHOLAS CHRISTIAN


SUPER-RICH Chelsea FC owner Roman Abramovich is to fight a legal claim from a former Aberdeen solicitor over a half share in a 1bn Siberian oil fields venture.

Henry Cameron, now the boss of an oil firm headquartered in the Caribbean, accuses Abramovich of involvement in share deals which cost Cameron his 50% stake in the deal.


The Aberdonian claims directors of the Russian's firm, Sibneft, issued thousands of new shares in the business to their own subsidiary companies.

Cameron, 65, alleges that the new issues reduced his firm's stake in the project from half to just 1%.

The Scot is a director of Russian-owned Sibir, which struck a deal with Sibneft five years ago to jointly develop two huge oil fields in Siberia.

Abramovich is named in a lawsuit launched by Cameron's company in the British Virgin Islands, where the case is being heard because a number of co-accused firms are registered there.

The oligarch and three companies controlled by Sibneft are named in the legal action at the Eastern Caribbean Supreme Court, where judges are expected to give their verdict soon.

Abramovich's spokesman, John Mann, said his boss had acted legitimately.

Speaking from Johannesburg, Mann said: "Everything with regards to our participation in the Sibneft transfer was legal and above board. We are happy to settle this matter through the courts rather than through the press.

"It was a 50-50 joint venture initially; however, through a series of events we came to control an additional 49% of it.

"It was all completely legal, we funded every dime of the project, we brought in all the technology.

"This case has failed at several courts in Russia, now it is being heard in the British Virgin Islands and we expect to prevail again."

Russian oil has made Abramovich one of the world's richest men. He has an estimated personal fortune of 7.5bn and has poured more than 700m into Chelsea FC.

The Russian is not a director of Sibneft but is part of a group of core shareholders who own 72% of the oil giant.

Cameron moved into the Russian oil business after working as a senior partner at Peterkins Solicitors in Aberdeen.

He was unavailable for comment yesterday but said last week: "We believe this was a fraud on us to deliberately deprive us of half our company.

"I work in Russia so I am used to the difficulties. But I had a feeling of almost disbelief at the way this was done."

Abramovich lost both parents before he was four years old and was adopted by his uncle. He dropped out of college in Moscow in the 1980s before making his first fortune through oil deals in the early 1990s, as many Russians took advantage of the artificially high value of the rouble and the hasty privatisations which followed the collapse of communism. The main source of this wealth comes from being one of the major shareholders in Sibneft, one of the biggest companies in the world's largest country.

Abramovich also had significant interests in Russia's aluminium industry and until recently owned a sizeable stake in Russian airline Aeroflot, the sale of which may have funded the Chelsea buyout.

Although many others who made it rich in 1990s Russia have since fallen foul of the Russian authorities - including some who have been forced into exile in the west, or been tried under allegations of tax irregularities - Abramovich has managed to survive unscathed, buying up stakes in the main Russian TV channel ORT and surviving investigations into allegations of shady dealings.

The tycoon has also dabbled in politics. In 1999, he was elected to the lower house of the Russian parliament, the State Duma.

He is also the governor of the remote province of Chukotka in the north-east of Russia, directly across the Bering Strait from Alaska.


From B1 All we need now is a home win (Judgement re Fraud after all I can't see Mr A disclosing his connections with the Russian Hierarchy so they may fold)or a scoring draw (BVI Courts verdict maybe that they will have jurisdiction and be able to hear the full case then it will be who can tell the best jokes without laughing and I don't think that the comedian in the pack is HC - he means business). Tomorrow and Tuesday is going to be an interesting couple of days culminating in the best day of all Friday - Strong interims.

(I'm going to risk a further 10000 on a T10 to top up 1st thing Mon)

Good luck to everyone. DMOR and going4it.

Looks like an out of Court settlement to me .
Too many people going to be compromised.

Duff Gen from another BB - sorry. I removed the Post as it was wrong. However why have there been a 4:1 sale:buy ratio today knowing that strong interims are about to be released along with other good news. Anyone who is selling now must be in the know re BVI or strapped for cash.

Comeon fellow posters anyone still interested. Found this whilst surfing other BB's Strong buys late afternoon pulled back the deficit to a half penny drop. This WARNING from HC is a pep up ahead of the results due Friday. I think for the Gazprom/Sibneft deal to go ahead one of two things may occur.
1) Mr A and his coniving Cronies capitulate and give SIBIR adequate compensation for the theft of their asset
2) Gazprom pay over 1,200,000,000 pounds or so for SIBIR and be done with it, Gazprom can then sort the problem out 'Inhouse'

I favour no 2 as it keeps Mr P and the K out of it, no embarrasment, it virtually doubles the SP of SIBIR keeping the PI and Inst happy.

Anyone out there favour any other possibility. Figures will be due out in Russian time friday probably around Midday give or take an hour or so and I can feel 4.50 pound a share coming on quite easily. Anybody out there that can read the graphs etc and if so what do they say ( or is it just like reading T leaves). 62 hours to figures. Virtually all OIL companies reporting have shown strong top lines this year so far.

Good luck to all.

NEWS
27/09/2005

Sibir Puts Western Banks on Notice in Sibneft-Yugra Affair


Sibir CEO, Henry Cameron, has written letters to the General Legal Counsels of several prominent western banks believed to be financing Gazproms bid to acquire Sibneft to put them on notice that Sibir will pursue its claims against Sibneft regardless of any change of ownership of that company. Mr. Cameron further warns the banks of undertakings that Sibneft has made to the court in the British Virgin Islands. The text of the letter is published below.


Dear Sirs

Dilution of Sibir Energy Plc's ("Sibir") interest in Sibneft-Yugra

I write in my capacity as CEO of Sibir. I understand from recent media coverage that Gazprom may be close to agreeing a deal to purchase Sibneft and that your bank may be involved in providing finance for the deal. Whilst I am only too aware that such rumours may be without substance or may come to nothing, it is important that you are aware that Sibir has brought proceedings against, among others, Sibneft in the British Virgin Islands in respect of assets valued at between $1.2 billion and $2.1 billion.

Sibir's claim against Sibneft arises out of a joint venture agreement entered into in November 2000 in relation to the development and exploration of oil fields, namely the Palyanovskoye and the south part of the Priobskoye Fields (the "Fields"). The development of the Fields was to take place through a joint venture vehicle called Sibneft Yugra. Sibir held its beneficial interest in Sibneft Yugra through its subsidiary, Yugraneft.

On 28 September 2002 and 4 February 2003, the Board and members of Sibneft Yugra apparently resolved to increase the issued share capital of Sibneft Yugra. Additional shares were allotted to offshore companies, believed to be beneficially owned by Sibneft, and to Sibneft, but not to Yugraneft. The cumulative effect was to dilute Sibir's beneficial interest in Sibneft Yugra from 50 per cent. to less than one per cent.

Sibir commenced proceedings in the BVI on 13 July 2005. Sibir's claim is that the above actions were a crude fraud perpetrated by Sibneft on Sibir, by which Sibneft gained a very substantial benefit. Sibir's claim is that, in committing the fraud, Sibneft breached fiduciary obligations which it owed to Sibir pursuant to the joint venture agreement. Evidence has been filed by each side and a hearing has been fixed for 19 September 2005 with an estimate of three days at which the issue of BVI Court jurisdiction will be determined.

Your bank should be aware that, by way of a confidential schedule to an Order dated 21 July 2005, various undertakings have been given by the Defendants. We would expect your bank to confirm with Sibneft that any prospective deal would not amount to a breach of such undertakings.

Sibir considers, on advice, that its case against the Defendants is exceptionally strong and that Sibneft's various explanations for the dilution are completely nonsensical and will be rejected by the Courts. We have already written to Gazprom in order to put them on notice as a prospective purchaser. Sibir's claims against Sibneft will continue regardless of any changes in the ownership of that company. As matters currently stand, because Sibneft has refused to recognise the validity of Sibir's claims, the assets of the Sibneft group are overstated to the value of our claim (i.e. between $1.2 and $2.1 billion).

Yours faithfully

Henry Cameron

B1, what about other possibilities:-

3. BVI court decides it has no jurisdiction

4. BVI court throws out the case because sibneft does have docs showing it acted legally and known/agreed by SBE's main shareholder acting on behalf of the company

5. sibneft decides to battle it out because the it will take years to get a substantive verdict out of BVI and longer for it to be upheld thru appeals and then even more difficult to get the final verdict implemented. in the meantime sbe is spending shed loads of money on legal fees and the shareholders get fed up.

I too think that your option 2 is a strong possibility. but HC will not capitulate easily (got to admire the b@lls on that Scotsman) and there will be issues between russian national government interests and moscow city government interests that might scupper that idea.

WDIK, PDYOR.

camlad

wheres the release???

searching web but cannot find anything.

sp on the rise

No release but an 11p rise today - Nice. T10 traders on thoughts of strong interims maybe. Can't be many spare shares around though so expect big variances. Chav can't sell any of his so MM's will have to pay big prices come Friday sometime to get the shares they have sold. Good luck.

Any time now - some strong buying even the 100,000 was a late reported buy.
Tick ups ahead. Good luck

How can Gazprom buy Sibneft with BVI/RUSSIA court cases on going,will Sibir be awarded some type settlement,any views B/ONE.

80% profits and rising.

Makes all that time waiting through the last 2 years worthwhile.

Still plenty of upside.


Trying to get latest Project Reports from Salym.

They're big and they're beautiful (SBE's interims, of course).

Monday should be interesting and profitable to all holders.

WDIK, PDYOR.

camlad

The last month with Sibir has been great, well worth the long wait. The interims are fantastic, the bottom line is much better than I anticipated. The report outlines a number of on-going work which according to HC (and he can't be faulted) will reap rewards for the shareholders of which I am one for a very long time until at least 2009. This weekend is going to be interesting as all the newspapers will be full of Gazprom, sibneft, Partygaming, 888.com BUT best of all I shall enjoy reading SIBIR - They may sit up and take notice of an OIL GIANT in the making and then after the weekend there won't be any Monday morning blues not even if the price dips a little and yes maybe the Profit line had been factored into the current SP. The result of the BVI hasn't, the conservative reserves haven't, the ongoing and projected programmes haven't - but they will have to be 6 pound by Xmas 2005 and a nice little divi to look forward to in 2007 when the SP will be 15pound plus. DMORMSYDY.

4pound plus kick off tomorrow morning IMHO -any other guestimates

I think small rise tommorow.

Lots of MM's with knowledge buying Friday afternoon.

I next big ramp will be Gazprom deal.

Interseting develpments ongoing with Shell and GAZPROM at the moment.

Could all tie-in quite nicely with Shell being 50-50 on Saylm.

I will try and dig around a bit tommorow.

Is sp. sliding last few days, any news,any views,B/one.

When HC said in his Chairmans statement that 'Good news IS JUST AROUND THE CORNER' as always he was as straight as a die'. The BVI result has now got to be favourable (odds on I'd say) even the Moscow Courts are showing SOLIDARITY behind SBE and HC (After all they have a vested interest namely Moscow Oil and Gas'. Gazprom will now realise that SBE mean business. BVI positive result IMHO will lead to Gazprom either taking SBE out at a premium or SBE being taken out be a competitor namely BP who must be after a strong foothold in Russia and where best to place itself? In SBE position, thats correct. Strengthed my holding by a further 5000 shares shortly after 2.20pm today. My confidence isn't waning one iota. Again a lot of watchers but not contributors apart from the old names and may I add its good to keep seeing the old faithfulls. Good Luck but dont forget DYOR. Not ramping this share there is no need to it speaks for itself . Your either in it or not - but I'm glad i am. I'd rather be in it than out at the moment. I can only reiterate what HC states 'Good news is just around the corner.' This one is going to be the icing on the cake

Sibir Energy H1 profits boosted by higher sales, increased production
AFX


LONDON (AFX) - Oil company Sibir Energy PLC said higher sales and increased production lead to an operating profit of 18.2 mln stg in the six months to June compared with a loss of 3.5 mln the previous year.

The group's output increased to 1.41 mln barrels from 961,492 barrels, comprising a 33 pct rise in production from Magma to 1.18 mln and Evikhon's share of SPD's production of 224,337 barrels.

Sales jumped to 137 mln stg from 45.7 mln. Sales of crude oil and oil products were 739,701 and 6.6 mln barrels respectively, up from 539,663 and 2.6 mln barrels last time.

Gross profits were 216 pct higher at 25.3 mln stg and gross profits on crude oil sales rose to 9 mln stg from 5.3 mln, boosted by increased production at Magma and higher margins due to the rise in oil prices.

Commenting on its dispute with Sibneft Yugra, Sibir said its confidence in a satisfactory outcome is higher than ever after the news that Gazprom is aiming to take a majority stake in Sibneft in a 13 bln usd deal.

The dispute related to the dilution of Yugraneft's stake in Sibneft Yugra.

Yugraneft, which is controlled by Sibir Energy, helped set up the OOO NK Sibneft Yugra oil field venture with Sibneft. Since then Yugraneft's interest in Sibneft Yugra has been diluted from 50 pct to less than 1 pct with Sibneft, controlled by businessman Roman Abramovich, and associated companies owning more than 99 pct.

newsdesk@afxnews.com

ak/


Sibir Energy PLC
05 October 2005

5 October 2005

SIBIR ENERGY plc ('Sibir')

Moscow Dismisses Eight Appeals by Sibneft in Relation
to Yugraneft Indebtedness to Sibir Group

On Tuesday 4th October Moscow's Ninth Appellate Court ( 'Appellate Court')
rejected eight appeals by Sibneft against the earlier ruling of the Moscow
Arbitration Court ('Arbitration Court') on June 14th, 2005. The Arbitration
Court had ruled that Sibir, Magma and Evikhon ( both subsidiaries of Sibir ) are
owed 875 million rubles ($31.25 million ) by Yugraneft. This amount represents
96.7 percent of Yugraneft's total debt. In rejecting Sibneft's appeals the
Appellate court re-affirmed that the Sibir Group is by far the largest creditor
of Yugraneft thus safeguarding the status of the court appointed independent and
external administrator.

Commenting on the ruling, Henry Cameron, Chief Executive of Sibir said,
'Sibneft's attempts to annul legitimate loan agreements between Yugraneft, Sibir
and its subsidiaries were designed to procure the liquidation of Yugraneft.
Yesterday's Appellate Court decisions yet again frustrate Sibneft's attempts to
make irreversible its fraudulent dilution of Sibir and Moscow Oil and Gas
Company's rightful 50% interest in Sibneft Yugra.'

Enquiries to:

Henry Cameron, CEO
Moscow +7 095 792 3045

Sibir Energy says Moscow appeals court rejects Sibneft appeals
AFX


LONDON (AFX) - Sibir Energy PLC said the Moscow Ninth Appellate Court has rejected eight appeals by its rival Sibneft against an earlier ruling of the Moscow Arbitration Court that Sibir and its subsidiaries Magma and Evikhon are owed 31.25 mln usd by Sibneft subsidiary Yugraneft.

Sibir said that in rejecting Sibneft's appeals, the court had re-affirmed the fact that the Sibir Group is by far the largest creditor of Yugraneft. Sibir and its subsidiaries are owed 96.7 pct of Yugraneft's total debt.

Sibir chief executive Henry Cameron said that Sibneft's attempts to annul loan agreements between Yugraneft, Sibir and its subsidiaries were designed to bring about Yugraneft's liquidation.

The ruling is the latest development in a long-running dispute triggered by the dilution of Sibir's stake in the Sibneft Yugra oil field project.

newsdesk@afxnews.com

har/cw

Shell and Gazprom Sign MoU for Share Swap
07-Jul-2005
Shell and Gazprom sign Memorandum of Understanding to swap shares in Zapolyarnoye-Necomian and Sakhalin-2 projects

--------------------------------------------------------------------------------




Alexey Miller, Chairman of the Management Committee of Gazprom, and Jeroen van der Veer, Chief Executive of the Royal Dutch/Shell Group of Companies, signed a Memorandum of Understanding in London today regarding a swap of shares in Zapolyarnoye-Neocomian and Sakhalin-II projects.

The swap is strategically important to both parties. The Memorandum of Understanding sets out the high level principles of a transaction through which Gazprom would acquire up to 25 per cent plus one share in the Sakhalin II venture, and Shell would acquire a 50 per cent interest in the Zapolyarnoye Neocomian field. The difference in value, to be defined by the parties, will be compensated through a package of cash and other assets to be agreed by the parties.

Preparation for the execution of the swap will be coordinated by a steering committee and joint working groups. The steering committee will consist, on principles of parity, of representatives of Gazprom and Shell. According to the Memorandum, the parties intend to commence due diligence and evaluation on their respective assets and finalize the definitive arrangements for the transaction in 2006.

"In pursuit of its strategy, Gazprom becomes a player in the LNG sector and enters new markets. The document signed today opens the way for Gazprom to become in the nearest future a large shareholder of a fast growing project for hydrocarbons development, LNG production and sale to strategic markets in North America and Asia-Pacific Region," said Alexey Miller after the signing ceremony.

"We welcome Gazprom as a great Russian partner in the Sakhalin II project and are confident Gazprom will make significant contributions towards maximizing the long term value of the project. Joint development of the Zapolyarnoye-Neocomian field will build on our position in Western Siberia, where we already have our successful Salym project. Today strengthens the good relationship between Shell and Gazprom and is a basis for further cooperation on integrated gas projects both in Russia and internationally," said Jeroen van der Veer.


ENQUIRIES:
Shell International Media Relations +44 (0) 20 7934 6238/3453/3277
+31 70 377 8750
Gazprom Media Relations +7 095 7191077

Looking at this article again, I still see Shell as a more probable buyer of SBE.
This would suit Gazprom.

http://www.spdnv.ru/en/


In case anyone didn't know about this link .

Why the Bomb at 3pm???

Cannot find anything

Why drop of 25 pence,are we being told fodder up to now,is this going to collapse,any views.