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!

Hoodless Brennan were ok with dealing. I bought at 197p.

I see sellers aren't suffering the same difficulties as buyers.

From Telegraph:-

The oligarchs battle for oil
(Filed: 19/12/2004)


Tchigirinsky lost an oilfield and his Aim listing. He tells Simon Bell that he's back in the market



For a man who has mislaid an oilfield, Chalva Tchigirinsky, the Moscow tycoon, is showing remarkable sang froid. Eight months after the shares in Sibir Energy, his joint British and Russian company, were suspended on the Alternative Investment Market (Aim) in London due to the oilfield's disappear- ance, he is back in town to re-list Sibir on Tuesday as "a stronger, better and more efficient company than before".

Tchigirinsky's problems began earlier this year when Sibir's stake in the Siberian oilfield Yugra, which had started at 50 per cent - worth an estimated $111m (57.2m) - was massively diluted, so that Sibir eventually ended up with less than 1 per cent of it.

What appears to have happened is that Yugra issued new shares to Sibneft, the oil company belonging to Roman Abramovich, Tchigirinsky's partner in Yugra. "Sibir's interest in Sibneft-Yugra has been misappropriated and we will have it back," he said at the time.

The passage of time has cooled his temper. "I was extremely angry," Tchigirinsky says, in an interview with The Telegraph. Alleging that the deals that allowed Abramovich to seize control were unfair, he says: "I thought Russia was through that period of its history."

Sibneft insists that it has done nothing wrong: "There were a whole bunch of agreements between ourselves and Sibir's shareholders. Everything Sibneft has done since then has been in accordance with those agreements."

Tchigirinsky asked Sibneft to return his oilfield. "I met Eugene Shvidler [Sibneft's chief executive] at the airport and he said he knew nothing about it. He even denounced it," Tchigirinsky says.

For several months, in fact, Sibneft denied seizing Yugra until, in June, the company disclosed that it was indeed the owner of the new shares.

With several court cases pending in Moscow, the energetic 55-year-old Tchigirinsky - whose stake in Sibir, where he is a non-executive director, is set to rise to 52 per cent next week - is bullish. "I expect 90 per cent of our shareholders have written off Yugra," he says. "We haven't written it off. I'm 100 per cent certain we'll get Yugra back."

If the tycoon succeeds, he will restore a jewel to Sibir's portfolio. Before April, Sibir's shares were trading at 28p; about 6p represented Yugra.

By contrast with some of his overnight-billionaire compatriots, Tchigirinsky has come slowly to riches. Born in Georgia, he swiftly moved to Moscow then lived in Germany until 1988, where he gained experience of foreign businesses and investors. He set up his construction company, S&T, co-owned with a German banker, in Moscow at the beginning of the 1990s and soon forged a strong relationship with the Moscow City Administration, in particular, with Yuri Luzhkov, the powerful mayor of Moscow.

In the maelstrom of Muscovite politics, Tchigirinsky is wary of committing himself to any political position. "I play billiards with Luzhkov," he says cautiously. "The last two times he beat me."

But there is no doubt that this carefully nurtured relationship with Luzhkov, an old-style city boss, has enabled him to win many prime sites in Moscow for redevelopment. In the 1990s he built four of the biggest new office blocks to house international companies, as well as the famous Alexander House, a mansion he built for the oligarch banker Alexander Smolensky.

After Smolensky's fall, the house became Vladimir Putin's presidential campaign headquarters. Now Tchigirinsky has acquired the most prestigious site in Moscow, the Rossya Hotel next to the Kremlin. "I hope the British architect Lord Foster will be designing the new development."

But, according to Tchigirinsky, it wasn't all easy. "In the early days," he says, "we didn't have the money to pay contractors. One night I went to a casino, the Club Royale, and won a few thousand dollars. I went back 19 times and won every time and was able to pay."

Tchigirinsky's good relations with Luzhkov yielded the greatest prize of all, however, in the Moscow Oil and Gas Company (MOGC), which came complete with Moscow's only oil refinery. Owned jointly by Sibir, Moscow City and Abramovich's Sibneft, MOGC became the focus of a fierce nine-month battle between Luzhkov and Abramovich for control of its management. Luzhkov and Tchigirinsky won.

"I think this was the source of Abramovich's actions over Yugra later," he says. By depriving Tchigirinsky of Yugra, Abramovich also deprived him of an asset that the company was a "pledge or consideration" for the important stake in MOGC.

It is a testament to the closeness of Luzhkov and Tchigirinsky that the mayor this year accepted another Sibir oilfield of far less value than Yugra as the tycoon's "pledge" for MOGC.

Meanwhile, Sibir Energy also has strong partnerships with Western oil companies. There is a joint venture with BP in Moscow's petrol stations and a promising joint venture with Shell in the huge Siberian Salym oilfield.

Sibir's strengths lie in the fact that none of the company's oil assets were taken from the state in the alleged scams of the 1990s. But that didn't make is any easier for it to hold on to Yugra.

Meanwhile Tchigirinsky's close partnership with Luzhkov will not be quite so valuable when the mayor finally stands down. It remains to be seen if the tycoon's excellent talent for forging connections will work with a new mayor. As Henry Cameron, Sibir's chief executive and a Scot, says: "In Russia you can expect anything."

From Telegraph:-

The oligarchs battle for oil
(Filed: 19/12/2004)


Tchigirinsky lost an oilfield and his Aim listing. He tells Simon Bell that he's back in the market



For a man who has mislaid an oilfield, Chalva Tchigirinsky, the Moscow tycoon, is showing remarkable sang froid. Eight months after the shares in Sibir Energy, his joint British and Russian company, were suspended on the Alternative Investment Market (Aim) in London due to the oilfield's disappear- ance, he is back in town to re-list Sibir on Tuesday as "a stronger, better and more efficient company than before".

Tchigirinsky's problems began earlier this year when Sibir's stake in the Siberian oilfield Yugra, which had started at 50 per cent - worth an estimated $111m (57.2m) - was massively diluted, so that Sibir eventually ended up with less than 1 per cent of it.

What appears to have happened is that Yugra issued new shares to Sibneft, the oil company belonging to Roman Abramovich, Tchigirinsky's partner in Yugra. "Sibir's interest in Sibneft-Yugra has been misappropriated and we will have it back," he said at the time.

The passage of time has cooled his temper. "I was extremely angry," Tchigirinsky says, in an interview with The Telegraph. Alleging that the deals that allowed Abramovich to seize control were unfair, he says: "I thought Russia was through that period of its history."

Sibneft insists that it has done nothing wrong: "There were a whole bunch of agreements between ourselves and Sibir's shareholders. Everything Sibneft has done since then has been in accordance with those agreements."

Tchigirinsky asked Sibneft to return his oilfield. "I met Eugene Shvidler [Sibneft's chief executive] at the airport and he said he knew nothing about it. He even denounced it," Tchigirinsky says.

For several months, in fact, Sibneft denied seizing Yugra until, in June, the company disclosed that it was indeed the owner of the new shares.

With several court cases pending in Moscow, the energetic 55-year-old Tchigirinsky - whose stake in Sibir, where he is a non-executive director, is set to rise to 52 per cent next week - is bullish. "I expect 90 per cent of our shareholders have written off Yugra," he says. "We haven't written it off. I'm 100 per cent certain we'll get Yugra back."

If the tycoon succeeds, he will restore a jewel to Sibir's portfolio. Before April, Sibir's shares were trading at 28p; about 6p represented Yugra.

By contrast with some of his overnight-billionaire compatriots, Tchigirinsky has come slowly to riches. Born in Georgia, he swiftly moved to Moscow then lived in Germany until 1988, where he gained experience of foreign businesses and investors. He set up his construction company, S&T, co-owned with a German banker, in Moscow at the beginning of the 1990s and soon forged a strong relationship with the Moscow City Administration, in particular, with Yuri Luzhkov, the powerful mayor of Moscow.

In the maelstrom of Muscovite politics, Tchigirinsky is wary of committing himself to any political position. "I play billiards with Luzhkov," he says cautiously. "The last two times he beat me."

But there is no doubt that this carefully nurtured relationship with Luzhkov, an old-style city boss, has enabled him to win many prime sites in Moscow for redevelopment. In the 1990s he built four of the biggest new office blocks to house international companies, as well as the famous Alexander House, a mansion he built for the oligarch banker Alexander Smolensky.

After Smolensky's fall, the house became Vladimir Putin's presidential campaign headquarters. Now Tchigirinsky has acquired the most prestigious site in Moscow, the Rossya Hotel next to the Kremlin. "I hope the British architect Lord Foster will be designing the new development."

But, according to Tchigirinsky, it wasn't all easy. "In the early days," he says, "we didn't have the money to pay contractors. One night I went to a casino, the Club Royale, and won a few thousand dollars. I went back 19 times and won every time and was able to pay."

Tchigirinsky's good relations with Luzhkov yielded the greatest prize of all, however, in the Moscow Oil and Gas Company (MOGC), which came complete with Moscow's only oil refinery. Owned jointly by Sibir, Moscow City and Abramovich's Sibneft, MOGC became the focus of a fierce nine-month battle between Luzhkov and Abramovich for control of its management. Luzhkov and Tchigirinsky won.

"I think this was the source of Abramovich's actions over Yugra later," he says. By depriving Tchigirinsky of Yugra, Abramovich also deprived him of an asset that the company was a "pledge or consideration" for the important stake in MOGC.

It is a testament to the closeness of Luzhkov and Tchigirinsky that the mayor this year accepted another Sibir oilfield of far less value than Yugra as the tycoon's "pledge" for MOGC.

Meanwhile, Sibir Energy also has strong partnerships with Western oil companies. There is a joint venture with BP in Moscow's petrol stations and a promising joint venture with Shell in the huge Siberian Salym oilfield.

Sibir's strengths lie in the fact that none of the company's oil assets were taken from the state in the alleged scams of the 1990s. But that didn't make is any easier for it to hold on to Yugra.

Meanwhile Tchigirinsky's close partnership with Luzhkov will not be quite so valuable when the mayor finally stands down. It remains to be seen if the tycoon's excellent talent for forging connections will work with a new mayor. As Henry Cameron, Sibir's chief executive and a Scot, says: "In Russia you can expect anything."

Now thats much more like it 205p - Merry Christmas

Yo, we still got stuffed. If the asset base and potential are the same why cut the value. Market makers get all the fun and profit. Still brought some more at 1.96 so in for the long hall. Good luck all you other gamblers and happy xmas.

I could nt but these for love nor money yesterday! on line no joy, i guess there would be a lot of others out there in the same position as me, and that would effect the Sp! this will rise when people can buy them!!!!!

She is on the way up! 235.50p and still rising.

wilbs

Sorry all but I am so hung over.. saw these gallop up yesterday & again steaming away today. Now in my fragile state could someone briefly explain where these are heading. Have I missed the boat.. I know I should do some research but by the time I have done so these will have plateau'd. Whats the guide price? I am after a short term stock.

Thanks

Chris

Check their website out.

www.sibirenergy.com

some people have suggested 260p to 360p. Only time will tell.

wilbs

Thanks Wilbs.

No probs chrispine. Also you may like to look back on this thread and also on Ample/iii bb. If your not registered with em, let me know and I will paste some stuff for you later.

wilbs

That would be brilliant if you could paste Wilbs as I am not registered. I know its a lazy way to trade & not an advisable one but I am most grateful to you for your trouble.

Chris

No probs. Im now popping out for an hour to get my last xmas shopping done so will past some stuff later.

wilbs

Is SBE getting any easier to buy for anyone else out there. It took be 15 mins this morning to get a buy 10000 @ 235p in for the ride. (228 when i picked the phone up) Fingers crossed

Here you go chrispine, hope its some help. Sorry if its been posted on here before.

All from ADVFN

....so says the headline in the Sunday Telegraph. The news is that that Moscow tycoon Chalva Tchigirinsky is back in town to re-list Sibir on Tuesday as a "stronger better and more efficient company than before". He is a non-executive director whose stake in Sibir is set to rise to 52 per cent.
The article highlights the problems with Sibir's diluted stake in the Siberian oilfield Yugra. Tchigirinsky alleges that the deals that allowed Sibneft (the oil company belonging to Roman Abramavich) to seize control were unfair. He says "I thought Russia was through that period of its history" and adds "I expect 90 per cent of our shareholders have written off Yugra but I am 100 per cent certain we'll get Yugra back". If the tycoon succeeds, he will restore a jewel to Sibir's portfolio. Before April, Sibir's shares were trading at 28p, about 6p representend by Yugra.
------------------------------------------------------------------------------
I have been spending time reviewing the pattern of trades today re SBE.Large buys and sells in fairly equal measure indicate that traders are quietly making a few quid knowing that this could go for quite some time.As a long termer my view is that this is a no-brainer.Middle East supplies are going to be fraught for the foreseeable future.Notice how its all gone quiet on the Ukranian Front.Watch Bush cuddle up to Putin.He needs the Salym field and others he can get his trading hands on.USA and Russia need each other badly.which is where Sibir and others like it are going to be 'stars' of the future.Russia represents relative stability compared to the hell that Saudi,Iraq et al are going to be Medium Term.I would be surprised if this share did not do extremely well from now on.
-------------------------------------------------------------------------------
Investors in Sibir agree fee of 15m
By Christopher Hope, Business Correspondent (Filed: 21/12/2004)


Shareholders in Sibir Energy yesterday agreed to pay $29.1m (15m) to a Russian businessman for arranging a $150m loan package which stopped the company losing control of its second Siberian oil field in a under a year.



Henry Cameron, Sibir's chief executive, said that banks were unwilling to lend competitively after Sibir lost nearly all of its 50pc stake in a venture with Russian oil company Sibneft in the Pirobskoye field in western Siberia.

Instead, Chalva Tchigirinski, Sibir's biggest investor, found the money. In return he is being paid the fee in shares, taking his stake from 42pc to 52pc, and dilluting everyone else by 3pc.

Speaking at a meeting to approve the deal, Jeremy Le Sueuer, fund manager at Church House which controls 650,000 shares, complained of not enough "justification" for the payment.

However, Mr Cameron stressed that Mr Tchigirinski's fee was half the price charged by banks.

He said that without the fresh funds Sibir would have had to hand its 50pc stake in the 800m barrel Salym oil fields to Shell. "We had to find $130m to meet our share of the Salym development to avoid dillution by Shell," Mr Cameron said.

Shares in Sibir, which have been suspended since April, are due to resume trading on the Alternative Investment Market this morning. Mr Cameron promised a rosy future for Sibir's investors telling them that turnover could jump from $250m to $1.5billion in "three to five years time".

The company's downstream business, which includes 25pc of 40 BP petrol stations in the Moscow area, is doing well. The petrol stations alone made $2m on turnover of $8.5m in November.

Mr Cameron, 65, said the year had been the toughest of his business life, adding that he had offered to quit over the loss of the stake in the Pirobskoye field, which had been held in a joint venture with Chelsea FC owner Roman Abramovich's Sibneft.


wilbs

Thanks for that Wilbs.. hope your shopping trip didnt prove too grim.. I couldn't face it today so will leave it until the last minute.. as usual. I'll wait a bit for the price to dip that bit further & hope to catch it on the up.

Chris

Thats ok chrispine, hope it was some help. Shopping was as grim as it always is. Hope the hangovers getting better. Im sure its one of many to come over the festive period.

wilbs

Amongst all the reports of a missing oil well and possible civil suits at least SIBIR are getting on with the job in hand. A considerable amount of investment is forthcoming and maybe not before this New Year but maybe next New Year if SIBIR get ahead of schedule this company will be rolling out the barrels. Meanwhile we should relax and roll out a few barrells ourselves. Merry Christmas and Happy New Year to all 'Posters'
Sibir says development plan for North Vadelyp oil field in Siberia approved
AFX


LONDON (AFX) - Sibir Energy PLC said the board of Salym Petroleum Development NV, in which Sibir unit Evikhon has a 50 pct stake, has approved a development plan for the North Vadelyp part of the Vadelyp license area in western Siberia.

The board comprises equal representatives of the Royal Dutch Shell Group and Sibir.

The board further approved a lifecycle capex budget for the North Vadelyp development of 249.2 mln usd, including a 2005 capex budget of 12.3 mln usd.

SPD expects that most of the North Vadelyp budget will be expended after SPD becomes self funding.

The 'Integrated Development Plan' covers the development of the North Vadelyp field as a satellite development of West Salym, with first production forecast for October 2006.

Peak production of oil is around 18,000 barrels of oil per day. Cumulative oil production until 2033 is estimated to be 104 mln barrels. Peak production from all three licences is forecast at 150,000 bpd, it said.


WOULD ANY ANALYST OR SIMILAR BE ABLE TO SAY WHAT THE ESTIMATED INCOME AND POSSIBLE SP BE IF THE ABOVE WORKS OUT AS PLANNED.

From Rigzone.com




24.12.2004
Sibirs Annus Horribilis Brightens As Production Starts Early At West Salym
A difficult year looks set to end a little brighter for Sibir Energy - which has finally resumed trading on Londons Alternative Investment Market after its shares were suspended in April - with news that the West Salym field in Western Siberia has started production a year ahead of schedule.

The field is one of three under development by Salym Petroleum Development (SPD), a 50/50 joint venture between Shell and Evikhon, which is now 100 per cent owned by Sibir.

The company has suffered something of an annus horriblis in 2004. In April it discovered that a corporate raid had mysteriously diluted its 45 per stake in an upstream joint venture with Russian oil baron Roman Abramovichs Sibneft to just 1 per cent; one analyst said Sibir, which had only recently emerged from a cash crunch, had been robbed blind.

The problems with the Sibneft-Yugra JV have had far-reaching implications for the British company, which had put up its share in the JV, valued at US$111.5 million, as collateral for 45 per cent of the new Moscow Oil & Gas Co (MOGC). The companys partner in MOGC, the city-controlled Central Fuel Co, agreed to put in its downstream interests, including the critical Moscow Refinery, into the new venture, which Sibir saw as a lynchpin in its future growth plans. Sibir has long been sought to build a fully integrated oil company in Russia and the formation of MOGC was seen as key to realizing this vision.

With Sibirs collateral somehow vanished the exact circumstances are still unclear - the company worked hard to salvage the MOGC deal. It has taken eight months of negotiations and complex deal-making in order to get the company back on track.

In June 2004, it agreed to subscribe US$184 million for its shares to be satisfied by the contribution of its interest in Magma Oil Co, valued at US$180 million, and cash, as well as injecting 25 per cent of its Evikhon asset into MOGC. As a result, Sibir will hold 70.6 per cent of MOGC.

Meanwhile, Sibirs financial position was shored up in August when Bennfield, owned by Russian investor Chalva Tchigirinski, gave notice that it would exercise its right to subscribe for 171,647,731 ordinary shares, resulting in a cash injection of 20 million. This cash was used to cover cash calls for the development of the Salym oilfields. Bennfield now holds a large stake in Sibir, giving some analysts cause for concern about the rights of minority shareholders; the company is not governed by the provisions of the Takeover Code.

The companys books have also been enhanced by results from Sibirs trading division, which was created in March, prior to the shock discovery of April, to trade products refined at the Moscow Oil Refinery. That initiative has proved highly profitable: in the seven months to September 30 2004, the trading division has contributed some US$21 million in gross profit from the processing of crude oil and the sale of oil products.

Sibir has also taken steps to boost its shareholding in Evikhon, through the US$153.3 million acquisition of Hitchens Global, which has an 8 per cent stake in Evikhon and is currently owned by Bennfield, and the purchase of a 10 per cent interest in Evikhon from the UKs Dana Petroleum. These two deals will cement Sibirs 100 per cent ownership of Evikhon, which holds 50 per cent of SPD and, in the view of Sibirs management, is one of the best new field developments in Russia.

The proven and expected reserves attributable to Sibir through its interest in Evikhon put Sibir ahead in terms of reserves of most of its UK quoted sector peer group, the company said in a statement. Once Sibir begins production at the Salym oil fields in 2005 the board expects Sibir to be similarly highly ranked in terms of production.

SPD's proven and expected oil reserves stand at 657 million barrels of oil, a figure thats dwarfed by the official Russian reserve estimate of 1.1 billion barrels. The Russian reserve number includes reserves from the extensive
oil in place in the Salym fields' deeper Achimov reservoirs, which the operators want to appraise further before committing to numbers.

West Salym, which has now started producing, is the largest of the Salym fields, the others being Upper Salym and Vadelyp. Development and production from Upper Salym has already begun, and Vadelyp production is due to start in 2006. With high volume production starting within the year, it is expected that SPD will become cash flow positive by the end of 2006.

The oil produced from the initial wells on West Salym will be exported by road tankers until the Central Processing Facility and 90 km oil export pipeline, now under construction, have been commissioned. The CPF is designed to handle West Salyms planned production of 6 million tonnes of crude oil per year with an option to expand to 9 million tonnes per year after the Upper Salym and Vadelyp fields have been tied-in.

The pipeline will transport the oil from the CPF to the Yuzhny Balyk Booster Station, which ties into the Transneft main trunk pipeline system. At this point, output from the field will sharply rise heading towards peak production of at least 120,000 barrels per day by 2009. Drilling operations are continuing on West Salym and another two drilling rigs will be mobilized early next year to hike drilling rates. New drilling pads, infield roads and other facilities are also under construction.

Working in this remote area, on these huge oil deposits, is no trivial matter. There is a US$1billion price tag on the development of the Salym fields and the workforce has grown from 15 in early 2003 to around 500. An all-season 50 km road, energy supply facilities, storage tanks, field camps and helipad have been constructed.
Sibir reckons it will need a further US$202 million over the next two years to fund its share of the Salym oilfield costs. The company is in advanced negotiations with international banks to provide a facility of $75 million which would convert into a project finance facility of $150 million to fund the Salym Oil Fields. However the company has agreed a back up bridge financing deal with Bennfield should the banks fail to conclude a financing facility.
In addition to its upstream investments, Sibir has taken steps to enhance its downstream holdings. Through the Hitchens acquisition, Sibir has secured a 12.5 per cent stake in Mostnefteprodukt, an oil distribution and retail company part-owned by the MOGC Group. Sibir is keen to expand its down stream interests in the fast-growing Moscow market, which is already the biggest oil market in Russia. The Hitchens deal also brings the company a stake in ST Oil Limited, which is in a profitable petrol-station joint venture with BP Russia in the Moscow region.
But for the evaporation of its holding in Sibneft-Yugra, 2004 could have been a real turnaround for Sibir. The company is making money trading refined products, production has started at Salym and it has acquired interests in a host of downstream assets, making good its vision of a fully-integrated oil company. Despite this promise, however, investors will be slow to forget the shocks of April and the harsh and high-risk realities of working in Russia.
[ends]

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