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!

Anybody got any idea how this will fair when trading begins tomorrow? Just trying to find some light at the end of the tunnel following recent events at PET!!

Wildboy, this will fly over 3 tomorrow.

At what price do you feel it will open at?

Wildboy - Grateful you explain PET

Oakapples, PET had risen to 1+ on the back of intense speculation regarding the potential award of the first post war oil contracts in Iraq. Following a supposed leak from the oil ministry saying that PET had missed out on the first two contracts available the share price subsequently collapsed leaving several people out of pocket. That said I still believe that there may be one or two more twists in the tail with this before very long. Hope that explains.

Wildboy

Wildboy - Thanks - It will now be interesting to see if anyone is prepared to answer gra1969 post number 5 - SBE is now very much in my Watchlist for a very early look to-morrow.

Expect to Open at 2.72 and rise upto 3.20 a share , especially with First Oil Production started at Saylym 1 year early.

I work for the other Partner in Saylym and I have freinds working on the project.

They have sold all their shares in the Oyster shaped Company and are buying into SBE tommorow.

Keep an eye on their website for news of shareholder meeting today.

I have been in since 16p .

They are giving 1 share for 10 old shares as of tommorow,hence price.

If you actually go to the website and look at the report issued today you will see the 2.72 target price has a huge 'Russian ' Factor in that keeps the price down. This report was prior to early production start.

Have received the e-mail update from Sbe and Cannacord now! The target price of 2.72 is set out in there publication. Can we assume that the market will agree?

I think it will go higher ,

If you report the report they have been very cautious with this target.

Look at the Rised and Non Risked Targets.

This report has not taken into account early production start up of 1 year, so cash flow will be substantially better than forecast.

I have alot more info on Saylym via my job with SBE partner and the drilling results are looking much better than first forecast.

With Shell being involved I think it will hot 3.20 ish

well what happened ? no 2.72 . Good stuff.

Give it time. There are problems with online dealing at the Moment .

I just had to trade over the phone and it took ages to sort out.

The shares at this price are a bargain.

I had the same problem...took forever.

SPD begins oil production at West Salym field a year ahead of schedule
15-Dec-2004
Salym Petroleum Development N.V. (SPD) has reached an important milestone in the development of the Salym Group of oil fields in Western Siberia. One year ahead of the schedule SPD commenced oil production from wells in West Salym, the largest of the Salym fields.

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



Salym Petroleum Development N.V. (SPD) has reached an important milestone in the development of the Salym Group of oil fields in Western Siberia. One year ahead of the schedule stipulated by the License Agreement, SPD commenced oil production from wells in West Salym, the largest of the Salym fields. Putting producing wells into operation early will ensure SPD not only achieves the production levels stipulated by the Technological Schema (Field Development Plan) but also acquires new data on the pay zone characteristics, well rates and other key parameters and thereby be best prepared for full-scale commercial development of West Salym.

The oil produced from the initial wells will be exported by road tankers from West Salym to Upper Salym for further shipment to customers. This oil evacuation pattern will be continued until the Central Processing Facility (CPF) in West Salym and the oil export pipeline have been commissioned. This pipeline will transport the oil from the CPF to a tie-in into the Transneft main trunk pipeline system at Yuzhny Balyk Booster Station.

The construction of these essential field infrastructure facilities is now under way. Simultaneously, drilling operations are continuing on West Salym well pad 20, and another two drilling rigs are on schedule to be mobilized early next year to increase the drilling scope. As a result, new well pads are being built as well as infield roads and other facilities.

"The start of oil production from West Salym is a major achievement that we can be proud of", commented SPD's CEO Dale Rollins. - "This is the result of combined efforts of SPD and our Russian contractors. Within a relatively short timeframe, just over 1 year, a huge work scope has been carried out to put West Salym surface facilities in place. We will continue to increase the development pace, ensuring in the process compliance with the Russian environmental protection regulations, SPD Health, Safety and Environment standards, and with due regards to the needs of the indigenous people. Our next important milestone is the completion and commissioning of the CPF and oil export pipeline, which will enable us to sharply increase oil production and respectively commercial revenues from the Salym Project".

Salym Petroleum Development NV is a company established on a 50:50 basis by Shell Salym Development B.V. and OAO NK Evikhon controlled by Sibir Energy. SPD holds production licenses for all three of the Salym fields, which are located in the Khanty-Mansiysk Autonomous Okrug in Western Siberia, 190 kilometres from the town of Nefteyugansk. It includes West Salym, Upper Salym and Vadelyp.

Development and production from Upper Salym has already begun, and Vadelyp production is due to start in 2006. The production from West Salym, the biggest in the Salym group of fields, is expected to peak with at least 120,000 barrels per day by 2009.

SPD began intensive field development work in the autumn of 2003 after SPD shareholders had taken the decision to proceed with the Salym fields under the tax/royalty regime and approved the budget in excess of US$ 1 billion. Since then both SPD and the Salym Project have progressed at a rapid pace. From an organization with 15 staff in early 2003, SPD has grown to a large company with offices in Moscow, Tyumen, Nefteyugansk and Khanty Mansiysk. Currently, some 500 Russian and foreign specialists work in SPD.

An all-season 50-kilometer road, energy supply facilities, storage tanks, field camps, a helipad and other major field infrastructure facilities were put in place in West Salym. Drilling operations are ongoing as well as construction of new well pads, infield roads and the Central Processing Facility (CPF). The CPF is designed to handle West Salym's planned production of 6 million tonnes of crude oil per year with an option for expansion to 9 million tonnes per year after Upper Salym and Vadelyp fields have been tied-in. The construction of a 90 kilometres long oil export pipeline is under way. The pipeline will transport the oil from the CPF to the Yuzhny Balyk Booster Station, the point of a tie-in into the Transneft main trunk pipeline system.

Investments in the Salym Project will total US$330 million in 2003-2004. The majority of the funds are used for payments for the goods and services of Russian contractors and subcontractors of SPD. Some 800 large and small Russian companies, firms and research and development institutes, mainly from Western Siberia and the Urals as well as from Moscow, Saint Petersburg and other cities, are now working on the project. Federal and regional budgets have already been receiving tens of millions of dollars in taxes and fees paid by SPD contractors. The region's community development also benefits from SPD's activities. SPD has committed US$2.5 million for community development purpose in 2003-2005.

US$278 million will be allocated for the operations and continued development of the Salym Group of oil fields in 2005.

keeps saying STOCK NOT TRADED!!!!!!!!!

I had to go through to the 3 people and direct to the floor to get the trade .

Barclays and i think all other online traders etc, have not dealt with the 10 for 1 share result of yesterdays agm , I am showing 650% profit on my holding i had from Jan this year.

Trading difficulties are keeping the price down.

STILL NO JOY! bloody hell!!!!!

HSBC were OK but I had to accept 197p (at best) - lets hope trading difficulties improve as currently not looking healthy

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."