MrNoviceman
17 Feb 2015
Re: RNS Arbitration Proceedings Yes, but if JKX gets taken over, it may not be present minority shareholders who benefit!
Stonefold
16 Feb 2015
RNS Arbitration Proceedings "JKX Oil & Gas plc and its wholly owned Ukrainian and Dutch subsidiaries ("JKX"
have commenced arbitration proceedings against Ukraine under the Energy Charter Treaty, the bilateral investment treaty between the United Kingdom and Ukraine and the bilateral investment treaty between the Netherlands and Ukraine. In these proceedings, JKX is seeking compensation for the losses it has suffered from Ukraine's treaty violations, including Ukraine's failure to treat JKX's investments in a "fair and equitable" manner and failing to comply with commitments made by Ukraine in respect of JKX's investments. In particular, JKX is seeking repayment of more than USD 180 million in rental fees that its Ukrainian subsidiary has paid on production of oil and gas in Ukraine since 2011. In support of JKX's claims against Ukraine under the Energy Charter Treaty, an Emergency Arbitrator appointed under the Arbitration Rules of the Stockholm Chamber of Commerce has already issued an Emergency Award on 14 January 2015 ordering Ukraine to refrain from imposing royalties on the production of gas by JKX's Ukrainian subsidiary in excess of the rate of 28% (as opposed to the 55% rate that is currently applicable under Ukrainian law). The Emergency Award is binding on Ukraine under international law; however, if Ukraine refuses to comply with the Award, JKX will seek to have it recognised and enforced by the Ukrainian courts. In addition, JKX will seek orders from the Tribunal constituted under the Energy Charter Treaty to compel Ukraine to comply with the Award."========== ========== ==$180 million would equate to 68p per share (ignoring cost of arbitration and interest)---------- ---------- -The Ukrainian Government is currently working on various measures to ensure agreement with IMF - including:---------- -------Revision to the 2015 budget and tax law.---------- ---------- Also a draft law "On natural gas market" "... The draft law also clearly defines the legal, economic and organizational principles of the natural gas market of Ukraine on the principles of free competition, consumer protection and reliable security of gas supply and integration of gas markets of the Energy Community, including through the creation of regional natural gas markets. At the same time the document complies with all European regulations so adapted to European gas law no longer need - it will be a new gas based order. ..."[link] a proposed strategic energy reserve. Using one billion USD to store oil and or Gas, to provide more security for the winter 2015/16.---------- ---------- -Within two years to bring the price Ukrainian consumers pay for their gas up to market levels.---------- -------
Stonefold
06 Feb 2015
Good news from the court The Kyiv Appeal Administrative Court on 05-02-2015 found in favour of private gas producers (including JKX).In dismissing the Governments appeal, the court upheld the previous ruling by the Kyiv District Administrative Court of 16-12-2014 that the Cabinet’s law, which gave Naftogaz a monopoly of supply of gas to the top 168 industrial users, was unlawful.It will be interesting to see how quickly it takes to normalise the gas market and recover production levels. The eventual increase in production and cash flow should be reflected in the shareprice (with or without the interest of take-over bidders).[link]
Queensgambit
06 Feb 2015
rumour of a 52p opening bid would the BOD accept 52p?
city watcher
06 Feb 2015
Re: Potential Offer Argh ! ! I foolishly bought in at 27p yesterday. Please can anyone post some more up to date news than what I have just read. ........................................................................................JKX Oil & Gas's (JKX) board has noted an announcement by Proxima Capital Group that it is in the very early stages of considering a potential offer for the company. It says no approach has been made to the board of JKX. It fell 4.35% to 22p.
rock-basher
05 Feb 2015
Potential Offer In discussions ...
Lenfant
05 Feb 2015
Re: Some recovery eh! [link]
city watcher
04 Feb 2015
Some recovery eh! Suddenly a lot of interest in this stock for a company who has suspended their operation somewhat. Does anyone reckon now is a good time to buy and for what reason? I was a follower in previous years when the share price was much, much higher. Maybe they were selling oil then for an extremely high price, so lets all hope they don't suffer cash-wise too much. What's investors views on timing here. The graph sure looks interesting.[link]
Stonefold
29 Jan 2015
Re: To Vladimir Demèišinu A small nod in the right direction.[link] of the Cabinet of Ministers concerning deregulation of yesterday, January 28, was adopted at a meeting of the Government. Implementing deregulation initiatives contained in the document are aimed at simplification of the conditions for doing business and reduce corruption in the agricultural, food, and gas and it sectors. In Particular, The oil and gas sector will not have to annually spend hundreds of millions of hryvnias on mandatory geological monitoring………”“…………Abolition of obligatory monitoring fee for subsoil users heavily (from 100 thousand to 1 million Gr.) that they will be able to reinvest in development of equipment, improvement of technological processes, and the creation of new jobs. In addition, reduced excess pressure on entrepreneurs from the State authorities, which manipulated the ability to stop the activities of subsoil users. ……..”---------- ---------- ---------- -----Reducing pressures from the State which cause a reduction in the activities of subsoil users is a good policy. So that would suggest either ending the monopoly of Naftogaz to be the exclusive seller of gas to the leading 170 gas consumers, reducing the gas production tax. Or talking with gas producers to see whether a Free-Store plan or some other policy would encourage them to increase production and investment activity now.
Stonefold
28 Jan 2015
To Vladimir Demèišinu The Minister of energy and coal industry.Plan A ========== ========The Cabinet has appealed the Court's ruling (That the Government’s law, forcing compulsory purchase of gas from Naftogaz, is unlawful.)Bit of a stretchy window for the government to get round to raising an appeal.The Court also found that the gas producers have up to 4 February, during which objections may be filed on the appeal.[link] B ========== ========What the Ukrainian Government and gas producers in Ukraine should be doing is working together to find beneficial and constructive use of resources. For less money than they are spending on legal costs they could create something better.Such as a Free-Store plan.Where the Ukrainian Government, Ukrtransgas or appropriate agency would with immediate effect offer to the gas producers the option to store their produced gas in the spare capacity currently available in the UGS Underground Gas Storage.Total active capacity of the 12 underground gas stores is 31 billion cubic meters.As of January 25, in the Ukrainian UGS is 9.7 billion cubic meters.Rather than shut down production.This would allow optimum production to be managed. Even if the gas cannot currently be sold, the associated Oil, Condensate or LPG could.There would be no (or reduced):Gas transit charges.Gas injection to UGS feeStorage in UGS feeThe Gas production tax (currently 55% or 28%) would not be due for payment when the gas was produced, instead it would fall due when that gas was eventually sold.Also the producer would have the choice of paying either the rate of production tax that applied when the gas was produced or the rate that applied when the gas was sold (which ever was lower).Whilst in UGS the gas would remain the property of the producer.Eventually when conditions allow it, the producer may sell that gas to anyone legally authorised to buy it.In the event of an energy crisis, if the use of the stored gas was taken over by the Ukrainian Government then:A third party European or World Bank organization would guarantee to pay the producer within 60 days the market value of that stored gas. And the market value of any gas produced during the period of the energy crisis and also used by the Ukrainian Government.No Gas production tax would be due.The third party (who would now own the rights to the gas) would then seek repayment from the Ukrainian Government under pre agreed terms.
Stonefold
22 Jan 2015
Re: RNS Henderson still buying It wasn't their CFD position of 934,540 that changed this time. It was a purchase of 955,610 ordinary shares. Total ord shares = 22,447,907Which continues the pattern of accumulating, which you do if you expect the price to rise. Although they might be gathering a block to transfer at no profit to someone trying to take over the company.Or they might be mopping up shares out of a sense of civic duty from a distressed selling oligarch.
MrNoviceman
22 Jan 2015
Re: RNS Henderson still buying It is not certain that they are betting on the share price going up though (CFD)
Stonefold
21 Jan 2015
RNS Henderson still buying Henderson Global Investors are voting this a BUY with their wallet. Since 02-01-2015 they have added 955,610 shares.Total voting rights at 20-01-2015 is 23,382,44713.61%---JKX Sold 896 tons of LPG at auction.[link]
Highlander
19 Jan 2015
What you all " FAIL " to see This country Ukraine and the few who run it are totally CORRUPT ---- " P U R E M A F * A " nothing less. Every single member of the Ukrainian Government " EVERY SINGLE ONE " is in some Billionaire's pocket and we all know the " 2 SC**BAGS " who want to get their hands on JKX --- and --- WILL NEVER GIVE UP ON THAT ---NEVER.SO !! best get out now because one way or another JKX is FINISHED. It will eventually end up in the hands of these MAF*A SC*M. THAT !!! is certain, irrespective of what anyone thinks here," THEY " control the Government. Nothing or nobody can stop them. The SP will drop to sub 1P 100% and it will stay there until they take it private pockets bulging with millioins to add to the Billions they already have.If you think you can stop that your bigger fools THAN I THOUGH. OR !!! you just do not understand how things work here in Ukraine. You cannot even begin to realise how corrupt things are here. When these sc*m bags want something they just take it.
shangha1
18 Jan 2015
Ukraine needs to explain I am having considerable difficulty in understanding the Ukrainian government rationale in raising the level of taxation for private oil companies. Following the fall in the price of oil, it no longer makes sense for companies to invest in Ukraine at these levels of taxation. For the country as a whole, this makes Ukraine even more dependant on Russia for oil at a time when it should be reducing on imports from Russia.There is a strong case to be made for Europe to assist Ukraine in restructuring its debts but for that to occur Ukraine needs to adopt a business friendly environment.
