(UEN.L) Urals Energy PLC Buy/Sell

Currently they are finishing up the transfer agreement to Sberbank for the 2nd of the 2 East Siberian assets. This is about finished as we speak. This will leave them with no debt and 2 remaining assets making collectively about 3000bbls/day. They have hired a new CEO and are working on a forward plan that they want to present prior to the stock's resumption of trading. They want to have something positive to announce at that time in order to keep the stock from plummeting further. They must file their financial statements with AIM before year-end to avoid the stock being delisted, but in fact the financials are in order now but they are waiting until they have their forward plan in place before filing, since the stock will immediately resume trading thereafter.
I heard recently that Rencap has valued Urals at 22 pence once the dust settles. It's a far cry from what most shareholders paid for their stock but better than the alternative. Originally there was talk of them selling the remaining assets and winding up the company but that is at odds with their hiring of the new CEO. I think they will attempt some other deals to try to salvage some additional value, and in any event there isn't much point in selling at 9 pence, so my plan is to wait it out. They just did a sale of 45k tonnes out of Murmansk so they will have some cash.