Eurasia/Nato/EU/”medvedev” from sibir/sranye churki:

One of the people around ME today is going to use unabashed flattery to try to get what they want (i.e. OIL). And while this tactic might work on some people, it will not work WITH ME – MY MIND is way too sharp and MY memory is way too good to let MYSELF be fooled by smiling faces that might be telling lies. I’LL accept compliments with a smile, and keep going with “MINE” life.

Dragon Oil launches probe into procurement

Thu Feb 26, 2009 11:26am GMT * Says "possible irregularities" in procurement procedures

* Involves former top managers in Marketing, Contracts depts

* Sees no material impact on its financial position

* Delays publication of annual results, due March 4

LONDON, Feb 26 (Reuters) - Oil exploration group Dragon Oil PLC (DGO.I:Quote, Profile, Research) said on Thursday it had started an investigation into "possible irregularities" in its procurement procedures. The irregularities involve possible improper conduct between certain former senior managers in the company's marketing and contracts departments, the company said in a statement. "An initial review suggests that the matter will not have a material impact on the financial position of the company," said Chief Executive Abdul Jaleel Al Khalifa. It expects to provide an update on the investigation's progress before the end of March. The company said it is undertaking a thorough review of all procurement procedures. Dragon said it had decided to postpone its annual results, due on March 4, until it has considered the initial results of the investigation.

Sibir suspends chief executive over property dealings

February 25 2009 09:16 Sibir Energy on Wednesday suspended its chief executive and launched an investigation into property dealings that the London-listed Russian energy group agreed with one of its largest shareholders. Henry Cameron, chief executive of the group, whose main asset is a half share in the successful Salym oil fields in western Siberia, was replaced by his deputy Stuard Detmer with “immediate effect”, Sibir said. It has asked Jones Day, its solicitors, and Ernst & Young, the accountants, to carry out the investigation into the deals, which have astonished independent investors since they were first announced last October. Trading in Sibir’s Aim-listed shares was suspended last week after Strand Partners, the group’s nominated adviser, discovered that Chalva Tchigirinski, a Russian tycoon who with his business partner Igor Kasaev holds 46.7 per cent of Sibir’s shares, owed the company $325m and not the $115m it had previously announced. Sibir had agreed to buy properties from Mr Tchigirinski to provide him with funds to meet margin calls on his shareholdings. Mr Cameron has agreed to assist Sibir “on an ongoing basis to recover all monies owed by any Tchigirinski interest to Sibir,” the group said. The original deal struck in October was followed in December by an agreement to buy $340m of properties from Mr Tchigirinski, a former billionaire whose fortune was hit by the turmoil in Russian stock markets as oil prices tumbled. At that time, Mr Cameron said “difficult times call for uncomfortable decisions” and argued that it would be better for Sibir to buy the properties than to see Mr Tchigirinski sell his shares. However, minority shareholders reacted against the plan, which was dropped last month. But the group had already advanced money to Mr Tchigirinski in anticipation of the property purchase being approved. In a circular earlier this month, the group said it had advanced $115.4m, but last week this was found to be incorrect leading to the shares’ suspension at 174¾p. The investigation is expected to take up to two months and the shares remain suspended. Sibir’s shares reached a peak of 830p last summer, giving it a market value of £2.5bn, and it was contemplating a move to the main market, while there was speculation that Royal Dutch Shell, its partner in the Salym fields, would bid for the group.