The Russian investor, Michael Kroupeev, is the principal investor and founder of private London-based Waterford Finance & Investment Ltd. He had no hesitation in trying to oust the Board of First Calvary Petroleum when the share price tanked. Expect some of the same with JPR if necessary; although it appears that Waterford can only own up to 25% of JPR under the new cr. The Waterford investment in Kazakhstan is significant, having financed Teniz to support the Kazakhstan Government's plans to develop infrastructure off the Caspian Sea coastal area.
Tau Capital plc ('Tau') today announces that it has completed a private investment of US$19.37 million through a mezzanine-type loan instrument to Contour Caspian Ventures Ltd ('Contour'), a wholly-owned subsidiary of Visor Holding LLP ('Visor').
Contour is a 35% shareholder of Waterford International Holding Ltd ('Waterford'), a consortium owning a 51% controlling equity stake in Teniz Service LLP ('the Company' or 'Teniz').
Teniz is an infrastructure development and services operator for the oil and gas industry in the Kazakh sector of the Caspian Sea. The proceeds of this investment, which were drawn down in one tranche, were used by Contour to fund Waterford's subscription in the equity capital of Teniz.
Tau's investment in Contour, which is guaranteed by Visor, contains a conversion option in which the accruing interest of 18% per annum can be exchanged into equity shares in Waterford at pre-determined price at the discretion of Tau. Tau's principal investment of US$19.37 million is not capable of conversion into equity securities in Waterford.
Teniz was originally founded as a subsidiary of KazMunaiGaz Exploration & Production ('KMG'), the Kazakh national oil and gas company, to support the Kazakhstan Government's plans to develop infrastructure off the Caspian Sea coastal area in preparation of planned exploration and development of the Kashagan oilfield.
The Company is based in Aktau in the western part of Kazakhstan on the Caspian shore. The Company's operations and services include the planning, development, construction and deployment of infrastructure to support marine-based oil production and exploration operations, as well as the provision of logistics services and maintenance for oil and gas exploration companies operating in the Caspian Sea.
The Company has operations and facilities in four cities along the Caspian coast of Kazakhstan: Atyrau, Bautino (Fort Shevchenko), Aktau and Kuryk."
Kroupeev also made a huge gain from the sale of Emerald Energy and vowed to invest in similar projects; JPR must meet his requirements. The following link is interesting as it helps to understand Waterford's investment strategy:
