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Nu-oil & Gas Share Chat (NUOG)



Share Price: 0.30Bid: 0.28Ask: 0.32Change: 0.015 (+5.26%)Riser - Nu-oil & Gas
Spread: 0.04Spread as %: 14.29%Open: 0.285High: 0.30Low: 0.285Yesterday’s Close: 0.285


Share Discussion for Nu-oil & Gas


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YingTong
Posts: 444
Opinion:No Opinion
Price:0.30
RE: Open offer
Today 10:47
Hello Ken, I hope things are not fraught in Hellmand.

My overall perspective at the moment:-

1. NF. Still in a holding pattern. I think the money ran out from the last attempys. But it was worth a shot. No cost to Nuog. 1070 cannot be progressed in any way and BSE mentioning minerals makes me think they have changed tack.

2. Marginal seems to be bobbling along, hawking the concept. Brazil (TM) no longer looks positive. So little has been said about it. But IVO is on the ground (pn a commision basis I believe). He might come up with something, but it is back to early stage.

3. GTW I had high hopes of something with Schooner/Ketch. But the decomm report filed at OGA suggests otherwise. It is not impossible of course. Any transferrence of a field does nothing to reduce Faroes decomm liability since it is joint and several. But it may defer it.

It starts to feel a bit like "the next big thing" from them. I have no doubt there is activity trying to further it, but I suspect prospects are at an early stage.

GTW will be big in general. But it is early yet. Could be one of those overnight successea that is some years in the making

4. The limited raise does give me cause for optimism. But the structure of nuog/mfdevco is such that Nuog cost going forwards now should be pretty low.

I think progress if/when it occurs will be sudden and unexpected. But ultimately revenue looks most probable to still be some way off and that gives a funding problem.

Lack of delivery gives a credibility gap with forward projects, that does imy whatever solutions they offer are going to be innovative which is a challenge in itself.
 
mcadder
Posts: 1,885
Opinion:No Opinion
Price:0.30
RE: Graham,Alison or Simon
Today 10:42
Obviously your not going to get a response when asking a question like that - the sort of question that isn't in the public domain yet. Hopefully we may witness a change under GS in terms of under promising and over delivering this time instead of over optimistic hints leading to false expectations in the past.
not_Sure
Posts: 196
Opinion:No Opinion
Price:0.30
RE: Graham,Alison or Simon
Today 10:34
Well it’s been weeks now since we heard so much as a peep out of Nuog on any sort of progress, begging bowl rattling aside, I’ve mailed them on several occasions asking them to update shareholders on how many actual contracts are in negotiation, and as they say the silence is deafening, showing the total contempt they clearly have for all shareholders, just hope there’s enough of a Dead cat bounce when this finally dies to offload with a smaller loss,
Joey86
Posts: 2,348
Opinion:No Opinion
Price:0.29
RE: Graham,Alison or Simon
Today 10:15
You must be joking! Bleed pi's dry first...
DELSTER
Posts: 1,127
Premium Chat Member
Opinion:No Opinion
Price:0.29
RE: Graham,Alison or Simon
Today 09:55
If it is.Then it must be the longest closed period in Aim history.
chanlfc
Posts: 4,043
Opinion:No Opinion
Price:0.285
RE: Graham,Alison or Simon
Today 08:50
Possibly a closed period ? We'll find out soon enough either way.
DELSTER
Posts: 1,127
Premium Chat Member
Opinion:No Opinion
Price:0.285
Graham,Alison or Simon
Today 08:47
Could always dip into their pockets.
winchpete
Posts: 36
Opinion:No Opinion
Price:0.285
RE: Open Offer - shareholders and NUOG
Today 08:14
If the company doesn't need a further fund raise I guess they only did the placing at a 48% discount because it was raining and they were bored!
catchmeifyoucan
Posts: 2,163
Opinion:No Opinion
Price:0.295
RE: Open Offer - shareholders and NUOG
Today 07:58
Agree Royscott. Or as I have mentioned previously by myself this weekend, they may have tied recent placees (Novum) into extending their holdings by utilising the extended application facility
Royscot
Posts: 614
Opinion:No Opinion
Price:0.285
RE: Open Offer - shareholders and NUOG
Today 07:48
Agreed, catch-me - even Graham’s note says that “hopefully” the placing would be supplemented by the OO. They didn’t really want to do an OO and they aren’t banking on the funds either. Is anything actually about to land? Well that’s anyone’s guess...
catchmeifyoucan
Posts: 2,163
Opinion:No Opinion
Price:0.295
RE: Open Offer - shareholders and NUOG
Today 07:44
Winchpete you obviously have a low opinion of the company for not thinking this through and you have a low opinion of shareholder for suggesting the impact of shunning the oo... as it stands the oo is not an option in the table so we should not be careful for what we wish for... it’s simply stupid to think anyone will take up the offer as long as the sp is below 0.3p.
Please give the company a chance to show their hand but rest assured it is unlikely that they have not planned and thought things through.
catchmeifyoucan
Posts: 2,163
Opinion:No Opinion
Price:0.285
RE: Open Offer - shareholders and NUOG
Today 07:38
That’s utter BS there will be no further find raise and the company will have thought this through. They either didn’t need the funds at the moment and are not counting on take up of oo or
They have some news this week and we take up the oo.
Royscot
Posts: 614
Opinion:No Opinion
Price:0.295
RE: Open Offer - shareholders and NUOG
Today 07:36
Winchpere, I agree for the most part, however, the difficulty here is that the company have made it impossible to take part for me due to their history of failure and utter lack of transparency. Even the OO document is full of waffle and inspires no vision or confidence to make me want to reach into my pocket and fill the begging bowl again.. it’s a NO from me.
winchpete
Posts: 36
Opinion:No Opinion
Price:0.285
Open Offer - shareholders and NUOG
Today 07:25
Those of us who were able to attend the AGM made clear that we did not want to see further dilution as spectators but have the ability to participate. This is what the company has done with the OO. Although it would be a welcome bonus, I suggest it is not realistic to expect a major announcement before the closing date.

If we shun the OO the company will have no choice but to raise funds another way. Probably through another placing at say 0.2p/0.1p. They would also be able to argue that OOs should not be used in future as, when offered the chance, we refused to participate.

With the current state of the SP it might be tempting to shun the OO but those contemplating doing so should be careful what they wish for!
kmack46
Posts: 109
Premium Chat Member
Opinion:Hold
Price:0.285
RE: Open offer
Today 03:12
Hello Ying Tong I am presently in Hellmand province, Afghanistan on the task support group (fancy words for maintenance crew LOL) don't post much but do read quit a bit. I respect your views as I do a very few others. I must admit to being a bit disappointed as to what's happening at the moment but being a half full kinda guy I live in hope. I have been a long term holder since the heady days of 25pence a share and seen the ups and downs. Can I ask you to post your overall perspective of the situation at hand and looking into the short to mid term future for NUOG. Hope to hear your views. Regards Ken
pCloud
Posts: 18
Opinion:No Opinion
Price:0.285
RE: Chrysaor?
Mon 12:16
lol fyi that line

"Therefore the K&S fields cannot be the 2 GTW projects MFDevCo mentioned just as TM and OSX3 were never the Brazil deal"

was my sarcastic spin on the deal.....
Kenirogas
Posts: 1,186
Opinion:No Opinion
Price:0.285
RE: Chrysaor?
Mon 12:13
Option 3 please!

Dont disagree that the MFD tie up is one of sevaral option, but I did disagree with your definitive..

"Therefore the K&S fields cannot be the 2 GTW projects MFDevCo mentioned just as TM and OSX3 were never the Brazil deal"

As yet, there is no actual evidence to support this statement either....
pCloud
Posts: 18
Opinion:No Opinion
Price:0.285
RE: Chrysaor?
Mon 12:01
Hi Kenirogas

Where is the evidence that MFDelivery Co are in scope for being the GTW kings? I don't see it.

The reality is that the GTW concept is public knowledge ... even youtube have vidoes of it. More info can be found on the internet. There are those ex-shell staff who created a company and have been holding seminars on GTW opportunities in the UK sector for a few years . Their solution TIGRE is drafted up and a planning motion in place with the relevant authorities to activate their vision of GTW in 2020. They are backed by baker hughes. Budget 200-300 mn.

So now we have our version of GTW... where MFDeliveryCo are the master of the GTW universe as we know it.

The suggested economics of these GTW deals according to our insiders is that the owner of rig faces a huge decomm costs... so offloads the rig and decomm obligation to new kid on the block and actually PAYS substantial amounts up front to do so ( FYI this 'scheme' was highlighted several times by LTH) . I quote :-

"All the discussion about the lead times for GTW implementations ignores a possible deal structure where the current company that owns the declining gas field has a large de-commissioning bill to pay. Under such circumstances the owning company may be prepared to give a substantial payment to NUOG/MfDEVCO to avoid the liability. This would then mean NUOG gets cash upfront before the GTW project is completed."

So lets review DNO's realistic options as new owners of Faroe oil assets and probable outcome for Schooner field infrastructure. No nudge nudge wink wink stuff...

1) DNO continue with decomm as submitted. They get tax relief 42% and earn some cash out of recycling the structures minimizing after tax cash flow impact.

2) DNO know what the have bought and directly approach Dong (Orsted) to throw a cable 25km to Hornsea install uprated gas turbine on Schooner and continue using the rig to supplement electricity to national grid....

3) MfDeliveryCo take over the field with a large sum of cash from DNO and deliver a world class GTW project. NUOG Shareholders all become millionaires.
Kenirogas
Posts: 1,186
Opinion:No Opinion
Price:0.285
RE: Chrysaor?
Mon 10:04
DNO not DHN
Kenirogas
Posts: 1,186
Opinion:No Opinion
Price:0.285
RE: Chrysaor?
Mon 10:03
I read Mms post the other way...

as in there remains a strong likelihood of tie in between MFD and DHN over S&K

"A G2W option using the Schooner platform would IMO be very appealing to DNO as they would have a saleable asset instead of a big liability. "

No?
pCloud
Posts: 18
Opinion:No Opinion
Price:0.285
RE: Chrysaor?
Mon 09:11
Hi MM absolutely agree with your view on Schooner... 25 clicks away from the brand new Hornsea 1 Windfarm
Congratulations then to DNO for taking over Faroe OIl....

Therefore the K&S fields cannot be the 2 GTW projects MFDevCo mentioned just as TM and OSX3 were never the Brazil deal

I look forward to an RNS tomorrow from our board to give us an update on the targets in support of the OO.. I will try and buy all 83mn
Royscot
Posts: 614
Opinion:No Opinion
Price:0.285
RE: Chrysaor?
Sun 12:16
If that’s the case, MajorMinor then there’s work to be done at pace to convince them otherwise and secure a deal, we must be in that territory now where decisions are to be made. Time for once for this company to be transparent not everything has NDA’s.
MajorMiner
Posts: 400
Premium Chat Member
Opinion:No Opinion
Price:0.285
RE: Chrysaor?
Sun 12:12
I think the Schooner/Ketch situation is slightly more complex. Both fields along with a lot of other South North Sea gas fields (Conoco) became non viable when the Theddlethorpe Gas Terminal closed and tie backs to other facilities and new gas pipelines were not economic. Last year Faroe was obliged to file decomm plans with OGA however this was prior to DNO acquiring Faroe in January. A G2W option using the Schooner platform would IMO be very appealing to DNO as they would have a saleable asset instead of a big liability. From the bits of reports I've seen the OGA are fully supportive of these schemes which were not really a viable option even late last year.
Royscot
Posts: 614
Opinion:No Opinion
Price:0.285
RE: Chrysaor?
Sun 09:40
pCloud, defeat from the jaws of victory, with Chrysaor sowing up the rest of the fields yet again. Could this be why LT was relieved of his insider status earlier than he thought?
pCloud
Posts: 18
Opinion:No Opinion
Price:0.285
RE: Chrysaor?
Sun 09:34
SBP. Greetings . If we are imagining talking about GTW and believe its the 2 'projects' to convert K&S Fields owned by Faroe ( DNO) They provided gas to Conoco system. So lets get excited (not) ..

Project Summary
The Schooner SNS gas field is due to be decommissioned along with it's sister field, Ketch starting in September 2018. The project will take approximately 4 years to complete. The fields each have a normally unmanned platform on them, and an export pipeline taking produced gas to the nearby Murdoch platform, which is operated by ConocoPhillips. The Schooner platform has 11 wells drilled from it, and the Ketch has 9 wells. Ketch is in slightly shallower water at 54 metres, but the platforms are of identical design.
The abandonment effort will consist of plugging and abandoning all the platform wells plus one subsea completion (NW Schooner), cleaning and burying pipelines and the removal and disposal of both platform topsides (approx. 1,250 tonnes each) and jackets (approx. 2,000 tonnes each).
The Decommissioning Programmes for both platforms are with BEIS for review and the draft SCAP has been submitted to OGA and a follow up meeting held.
Gate review of well abandonment held in mid September and endorsement gained to advance into concept define.
Decision made to restrict size of Company PMT and to immediately tender for Well Management Company to support PMT and manage large areas of the work. SCAP to be updated accordingly.
Decision made to execute offshore scope sequentially utilising a single jack-up rig. Latest plan shows offshore start at Ketch in early Q4 2019, followed immediately by Schooner.
Discussions ongoing regarding potential reuse of redundant platforms after well abandonment as accommodation support to local wind farm developments.
*****

DNO have already filed the decomm planning . They mentioned they did look at many alternative usage but non were economical.

"The owners of the Schooner field have considered several technical and commercial solutions in
order to prolong field life as described in the Cessation of Production (COP) document; either as a
standalone field or in conjunction with other fields in the area; however, none of them have been
economic. The Schooner field partnership is now seeking consent for the Cessation of Production
in line with the Theddlethorpe Gas Terminal cessation of operations in 2018"

so what now indeed... 'Hotel Schooner NUOG' anyone?




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