Disclosure: I own shares in one or more of the stocks mentioned. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
When New World Oil & Gas (NEW) announced its surprise potential entry into the Kuwaiti oil sector, the market reaction was ecstatic. The company’s shares nearly doubled in price, as speculators salivated at the prospect of gaining access to at least some of the 3.5MMbopd, which Kuwait plans to produce by the end of 2015. Taken at face value this sounds like an incredible deal; except there is one small problem. I cannot find any reference, whatsoever, to New World’s apparent Kuwaiti partner in any of the published lists of approved contractors, authorised to tender for work in Kuwait’s oilfields.
Shareholders would now do well to ask the company on what basis it claims it will be able to “to participate in drilling and production in Kuwait and marketing of crude oil abroad” if the deal goes ahead, as it claimed in the RNS on May 8th?
Subsequent to announcing the potential deal, Mr Kelleher gave this interview with Proactive Investors. In it he claimed that “we (New World & its Kuwaiti partner) will be entitled to tender on upcoming, what are called, characterised as ‘well bore assignments’”.
In case you aren’t aware, the Kuwaiti Oil Company (KOC) is the subsidiary of the Kuwait Petroleum Corporation, Kuwait’s national oil company. According to its website, the KOC’s “main role is to explore, develop and produce hydrocarbons within the State of Kuwait”. In other words (and as confirmed by Mr Kelleher in the Proactive interview), the KOC is responsible for the entire operational function of Kuwait’s oil exploration, development and production facilities (though not refining).
Helpfully, the KOC publishes an exhaustive list of pre-approved contractors, authorised to tender for work in Kuwait’s oilfields (found here). Apparently last updated on March 25th this year, this list is organised by categories of work. If you go through this list (as I have), you will note two things;
1) The KOC does not appear to recognise the contract type “well bore assignments”.
2) Neither the Al-Maraam Al-Ahliya Company for General Trading and Contracting LLC nor Al Maram Trading & Contracting LTD (two Kuwaiti counterparties, named by New World in its RNS announcements) appears to feature in any of the lists.
This brings me back to New World’s Kuwaiti claims.
Again referring to the Proactive Interview, Mr Kelleher said (describing his understanding of the tender process in Kuwait) “each tender gets passed from company to company and eventually we will get out shot... we will get a take off production... a management s
The mind boggles at all the possible connections in the AIM Cashino. Chris Einchcomb brings us BP and Rosneft as well. And French Belgian Ku8is and many more wrapped up in a nice Jersey with a Farm In DenLize, and all with the sole purpose of making money for ?? :- a) themselves b) the shareholders c) a + b
Interesting thought you raise there. Are Holby City and Casualty soaps or series? One way or there other there are similarities. Characters and storylines appear in both shows from time to time there too. In NEW and BLVN we have Victoria Oil and Gas for example (through BK and Cameroon), IMIC, AIOG and GASOL (AEC now too). And isn't the storyline here pointing us to Africa? We may be heading to one of those combined episodes in Cameroon soon.
GM You're getting your soaps mixed up with Series. NEW is a soap due to the novelty of the situation, the xotic locations, the larger-than-life characters etc. whilst BOW is an ongoing tragi-comedy with a happy ending ""guaranteed"" once the EEIIAAddio is signed off.
NEW has come back from the dead and it's fate is in the balance in the hands of the international cast. So chillax here, but it's sqeaky bum time in Cameroon until we get the signature. ATB
So, Dr Muaaz Kahled Masoud Alfahaid might not be the brother of Osma Khalid Al Masoud Al Fuhaid or, for that matter, the son of the late Khalid Al Masoud Al Fuhaid (former Education Minister and prominent parliamentarian). Well, I never. Thanks for putting me straight on that one.
These two names (Arab) are not necessarily one and the same person. I know a number of Arab guys who have very similar names as far as English people are concerned, but are different people. You have to use the complete set of names to find the right one. Be careful in your research as I think you maybe confusing things. GLA.
"Anyway the French Elite are willing to give away 20% of their company which means someone VERY INFLUENTIAL is backing our Kuwaiti middleman." Interesting, I see you do recognise a certain opaqueness in the situation. Worth remembering that Niel is a private company that does not need to air its dealings in public. Further,it is well nigh impossible to prove or disprove the investment in it. Draw your own conclusion. There may be Eur20m, there may not be..
GB I think you need to look at the Big Picture here. Dr Al-Fuhaid is acting as a middle man between Kuwait Royals and the French Elite, so his CV is irrelevant imo. No oil deal is possible with out their support. The Kuwaitis get access to preferential oil deals in French Africa and the French in return get a share of their Kuwaiti oil licence. A win- win situation for both parties and NEW, soon under french control is their investment vehicle.
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