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Firstly Nordic trustee are not effective “owner” they are believe it or not a trustee.... soon to be replaced by Madison Pacific.
Secondly one thing you fail to mention is that in the reissue of the new bonds they also mention that they are reviewing their long term equity ownership of OSX 3 Cayman and the ongoing management of OSX business. So you say the OSX is not for sale... well OSX3 might be who own the FPSO and charter agreement....
There is still a lot of risk for the bondholders because they are reliant on TM and Dommo, and at the moment they are effectively underwriting their own bond which beats the point of investing in bonds rather than equity, so yes I can still see a deal with OSX 3 and the company have recently confirmed the Brazil asset is still very much in play.
Thirdly the new charter was expected in the judicial recovery so that was lent anything unexpected.
It might well be days away or still months away or it may never happen, but I can still see a deal to be done and there is no evidence otherwise.
Im willing to give graham a chance. He has clearly mentioned very little about brazil. If thats because its not happening, then fair enough. He clearly believes we are onto something with gtw, so will have to wait and see if he means it....gw
Is that because we have a new shiny GTW object, KR? Don’t forget Brazil was the new shiny GH, whatever will be next?
I meant to say no longer bothered about brazil...
KR
Norway is not in the EU, nothing to do with Brexit. The law of the land is the law of the land
Anyway im no longer particularly bothered about brexit. More interested in the integrity of the bod
Look i aint an expert but english law bonds in the case of a no brexit may not comply with eu regulations ...
KR
WTF has Brexit got to do with it?
Sbp i dont buy it...in the case of a no deal brexit which was a possibility at the time of the resolution, the english law bonds would not be considered more reliable to european bondholders.
What is it with you three amigos and brazil lol
Time to cut the cloth accordingly and be honest and open with Share holders so we can get something over the line. No money to waste on dead ducks. If Brazil is dead...tell us!
Totally agree, SBP. Anyone still holding out hope on the OSX3 in spite of no evidence we’ve ever actually been involved and in the face of overwhelming evidence of advancement of their own (Dommo’s) plans, which has won the backing of the bondholders, needs their heads testing.
Hurdles to competition, eh. Really takes some level of incompetence not to convince others you can do something better than a failed operator. Exciting times indeed.
Brazil?
Come on guys, read the news that is out there in black and white.
The Nordic Trustee as effective owner has told us in a public statement that the OSX-3 stationed on the Tubarao Martello oilfield, offshore Campos basin, is no longer for sale to Minty or anyone else. Instead the Trustee has agreed to a new charter agreement with Dommo Energia, as field operator.
Dommo in turn has told the market it will redevelop the oilfield with its own resources. Dommo is undertaking a share consolidation and rights issue to find the money to do that. Dommo had sufficient cash ($50 M) to buy out the $1 option on the oil field, thus denying Minty an asset grab.
The Nordic Bondholders are restructuring to a private bond placing in UK rather than a public quoted bond in Norway, and some of the less enthusiastic bondholders are being given an exit at this time.
The fact that the new private bonds are being issued under English law has more to do with the reliability of English law than the reliability of an Englishman living in Wilmslow.
The “big deal” 28p story about Brazil which was fed to Seadog who put it up on the hacked Twitter group is over. It cannot be possible for Nordic Trustee and Dommo to make their public statements to the market if Minty was still sniffing around.
The only asset that MFDevCo has in Brazil is an agent in Rio who has a full time job as the MD of a fabrication business, and I expect he is on a retainer to progress opportunities, just like the new chairman has said.