Nuog Share Chat (NUOG)

So I take it this Norwegian Blue is most definitely dead now?

This was fooooked along time ago.
Say good bye

what's going on here? No word from the BOD lately... is it time to right this off or is there still some hope???

Slowly slowly, catchy monkey! fingers crossed emoji

It appears that the mother ship has drifted away from the LTH,and we are now lost in space,without a pot to p in, may the force be with you .

I dont think tax losses will be a pivotal factor here, the fact is they are now out of time and money and the whole exercise seems pretty moot at this point. I have discounted my investment.

Billf, there is another (possibly negative) point I forgot to mention.

The deferred tax asset was approximately 11m, and accumulated losses were in round terms 40m.

However a substantial portion of this was as a result of EOI and was consolidated into the accounts as required.

Now EOI has been disposed of a portion is no longer "accessible".

This amount won't be known until the next accounts are published.

Thank you YT...so it's complicated, but just wonder if this element might help them to come up with something to salvage here...some of us live in hope!

The key word is "potentially".

The rules are reasonably complex. These days you cannot just "buy" and offset tax lossess.

They have to be in the same line of business (that is oil and gas exploration). It may be struggle to allocate them to an existing profitable o and g project. (Losses made prior to 2017 can only be offset against the same trade, post then I believe it is unrestricted - but I not completely certain).

Carry forward (ie against future profits) is much easier than carry back (ie against prior profits).

Say I reversed in my general trading company. I could only use post 2017 losses against future profits.

Say I reversed in my o and g explo company - same trade - so all losses could be offset against future.

Say I reversed in my o and g production company. Maybe this isn't the same trade because the asset has moved beyond development. There is some greyness.

Not I. Replies perhaps not copious. Still, fair question.

Does anyone know the position regarding the massive accumulated losses made by Nuog and whether these could still potentially come into play in the event of a new RTO option?

Could be Simon Bygrave and Seadog....

https://www.traveloffpath.com/wp-content/uploads/2021/02/relaxing-on-the-beach.jpg

https://www.reddit.com/r/pennystocks/comments/gy82j3/hq_check_aerotyne_ind/

https://www.google.com/search?q=wolf+of+wall+street+garage+scene&client=firefox-b-d&sxsrf=APq-WBthk7mEVP-y0lB6RgZDLXHFcBLDIA:1649671144416&source=lnms&tbm=isch&sa=X&ved=2ahUKEwjnobz034v3AhUMTcAKHbmhDBEQ_AUoAXoECAEQAw&biw=1920&bih=899&dpr=1#imgrc=qkJtPd53dCFsKM

Same as, many long term holders here at 1 p per share.

Hey MattyBoy , I'm in exactly the same position

Well at least the consolidation has been cancelled, so I now have 1,000,000 worthless shares as opposed to only 25,000 worthless shares?!

Every cloud.... and all that (LOL!)

It's not over till the fat lady sings, although she is warming up her voice, lol.

Finely you’ve smelt the coffee

At this stage the prospect of a return is looking increasingly remote me thinks. Cash in bank means their out of options to relist unless they raise in the next few weeks. Cant see another emergency rights issue being funded so unless they can conclude a deal and relist quickly its times up

Correction - Please note that our previous messaged incorrectly stated that the proposed name change had also been cancelled. You can find below a corrected notice of results. Please accept our sincere apologies for this mistake.

What has happened?

In December 2022, we wrote to all holders of Nu-Oil and Gas plc shares, letting them know that the company had announced its intention to consolidate its share capital. Under the terms of the Consolidation, every 40 shares held were to be consolidated into 1 new share. Further to this, Nu-Oil and Gas plc was to be renamed as Guardian Global Security Plc.

The proposed name change has completed, and your portfolio has been updated to reflect this change.

However, following a number of extensions to the effective date, the company has now elected to cancel the consolidation.

If Nu-Oil and Gas plc decides to resume the consolidation

Most definitely 100% finished, kerput, over, dead in the water.

Consolidations are always an emotive rhing. Far more so than splits, even though both are - of themselves - value neutral.

If they can somehow get a deal which involves an O and G asset incoming then there is potential value in the tax losses.

Each depends on it's own facts of course. They gave to be "the same business" which is somewhat subject.

It it unlikely a producing field would qualify (though not impossible). If it were that simple it would very likely have already happened.

If it were a development field then there is a good chance.

There were also changes to carry back/forward a couple of years back which make allocating prior losses against future profits more restrictive and subject to limits.

There is potentially 11.245 m in offsetable tax.

Hi YingTong
Nope, maybe they can't cancel the name as it is registered at company house. That as you say can be changed with a GM, but it looks as if the 40:1 consolidation has been cancelled. If and when another so-called deal comes along, they will have to consolidate again, and maybe not so harshly next time. We can only live in hope something comes along. Maybe with the oil price so high we will stick our toes in those murky waters.