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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.
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.
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!
What is it with you three amigos and brazil lol
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.
KR
WTF has Brexit got to do with it?
Look i aint an expert but english law bonds in the case of a no brexit may not comply with eu regulations ...
Anyway im no longer particularly bothered about brexit. More interested in the integrity of the bod
KR
Norway is not in the EU, nothing to do with Brexit. The law of the land is the law of the land
I meant to say no longer bothered about brazil...
Is that because we have a new shiny GTW object, KR? Don’t forget Brazil was the new shiny GH, whatever will be next?
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
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.
Sharelock
You are a believer and are welcome to that.
Nordic Trustee represents the Norwegian bondholders and acts on their behalf and there is mortgage security in place which means at the moment, right now, Nordic Trustee is effectively the owner of the vessel . That will change with the new English bonds. The complexity of tax haven entities is beyond public scrutiny by design.
I do not recall the Brazil "asset" was still in play, just the Brazil opportunity, which could mean anything or nothing.
Sharelock I have to say I really admire your commitment and positivity here.
Although I hate the information hierarchy this company seems to attract, I'm assuming and hoping Sharelock and that naughty shiny star know something most of us don't. Neither of them are stupid and it seems odd they are both so posiitve at a point of apparent crisis....they could of course just be pushing personal agendas but let's hope there's finally some substance behind the positivity....
Cobra, with respect I’d go with the latter. Time and again this company has disappointed by clutching defeat from the jaws of victory while peddling lies and promises of panacea to those daft enough to listen. Yes, I am still invested but that’s through stubbornness (and to make my legal case stronger) rather than any sense of hope.
Sadly that may still prove to be the case, Roy, although I sincerely hope they aren't continuing to kick people while they are down...that would be the scummiest of the scummy scummiest.....
There is a suggestion that S Star is Naughty Lion on twitter. Pal of Kevjow and maybe one and the same.
So good luck with that
I suspect they both still genuinely believe in the company and it’s prospects - you tend to get that with some longer term holders in any company, and sometimes their faith is proven to be correct, but unfortunately on AIM there are more occasions when it is ill-founded. I know some here think that anyone posting negatively, as I have been for the past couple of years on this company (and as far back as 2010), were trying to buy in cheaper or were short (if I’m shorting something I’ll happily say that I am, in the same way as I do if I hold a long position. But some of us have been around a while and seen Minty’s games in the past, and we’re genuinely trying to urge people to be cautious and not get carried away by some of the shameless ramping, claims of inside info (including illegal hints by supposed insiders both here and on private groups), etc. They’ve even managed to screw investors by separating the placing from the open offer - gave placees a chance to flip and suspect why wouldn’t have got that fundraising away if they’d done both together.
Yes I do believe in the company and its prospects. The fact the price is down and AIM theatrics and placing has struck us doesnt take that away. And it doesnt mean that anyone talking negatively is correct and thoae sharing research on the prospect is wrong. As i have said many times, we are still in the development phase as much as we all wanted to be in the delivery phase by now.
Where is this flipping of shares by placees?? I cant believe the placees have been selling them at a loss? So I don't buy this theory that the delay in open offer is screwing investors. I am not saying the placing and OO has been handled particularly well. The screwing over was in the short and discount offer of the placing, not in holding back the OO. Of course its possible that the open offer was held back to enable them to time it so that newsflow makes it attractive to shareholders... but we will have to wait a couple of weeks to find out.
Unfortunately I very much suspect that the constant selling of larger amounts prior to the placing news dropping was placees opening shorts that they then settled with shares from the placing- they may even have approached NUOG, knowing it was short of cash and offered it money, but at a big discount. Selling action just before placing news looked suspicious, lots of round number sells
does anyone know if there's any way the placing shares could of been forward sold?
Otherwise current share price is pants for those that participated in the placing.
you may of just answered my question.
If that's what happened that absolutely stinks.
Only a theory, but did seem strange the way it was aggressively being sold (if they were shorting and were going to offer money at a big discount they wouldn’t care too much about the way they took the shorts). A genuine large seller would not have unloaded in quite so obvious a manner - would make no sense to draw attention to your selling, certainly wouldn’t do it in persistent round number blocks, even on days when there wasn’t much buying pressure