Nuog18 Dec 2019 21:27
DateSubject18/12/2019
21:14bernymadoff: Advfn board post
After pretending for years that Newfoundland assets were valuable Minty is now doing his best to get rid of them because they're no such thing.
Under Minty, Nuog owned 100% of Enegi Oil which owned its Newfoundland assets. They were negotiating a farm in and agreed heads of terms with PVF in May 2019.
However as with everything else under Minty the farm in was never consummated. The new BOD of Nuog doesn't have any use for the Newfoundland assets and so long as they stay on the books they will just be a burden. Hence they claim to have gifted the assets back to Enegi Oil when they took over Nuog.
It seems that Minty doesn't also want to be responsible for the liabilities (licence fees, care and maintenance costs) that come with keeping hold of these assets and hence he is challenging their return to Enegi. Minty is saying that Nuog cannot gift the Enegi shares back to Enegi unless Enegi agrees to accept them. It seems from this letter Enegi has posted on Twitter that Nuog has simply thrown them back at Enegi without securing Enegi's agreement. However I would advise caution since we only have one side of the story and as we all know Minty is a habitual liar and con artist.
I don't know how much it costs to hold the Newfoundand assets but I guess that in the worst case scenario they can be given away to someone like PVF who wants them and may be prepared to develop them in tbe future.