Member Info for BhoyGeorge

well if you think TW was harsh before he really lets rip today into KB. Again he is quite right. For people who love Kate Bush TW points out.... 1. KB said NOP would be producing 500bbls/d in Jan. RNS says < 200 2. Should have admitted a placing was needed and got it away much earlier 3. Implied Well 4 was commercial, but todays announcement makes it clear it is not 4. KB was dismissive of PIs and wanted IIs. This has now backfired... TW calling for KB to resign, says he's worse than Muzzer. To be honest, I agree, Kate is a nice guy but he has made a lot of niave mistakes...

Keith Bush... 'it was producing 750 bbls/d ...... of 85% water' As predicted , NOP continues to p!sh away it's shareholder cash...

dana, "must be news on the way" that would mean that the person building the stake has been given privileged information. Utter Horse. SP today shows Crap Oil is in serious difficutly I think. Athena at this Oil Price and at the severely reduced Oil flowrate has turned into an absolute Turkey.

It's Cash positive because the market doesn't believe it will invest this money for a decent return. It thinks NOP will p!ss it away like it has been doing for years now. For example you now have a 10 million mcap company where two board members alone are on 250K. That in itself is not usually a good sign for future success. Even with 100 dollar oil NOP would have struggled to return value in the next six months. In this environment they will continue to haemorrage cash, it's a sell for me.

I don't need to ask KB if the burn rate is 1million per month, it is, you can see it in the figures. With NOP now trading at less than cash, they would be better abandoning this drill, sell Canada, sell Italy and returning the proceeds to Shareholders. Seriously, more shareholder value will be burned in 6 months time and even this option won't be possible.

As predicted NOP have continued to burn a million a month at least. Output is less than predicted, oil price lower, so they will continue to lose money for the foreseeable future. Need to cut costs and quick. Placing still on the cards sometime this year.

A new well is started and they didn't release an RNS ?

in fact before the downhole pump problems it was producing nearer 10000 bpd. Was it Ithaca who sold it to Crap Oil, or is it Ithaca who operates it, I can't remember, Anyway whoever sold it may a very good business decision.

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Bruce, it is yes, terrible phrase to use, very lazy of me..... NOP SP at all time lows now Mikey, Katie is a nice guy, I agree and competent as well.... although he is still quite young, perhaps he can be accused of being a little niave in the job because I 'm still betting that there will be a placing..... also time to stop blaming previous board. Kate has been in the job for a while now... just like the old board he is blah blahing about Italy and nothing has happened or looks likely to happen

Katie talking about 3000 bbls/d is cuckoo land for NOP. Pretty sure NOP will really struggle going forward....

sorry 31p then, I was going from memory, don't think it makes any difference to the point being made. I don't see that I was wrong about year end cash. Then RNS says 'excess of $ 12 million, which is 9.4 million euros. I think perhaps you've been a bit to hasty there. What I've written is accurate. I have no bee in my bonnet about NOP. There may or may not be a placing. However the numbers indicate that it is a possibility.

so why did he buy before when it was above 40 :)

Salty, this is it. Everyone should take a view, and all I'm saying is if you take the view that cash burn remains the same as historic rates then you can't rule out a placing. The alternative is if they don't drill and don't ramp production they won't ever become a viable company. NOP will always remain a pay the board company, just generating enough to cover some operational costs and of course pay the board. The curse of AIM Oilers.

I think everything that could have gone wrong, went wrong for Trap in Athena. They bought a bucket of sh%t

mike, just compare the cash position from the 2013 accounts to the 2014 interims. In six months they went fro 26 million euros to 18. And in the last RNS they said they will have less than 10 million by year end. This is why there is a question of a placing, they are not profitable yet and burning cash like no ones business.

the article is over a year old

because they burn about a million a month

anyone get the impression this , the other director deals, and the presentations are the start of a pump before a placing ?

if true then they really have a lemon on their hands