Member Info for kentan

A1m1,
What clearly still rankles with PEN is their legal dispute with the JV partners in Aje, that was resolved by compromise by all parties to move forward. There is definitely no love lost.
With all the uncertainty over the contract for Front Puffin or replacement vessel, the eagerness for a multinational to get involved with the gas project (they would be needed to attract funding for such a large undertaking), recent Nigerian Govt. posturing about claiming back-taxes on companies previously and currently involved in the country's oil fields, would no doubt frighten most away under the current regime during and after the national elections. Nigeria is desperate for cash and corruption is still rife, it is a dangerous place to invest for outsiders.
The Dangote Oil Refinery Company (Dangote) an integrated refinery and petrochemical complex in the Lekki Free Zone near Lagos, Nigeria is expected to be the world's biggest single-train facility, upon completion in 2019, so this could be pivotal to those wells in the Gulf of Guinea to pipe directly to....
Meanwhile .... Stefan contemplates his navel.

RTZ has been revealed to be in talks with Bluejay (JAY), RNS today, regarding their projects in Greenland & Finland for ilmenite & rutile. This was inadvertently leaked when an IT glitch revealed RTZ interest.
So it confirms RTZ are still actively acquiring positions with companies mining Ilmenite and rutile ... so what is happening with SAV's now longstanding JV with them in Moz.?... bogged down with Moz. Govt. bureaucracy? ... taking second and third fiddle to the lithium project in Portugal and no news from Oman.

https://seekingalpha.com/article/4244521-panoro-energy-asa-pesaf-ceo-john-hamilton-q4-2018-results-earningscall-transcript
This 10-page transcript of an open call session yesterday makes interesting reading and is very revealing.
John Hamilton (CEO of Panoro) frankly answers calls relating to Aje, which is now their minority asset behind Gabon & Tunisia. It is clear from his answers that PEN want OUT of Aje, they are not committed to getting involved with current JV's in their 16% investment share of the $500m upgrade to a vast gas production programme that is being pressed for by the Nigerian Government. If a buyer for PEN's Aje asset came along they would bite their arm off to get rid of it.

Like to hear MXO shareholders views on what was discussed.

Posters on the Norwegian forum are a bit peeved that Panoro Energy forward sold their oil take off at $55 per barrel and this is guaranteed for 3 years in contracts. Ok, that is a discount to the spot market and guarantees income to them no matter what the oil price does, it will only fluctuate with the strength or weakness of the $. Their main interest now is the Dussafu (Gabon) field with increased drilling and their latest acquisition in Tunisia. It was pointed out in their recent presentation they made little mention of the Aje OML-113 interest, as if to leave it bubbling along until a buyer emerges.

Published today, mention of Aje (Results to 31/12/2018):
Aje
Current oil production operations continue with stable production at 368 bopd net to Panoro during Q4 2018.
JV partners continue to focus on advancing the Turonian development plan.
*Panoro own 6.502% of the field = 5,660 bopd total.
Therefore, with MXO stake at 5.016% = 284 bopd (last report on Feb 4th from MXO RNS showed 158 bopd, so a significant near 80% increase).
Plus the advantage of a rising oil price, must bode well for a bumper income in the next MXO update.

Mitch,
I do know where to look and have been doing so for many years.
Augmented Optics Ltd is shown as still active with Nigel Spence (also a director of Superdialectrics Ltd) as sole director.
https://beta.companieshouse.gov.uk/company/10864301/officers.
Superdialectrics Ltd is a separate entity but with the R&D developed in unison with Bristol & Surrey Universities, they will also have an interest in future income and profitability.
There were mentions in an RNS last October that MXO would be seeking investment in diversified opportunities when they arose and would do so with the approval of shareholders. These (if any) would be included in the full year accounts finalised on 31st December 2018 and published around end of June 2019.
The principal shareholders of SD have a majority holding (with their families) so have control, but to bring their R&D to production would need considerable investment and funding from a flotation. The JV's including those with RR Aero, Airbus & Siemens would be ratified and encourage long term investment.
I can't see SD being the salvation of MXO if the Aje OML-113 venture goes tits-up.... Stefan has a history of tilting at windmills and coming off second best.

Mitch, I would be more at ease if MXO & SO were more upfront with us, shareholders, they gain nothing by being sneaky and underhand, it destroys our confidence in them.
Looking through the web of companies associated with Superdialectrics Ltd, that evolved from Augmented Optics Ltd (still active with Nigel Spence as sole director).
Dr Donald Highgate is now 80 and occupies professorships as a physicist at Bristol & Surrey University as well as being a director of Superdialectrics Ltd. Jim Heathcote is the business brains behind SD and was responsible for the early start-up of ITM ltd and later as a plc. ... So is well versed in bringing small companies to market and raising funds and profile.
Nigel Spence is common to all the companies as a chartered accountant.
I can see how MXO was introduced to SD by Andrew Frangos (ex chairman of MXO and Cornhill) who himself and his wife are also shareholders, along with the wives and families of Spence, Heathcote & Highgate who all own considerable equity in the company. There is enough clout (associates in major industry) amongst them to realise an IPO however and when they decide the time is right.
A question.... why didn't SO acquire a holding personally? ...instead using the auspices of MXO.
With the massive potential demonstrated in the presentations (2018 & 2019) it seems the multi nationals and institutions would be clamouring to get a bit of the action.... but when? This is a fast moving sector with flavour of the month credentials.

You will note from the presentation made by ITM Power plc in February 2018:
Supercapacitormaterials.com/SuperCapacitor/uploads/2018/02/SD-Ltd-Presentation-V7.2-for-press-conference-26th-Feb.-2018.pdf
It states the founder and patent holder Dr Donald Highgate along with his partner Jim Heathcote are no longer connected to the company (ITM). Dr Highgate the inventor still holds the patents and is a shareholder.
ITM was floated on AIM in 2004 at a valuation of £46m and is today valued at £77.76m at 24p per share (has been as high as 38p last May, and recently a yearly low of 18.6p Feb 2019)
What caused the fall-out with ITM and them registering a start-up (Superdialectrics Ltd) I have yet to discover, perhaps some on here can enlighten us. But there must be some cause for concern over the intellectual property rights between the 2 companies. If their differences can be resolved, it makes more sense for SD to come to market under the ITM banner......
Are there any other investments in diverse companies made by MXO without them (or SO) making it known to us shareholders?

Vessel Maraki II is a small 323 tonne groos tonnagew water tanker, delivering fresh water. Expect a crude oil tanker visit next week.

Not to put a damper on today's rise, but the story that emerged yesterday regarding Nigerian authorities claiming $Billions in back taxes from multi-national oil companies with interests in Nigeria will undoubtedly frighten off investors and JV partners from future investment and collaboration with the likes of those involved in Aje 113.
OK, it might be posturing by the Nigerians during their elections, but any doubts on interference and moving the goal posts to raise much-needed capital for the Nation could backfire on them.
https://oilprice.com/Latest-Energy-News/World-News/Nigeria-Seeks-20B-In-Back-Taxes-From-Oil-Majors.html

Firstly, on the FPSO situation ... Expected first lift this year in the next week, according to the latest news, with oil price now rising it should be of considerable value to the Aje JV.

Secondly, mentioned on the Panoro thread on Norwegian forum, possible upgrading of the FPSO Front Puffin with a replacement vessel on termination of the contract on 8th July. There is currently an unused FPSO Berge Helene (BWO) that is considerably larger than FP (61,053 tonnes gross tonnage) as opposed to BH (133,871 tonnes gt), currently moored in Singapore awaiting orders. Although an older vessel than FP, the larger capacity would easily cope with future requirements at Aje 113 and could be adapted to process the upgraded LPG produced and linked to the offshore gas pipeline.

Thirdly, the recent presentation by Superdialectrics Ltd clearly stated that they are working towards an IPO on AIM in the fast-moving Super Capacitor market. R&D would compel them to raise capital to secure their place in the Ultra Capacitor market through this medium to become a public company, albeit we have a minority shareholding as the only oil company amongst their current shareholders. As an AIM company the SD mcap would be elevated to between £50m to £100m on current associations with Rolls Royce Aero, Seimens & Airbus in development of electric aircraft and other aligned concepts, This would make MXO's holding worth considerably more than was invested in the start-up. At the upper end of the mcap the II's would be piling in for a gilt-edged investment and propel the SP into the stratosphere.

Fourthly, the huge 33.33% spread that exists on the MXO share price deters investment at current levels, unless you know 100% that there is something in the pipeline, why take the risk?

This was posted on the Hegnar.no Norwegian site by one of their regular contributors:
Very strange that Align Research has not commented on the MXO stock exchange announcement of February 4 or the interview that Align Research proclaimed on Twitter would be done. Just one observation, but the wind up of EER (October 2018) came about at the same time as the interview was "cancelled". There is no interest in Align Research, for the company and its director owns shares in MXO. Yes, I interpret this to be more than a coincidence. And this can also mean that PEN (Panoro Energy) does not have it easy to give max info into the market. Can be a completely natural explanation, but I urge my thesis that Aje is a concrete play. (Please make allowances for the translation from Norwegian, edited by me).

I was merely stating the options that fall due on the 8th July 2019, that is the tipping point. The bond holders (shared ownership) of Front Puffin have to decide beforehand whether to continue the contract for Aje or cancel it. This is the critical date in the calendar for all the Aje JV partners, because without an FPSO the OML-113 field is dead in the water.

Thank you Spitzer for clarifying the position regarding the Pacific Jewels lift from Front Puffin in late December.
It would be interesting to see what monetary value to the AJE JV is achieved by allowing a third party (Lekoil) to use the FP facility.
There is now uncertainty regarding the renewal contract for the lessors of Front Puffin which expires 8th July 2019
There appears to be various options open:
1. Negotiate an extension of the lease.
2. Sale of the vessel (AJE JV buy it outright?).
3. Replace the FPSO with another (larger vessel better equipped to process Gas, leased from Blue Water Offshore (BWO).
The initial notice of the termination was issued 28th June 2018:
https://www.stamdata.com/documents/NO0010354632_SB_20180713.PDF

Unsurprisingly, all the partners are keeping tight-lipped as negotiations continue.
This uncertainty needs to be resolved before any decision on the next phase of drilling AJE is decided.

Anita,
Don't hold your breath for an answer to a simple question from Stefan Olivier or anyone else at MXO.
Perhaps, a better tack is for one of our Norwegian friends on the Hegnar.no bulletin board to make the enquiry with Panoro Energy (PEN:OSL), seeing as they have a greater interest in the value of the off-takes.
It still baffles me why MXO are so secretive and obstinate when enlightening their shareholders, good news can only benefit the SP and increase the MCAP of the company.

Japanese scientists overcoming problems with sodium batteries that would be cheaper than Lithium-Ion.
Sodium is in plentiful supply and is easier and cheaper to source.

https://oilprice.com/Energy/Energy-General/Could-This-Material-Kill-Lithium-Ion-Batteries.html

From what I can see logged on Marine Traffic, visiting oil tankers have made 2 lifts from Front Puffin in the last quarter:
Oil tanker Karvounis docked alongside Front Puffin on 23/11/2018 and departed 26/11/2018 with a full load en route to Gamba Oil Terminal, Gabon where it discharged its cargo several days later.

Another uplift was made by Crude Oil Tanker "Pacific Jewels" when it arrived at Front Puffin on 28/12/2018 with a draft of 8.8m and departed on 29/12/2018 with a draft of 11.2m to eventually discharge the load at Rotterdam Oil Terminal on 14/01/2019 ....

Given that the "Karvounis" lift was the November off-take .... why has no mention of the "Pacific Jewels" off-load in December been mentioned?... It left with a deeper draft (+ 2.4m) than it arrived with...... very strange.

I take it that the February lift mentioned in the RNS will be the next off-load from FP at the end of this month.

That is not 6.8p or 7p... it is 0.68p and 0.7p..... = 10 times less.

The 100 share trade was Stefan buying ... his Mum just gave him his pocket money.

If so Cracker, as a Director and officer of the company, with significant control, he would have had to notify all shareholders via an RNS, even though his holding is below the notifiable 3%.
Perhaps others can confirm.
Whatever, it is still underhand and deceitful, treating public shareholders like something nasty on the sole of his shoe.

When Lupidog frequently posted on here (where has he gone?) I sent him the breakdowns of the shareholdings and their percentages from a spreadsheet I kept of the significant shareholders, taken from the RNS notifications.

It shows Stefan was listed as having 10m shares purchased 11th August 2016, at 1p., prior to the £5m placing of shares at 1.5p on 21/02/2017, which represented 0.88% of the issued share capital.

In the revised list, published 31st March 2017 after the placing, his holding was still the same 10m, but represented only 0.68% of the increased share total.

It is only in the latest notification, dated 31st October 2018, that his holding had increased in size to the 63m and represents 2.27% of the shares in issue.

Curiously there are 52.3m warrants shown in issue ... could it be that slippery Stefan has trousered these without telling anyone? ... it would explain his sudden increased holding and we know how close he plays his cards to his chest.

If Stefan can explain on here (unlikely) we would all be eternally grateful.

If anyone would like copies of the spreadsheets showing who bought/sold what and when (inc. all the Chinese & Dr. Johnny Hon dealings) I will send the 2 copies to you by email if you message me.