Member Info for kentan

https://www.skeletontech.com/

Outlines the possibilities for further use and applications for Super & Ultra Capacitors.

Could it be that Frangos and MXO (really Stefan Olivier using the company name with his colleagues at Cornhill) investment in this company is to use MXO as an "investment vehicle" when Superdialectrics is floated and make a killing?.... It could also explain why the Chinese are happy to be underwater with their £5m+ investment and not rocking the boat.

See a familiar name listed in the shareholding:
No.18 804,000 shares owned by Andrew Frangos ... former Chairman of MXO and Cornhill
No.15 804,000 shares owned by Anna Frangos (wife)
Confirmation statement dated: 30/09/2018
Filing date: 21/12/2018

Latest:
Position received at Noon today (UTC) ... heading 240deg at 12.3knots off the coast of West Africa (Liberia)...
ETA remains the same, 14/1/2019 Rotterdam.

Picked up speed and on course....

Perhaps it is more like Nigel jumping ship before it sinks, rather than a cost-cutting exercise.

Another thing that could have been done, is for the board to halve their salaries until the share price reached 1p again ... an incentive scheme that would have met with our approval... I think Stefan could manage on £120k per annum for a while, he would also benefit, in kind, from the rise in the SP with his 63m shareholding stake.

By the way, will Nigel McKim now sell his holding of 39m shares?... or, what will happen to them?

When you look through the Panoro Energy prospectus published in December, there is so much to like about the prospects for Aje OML-113 ... with increased reserves of oil and gas and the projected future drilling. The problem as always with these projects is funding, although it looks good on paper, there is a huge black hole to fill before the well(s) come to fruition.

A lot of trust (and investment) has to be placed in the operator ... not easy in our case, based on past experience.

Thanks, Spitzer, the same good wishes to yourself and all the valuable contributors to your forum in Norway (Hegnar.no) who do more to keep us abreast of what is going on at Aje OML-113 than our BOD and CEO Stefan Olivier.

Your shareholding in Panoro Energy (PEN:OSL) appears to be on safer ground compared to ours in a one trick pony, namely MXO, with only a single viable Nigerian project, that is and has been mismanaged from day 1.

Regarding the replacement of the floating production and storage vessel Front Puffin, it was reported, on here sometime last summer/autumn, that a larger capacity vessel would be needed to process the increased volumes of oil and gas discovered and the contract for FP expires in March 2019. There has been no mention of a renewal of the contract to coincide with the renewal of the licence in August 2018 (for 20 years) and with the envisaged extra oil and gas a larger replacement vessel was deemed necessary to fulfil the requirement.
I took it as read, the 16th March 2019 date (US NAVY - Portland, Maine, USA) shown in forward orders for Front Puffin's itinerary signalled a changeover of FPSO ... perhaps this will now not go ahead as I thought.

The next thing is to look out for a drill ship in the coming months to open up the 2 new wells.

Thank you for the link to Panoro's Listing Prospectus, I will make my way through it and study the pages 108 to 113 that focus on Aje, there is a lot to take in.

It is a bit like the Marie Celeste on here at the moment, everyone in the UK seems to have vanished...

HAPPY NEW YEAR TO ALL .... wherever you are.

The sailing distance between Front Puffin (taken as Lagos, Nigeria) to Portland, Maine, USA in nautical miles is roughly 4,753 nautical miles, if sailed at an average speed of 6.8 knots, it would take 29 days 3 hours ...

Therefore, taking the above calculation into account, we can assume that departure from Gulf Of Guinea would need to be around 15th February 2019.

I will continue to monitor tug and support vessel activity close to FP in the meantime.

Orders received... underway at 4.2 knots and heading for Rotterdam, Netherlands.
ETA: 14/01/2019 12:00hrs Local Time (UTC +1)

Front Puffin (FSOP) remains at anchor with forward orders to depart and reach deep water port, Maine, New Hampshire, USA ... for refit.
ETA: 16/3/2019 7:00hrs Local Time (UTC -4)

So maybe 1 more lift to become empty, before taking on ballast for the journey.

May I wish every one of the long-term shareholders (or "sufferers" would be apter) the compliments of the season and propose a toast to the future of those involved in the Aje OML-113 oil/gas site ... including our jv partners Panoro Energy (PEN:OSL) who are lucky enough to have other exciting projects (ie. Dassafu, Gabon and Tunisia) to look forward to.

May I also extend thanks and compliments to Spitzer, Fly Fisherman, Gunnarius and other well informed posters on the excellent Hegnar.no forum who keep us better informed than the tardy efforts of our CEO (Stefan Olivier) who seems to take his ever-increasing inflated salary without a care or thought for shareholders who are basically funding his lifestyle.

I must also mention the near 35% stakeholders in MXO from the Chinese community, who have seen their investment dwindle to less than £500k from an initial £5m or more, instigated by Dr Johnny Hon over 2 years ago ... we are all clinging to the thought that they might know something we don't.... could all be revealed on February 5th 2019, Chinese New Year ... The Year Of The Pig ... but it is more likely to be "A Pig Of A Year" instead, with more downs than ups and disappointments from false dawns.

I live on, in the faint hope that Stefan will come on here one day and explain his strategy for MXO and the route to our salvation (more like starvation) ... but I am more likely to see Pigs fly in 2019.

Best Wishes to ALL.

Is there someone on here, clever enough to calculate the approximate amount of barrels of oil that is represented by the increased draught of Pacific Jewels from 8.8m to 11.2m = 2.4m or 27.273% ... the vessel has a gross weight of 62,615 tons... and a dead weight of 115,177 tons.

This will help us indicate roughly the size (in barrels) of the lift.... status currently: For orders ...

I would expect the cargo to be discharged at the same terminal as Karvounis, last month,

There is certain to be a delay in processing oil/gas when the changeover from Front Puffin happens in Q1 2019, the replacement larger vessel will need time to be connected and commissioned leading to a shortfall in production.

However, this will probably be offset by the choke size increasing on the well head and the increased processing of gas to catch up on the lost production totals.... may even be in our favour if oil price is wallowing around $50pbpd and gets a boost after.

Still waiting for news of the replacement FSOP ... surely this must be known by now and we can be made aware of (in RNS) ... it has to be of the same size as BW Adolo to be viable.

All my information is gleaned from Marine Traffic website and the excellent Hegnar.no forum that focusses on our partner in Aje OML-113, Panoro Energy (PEN:OSL) ...https://forum.hegnar.no/thread/16224/view/0/0?page=2

A 62,615 Gross weight Crude Oil Tanker

Made a lift from Front Puffin ...
Arrived:
28/12/2018 ... 09:38 UTC ... Draught: 8.8m

Departed:
29/12/2018 ... 14:20 UTC ... Draught: 11.2

Current Position: Gulf Of Guinea ... Awaiting Orders.

So this could be the final lift from FP in the Aje Offshore Field before it is de-commissioned and sets sail for USA port for re-fit, scheduled March 2019, as previously advised.
Larger replacement FSOP vessel (that can process gas .... BW Adolo ??? to be confirmed and commissioned.

Could be that it has upped anchor and is underway ... accoring to the forward log, it is due in New Hampshire Marina USA 16th March 2019 .... probably for a full re-fit.

Now we have to see what the replacement vessel will be ...

With the company (OPTI) intending to float off separately it's divisions, a la Skinbiotheraputics, a success from day one, I can see the same happening here with Slimbiome ... it makes it a very appealing single product company that will grow rapidly without impinging on Optibiox and being able to raise funds and promote itself independently. Of course, Opti would retain a stake and control.

Also notice the SP rises as soon as America wakes up, Stephen O'Hara was at pains to promote his company and products in the USA last year and it is paying off handsomely.

Once it gets above the £100m cap again (around £1.14 per share) the institutions will pile in and a re-rate to higher would be inevitable. Then a full listing would accelerate the SP even further to £250m+ for the group.

2 after hours Price Monitoring Extensions .... could be all is revealed tomorrow morning.

Like buses here ... no RNS for ages, then 2 come along at once.

Crude Oil Tanker Karvounis has just entered the Oil Terminal at Gamba (Gabon) to unload ... was 9.5m draught, so full to the limit, and it is a very big vessel, big enough to empty Front Puffin with one load.

That could be the news about to break ... a lift completed and replacement FOSP on it's way to handle the gas and larger capacity oil storage.... I hope it is one of the mammoth BW fleet vessels (like BW Adolo).

It's OK Stefan, you can relax and have a nice meal this evening now ... (at Shareholders expense, of course).

Karvounis expected to arrive at Gamba (Gabon) Oil Terminal 28/11/2018 17:00 UTC ... will get draught (load limit 9.5m) when next report issued

Jim,
Agree
No RNS is par for the course with him ... he will wait until June 2019 and mention it in the annual company report then, as it happened before 31st December.,

Here is my idea of what the RNS from Stefan will say ...

"Oil was commenced lifting from FSOP Front Puffin on 23rd November 2018 and completed by 26th November 2018 by crude oil tanker Karvounis for onward shipment to oil terminal."

With no mention of quantity or destination.... just to keep us guessing.

Tell you what Stefan ... You can copy and paste the above into the RNS, I have saved you the trouble of composing and writing it....

Jim,

The VWAP (Volume Weighted Average Price) for Brent Crude on 19th November was $64.14
On 17th November it was $65.29 .... so that gives us an idea of the price range they may have sold at.
Not the best by far, but also not the worst ... with oil around the same price as a year ago.

Great timing as usual by MXO ... make a lift just as the oil price falls through the floor of $60pb ...

Unless they have had the foresight to pre-sell at the higher oil price ... but with Stefan still in his pyjamas at his luxury London pad, that is most unlikely.