Member Info for kentan

So at $AUS 18.24million MCap for Alara = roughly �10.28m GBP ... compared to Savannah Resources MCap of circa �55m. So is a relative minnow compared to SAV..... but little fish are sweet and help the bigger fish dominate the pond.

Any announcement for Alara on Tuesday (8:00am Sydney time) would be available to see in UK at about 23:00 tonight. If the trading halt is lifted then the share will take off accordingly. Prior to halt on Friday Alara was 0.029 Australian Dollars = 0.0163p GBP ... MCap $18.24 (is that US or ASD?)

As I pointed out earlier, Frangos left in January 2016. S.O. had about 22million warrants to exercise at around 1p., but never took up the option, now where the share price is (under 0.50p) you know why. The next RNS will be next month to announce final results (? 29th June 2018) for year ending 31st. December 2017... unless there is mindblowing news in the meantime.

My take on the MXO / PEN situation is that it all hinges on whether Panoro Energy decide to sell their stake in Aje ... and to whom. If the Chinese are balls deep in MXO with over �3m invested surely they would want a bit of the action if PEN's stake came on the market at the right price. Spitzer told us a figure of between $40 to $50million for their share of the JV would be what they are seeking and this would still be less than what they have invested in OM-113 Nigeria to date, but funds of this size would underwrite their Dussafu project for the foreseeable future where their % of the project is greater and would not require them to commit to further investment in Aje6 etc. Remember it was only 2 years ago that SO had us all ears for the buyout of our stake in OM-113 by Nigerians for $18million ... that never materialised when they couldn't raise the funds (no shock there). It seemed to be a smoke screen to offset the abuse he was getting about the Mexico failure. Laterly we have had another false dawn about a permit opportunity in Grenada. .... ???? I wonder what the next distraction news will be, to hide the poor performance by MXO under his management? No doubt his salary will be shown to have increased exponentially to around �240k a year in the next accounts.

Public Holiday in Norway today, Markets Closed, so no PEN:OSL ... Whit Monday is still celebrated across Europe. Was amalgamated in UK with Spring Holiday, falls on 28th May 2018

Many apologies, info taken from Stock Exchange page for MXO, is out of date and shows 2014 remuneration at �64k, needs to be updated. The last full accounts to 31st. December 2016 show he had an increase in 2015 to �120k and the latest figure for 2016 is �186k. The total remuneration for the board is �495k for 2016. The m/cap then was �12million. Andrew Frangos resigned as Non-Exec Chairman on 18th January 2016 and was replaced by Nicholas Lee. To read the whole 36 pages of the 2016 Final results: http://mxoil.com/documents/MXO%20Final%20accs%20Dec%202016.pdf These accounts were published 28th June 2017, so we should see the finals for 2017 around the same time this year.

Stefan is on a basic of �64k a year for his efforts, plus the 10million shares he bought at an average of 1p.(�100k) ... so he is showing a net loss on his holding on the year with a 0.5p share price of �50k .... Perhaps his other interests at Cornhill are more important and more lucrative. Wonder if he is still in touch with Andy Frangos (former Non-Exec. Chairman of MXO) ? ... the man embroiled in the Paul Green BHS debacle and founder of Cornhill ... makes you think !!

Touched 6.25p on May 19th (Friday) .... then rose to previous year's high of 6.75 on 31st May .... before gradually dropping back through the summer to 4.60p in August. Rallied again to 6.625p on 29th December 2017. There have been some misleading share prices shown on LSE earlier, showed SP at 7.0p when the bid/ask was 7.30p/7.50p .... so be careful in all the excitement. About time we dipped our bread in the gravy .... waiting for 2:30pm when USA market opens, should be even more interest following DA's recent promotional trip.

Good morning Spitzer, thank you for more insights into MXO & Panoro, all very welcome. I would prefer to be in your position as a LTH in PEN rather than myself as a LTH in MXO. With MXO, what I cannot come to terms with is the reason the Chinese bought into the company from about 2 years ago and have amassed a 35%+ holding collectively, buying shares at 1.5p, 1.0p and 0.8p in the market or through placings when their investment is now showing a sizeable loss at present SP.... they are not doing it for charitable reasons. We know China is actively sponsoring such enterprises throughout Africa and Nigeria secured favourable investments after they sent a trade delegation to Beijing last year. Now there is a revenue stream from Aje, albeit it has been interrupted at times for repair and maintenance work on the rigs, with the price of oil steadily rising in the meantime we would expect MXO to increase in value rather than decline. Their cash reserves should be rising by the day with limited debt. The lack of news or information from the company doesn't help the SP either, it seems they are happy to keep it low. Nigeria desperately needs oil & gas and one of the largest refineries in the world in under construction near Lagos, so what could be better than to be in a position to supply and fill it from offshore field OML-113 with subsea pipelines already in place.

I think Mr Johnny Hon, the Chinese super fixer, could sell the idea to the Chinese Government (with a little help from me ... for a small consideration ... Lol!) and the muted circa �33m purchase price of Panoro's Aje stake, added to our current Mcap of circa �9m would mean we have a company with a rising Mcap of �42M+. An alternative plan to reduce the purchase price of Panoro's stake, a part or staged payment with a royalty scheme linked to oil recovered, to reward them for their efforts and investment to date. S.O. with his 10m shares could become very rich overnight once the SP reaches �1 plus ... (hope that rattles his cage and makes him sit up and pay attention)

Phil, A possible scenario is MXO bid for Panoro's share of Aje, paid for by issuing more equity (preference shares) in a placing paid for by the Chinamen to give them an increased holding in MXO. This would dilute the existing holding percentages in MXO, but the MCap of the company would increase by whatever the purchase price of PEN's Aje stake is.... a win, win situation.

Phil, My thinking was that if the PEN share of Aje came up for grabs, then the Chinese would be ideally placed to buy it under the auspices of MXO and have further leverage, if and when it all comes to fruition. Naturally funded by the Chinese Development Council who are spreading their tentacles throughout Africa. As was said, to get the Aje 6 field into production (oil & gas) will take a lot of funding that Panoro doesn't want to commit to, so to sell their stake now while POO is high and the field producing makes a lot of sense. As Spitzer revealed, Panoro have sunk a lot of time, effort and money into the Nigerian operation and an early return of some of their money would go towards future exploits in Gabon where they are guaranteed a much greater return and is virtually risk-free.

Opened in Toronto at 1.30 (2:30pm BST) ... immediately dropped to 1.29 Why????

Once again, many thanks Spitzer, we have gained more information from your 6 posts today than we have ever had before from S.O. You will be aware that our MXO significant shareholder list is made up mainly of Chinese names who have over 35% of the MXO shares in public hands ... so we are concerned what is going on in the background that we are not privy to. If they were to act in concert they would be financially well placed (with China's Government backing) to buy out PEN's stake in Aje and take control of the company. Do you have any views on this? I note that the significant shareholders in PEN are mainly Norwegian or from UK & other European Countries, seems the Chinese have overlooked the greater prospects for offshore Gabon. The other thing that is always of concern to me, is that once oil starts to flow, then the greed factor rears it's ugly head and the National Countries where the oil is being produced from want to renegotiate a better deal for themselves and there ensues a long costly legal battle. Do you know if Royalty Agreements have been agreed with Gabon & Nigerian Governments?

Thank you for contributing to our BB Spitzer, your information will be invaluable re Aje (and save me from translating from Norwegian). It is clear from the Hegnar.no forum that Panoro is more forthcoming with information to its shareholders, whereas we have to beg on bended knees to get the tiniest morsel from Stefan Olivier (CEO, MXO). I await with interest your further posts that may enlighten us further on the Nigerian operation. I see that some are talking of Tullow Oil buying back into the Gabon (PEN) permit, is there any substantiality to this? Also the prospect of Panoro selling it's stake in Aje now POO is back in favour, to concentrate on Dussafu?

National Public Holiday in Norway today (Constitution Day) ... markets closed ... so no updates for PEN:OSL Also another on Monday for Whit Monday (they still celebrate it). It is usual in Norway to also take the Friday off after a National Holiday, so will be quiet tomorrow (sobering up?).

Wow ... all the questions answered and PW's final comment .... "Throughout the period, we remained focused on strict capital discipline and continued to monitor opportunities that would enable us to increase our asset base in North Africa. As at March 31, 2018, we are well funded for our numerous work commitments this year with US$29.3 million of cash, no debt and we remain on track to double our production by the end of 2018." With rising POO to ice the cake ... bring it on !!!

https://www.reuters.com/finance/stocks/company-officers/MXO.L Led by Stefan "Secret Squirrel" Olivier ... as CEO

Mark, as we have experienced in the past, MXO's CEO Stefan Olivier is not Father Xmas ... he has a history of being Scrooge with the debacle in Mexico as evidence ... false promises and dead-end alleys are his speciality. ...We LTH of little faith !!!

Remember Panoro Energy are a junior partner in the Gabon enterprise, they have an 8.33% interest with BW Energy (part of Blue Water Offshore) holding the balance of 91.67% .... so if Panoro are coining it, just multiply by 12.5 to see the huge return (at current POO price) that BW are getting, with prospects of shed loads more in the future. In OML 113 (Aje Nigeria) Panoro currently have a 6.502% interest as a joint venture partner ... pity we are not being mentored and pushed by BW to achieve similar results to Gabon. With Stefan's connection to Cornhill are they still pulling strings in the background?