Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Well, this was never going to be twenty questions so I guess: slowly, slowly Ketchee monkey could be ONE way of looking at it but what is that other ship I see to starboard????
LT
Me being me, I missed an email from Simon yesterday morning advising that with the Siemens news out that I was no longer considered an insider!!
Still don't really know where that places me as I'm probably dreaming that we're arranging another Collaboration Agreement with a multi-billion company and that we have 2 lovely little fields in our sights but one's memory gets like that at my age with the only consoling factor being that I do keep extensive notes of my meetings!!!!!!!!!!!!
No money so cannot buy any ..... a thousand drats!!!!!
LT
Thanks Barry
I take your point about cnlopb not wanting onshore development which is really ironic but probably understandable in light of environmental issues.
That said, it has always been suggested that Garden Hill could flow perfectly naturally, without the need for fracking, IF ONLY we hit the sweet spot which I believe is a hundred or so yards from our current site.
Do you agree with that or do you conclude that the Canadian Authorities are just viscerally opposed to onshore development in any form?
Also, if we bring in EL1070, the argument for which has been that it can be drilled onshore, do you think there would be merit in caving in on the onshore development and alternatively committing to offshore?
Incidentally, I live in Dorset atop a huge oilfield that spreads under Poole Bay and out to the Isle of Wight. Interestingly, in its early days it only produced from relatively shallow depths until its owner undertook extensive seismic which showed a much larger reservoir at a deeper level.
In the UK, I understand that our mineral rights are different to those in Canada as in the fact that Shoal Point owns the shallow rights to EL1070 whilst we own the deep rights which I have been told could be absolutely prolific and keeping them was one of the finest achievements by our oft-maligned ex Chairman, Alan Minty, so there still could be a great future for us in newfie if we managed a decent partnership to exploit EL1070 and any other licences going begging!!!!.
Thanks again for keeping some focus on newfie which has tended to become slightly overlooked over recent months whilst I, for one, reckon it's got an awful lot of mileage in it for many decades to come!!!
LT
Barry
You make some very interesting points about what I thought was a very professional and balance interview.
I know you post quite a lot on a Canadian site and I am very interested to learn how you think things will pan out and in what rough timescale?
For my part, I would want PVF to be properly compensated IN THE FUTURE for the abortive costs they seem to have taken on PURELY in order that we have undisputed access to the site and can get on with its development utilising new partners but at least making a point with the locals that the new guy at NUOG is a fair bloke who can be trusted to look after interested parties at a local level.
Hope to hear back from you.
LT
Hi Guys
Many posters here will know that I often subscribe to the Machiavellian theory when it comes to analysing NUOG’s “barmaid’s knickers” share movements!
From correspondence I have received and I know several others have too, it is being made absolutely crystal clear from the Company that the days of leaks and “nudges and winks” have now gone which should mean that NUOG might just have become the gift that no longer keeps on giving ……. to the few and not the many, if you get my drift!
In that vein, could that be the reason why we have had some considerable sell-offs as the game really does look like it might be over for the guys and girls who have made a good living out of trading this on an almost daily basis but now see a much different and honest narrative developing that just shuts them out?
I, for one, am prepared to go along with that theory and expect the first “meaningful” RNS – whenever it comes – to prove up that point pretty significantly.
LT
PS - thanks Royscot!
Hi all serious NUOG'ers
Several people have pointed out that I may have been slightly imprecise in my rather long post-AGM posts so I'd like to take this opportunity to apologise for any misunderstanding they may have caused from this admitted technical illiterate.
My main consolation is that in no way could those parts of the posts, which were mainly the technical parts of the Resolutions, be seen as in any way trying to make capital out of the situation for my benefit.
That said, I stand by every word of my Graham Scotton posts as i truly believe that this is the man that will lead us into the Promised Land!
All the best,
LT
MM
Looks like you are a dedicated researcher who knows their stuff.
Graham told us that there were many hundreds of "marginals" in the North Sea including no less than "263 North Sea finds not developed",
Even the headline figures are mouth-watering as in 60/70 megawatts is what each field can generate meaning an annual income of "25 million with an expected life of at least 10 years and that's without incentives or tax breaks. If we only got a 5% royalty on that it would be company-changing on one field, let alone being first-mover and the kudos that brings on many, many more fields not only in the UK but abroad.
Alison was keen to talk about approaches that have been made to us already from overseas but she was ever-so-gently talked over as I think she may have been about to be pretty geographically specific.
Graham also stated that "(oil and gas) people want IN" on the concept BUT we DO NOT want every deal - so it's good to know that we seem to have developed the gonads to walk away when it suits us.
That said he stated that "if the criteria were met we would be DAFT not to look at (potential) deals"!
#excitingtimes indeed!
LT
MajorMiner
You mentioned 2 fields specifically in a post yesterday - can you elaborate please or are they just plucked from the ether?
Thanks in advance.
LT
His excellent command of his new brief was such that he actually requested that folk throw questions at him during its delivery and we did! Most he answered fully but the few he couldn’t he instantly demurred to NUOG’s technical team for a short response before he resumed his relaxed presentation where you could definitely see who was boss!
I liked the man enormously and clapped vigorously when he finished his delivery which was balanced as finely as a Swiss watch between his clearly immense experience and just the right amount of diffidence not to make him look over confident.
I believe this man – I just hesitated to find more words but those first 4 will do: I believe this man!
So, there you have it, I’ll put my hands up to playing the man and not the ball but in the context of where we are and where we need to be “THE MAN” has now become the overarching necessity to close deals that have been many years in development, with this man truly representing our best hope of hauling that first deal over the line; and once one’s over the line the sky is truly the limit!
LT
PS Thanks to Roger for concentrating my mind as to the component parts of deal making!
Reading earlier updates it has been interesting to read folks’ opinions on both Alan Minty and Graham Scotton and I particularly agree with warantwatcher's incisive analysis of them both.
Although not a psychologist by any stretch of the imagination, I understand psychometric profiling which deals and analyses the 4 basic personality traits: Dominance – D (think Managing Directors), Influence – I (think Sales Directors) Steadiness – S (think Departmental Managers) and Compliance - C (think Accountants).
Once experienced in administering profiles it’s like riding a bike and, even without the need to conduct in-depth tests, it almost becomes easy to access individuals’ strengths in each of those 4 traits; definitely not infallible but a good guideline in prompting relevant questions during an interview for instance.
Thus I believe that Alan is very, very, very high “D” which has served him well in his “Command” position. I see his “I” as being relatively low to his D which would mean that he relies more on telling people what to do than influencing them to get the result he wants by taking them with him. This is definitely not a critique of Alan as a man, for people will automatically follow a person with that trait into the breach because that’s what he demands of them and they believe in his sheer force of power to overcome anything.
High “D’s”, in the corporate world, need a balance and that come’s in the shape of someone with a relatively high “D” BUT an even higher “I”, i.e. a person who takes their leadership skills for granted and knows how to carry people with him/her because they want to be involved with what usually is a charismatic person with such high influential characteristics.
Thus, when Graham took the floor I instantly felt that here was a man that took his hard-earned skills almost as read – certainly no need for any braggadocios posturing – as his skills and gravitas stood there in the easily read human-form of his CV, delivered to a very discerning interview board of us shareholders where I believe not one single attendee would have refused him the role for which he seemed to be pitching!!!
I asked where he saw himself in the deal-making process and he quickly answered that he was a “closer” of deals insofar as he has the capacity to oversee and control projects but also having the ability to present and close on the deal – watch out for Newfie and Brazil gaining traction as I believe these will prove very early tests of these project management and closing skills.
His “first-mover” description of Gas-to-Wire (GTW) sent a tingle down my spine as explained his belief that we are probably the leaders in this technology right now and are actually talking to field owners about specific North Sea marginal fields where this politically expedient power generation could be applied …… hopefully very soon!
...cont/
Lyates went one better and said that he would not accept a figure above 25%, as well as us shareholders getting a bite of the cherry, and we-convened to have this amendment put to the vote where it passed almost unanimously - wow, the joy of hard-won shareholder-unity.
As AGMS’s go the procedural stuff was pretty samey but did contain some robust questioning about unmet timelines, the necessity for regular updates etc, with particular emphasis on using words like: imminent and short-order and from the wry smiles coming from the rostrum I felt that these messages were being taken on board.
That’s about it as far as old NUOG goes but then Graham made his entrance!
As I really want to concentrate on this man, I am going to write a separate update as otherwise it might get diluted by this more arcane stuff and that would be a real lost opportunity for I truly believe that we have recruited a man of our time who will pilot us into a new era for NUOG where brilliantly conceptual projects are not just taken to the line but actually heaved over creating a domino effect, the revenues from which I believe could be truly awesome for everyone associated with NUOG.
So, more later after a cup of tea and a marmite sarnie!!!!
LT
Hi all
Apologies for leaving it late for my update but I had an absolute mare of a journey back to Dorset, leaving Manchester at 15:00 but not arriving back here until 21:10!
Fortunately Mrs Last had prepared my bath and we proceeded to Wareham where I duly had my “five a day” enjoying every last drop imbibed, as I reflected on my attendance at what was a very instructive meeting before going into a very deep sleep, for the first time in days, waking up a lovely Dorset morn!.
I arrived in Manchester late Thursday, my instant feeling being that, like Corfe Castle, it’ll be good when the builders have finished with it but in the drab dampness of late afternoon it seemed like they’d all just thrown their trowels in!
4 or 5 of us stalwarts met for a few beers and to discuss what we wanted to take home from the meeting. I was mightily impressed at the in-depth range of technical and financial understanding these guys had of NUOG as well as the procedural order of an AGM as we discussed our anticipated areas of enquiry to direct at the Company.
This “technical” approach, very agreeably, counterbalanced my intended approach which has always been based on me being more of a “feelings” sort of person who does “business” with the person rather than having a deep knowledge of the business behind them although I’m no-one’s fool and always hold a bit in reserve!
Arriving at the rather shabby-and-not-so-chic venue, just about the first person I saw was Alan Minty chatting with Tej so I went over to say “Hello” and ask after his well-being, as decent folk do, and we thus spent a few minutes chatting, smiling and reflecting on our respective positions in life as we both come from the same 40’s generation.
At about 11:30 we all processed into the meeting proper which was crowded with people of all ages – about 30 in all – who it was obvious shared the researched passion that truly makes a dedicated NUOG’er and off we proceeded with the Agenda.
Resolutions, obviously excluding 4 & 5, were quickly passed before coming to a complete halt at Resoluton 7 which was almost unanimously voted down.
The Resolution basically gave the Board the ability to dilute at up to 75% without the need to agree that move with shareholders and the vote against this clearly caused some consternation at Board level.
At this time an adjournment was arranged during which major shareholder such as Lyates (great guy) and myself (jolly decent chap!) were lobbied about how this Resolution needed to be amended in a way that would get it through a new vote.
I explained to Tej that the technicalities of this were way above my pay grade but if there was a good reason relating to the necessity of confidentiality in arranging such placings, in hours rather than days (to avoid leaks), then Tej should go back and talk about that to the meeting and also reflect on the actual percentage which seemed too high for the meeting’s taste.
.../cont.
Looking at my last post (ed - be careful what you wish for!) I would hate for the "usuals" to pounce on that as an indication that I want to trade NUOG as that is ABSOLUTELY NOT the case!
Even just receiving my £15,000+ tax bill as a bloody pensioner for heaven's sakes I have made personal arrangements to pay this without the need to sell NUOG which I have said all along I would not consider selling until at about 5p and then only a million or so for a family cruise or similar!
Maybe I was a bit hasty about the "insider" thing as my reasoning was that it always seemed slightly tainted by the way the old team doshed them out like gongs to celebs so I'll see how this new crowd settle in as they might actually treat it a tad more serious which would make it a lot more worthwhile!
LT
We got the news we hoped for and the usual suspects are behaving, well ........ as usual!
Thus one of the my first post-Mintexit tasks is to filter that bloody nuisance Delster!
Looking forward to much better things and certainly cannot see the SP tanking as some naysayers have been predicting.
My next task is to de-select myself as an insider, the process for which I shall start tomorrow.
Well done all those that put their mouths where there money is!
LT
Jarem
Couldn't have put it better myself!!!!
LT
Cobra
NUOG plays hard-and-fast with "insider" status - just ask any of the many, many people that have received that dubious accolade.
As it happens, I found myself in November at the Liberal Club with the dilemma that Nick was an insider and I was refusing to become one and only changed my mind on the VERY CLEAR understanding that some of the projects we were about to discuss would be announced WELL BEFORE the AGM.
That became my "line in the sand" and I have not deviated from it as evidenced now by my stance at being here on the 23rd AND STILL NO NEWS!
LT
Bestmate - Here goes:
"Hi all
I can understand peoples' concern about what they perceive as my volte face on NUOG but they are really not getting the point as I am still rating NUOG a "STRONG BUY" and support what the Company is endeavoring to do.
Perhaps this part of an email I have just sent to a fellow shareholder might explain things better:
"It is fairly common knowledge that the next Head Honcho is a man with many, many years' experience who comes very highly recommended.
The point about the sudden voting panic is that everybody understood Alan was standing down and then suddenly late last week it looked like that would not be the case and we were suddenly faced with what could be seen as a ham-strung new appointee that possibly could get (fed up) very quickly.
It's a shame that Alan seems to have changed his mind but I am guessing all of the shenanigans will be behind us at the AGM and he (might well have) stood down by then as otherwise the meeting will be very tawdry indeed."
Hope that helps!
By the bye, I genuinely wish Alan well if he retires but I somehow think he'll have his hands full working with Devco!
Cheers,
LT"
Good luck all!
LT
pCloud
To be perfectly honest I regret posting that post but, believe it or not, my personal moral compass left me with no alternative at that time.
LT
Delster
What a stupid remark - think Mourinho and Manchester United if you want a comparison that's very close to home whereby one man certainly doth not maketh the team!
LT
Madge
I don't have to prepare for rage!
LT