Member Info for leftie

Yet another fund increasing its holding. Other than outside events which the knowledgeable posters on these board have warned against, I see no reason why the SP should remain at these values in the second half of the year.

You are right, they will continue to be a shareholder, but your chances of realising any value from your shares if effectively nil as the following part of the RNS details: "It will be very difficult for Shareholders to realise value from their Ordinary Shares. The Ordinary Shares will remain transferable through CREST. Further, the AIM Rules will no longer apply to the Company and levels of corporate governance and transparency will no longer be dictated by those rules. Shareholders will no longer be afforded the protections given by the AIM Rules, such as the requirement to be notified of certain events, including substantial transactions, financing transactions, related party transactions and fundamental changes in the Company's business, including certain acquisitions and disposals"

You are right, it really is Hobson's choice. Vote Yes -> you lose. Vote -> No, and the company somehow struggles on but without any working capital. As the RNS indicates, if we vote yes the shares become worthless. I particularly find a kick in teeth the part about how the company will no longer have to apply good corporate governance with regards to the shares. I am going to vote NO if only to send a defiant signal to the board AKA Rita.

As these shares are still tradable on AIM until the proposed suspension. What price will the market open at?

Excellent points Robsky. Can we have some indication from the company that all is alive and well? Just an update to the website, or a picture, even a little tweet like some others do Something. Please Some indication that her 200K salary is money well spent because looking at the SP against her goal of delivering shareholder value she is performing awfully. (and yes I know the SP was supposedly immaterial against the previous goal of selling the company on to another oil major, but is that still the companies goal? - and don't get me started on this as its another thing that is not clear despite being nearly a year into the WED deal)

As predicted another of the small American based but AIM listed oilies which looked promising before the oil price crash has gone. I remember HAWK being pumped all the way to 6p... Sound familiar to anyone? Back to MAGP the recent RNS stated the need to re-negotiate the bank loan. I expect without a successful outcome to this MAGP is toast. This for me is no-longer bottom drawer, its in the void under the bottom drawer. I would be surprised is WED were to put in any more money whilst the bank loan is in doubt. Here's hoping for a positive conclusion.

In the last 3 years the directors have bought shares in March April... No sign of them doing this in 2018 even though the LTH like me who are over 90% down, and any potential investors need the reassurance that the directors believe in this company more than ever. Rita continues to draw a healthy salary out of this so she should be just as capable of buying a few of these as in other years. Her holdings must be mostly worthless too.

Excellent points vyrnwy. $10 mill could be spent very quickly if MAGP were to choose to drill their own well and what we are constantly being told is excellent land. If the company model is still to prove up land prior to a sale of the assets then we can only drill land that other companies are willing to drill. We are not in control of the flow of cash. I would really like to see some sort of long term plan to see how Rita is positioning the company to those WED investors. Could anyone on this board pretend to be a WED investor for a couple of months to get us the inside track!?

I think of more interest is the HAWK board. Catch the goings on there while you can. It seems that HAWK another of the companies that was championed by the once darling of this board "Baron" is in its final throes. If HAWK does go the same way as some of the other oilies of recent times, SOLO, NCT it will be sad but in some way does go to prove Rita's strategy. Its just a shame the market didn't keep the faith with this strategy a few years ago and provide this company with enough funds to drill the leases we have.

Anything in particular smidsy. I didn't read all of it, but all that I cold see was the usual "this should be worth this much", "Oh no it shouldn't", "You are deramping" tit for tat...

Crickey, the oil price is flying. Its shot through any rsistance that has been there over the past few months at around $66 and is now touching $69. increased oil receipts over the next few months should help if we can cobble any money together to drill a few more locations. Moreover, what is our plan now? Is it still to prove up land to sell, or is it to drill Oklahoma locations?

I doubt it. I think as the RNS states she is hamstrung by a lack of working capital. The bank loan will presumably be frozen so the day to day cash will be from any profit from existing operations, which thanks to our working interest despite having hundreds of wells in out portfolio will only amount to effectively a couple of wells output. If you look at NTOGs performance since last summer it does suggest that actually drilling these lovely leases we have got all this data on will generate a lift in the SP and hence build a mid-tier oil company. Something there is no sign of with the current management, despite the promise of all this WED cash. Sadly the companies history with 100% working share wells is not good.

I agree I think the situation is sufficiently important to merit an RNS. If the bank does not agree to continue the loan, is that game over??? I think we can only invest the money that has been allocated from WED. I don't think the WED deal is like a loan where the money is allocated to the company to be used when the company needs it. Unless someone knows better I think investors have to put the money into the scheme and hence look for a return. I suppose they will only invest based on the hope of excellent returns. The lack of new well proposals actionned since the deal started would seem to support this view - either that or there is a freeze on cash due to the loan situation.

Nothing much has changed in terms of the company position although there is a troubling update about the company loan: Company is in the process of renegotiating its bank loan. The Company has previously announced that a request for an extension to its loan facility was being processed by the bank. Since the last extension, the Company�s bank has been sold and negotiations are slower than previously experienced. Debt reduction programme ongoing and the Company is considering further non-core disposals. Working capital continues to be managed carefully in light of future planned participation in wells. I suppose Rita is still taking her full salary so things aren't too desperate (unless you consider the SP)

It does look to be building momentum for a push through long term resistance at around 1360. If it does break through that it should have legs to go nicely higher.. It just needs a bit of news to push it through.

From 2.9 to 3.1 which is 10% on the back of around �5000 of buys.. Crikey. it doesn't take much to move the SP of this now minnow.

If I pretend that the share consolidation never happened I can look at the SP and not worry at all..

Very encouraging news Robsky. Excellent research as ever. Almost as good as an RNS. Perhaps we should get a yellow dot at the top of the page for you...

Well done to them if they are buying. Other than the political risk there is surely far more upside here than risk. Wish I was buying more at this price..

The bumesepython has slid off... Sold on no doubt after of couple of days after realising that the upturn was not going to happen.... What a clever fellow, I wish I has done that ... years ago. Your thoughts from Feb are perfectly valid, we are one of the small oilies left that are still trading. The other boom and bust types have either gone NEW, LGO or struck lucky NTOG. We are adrift clinging onto a tiny piece of driftwood. Are you still fully invested with worthless shares?