Member Info for NoEasy

Some short term catalysts as well as in the medium and long term as you point out Tidd. Nice to see you pop in by the way and I hope all is good/better at your end.

I am a lover of stocks like this, relatively slow burners. I expect many up's and down's but in the long term we have a massive resource that's only looking likely to get bigger, government support and I'll use that word massive again as I think it is not overplaying things, a massive undersupplied market for our potential power.

Time enough.

Evening Dunc/Wheelo, My understanding is that we may well be involved in the discussions with INP (Moz) as we speak given that the others in front of us have agreed their respective PSC's.

'On October 8, 2018, the INP announced that it had signed agreements with ExonMobil and Rosneft for offshore blocks in the Rovuma Basin. INP signed an agreement with ENI (Ente Nazionale Idrocarburi) and Sasol for an offshore block in the Northern Zambezi Basin on October 18, 2018. The Company expects to enter into discussions with INP regarding onshore Block PT5-B before year end. The ExxonMobil EPCC agreed version will serve as basis for future negotiations with all companies.' http://www.canoverseas.com/wp-content/uploads/2018/11/COPL-3Q-2018-MDA.pdf. (page 4)

It certainly all helps Rift. Been a bit of a slog hasn't it!

Now a good announcement will most certainly cheer everyone up. Here's hoping.

Its an earlier start than I was expecting but expecting it I was. We are heading towards news that on balance is going to be positive.

I think you might find the use of the m in this case is the roman numeral m which represents a thousand not a million.

One thing is for sure the Cisco Kid isn't an 'insider kid'.

Who is Cisco?
_________________________

The Cisco Kid! You've been investing for how long Bob and never heard of the Cisco Kid!!! FFS...........

Neither have I.

One thing is for the Cisco Kid isn't an 'insider kid'.

Bob good post on Arthurs faults.

The personal comments directed by some towards Arthur are plainly wrong.

The game changer for me here was the PSC extension and what that actually signified. I reacted positively to that news as it did indeed confirm Arthurs assertion that the government of Nigeria are actively behind this project and are prepared to and indeed have acted to deliver that support. That is now our bedrock and along with our resource potential and the Trafigura term sheet that is a platform that I am happy to be on.

As far as a Service Provider Agreement goes is it realistic to think that a service provider would want to link in to the above platform. I think it is. That requires them to do their work. The unsolicited approach with the added benefit of finance is for $100m plus, we are not talking pennies here. Our anxiety will be unknown to them and even if it was known we are of absolutely no importance to them whatsoever. They will be focused totally only on their needs and how their needs can best be met by supporting us with services and finance. They have the reins on any timeline but I have also thought for some time that the presidential election may well act as a perfect guide for all parties to get business settled under a known regime.

I understand the frustration and the reasons for it but if odds are being attributed here then I would expect odds to be going up not down if the CEO's timeline was a genuinely held one.

We are still very much in the mix here.

$250m for a hole in the ground.

You really have to question whether Gina is cut out for this investing lark.

Well guys I haven't posted much at all here but have been keeping up with all the very many posts many of which have been very insightful and productive. This board has been blessed for a long time with some great posters.

Sitting back is difficult sometimes but it has provided me with a great deal of clarity here so for me has been a worthwhile exercise. Consequently I know, yes know, that this is not an opportunity that grows on trees, this isn't about a lucky break. This project is outstanding. This project is also a stone cold, hard earned reality that has and is attracting billions in investment.

Have a happy, prosperous and transformational New Year all.

Indi, I'm not sure we are entering into a period of government shutdown. I know you spoke with your friend in Nigeria and received an answer but I think we both agree that was difficult to interpret in terms of detail. I have found no links to there being a shutdown. That doesn't mean there aren't any just that I have not been good enough to find one.

The Electoral Act 2010 for Nigeria or its Amendment 2015 was the closest I got to ascertaining if there is a pre-election procedure similar to our Local Government Act. I found no Nigerian legislation on pre-election procedure (Purdah). Maybe someone else can have a go and see if I have missed something.

In any case when we in the UK have purdah it is not a government shutdown. I use the UK as you have mentioned Nigeria maybe having a colonial hangover in respect of pre-election procedure and also because the the dominant legacy of British colonial rule in Nigeria is the colonial legal heritage. Our period of purdah is usually for four weeks before the election and only covers new initiatives and/or controversial issues that are likely to favour a particular party/individual in an election. So no new tax incentives etc etc to garner last minute votes and this procedure is written into law. A court can determine if an offence has been committed in the UK.

I have attributed my own hypothetical thoughts on whether our situation may be something that could influence the voting for a particular candidate in the Nigerian presidential election:

If we were seizing land to drill with local opposition - Yes likely issue if one candidate was for and one against - but we are not, the community are not and the candidates are not.

Using chemicals likely to pollute the local environment against local opposition - Yes likely issue if one candidate was for and one against - but we are not, the community are not and the candidates are not.

Seeking the extension of a licence to drill against local opposition - Yes likely issue - but we are not, there is has been no local opposition to our licence and we have indeed gained such an extension recently.

Seeking approval to transfer a percentage of a shareholders allocated shares (Essar Nigeria) to another (Shoreline). - Not an issue that even comes close to being a national or indeed local issue particularly as we have an equal shareholding with an indigenous partner.

Having gone into it in a bit more detail I see the election result itself being a concern in terms of a probable slowdown, as opposed to a shutdown, and only if Buhari loses as a term of adjustment will definitely be needed for the new president and his team.

Hey Bob what about us impatient investors?

Thumb up from me though Bob.

All the very best to all. I hope you all have a great festive season.

'No-Easy- My timeline is correct and no this wont come through in next 3 months, FACT! and you know it.'

Thanks for putting me straight Sub.

Insidious I was doing a number of dummy sells/buys yesterday as I felt there has been buying patterns going on. Given the prices I was quoted yesterday your thoughts on the illustrated trades, are for me, more likely than not correct. What particularly interested me is that we are coming to the very end of the CEO's period for anticipated news and I was expecting that as that time recedes so would the buys.

Set your expectation for drilling until Sept 2020 to avoid frustration and disappointment. Not a bad philosophy because that would include not worrying about SPA and government approvals. One fatal flaw to that approach though is that without a drill what will keep the company afloat until 2020?

Forget frustration and disappointment until 2020, I can foresee investors being distraught in the not too distant future if we go to another placing or debt raise without the finance and approval to drill.

We've still got the equivalent of five full trading days to go to year end. I'm not going to call this a missed timeline until the timeline is missed.

Someone wants large amounts at 28.

Apologies for some of the grammar in the last post. Fingers too quick for my slow brain.

Hi Stebol, To add to R_Dunc's succinct and excellent post the question for me that arises is that it is not about the process we are in with Agamore but rather who are Agamore! Not a flippant question I hasten to add.

Esar Nigeria, as it existed in 2010 when Agamore came along, was an arm of a multi-national corporation. I think it is fair to say that Agamore are opaque and the question arises as to why a company of EN's stature buddied up with an entity that has no absolutely presence in the field in which it was operating, or indeed any field for that matter. They didn't/haven't managed to raise even so much as a website eight years later on from their initial 'involvement'. Normally businesses like to promote themselves and gain more customers. Not so it seems Agamore. They are a shadow.

Some may argue Agamore came about because EN at that time were very much struggling in their relationship with the government. EN clearly felt the presence of an indigenous company, even if in name only, may have calmed the waters with the government and progressed their quest to drill. But it seems the NNPC's and DPR's due diligence wouldn't allow them to have the wool pulled over their eyes. They deemed that they would not progress Agamore's involvement in OPL 226. Not surprising given no one knew who they were or what they had done in the oil environment. It is evident that the government's due diligence was significantly more profound than EN's.

Indeed some may argue that Agamore were born for OPL 226.

So when that failed EN needed a new strategy and that's where we come in. But EN having possibly raised a child now have that child refusing to leave home, at least while there is the small scent of cash.

NNPC and DPR ( the government agencies) make clear in their legal instruction correspondence to the present process that they have not approved any assignation of an interest to Agamore and do not recognise it as having any title interest in OPL 226.

So do Agamore really want an interest in OPL 226, to develop it even though they have been rebuffed twice by the government and have achieved absolutely nothing in eight years in respect of their alleged JV with EN or indeed in the wider oil environment. Or do they just want any monetary value they can enveigle out of it?

It seems to me that the the company and indeed the government may have a case that the action by Agamore is considered as spurious, vexatious and ill-founded.