Member Info for orslega

"Since then, no regular production/sales report." Production news at SC; could it possibly have been because they were negotiating 2 SC deals in March?? I think it could - publishing data might have been rather sensitive to negotiations. See RNS 15/3/2016.

"The longer we wait " Take note. The royal "we", again. Mr M could be invested here, that might surprise a few (second time in a week......., maybe a double up at this price, lol)

yes, at any point we should get the LM19 update....it is overdue, as its AGM date....what's going on in the Northcote Boardroom to hold this up? LM19 - RNS 5 weeks ago now...."near term"....overdue imo "The decision to undertake this initiative was made due to the potential to add meaningful reserves and production at low cost. Initial results from this initiative are expected in the near term."

I am expecting the bid to be raised if MMs stand any chance of bagging a few; The published spread is 28.6%; the actual spread based on the last purchase and what MMs will pay is 9%.

Mr M not true, that's why I asked. You really must get yourself proper L2 if you're going to make statements like that. Dummy sells. I started at 10M then went up in tranches of 20M 30M...offered 0.0284...then over 40M they'll give 0.0255, stopped there.....none went to NT. imo there is a buyer around or MMs are wanting stock....interesting

have tried a dummy sell Mr M?

yes, looks like plenty of confused MMs this afternoon; add in some news and they will be even more confused!, ha ha but I agree, looks there aint much stock available....to them anyway...

Something looks a little odd on that RRR, presentation. As we know they are estimating $42,000 revenues from their share of LM19 per quarter (which is 20% like NCT). So by deduction that means 100% production for LM19 per quarter is $42,000 x 5 = $210,000 (20% = $42,000). Lets say each quarter equates to 13 weeks (52/4). Oil say $45 (wirth $5 premium) $210,000/13 = $16,150 gross revenues per week. $16,150/ $45 = 360 barrels per week. 360/7 = 51 per day. Not sure where RRR get 35 from. All estimates I know. Anyway, point is this; if above revenues are roughly right, a $80-90K workover gets paid off in less than a week...... : )

Does look like. Maybe those revenue estimates from LM19 workover are looking on the low side....soon know : )

"I thought the GCW/RRR enable them to participate in any well in the Frio, also higher percentage equals higher upfront costs." Check out Noli's weekend posts - there aren't that many, all on Shoat Creek; one of the possibilities is that they maybe targeting workovers outside the Frio. Of course costs to NCT will be higher but if a workover costs $80K and you can get 70% of the production rather than 20%, would you not fork out $56K to get 70% of expected production.....another no brainer.

Mr M "When they raise the Bid above the placing price of 0.0315p then I will take note." Take note, lol

I saw that - all stated as estimates - the $67,000 is used for LM20 - that same figure for used 12 times, also exactly the same figure used 8 times for LM21, which doesn't yet have a drill permit! No drill of LM21 is pointing to a change of strategy at SC, imo. LM19 I think would have been the catalyst for that. No brainer when cash is tight. The next SC news update will imo explain what's going on. If workovers are now flavour going forward, that saves a huge amount of cash. Also, the deal with GCW/RRR is restricted to certain wells - there is nothing stopping NCT going for other workovers where they have between 50-70%. Have a look at Noli's excellent post over the weekend. As he says IF they are doing workovers, it opens many opportunities where, obviously if successful, will mean be a big difference in revenues to NCT, near term. Yes, Jay Wetting was charged with looking at trying to do something with the Oklahoma assets; yes he is the Vice President in mane but from my experience that means not a great deal in US appointment terms - akin, a manager really; infact I seem to recall his appointment was lost in the Okl announcement; I expect more akin to a project fee based on getting some results for those assets as opposed to the former CFO who was a full time appointment commanding a serious salary. So no big salary cost for Mr Jay Wetting, he has other interest apart from his VP role at NCT. A budget is is budget but things can change and do change, not least direction timing - think we've seen that on LM20; that might not happen for a while, meanwhile I hope they are using the money to grow cashflow = workovers. I have know idea about when they need to commit financially to ADL but again, I very much doubt if cash has yet left NCT. Yes cash is tight but that could change quickly, for the better. Taking into account all that we know, (not least the significant reduction in liabilities I mentioned previously) I think that they will be in better shape than you suggest. imo Update needed.

No problem admitting you might be wrong. Part of the therapy, lol

Correction....psting on iPhone no good "Not true. The real spread is LESS than half the "published" 22.9% spread. Try it out for yourself, you'll see."

Not true. The real spread is more half the "published" 22.9% spread. Try it out for yourself, you'll see.

you might overlooked this as well? RNS January 2016. Reduces liabilities by a huge amount..... "As at 31 December 2015, Northcote had an unaudited cash balance of approximately US$0.3m, having paid the majority of the costs associated with the infrastructure program at Shoats Creek Field. Estimated other current assets of US$0.3m and current liabilities of US$1.1m; the effects of this Transaction will reduce current liabilities to approximately US$0.6m. The Company expects to be generating cash flow near term once the LM20 well commences production and is working on raising additional funds through asset sales, as previously announced, or other corporate transactions."

lab rat - just had a quick look not got time for detailed look, however, everyone will know that cash is very tight, but not that tight! No idea how you got to SC revenue of just $67K for LM20. That is way out! Other pointers. Clearly they are not drilling LM21 right now (looks like in favour of workovers is my guess, much better model), so you can add back that $295K, also TOE $200K won't have been paid as ADL still awaiting to complete on plans. Wages - the CFO left beginning January - he was on $235K, so add back his costs. There were also trade receivables of $300K; as you mentioned have no idea revenues from RP. Shoats Creek update will clear a few things up on revenue generating side; also we are told the Remediation plant is generating revenues - NCT will soon start to recover there $1M investment, as we know they are entitled after covering off running costs. We also have no idea on any potential contracts. But we have been told the RP is on target to commence operations (and it has generated something already).

No legal notice of AGM yet? This is normally issued at the same time of year end accounts publication and time limited. Could there be more than the usual on the agenda to vote on? Very possible. See there was some speculation last week that board changes might be happening. Would not surprise one bit particularly if they are attempting to pull off something big in Mexico (an oil services deal is my guess based on RNS 20/4/2016 info). Someone else at Board level might want a look in. Interesting times.

"Can you tell me then where that £9m has gone? Can you point me towards £9m worth of assets or projects where that money is residing?" I have no idea - I'm not invested in RRR and really not interested. You are though. As an investor I would be asking questions of the Board. As spikey says, enough of RRR here - take the RRR the very pertinent questions to your favourite destination please (I was only using RRR as an example re consolidation - as I said more than once it was a bad example for the reasons you just mention). Respect LSE posting rules. Now on topic; whilst "we" shareholders have your attention do you see any positives in NCT, a share you have chosen to invest in??

spikey as I said it is for the advisors to advise what might be best - (the company weren't keen when I last mentioned - so some may breath a sigh of relief, ha ha)....and maybe they will wait and do it off chunky news flow....who knows....