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Probably MAR sensitive but as it looks like the 17mn buyer earlier in the day was the pumper and then had to dump at close with the 2mn and 15 mn sells as it clearly failed to light the fuse ... the ****ter lost 5k?
i hope im right....
Maybe one day soon this nudge nudge winky winky story of NUOG and MfDevCo will be on BBC Panorama...
Hi Barry
Interesting... BUT whats that got to do with NUOG? ..... posting this kind of generailised O&G info is surely Simons job? (same shout out to QT and mcadder)
Any chance you are actually in NF ? LT seems to that you are there ?
Maybe know the fiscal terms applying for the GH field ? 100mn bbls oip is worth some 2bn revenue at 30% recovery factor ... spending 20mn on 3D siesmic and a new well is a no brainer from where I am sitting.
I did email the relevant ppl at economics.gov.nl.ca/contactus.asp but nobody is replying
Maybe if you are a local citizen / tax payer you have the right to access this info?
Regards
Sharelock.
You said :-
"I think the upfront purchase of projects by the spv will put sizeable funds into mfdevco.. project worth £250m....if upfront payment was something like 2% that’s £5m, and they have a number of projects being negotiated. Since the agm I got the sense they were not concerned about future funding... the shafting of a small raise can be quickly unwound here and some"
For a start the SPV is still at LOI stage... i.e there currently is no SPV with any funds to 'buy' a GTW project. IF there is one created there are immense legal, logistical and regulatory hurdles facing a GTW conversion of Schooner and Ketch . This is nowhere near 'just around the corner' deal stage?
Then you assert that this first GTW project is 'worth' 250mn ? so based on that value '2% cash back' of millions as a starter for taking a feasibility study drafted up by MfDevco ... From where did you pluck 250mn and who gets the meat of this 'worth' It cannot be the SPV since nobody of MfDevco or Marnarvi owns any of the assets in the GTW project. Surely it will be a simple commission deal? NUOG 'may' get 15% of something eventually?
From scanning through the decommissioning reports on K&S fields it appears that full decomm costs (leaving minimum risk of further liability under the Petroleum Act 1998) is estimated at 13mn for Schooner and 21mn for Ketch. Low side decomm costs leaving the topsides etc (but higher probability of further decomm liability to be incurred) are 2.0mn and 1.6mn respectively. This is before tax allowance under TTH rules. Therefore yes you can derive some 'values' from this range as a 'we saved decomm costs' bonus? BUT thast not 250mn and are you sure DNO will stump up millions to SPV based on this value as they will still remain liable for the decommissioning the topsides eventually.
Now I can dream that the GTW project is a 'go'... DNO/Ørsted, /OGA/BEIS and the SPV agree on terms. Then 'we' need to apply the extra time and capex costs to convert the topsides to electricity producers complete with installing power gen set (supplied on Hire Purchase by Siemens) and laying 25-30km power cable to windfarm substation ...now we need a guess on economic understanding of the electricity deal... revenue from selling wholesale electricity to Ørsted less related opex..... and the tax man.... = cash flow ??? x future years of operating = a value for SPV commission calculation. Is that worth an immediate 5mn to MfDevco?
ON the day a GTW RNS is issued I can also envisage NUOG share price spiking from wherever it is at that time ... lasting maximum 40mins while we all bail out and wait for the next deal announcement :)
RS don't be so harsh..
at least they won something. Manchester Evening News Can Kicking Trophy award
BUT hold on ... lets not go for the World Championships and kick the can too far down the road... remember GTW is 'just around the corner' ... if the can is too far away we may lose it and so be forced to make a placing to buy a new one!
Well lets hope that my 'spurious rumours' are all wrong and in fact MfDeliveryCo are the dogs *******s in GTW projects!
maybe i went a bit far down the sarcasm route but honestly all shareholders should read the detailed decommissioning reports filed with BEIS and OGA... and also contact the decommissioning team at Faroe/DNO for their view on GTW status. Once those wells are P&A its game over. Leaving the topside as 'Accommodation unit' is NOT GTW and is NOT economic! One main risk here for oil companies is 'Potential deferment of tax benefit by reusing platform assets on "non oil and gas" basis' What does that mean.. it means right now they can get tax relief on the cost of decommissioning based on their Tax History (which is now Transferable to the next buyer) but if they wait too long those jealous politicians from the Labour party who are now actively spinning 'excessive costs to tax payers for decommissioning rich oil companies assets is wrong' message will look to cut this tax relief ASAP. So I am not holding my breath for news soon here on GTW. The feasibility study will take many more months.
as regards to sharelock he just regurgitated the 'fact' that there was an RNS for the SPV ..but its only an 'intention ' to create one. Its now old news. Who are Marnavi... did you research them yet?
#notetoselfnomoresarcasm
Sharelock .... shhhhhhh ffs dont let it be known the OO can still be cancelled... somebody immediately sold 4,444,444 shares and we r down 7%!
no RNS news so the OO is not cancelled.
Latest recommended time and date for requested withdrawal of Open Offer Entitlements and Excess CREST Open Offer Entitlements from CREST 4:30pm 26th April
26-Apr-19 08:17:10 0.314 1 Buy* 0.29 0.32 0.00
and now i know the 1 code does mean rampathon is on... must have been Graham buying in then, welcome to the #squeakybumtimecontinuesnuogshareholdersclub
So congratulations to me for reading the 1 sign ... I manage to flip my 'entitlement' ... made 340 quid on the 1,040,000 shares ... goes a little way to mitigate and trade against the 145k i'm down...
not_sure
Did you read the Schooner decom reports ? you can draw your own conclusion as to if and when a ramp is incoming. For me it came and went.... siemens / marnavi / K&S nudge nudge wink wink... and look where we are now!
h-t-t-p-s-/-/ assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/764726/Schooner_Decommissioning_Programme.pdf
Its all there in official submission. PUBLIC INFO.
The important bit is the following
1.5 Summary of Proposed Decommissioning Programmes
There are currently two options under consideration for the decommissioning of the Schooner platform. The topsides and jacket will be rendered hydrocarbon free. They will then either be:-
? Completely removed and re-used or recycled. (default option) or;
? Remain in situ and be converted to an offshore windfarm support facility. Once this reuse option has come to an end, the first complete removal option will be followed. Discussions between Faroe, the Duty Holder for the platform and an offshore wind farm company, regarding the feasibility of the platform being converted to an offshore windfarm accommodation
support facility, are currently at an early stage. A final decision regarding whether the platform is to be reused or removed and disposed of onshore will be made when the reuse feasibility studies and any reuse commercial agreements have been completed. This is expected to be during the first half of 2019. Following the feasibility / commercial evaluation process, Faroe will inform OPRED of the result and vary the DP to show the final removal option.
Look at the dates of publication. Look at the timing of shutting down the gas with P&A programme. Anyway you can call the guys at DNO and chat about the weather in SNS and how it may impact the timing of shutting in the wells....
Now comes the nudge nudge wink wink bit since this is supposed to be top secret right or? ......I wonder who is doing the feasibility study.
What do we expect?
Nudge nudge wink wink...
An RNS to say MfDeliveryCo is pleased to announce it is ready to go with GTW and will shortly convert Schooner rig into 'Fawlty Topsides Hotel' as agreed with DNO. Simple Simon is ready with the 25m B&Q extension cable we sent him out to buy with the OO cash to plug in to Hornsea1 windfarm . Note well he also has a few spare 13amp fuses we found lying around as a contingency . He is ready to hand over these last remaining NUOG company assets to a competent electrician just in case UK national grid gets shorted by these actions. We further gloat that with immediate effect all you NUOG shareholders have been assigned all future decommissioning obligations and hence costs after MfDeliveryCo have exclusively taken up all Faroe/DNO available Transferable tax history (TTH) deal with HMRC .
Welcome back SBP
Alas they knew you were planning on coming over to check them out .... seems the 'leave the office lights on trick' as exposed by twitter.com/notsimonbygrave?lang=en is still working then.
Electricity bill must be enormous...
lol fyi that line
"Therefore the K&S fields cannot be the 2 GTW projects MFDevCo mentioned just as TM and OSX3 were never the Brazil deal"
was my sarcastic spin on the deal.....
Hi Kenirogas
Where is the evidence that MFDelivery Co are in scope for being the GTW kings? I don't see it.
The reality is that the GTW concept is public knowledge ... even youtube have vidoes of it. More info can be found on the internet. There are those ex-shell staff who created a company and have been holding seminars on GTW opportunities in the UK sector for a few years . Their solution TIGRE is drafted up and a planning motion in place with the relevant authorities to activate their vision of GTW in 2020. They are backed by baker hughes. Budget 200-300 mn.
So now we have our version of GTW... where MFDeliveryCo are the master of the GTW universe as we know it.
The suggested economics of these GTW deals according to our insiders is that the owner of rig faces a huge decomm costs... so offloads the rig and decomm obligation to new kid on the block and actually PAYS substantial amounts up front to do so ( FYI this 'scheme' was highlighted several times by LTH) . I quote :-
"All the discussion about the lead times for GTW implementations ignores a possible deal structure where the current company that owns the declining gas field has a large de-commissioning bill to pay. Under such circumstances the owning company may be prepared to give a substantial payment to NUOG/MfDEVCO to avoid the liability. This would then mean NUOG gets cash upfront before the GTW project is completed."
So lets review DNO's realistic options as new owners of Faroe oil assets and probable outcome for Schooner field infrastructure. No nudge nudge wink wink stuff...
1) DNO continue with decomm as submitted. They get tax relief 42% and earn some cash out of recycling the structures minimizing after tax cash flow impact.
2) DNO know what the have bought and directly approach Dong (Orsted) to throw a cable 25km to Hornsea install uprated gas turbine on Schooner and continue using the rig to supplement electricity to national grid....
3) MfDeliveryCo take over the field with a large sum of cash from DNO and deliver a world class GTW project. NUOG Shareholders all become millionaires.
Hi MM absolutely agree with your view on Schooner... 25 clicks away from the brand new Hornsea 1 Windfarm
Congratulations then to DNO for taking over Faroe OIl....
Therefore the K&S fields cannot be the 2 GTW projects MFDevCo mentioned just as TM and OSX3 were never the Brazil deal
I look forward to an RNS tomorrow from our board to give us an update on the targets in support of the OO.. I will try and buy all 83mn
SBP. Greetings . If we are imagining talking about GTW and believe its the 2 'projects' to convert K&S Fields owned by Faroe ( DNO) They provided gas to Conoco system. So lets get excited (not) ..
Project Summary
The Schooner SNS gas field is due to be decommissioned along with it's sister field, Ketch starting in September 2018. The project will take approximately 4 years to complete. The fields each have a normally unmanned platform on them, and an export pipeline taking produced gas to the nearby Murdoch platform, which is operated by ConocoPhillips. The Schooner platform has 11 wells drilled from it, and the Ketch has 9 wells. Ketch is in slightly shallower water at 54 metres, but the platforms are of identical design.
The abandonment effort will consist of plugging and abandoning all the platform wells plus one subsea completion (NW Schooner), cleaning and burying pipelines and the removal and disposal of both platform topsides (approx. 1,250 tonnes each) and jackets (approx. 2,000 tonnes each).
The Decommissioning Programmes for both platforms are with BEIS for review and the draft SCAP has been submitted to OGA and a follow up meeting held.
Gate review of well abandonment held in mid September and endorsement gained to advance into concept define.
Decision made to restrict size of Company PMT and to immediately tender for Well Management Company to support PMT and manage large areas of the work. SCAP to be updated accordingly.
Decision made to execute offshore scope sequentially utilising a single jack-up rig. Latest plan shows offshore start at Ketch in early Q4 2019, followed immediately by Schooner.
Discussions ongoing regarding potential reuse of redundant platforms after well abandonment as accommodation support to local wind farm developments.
*****
DNO have already filed the decomm planning . They mentioned they did look at many alternative usage but non were economical.
"The owners of the Schooner field have considered several technical and commercial solutions in
order to prolong field life as described in the Cessation of Production (COP) document; either as a
standalone field or in conjunction with other fields in the area; however, none of them have been
economic. The Schooner field partnership is now seeking consent for the Cessation of Production
in line with the Theddlethorpe Gas Terminal cessation of operations in 2018"
so what now indeed... 'Hotel Schooner NUOG' anyone?
Not sure about 'across the globe' ...seems to about storing gas under the loch....
but i can see a link to a new RNS being announced by our esteemed subsidiary MoFoDevilCo 'GTC' Gas to Cave project where we will show initiative to store surplus gas from our GTW projects for 30 years until they build a windfarm in offshore NI thus maintaining our strategy of long term projects pipeline
Hi mcadder
I assume that it is you the proud owner of 50mn golden tickets in the NUOG raffle after spending your 150k aim winnings?
Good luck mate.
Yes Seadog was optimistic. I too enjoyed the high end valuations he made.
BUT pleas ere-read his last statements.... then figure out if this company is run by business professionals
here is what he said on the 10th March
GTW is more difficult to value, my own figures would add between £50 and £80 million to the market cap, so 4p at the bottom end, but that is only once they are generating revenue, which is probably at least 12 to 18 months from announcement of a deal.
Now we have the news we may eventually get 15% of the GTW ... so more than years away...
Brazil_Nuts we are
Siemens is an exercise to get technical info on their turbines that are used in 50% of the windfarms ... we know they supply gas generators for platforms/field work so like a parts catalogue . Definately Siemens would be interested in supplying more equipment. Again how these mentioned 3 streams of revenue to MoFoDevilco will have any financial gain to NUOG we probably wont see since 'non binfing' and not yet agreed SPIV will ensure that the analogy to shipping finance means TITANIC potential for NUOG.
From my research TIGRE is the leader in GTW. Sadly my conclusion now is that NUOG have nothing to offer other then fake news in an attempt to prolong the lifestyle. ...
As a last attempt at survival we should hold an EGM and oust that muppet Bygrave and fire the most expensive Director... we only need 2 as per Companies Act 2006. WE need 75% of votes to do that. Current Cash burn is unsustainable,
The OO is a fail... and ppl bragging they bought cheaper on the open market dont realise that not directly funding the Mintys will result in a new placing 25% of shares in issue probably at 0.01 then lights out in 6 months.
We are at war .....
Since NUOG's main assets seem to be deemed worthless now that 'GTW' is the latest added value buzzword of the month to sustain a continuing longevity of happy clappy jam tomorrow feeling for us shareholders can we discuss exactly how 'we' will benefit from MoFoDevilCo making up a string of obscurely worded MOI/LOI/HOT RNS's
So here we are at new levels of expectation... in 60 days our new Chairman totally destroyed our company value in accordance of our Corporate Governance Statement (...did you have time to read that Graham?)
here we go :-
1) We dont own any gas producing assets?
2) We dont own any windfarms?
3) We have no money
So one solution is to link up 1) & 2) and give them a ppt or send link to TNO.nl website or TIGRE website so as to give said owners a light bulb moment on what GTW is how magically they can make billions of profits or savings (I am not sure which) and thus make a 15% commission on any future deal. Well probably not exactly a massive commission will be coming from that one eh? BUT now if 'we' also link in Siemens who happen to have supplied more than 50% of the gas compressors in NS they also may get interested in a deal to enhance their compressor leases (which is obviously analogous to shipping finance to those of you non finance share holders) and may actually increase sales of compressors for Siemens maybe we can get a little more commission?
To really go global we could also actually make an app for the companies around the world that matches rig owners and wind farm owners (yes like a Grindr for GTW ) ... lets run a competition for shareholders to name our app while we wait for those deals to be made. So we have to be quick then ... but we know that already from previous short order/imminent RNS's ;)
One further value adding project is to implement 'WOAR' on the ageing rigs... what is that you ask... thats my patented idea to add a 'Windmill On A Rig'...you could put 1 in each corner. That would massively boost the profitability of our GTW projects.
Good luck all fellow LTH sufferers and let Karma prevail.
#maymintysballsfesteranddropoffimminently
well well I have 18mn fake golden tickets costing nearly 200k .... nudog predicted 0.28 seadog prdicted 28p whos the pondlife