Member Info for PDMSPiper

Where is the promised update on Burnett 2B after production facilities were upgraded to supposedly cope with its output. That was last year. They said the market would be updated in due course, since then nothing. No flow data, no production figures, nothing. Failed to deliver on that promise.
Where is the update on VG4 after they finished to tie in to the gas line to deal with an oil and unexpected gas discovery there. We were promised an update when the tie in was completed. Since then nothing, no well data, no flow data, no production figures for either oil or gas.
VG6 was supposedly drilled successfully to TD with another discovery, since then nothing despite being promised an update in due course. More silence.
Parta IM1 more of the same. No volumetrics, no update on flow testing, nothing.
This shows a total disdain for shareholders in my opinion. That’s four promises of future updates just off the top of my head, none of which have been delivered on. Disgraceful. Sentiment is destroyed. The market doesn’t like silence and broken promises will have investors running for the hills and failing to trust anything they say in future. Just another pair of lying AIM spivs obviously.

Fyoz, The fact that a better opportunity presented itself on WN does not explain why operations and newsflow from both Cali and Parta has also virtually ground to a halt.
If they had provided the promised updates from B2, VG4 and VG6 and the share price had failed to respond I wouldn’t have been half as annoyed.
They haven’t provided the promised well data on Cali or Parta. No attempt made. Hold ups on WN does not justify radio silence on everything throughout the portfolio. Isn’t that why we invest in diversified portfolios so there’s always news. They have not attempted to deliver anything they promised for the last 6 months and counting. Not even tried.

Don’t try to tell legacy shareholders that the boy wonders are doing a great job because that’s just going to send blood pressure levels through the roof.
They have totally abandoned their duty of care to shareholders, destroyed sentiment and failed to deliver on any of their promises, timescales or promised “news rich period”. Mcap 4 bagged, sp back down near all time lows meanwhile RRE management delivered an 18x increase in share price for shareholders in 4 years. That’s the type of performance that was expected here. That’s what they sold us. They have over promised and massively under delivered.
Don’t quote their past statements at me like I’m supposed to be reassured and placated. They have lost all credibility in my eyes.

The share price tells you everything you need to know about what the market thinks about their strategy.
The share price is where it is because they have deviated massively from their planned strategy, not because they have stuck to it.
Their strategy is to have a diversified portfolio of assets so we have an almost constant flow of news and if one asset is quiet, like WN, then we have action, news and value accretive events in play on the others.
They have failed to implement that strategy by switching to radio silence on all assets, reducing news to a virtually non existent trickle and failing to follow through with promised further updates from previously issued RNS as with VG6, VG4, B2 and IM1.
They have failed to even attempt to deliver their strategy. Far from sticking to their strategy they have totally abandoned it. This 6 months of virtual silence is not what shareholders were sold. This was not their advertised strategy.

Their job is to prop up the SP. That’s their entire function. Their only job is to act with a duty of care to protect the interests of shareholders.
They have not only failed to protect the interests of shareholders, it’s worse than that. They have failed to even try.
They have displayed a total dereliction of duty and gone missing when they should have been updating us with bullish news on all the other assets away from WN.
No flow rates or numbers for VG4 after gas tie in. No flow rates for Burnet 2B after production facility upgrade. No further update on VG6 after drilling. No further update on Parta IM1 after drilling. Nothing.
The share price is where it is because of their total disdain for shareholders and lack of care in acting to protect our interests.
I’m £50k underwater here now with not a care in the world from the boy wonders. As if anybody is going to believe any of their spaff going forward. Having a laugh.

Don’t insult the intelligence of shareholders by posting rubbish that these two spi s have said while ramping their fundraise then going into 6 months of silence on all assets and watching the share price drop to this level while taking no action to support it. Legacy shareholders must be furious and quoting the bull that they have said is just taking the **** in my opinion.

Yeah sure. They were looking forward to drilling two wells, looking forward to entering a news rich period, looking forward to delivering near term value for shareholders. The reality has been nothing of the sort. Stunned that anybody has the lack of awareness to post anything that these pair of bullsh177ers has said as though it carries any legitimacy or credibility. Amazing how naive some mugs are. Just amazing.

So there might be no charge for selling one share but what is the motivation apart from that? And why so many today in particular?

Never seen as many pointless one trade sells printed. Not a believer in the RNS one trade bollix but never seen this many before. Very strange, and expensive, at a ten spot per trade or so.

They don’t have to spud the drill by 16th. They have to commence site preparation works by 16th, which includes groundwork’s, they have to give notice of intention to commence and from date of commencement they have 24 months to complete everything including wellpad construction, access road, drilling and testing.

They only have to “commence works” by 16th June. Commencement of works includes site prep, wellpad construction and access road. The license won’t be allowed to expire. They’ll commence works as required by then.

I doubt he’s a shorter Chris. He’s a swampie. Nobody knows if this formation will flow at this stage. It could go either way. Too risky to short. 65 is a swampy, maybe connected to this Varkey or Phoenix on twitter. Some sort of campaigner undoubtedly.

They never planned to test WNA2 before drilling of WNB, if at all. I’m still not convinced that WNA2 will be tested for oil flow and never was.
It remains my opinion that the next news will be the access road, then wellpad construction at B site then B1 drilling and test for oil with A2 test for gas using incinerators to allow cleaner flaring within environmental consents, followed by B2 drill and test then seismics. That’s how it will play out.
I posted repeatedly that this drilling and test program would not play out as many expected.

So in a scenario where a mid tier producer, like Tullow, did a deal with a services company, like Petrofac and as part of the deal, their less profitable offshore assets were offloaded into a shell company like Nuog, perhaps with an ongoing profit sharing agreement for all, then that would still be classed as an RTO under AIM rules, even though it isn’t?
As we know, the bigger players are offloading less profitable assets so instead of given them away for nothing, why not offload them into a shell and retain and interest. I’m sure the bean counters can get creative with the tax losses in that scenario also.
There could well be a JV here where the NUOG shell takes control of assets which are far in excess of the cash position and worth multiples of the Mcap, where a big player wants to consolidate into a more profitable, more effeciently managed asset base going forward long term.
It’s strange times and producers are planning for the halt in production of ICE vehicles being planned by Govs. I wouldn’t rule anything out.

Wouldn’t mind seeing Humber Oil and gas, privately owned by the Fraser family back in here. They have great assets but no cash. Need to raise money but don’t want to lose their assets. They have 16.66% of the West Newton license with UJO, and they have a share of Biscathorpe and Wressle. I’m sure they’ve considered IPO, RTO etc.
Also Corallian will IPO this year. Tax offsets aside, backing into an existing company would be more efficient for them also.
Both have great assets and would be a massive boost......or it could be a. n. Other.
A bit of speculation doesn’t hurt. :)

It’s not news but that’s the first time I’ve seen the website updated with that specific paragraph and the photos.
Up until last week minty was still listed as a director on the website and there were no mugshots.

NUOG have updated their company website with a confirmation of intention to RTO...

https://nu-oilandgas.com/about-us

“Following a group restructuring in October 2019 and the sale of the company’s 50% interest in MFDevCo on 4 November 2019, considered to be a fundamental disposal under AIM Rules, Nu-Oil and Gas has been reclassified an AIM Rule 15 cash shell. As such, Nu-Oil and Gas is required to make an acquisition (or acquisitions) which constitutes a reverse takeover under AIM Rule 14 on or before the date falling six months from completion of the disposal, failing which the Company will be suspended from trading on AIM. The Company will update investors in due course.”

Well I’ve got £10k sat in here now and seeing as this other fell is still buying I feel quite happy to leave it there and let this play out. Can’t be bothered arguing. We’ll find out what all the fuss is about soon enough. Adios for now. Not selling but I’ll be back when we know more. Nothing to add for now. GLA.

MMs just mugged some punters who’ve been listening to B.S.
Buyers flooding in now and sp showing as 1.55% up on HL.
Ignore the noise.

The chap who took the 6.4% here yesterday, Gary Smith is an experienced Contracts manager in the oil and gas industry having now formed his own company.
A twitter poster has tweeted a screenshot of Gary’s professional bio, I assume from LinkedIn. Tweet link here....

https://twitter.com/Profitseeker3/status/1227668932380811264

Contracts managers are responsible for negotiating contracts and as such are inside during such negotiations and usually know everything big that’s going on in the industry.
Particularly interesting is this statement from Gary’s cv when he was at Petrofac and among other things responsible for:

“.....formation of alliance agreements to support the onshore and offshore strategy.”

I’m not suggesting Gary is inside here, absolutely not, but he’s been responsible for negotiating big alliance agreements in the past, he’s well connected and he’s just put over £100,000 of his hard earned cash in here. Take from that what you will. DYOR.