Member Info for PipeDragger

No reason to buy so down it goes. My modest holding is ever more modest as production fails to significantly grow and the BOD try to flannel us all with non-news such as a SCADA and a HAW. (Wow they are getting up to speed with late 20th century). Jam tomorrow.

A company with no debt and little growth is not a reason to buy. Compare with Touchstone in the same backyard - they are trying to grow a business. TXP share price is also down but not like TRIN.

Last quarter 2019 production was 2816 bopd. The same period in 2015 they were at 2963 bopd. Interestingly they were saying the same things then about the forthcoming wonders from TGAL and Trintes. I know they have dealt with lots of financial issues since but 4 years on and it is still jam tomorrow. The latest presentation doesn't look a lot different from the previous years other than improved financial health. Jam tomorrow. Last quarter update was another dud and the latest corker of an explanation included that they hadn't kept the rigs certified. I wonder if it will be another set of excuses next quarter or maybe, at last, jam!

Not great results and seem in no hurry to deal with their issues.

Well said Silver Knight. There isn't a reason to buy yet - neither production prospects, dividend or value growth. Share will continue to decline until there is a reason to buy.

It has huge debt but sits on plenty of assets and hydrocarbons in the ground to pay for it all. Next quarterly update due next week should reveal how well they are doing in terms of cash. The main thing is to get better drilling results. The market cap is ridiculous at present - as long as they continue cash positive. Next week should be a good indication of whether they can continue alone - or need to sell out to someone more skilled.

Supposed to be for growing production.... but that isn't happening. Jam tomorrow.

Dreadful refers to the lack of progress on production (despite lots of new cash) and also they have been so asleep as to let their rigs lapse certification. (I am sure they will be awarding themselves pay rises and fresh share incentives soon)

Production is only up 3% year on year. They promised 10% year on year with the new money. Hasn't been achieved. Then they try to baffle us with talk about a SCADA - yawn. (Today is a buying opportunity for those who can believe it will be joy next quarter - but it is just tough if you need to sell some)

Oh dear, it just isn't working anymore. production declining quarter on quarter. Rig activity slowed. Jam tomorrow ha ha. Share price heading down for us. What on earth was that thrashing fund raise for last year - we are not getting the results. Shocking.

Madchat, I read it that way as well. NOG have a lot of debt but also a lot of reserves in the ground and assets above the ground. They have not been well managed but IMHO they are not a complete basket case and should be able to clear their debt by some hard work and better management. They have enough cash flow to do this without another fund raise as well. No idea where the SP will be in a year but it will be more than now.

RNS 25th Aug 2017: The BOD trouser money all the way from 4.98p to 35p. Can vest As early as June 2020. They get nothing if the share price halves from where it is today. Excerpt as follows.........

The Options will normally vest on 30 June 2022, subject to meeting performance targets relating to:

- In respect of 70 per cent of the award, the Company's share price growth from the 2017 placing price of 4.98 pence per share. If the 3 month volume-weighted price ("VWAP") at the testing date is 35 pence or more per share, this part of the award will vest in full. If the VWAP at the testing date is 4.98 pence per share or less, this part of the award will not vest at all. If the VWAP at the testing date is between 4.98 pence and 35 pence per share, this part of the award will vest on a pro-rated straight-line basis;

The Options could, however, vest in whole or in part on 30 June 2020 or 30 June 2021 to the extent that the relevant performance conditions have been met. Subject to meeting these conditions and continued employment in the Company, the Options are exercisable at nil cost by the participants.

Last updates were 14th May and 14th Aug. So maybe next one is due 14th Nov after all.

Oh dear, skipping a production update means the short term news is bad.

Ha ha, I must try that with my mortgage. ROFL

I thought it was today, anyone know?

BOD are incentivised to get to 35p by 2020. Aug 2017 RNS (from memory). It tapers all the way down to something like 6p. So it has to get a lot worse before they completely miss out.

Well I am not enjoying the privilege of losing money. Maybe the quarterly update will bring better news. I sure hope so.

That should tell us all whether they are going down a spiralling vortex or slowly pulling back.

Was 75p. Change of sentiment. Just following the herd probably.