Member Info for SecretBlueprint

It would not be a surprise if Graham Scotton does the honourable thing at the EGM and resigns after presiding over 80% and going to 90% value destruction for shareholders in six months, without ever appearing in public during his tenure at the helm to explain himself. He was the fall guy IMO.
The board will of course nominate Alan Minty to replace him as a director and chairman “to improve shareholder value” and to “progress the marginal field strategy”. The shareholders will have no say in it on the day.
LT, Lyates and McAdder will cheer the roof down.
What was will be again.
It was ever so............

I might be in Manchester on Friday. I am thinking of sitting outside Elliot House at 10.30 with a blanket, dog and flat cap. Maybe have a sign round my neck "Spare any change for a destitute NUOG shareholder". Maybe the Evening News might turn up?

Here's video of him in Castlefield House car park....
https://twitter.com/i/status/1110119139660595200

Master RSI
The wording in the EGM circular cannot be clearer....
"Nu-Oil, and its joint venture MFDevCo and subsidiaries, need the ability to raise capital quickly, efficiently and on the best available terms."
There is a placing coming, not a share deal.

Exported from UK?> No.

I am a taxpayer and I object to UKEF being used for a politicking purpose rather than an export purpose.

Chinesewhispers
If you don't know, then no-one does IMO

"Its a loan"....but it's still my money!!
" The Italians were happy for RKH to invest in exploration off their coast.".... No they were not, RKH gambled with an acquisition of MOG to replace the moribund Sea Lion, in full knowledge of the risk.
"There seems to be rather a lot of new posters on here lately taking a pop at RKH, I wonder why?"... because the directors are wasting your cash on big pay and the share price is reflecting it. ( our hands are tied etc)

I think it is morally outrageous that PMO and RKH are seeking to raid taxpayers to pay for their private enterprise endeavours.
UK Export Finance is based on a public money commitment from the UK taxes we all pay. I fail to see that PMO are “exporting” anything at all. They are developing an oilfield in a UK overseas territory. At Sea Lion there is no foreign buyer who might need help or might default on payment which are the specific risks and main reason for UKEF’s existence. The only buyer is PMO, a Scottish company, and the LOI suppliers are mostly UK based. Where is the foreign “export” which UK taxpayers are being asked to fund?? I do not see any.
As for the ambulance chase litigation over Ombrina Mare by RKH, if the Italian government loses the arbitration case arising from a democratic decision, which seems likely, who pays? Italian taxpayers!
In a world where oil remains in abundance, why should the taxpayer foot the bill for the failures of oil company directors? Why was Standard Chartered Bank unable to assemble a banking consortium, even though SCB is the only bank in the Falklands? Why is Sea Lion not bankable? Who needs oil from the Adriatic?
The Prime Minister has committed UK to be carbon free by 2050. How does that sit alongside an application to UKEF to support an oil development in one of the few pristine areas left on Earth? Why should the beauty of Italy be compromised?
It is all completely outrageous. Try explaining it to your grandchildren if you can.
Climate Emergency Now

I think it is morally outrageous that PMO and RKH are seeking to raid taxpayers to pay for their private enterprise endeavours.
UK Export Finance is based on a public money commitment from the UK taxes we all pay. I fail to see that PMO are “exporting” anything at all. They are developing an oilfield in a UK overseas territory. At Sea Lion there is no foreign buyer who might need help or might default on payment which are the specific risks and main reason for UKEF’s existence. The only buyer is PMO, a Scottish company, and the LOI suppliers are mostly UK based. Where is the foreign “export” which UK taxpayers are being asked to fund?? I do not see any.
As for the ambulance chase litigation over Ombrina Mare by RKH, if the Italian government loses the arbitration case arising from a democratic decision, which seems likely, who pays? Italian taxpayers!
In a world where oil remains in abundance, why should the taxpayer foot the bill for the failures of oil company directors? Why was Standard Chartered Bank unable to assemble a banking consortium, even though SCB is the only bank in the Falklands? Why is Sea Lion not bankable? Who needs oil from the Adriatic?
The Prime Minister has committed UK to be carbon free by 2050. How does that sit alongside an application to UKEF to support an oil development in one of the few pristine areas left on Earth? Why should the beauty of Italy be compromised?
It is all completely outrageous. Try explaining it to your grandchildren if you can.
Climate Emergency Now

Merchantbanker , we have had donkeys years of agreements in principle (sic) and MOUs and LOAs
We need to know...
Where is the money?
Where is the gas?

Merchant banker
I choose to differ. I see no evidence on earth or in heaven or in cyber space that any money or gas has been secured.
Not saying it won't, but right now it hasn't.

The accounts of the subsidiary trading company DEVCLEVER LIMITED are made up to 31 October 2018 and due by 31 July 2019; whether that triggers an interim results RNS from the plc is another matter.

The listed plc holding company does not trade, it just holds all the shares in the unlisted company, which can choose not to provide detailed P&L numbers.
The most recent numbers from the plc prospectus and the unlisted company suggests that the market cap is 100 x the recent annual net profit, which seems high to me.
14p would be 400 x net profit, which was crazy at the time it appeared. Some folk walked off at 14p with 14 bagger, and that is history now. No chance of it recurring anytime soon. Twitter hoax company.

By making the comment……… “If you consider what’s happening in the UK at the moment where the Prime Minister has committed the country to the target of net zero emissions by 2050.” Damian has date stamped the interview as being very recent.
If it is so recent as to be current on 2 July, then there are two inferences to be drawn from the commentary………
1. Where’s the money? Einar says “The initial up-front equity to get everything moving could come from any number of sources,”. So he is obviously still looking for it.
2. Where’s the gas? Damian says “ Which is a reason why the likes of Petrofac, Siemens and the operators we’re talking to want to be part of GTW.” So he is obviously still looking for it.
Looking is good but I do not think that interview flags up a deal anytime soon, I am afraid to say.

The Prime Minister made the zero carbon 2050 commitment on 11th June 2019 and DM refers to it in the interview. So the interview must have taken place recently.

Brazil?
You must be joking surely? Even Seadog fessed up on that hoax.

I bought the idea before the products were revealed. My mistake. Hands up. Bad idea.

Wobwat it also said....

"MFDevCo has established a consortium of international engineering companies to support their marginal field activities as well as specific partners dedicated to the implementation of gas-to-wire projects, including Siemens, Marnavi Offshore and Petrofac. Through these relationships MFDevCo has the appropriate capability to deliver gas-to-wire projects. Together with its partners, MFDevCo is pursuing multiple opportunities, including gas-to-wire, which are at different stages of development. Further, Nu-Oil continues to pursue opportunities outside MFDevCo.

Pursuing and enabling the opportunities outlined above, Nu-Oil, and its joint venture MFDevCo and subsidiaries, need the ability to raise capital quickly, efficiently and on the best available terms. This is required to ensure that the Company can demonstrate its suitability as an effective operator and achieve the best possible returns for shareholders."

The placing is to seed fund the SPV , in my view.

And it is dilution despite the promises not to do so.

JH

The CEO has a fortune to make by selling , despite saying he won't. The lure of Syrens can be irresistible