Member Info for SecretBlueprint

The prospectus is a formality of the standard listing. The placing is complete. Existing PIs will not get a chance to participate.

Ah yes of course. Why did I not see it earlier?

One of the world's largest engineering and manufacturing companies announces a corporate global re-structuring, so it must be something to do with Minty's ambitions and the recent NUOG placing. Clear as day eh?

Remember him from 2003? Reincarnated as Simon Bygrave on Proacative Investors

The OGA has new rules for allowing participation in a UKCS licence
===============================================================
FINANCIAL VIABILITY

1. OGA must be confident that each group of companies on a licence is at all times able to
continue in sound financial health for the foreseeable future. Each company (even if it is
applying for a Promote licence) must therefore demonstrate its basic Financial Viability.

2. A company that meets the following criteria will be deemed to be financially viable:
• positive Total Net Assets (Shareholders’ Funds);
• a Current Ratio of 1.00 or better;
• Gross Gearing of 75% or less; and
• Interest Cover of 2.00 or better.

For the purposes of this process:
Current Ratio = Current Assets/Liabilities Falling Due in Less Than 12 Months
Gross Gearing = Total Debt /Shareholders Funds (expressed as a percentage)
Interest Cover = Operating Profit /(Interest Paid-Interest Received)
=====================================================
How does this apply to this offshore GTW initiative?

1. With a negative total net assets ( -£2.2 million shareholders’ funds) at year end 2018, NUOG fails the first test and the second test, according to the interim results

2. With a negative total net assets of ( -£2.5 million shareholders’ funds) at 30 June 2018, MFDEVCO fails the first test and the second test according to year end results

How does either company obtain any OGA approval for a deal under these rules without a cash injection onto the balance sheet in excess of £2 million?

Where is money that coming from?

Sharelock, God loves a trier.

Before any GTW deal can be announced, they need the money to fund it , ergo.....

The SPV has to be incorporated, probably in a tax haven somewhere with nice hotels and sandy beaches for board meetings.

Me Antonsen has to put his hands on enough money to fully fund the project or it won't get past the OGA.

Those people with " indicative indications " of £500,000 of seed money need to pony it up.

I think we need to see progress on the latter two before getting excited about Siemens gas turbines.

Twitter regulation is as likely as the next Pope being an Anglican vicar.

Mr Finch (AKA ChrisTrade)..

Before you doctored the statement for Twitter, the Nov 28 statement from Dommo was :

"Brazilian oil company Dommo Energia has extended the charter of the OSX-3 floating production, storage, and offloading (FPSO) vessel working at the Tubarão Martelo field (TBMT) offshore Brazil."

What a bloody hoaxer you are. 52 million shares traded and the share price is unchanged.

The field was not a BP producing asset either.

Dommo has now obtained member approval for a share consolidation, this being a prerequisite to a placing or rights issue to deliver remaining funds for a field redevelopment. MFDevCo has got nothing to do with it.

Master class of the pump and dump today, and funnier than Eric Morecambe at his best

It was £130k gross and probably £110k net after broker fees and Equinity fees, or maybe even less. Not worth the effort. Mcadder could have given them that much, rather than buying in the market beforehand. Come to think of it, so could I, but then, there was no prospectus for the offer so what was anyone buying into?...Ah yes, general working capital requirements.

LT tells us he had no cash left as the reason he did not participate. Big lesson for everyone there, since he is the largest shareholder.

raaydaar...The problem is that this stock was subjected to a "twitterstorm" by the "20p by Friday" group. It rose to 18p and all the twitter traders left and the SP plunged on low liquidity. It means that there is significant resistance now to a rise in share price, no matter how much research you have done, or belief in the background,because underwater people will sell into any rise now.

It's one for the bottom drawer and hope of a better future.

"The Board wishes to make it clear that there is no current proposal that it will use this authority to carry out a non-preemptive placing". 28 Jan 2019

"The Placing is being carried out utilising the Company's current authority to issue shares for cash on a non pre-emptive basis." 29 March 2019

White man speak with forked tongue..........

There will be a lot of people getting out below 5p after getting sucked in by the twitter "bennies". It's a wait and see stock now.

Another one for the bottom drawer by the looks of things. Twitter victim

I wouldn't be surprised if it was a puff piece before they announce the open offer result.

Ww

Is that what passes for best practice executive search at NUOG? Call a friend.

I think that GS found NUOG rather than the other way round, and he turned up in Manchester last autumn with a GTW idea which needed funding from somewhere. It enthralled the Mintys as their salvation after the botched well intervention in Newfoundland by PVF (which bust them by some accounts) and the failure of the OSX-3 venture in Brazil. A win was needed at any price, including AM’s removal from the board of NUOG, if necessary.

Offshore GTW is a new buzzword for an old idea. It simply means combusting local gas in a turbo-generator and exporting the electrical energy by subsea cable to somewhere else. There is no new technology involved. I worked on such project in Houston in 1979 and it was old hat even then. It is not innovative.

What is new is the proximity of offshore windfarms to old gas fields and that presents a market opportunity. A windfarm must install sufficient generating and export capacity to capture the best of the potential wind energy. That means in practice, that is rare to use more than 40% of the installed capacity on an annualized basis. There is 60% of the export infrastructure available for consuming the last dregs of gas which are too expensive to monetise any other way. If a gas turbo-generator can be assigned (new or existing) and a cable laid to the wind farm, then there is market to be made. Who makes most from such a deal is another matter?

Despite what some folk say, MFDevCo is not first to market. That is TIGRE who already have funding and a planning application in place with the IPA for the Sole Pit area in Southern North Sea. Nothing wrong in being second, of course.

Money and competence are the two big issues.

It seems clear to me that the “seed funding” has come from the March placing (the one that was RNS’d as not contemplated). The SPV funding has been assigned to Einar Anderson to find. Will he succeed? He was brought on board a couple of years ago to find money but it all been placings to fund MFDevCo so far.

Who knows what is the competence of NUOG/MFDevCo? They have never managed a successful project in their entire life span, and that is the single largest risk and the reason for the current SP.

I will be the first to applaud if I can buy my leccy from NUOG, but I am not holding my breath.

Doesn't look like that to me. Sells at 8p

The spread at 18.5 % is ridiculous.

Ying Tong

The hole in your argument is the discount to prior market share price, almost 50%. That kind of discount suggests the broker had a hard time selling it, even at such a small quantum. Twice that quantum would likely have been at an even larger discount and the open offer demanded by Last Throw became a welcome own goal.

It has created a big gap and an incentive to sell on any kind of news, which puts a damper on the SP.

Ok good luck.

mcadder

If it was GS who did the deal at Dana, I might be with you, but my understanding is that it was Tom Cross and it was a hostile bid from KNOC which he could not fend off. GS might have done great things as Operations Director but was surely never a deal maker, as all the LTH here are saying he is, which baffles me.

If he pulls it off, no doubt there will be a great exit of long term sufferers, and that will be the time to buy IMO, not now.