Member Info for SecretBlueprint

Brazil?

Come on guys, read the news that is out there in black and white.

The Nordic Trustee as effective owner has told us in a public statement that the OSX-3 stationed on the Tubarao Martello oilfield, offshore Campos basin, is no longer for sale to Minty or anyone else. Instead the Trustee has agreed to a new charter agreement with Dommo Energia, as field operator.

Dommo in turn has told the market it will redevelop the oilfield with its own resources. Dommo is undertaking a share consolidation and rights issue to find the money to do that. Dommo had sufficient cash ($50 M) to buy out the $1 option on the oil field, thus denying Minty an asset grab.

The Nordic Bondholders are restructuring to a private bond placing in UK rather than a public quoted bond in Norway, and some of the less enthusiastic bondholders are being given an exit at this time.

The fact that the new private bonds are being issued under English law has more to do with the reliability of English law than the reliability of an Englishman living in Wilmslow.

The “big deal” 28p story about Brazil which was fed to Seadog who put it up on the hacked Twitter group is over. It cannot be possible for Nordic Trustee and Dommo to make their public statements to the market if Minty was still sniffing around.

The only asset that MFDevCo has in Brazil is an agent in Rio who has a full time job as the MD of a fabrication business, and I expect he is on a retainer to progress opportunities, just like the new chairman has said.

Remarkable tale by Seadog.

I am surprised the Nomad has not resigned. Perhaps they will now.

Back in the days of Enegi Oil, the then chairman said at an AGM that 50 people were working on the Fyne FDP. They had an open space office at Chattan Place in Aberdeen and serviced apartments for the "team" and I went to have a look. The office was completely empty and locked, not a soul to be seen.

I will be in Manchester next week and I intend to do a head count of arrivals at Castlefield House, to see if it matches Chattan Place.

Reconstruction of negotiations......

" Well Mr Scotton, thank you for meeting us today. We are very encouraged with NUOG farm in proposal to convert remaining gas reserves from pipeline export to platform power generation and export to the National Grid via the nearby offshore windfarm. Just a couple of questions, if we may ?"

"Yes , fire away"

" The project management company, MFDevCo, how many projects has it successfully completed on time and within budget?"

" Err, none so far"

" And how is your financial standing? Any OGA decision for a field development will require evidence of funding"

" We have a SPIV, sorry, I meant to say SPV. They will find the money. Anyway there is always the placing route. We have a few shareholders with more money than sense who will pay up. We even have an open offer going, fancy buying a few?"

" Thank you. My secretary will show you out , and let's keep in touch."

We will, we will, we will

The clear focused strategy will prevail.

Load guns
Release birds
Fire at will
Send out retrievers
Count catch
Nothing for dinner

The whole idea of these boards is to discuss likely outcomes +or -

First right of refusal and non binding collaboration is no indication of third party validation or success, but just positioning for no cost, after a NUOG business lunch at the pub.

Show me the money.

With all due respect Sharelock, that is all in the realm of speculation. Not "when" but "if". I agree if they pull it off (another if) things might improve. "If" is the problem with this stock,

XR 1200

Mike Ashley is the LT of Debenhams and look where he has ended up. Shareholders are last in the queue and never get the nod from directors

Sharelock

I do not know of an open offer with a placing where the offer price is less than the placing strike price. Equally I do not know of one where the open offer follows the placing "in due course". One piece of bad news, related or unrelated to the stock, could render the offer non sellable. Which is why the two elements should have been publicised at the same time surely? After all, NUOG does not benefit from the best of financial advice does it? (Beaufort etc)

So either the SP will go over 0.3p sustainably to allow the offer to proceed or it will fail, and we know from the chairman that he "hoped" to have the funding from it. Failure might lead to another placing at an even lower price.

It is another piece of material uncertainty which is depressing the SP, all unexpected and not necessary with better forward financial planning

Ying Tong

The EC Prospectus Directive applies since we are still in the EU

Jones Day tells us that "securities included in an offer where the total consideration under the offer is less than €5.0 million (when aggregated with any previous offers of the same security in the previous 12 months) fall outside the scope of the “offer to the public” regime, so no prospectus will be required in the context of such an offer."

So I do not think a prospectus is required for any open offer at the quantum indicated. However a circular is required to be sent to all existing shareholders to explain the offer and how to apply with a record date. The circular will have to specify the strike price, and with a sinking SP, that will be tricky. I cannot see 0.3p getting away at the moment.

WOBWAT

In an open offer a shareholder is given the opportunity to purchase stock at a price that is lower than the current market price. The purpose of such an offer is to raise cash for the company in an efficient manner.

The terms are those conditions which apply to the purchase of the shares.

If the idea is to offer shares at lower than market value then you will not buy them at 0.3p and that will further depress the SP without a contract announcement

Sharelock

I do not think "same terms" means "same price".............but we shall see

WOBWAT , the company never said "same terms" they said "equivalent amount" . The LTH rampers said same terms.........................

"However, the board of the Company ("Board") did confirm to those present at the meeting that, should the Company utilise this authority (at any time prior to its expiry) by way of a non-preemptive placing for cash, then such placing would be limited to 25% of the current issued share capital and would include, in addition, an open offer of an equivalent amount"

I doubt the open offer will be at 0.3p

As late as 28 March, this hoaxer was saying the SPV RNS was evidence the company did not need a placing to stay solvent, then a day later, half of the market value was wiped out with the worst placing in the company's history.

He then disappeared. He was a total plank with his incessant propaganda and I doubt we will see him again. Well researched and respected poster? Never no more.

It looks like Alert has gone too.

I don't think it was anything to do with positive posting or derogatory comment, but more a breach of posting rules?

Poster "Alert" seemed to suggest he was poster "Lyates" and when LT called him out he agreed and his actual identity was also revealed.

Posting personal information is not allowed on here and neither is two aliases, so I suspect Admin wrath fell and the whole thread was deleted.

I cannot see how the company will get an open offer away without some open communication, and that is the Achilles Heel. No communication, no buyers.

Anyone with 40 million shares lost as much money on Black Friday as the whole company made from the Novum placing. How crazy is that? Who suggested it?

Why did NUOG not just ask the famous five long term HNWI holders to chip in £25 grand each as a working capital gift to preserve the SP, because they all seem to have spent that much "topping up" subsequently without creating any market value.

It would have been the best money they ever spent IMO and the SP would be north of 0.6p now for an open offer.