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Resolution 7 was a special resolution and so cannot be amended during the meeting, unilke an ordinary resolution which can.

I suspect Nuog will have to issue a notice of an EGM to vote on the amended resolution.

Them Salford lads won't get the better of us Preston blokes, a'right?

As with all companies listed on a stock market, most private investors who have dabbled with online investing have no clue how to vote at an AGM . The evidence is manifold across innumerable stock bulletin boards where peeps ask how to do it, and they are just the ones with any interest.

At NUOG there seem to be no institutional investors at all according to published records, so the AGM vote is down to PIs and the Minty family and clan.

The only shareholders that count at an AGM are those present in person or by proxy and a 15% turnout on that basis would be optimistic. Given the intended and published votes published here by PIs, the Minty family has no hope of retaining Alan as a director, never mind as chairman.

So the reported lockdown at Castlefield House and PI phone poll will be to count the intended votes, make the inevitable conclusion and decide how Alan can retire gracefully without being voted out.

I think there will be a board meeting before the AGM where Alan retires and nominates Damian as chairman. This will appear as an RNS at the last moment, and the dynasty will continue. I do not think Nigel Burton will attend, like last year.

The notion that a heavyweight will turn up as a replacement chairman is surely fanciful, unless it's the Manchester hero Ole Gunnar Solskjaer. I am bloody annoyed that I will be out of the country on Friday, but I am sure the greater good will prevail somehow.

Imagine for a moment that MSAR took off and several refineries were producing it and there were several regional bunkering stations for many newly “scubberised” ships and, in addition, several power stations were using it as boiler feedstock.

That would create a significant increased market demand for residual oil to manufacture MSAR and a reduced market demand for the HFO diluents (gas oil).

On average, there is three times as much gasoil coming off a refinery distillation column as there is residual oil so there is theoretical limit to how much MSAR can be produced at any site. Such a shift in the market for the crack spread components would tend to equalise the global market price of gas oil to residual oil, surely? The market is efficient isn’t it?

In the halcyon days of Orimulsion , the Venezuelan Orinoco bitumen was worthless and effectively infinite; that was the great idea behind the BP idea of producing oil/water emulsion as a high value added fuel. The closure of Orinoco by the madmen of Venezuela killed it off. MSAR is an attempt to raid the column sump as a replacement hydrocarbon to Orinoco, but the sump residue has some real value, even if only for supplying Britain’s infinite demand from road potholes and highway surfacing.

When the world is looking at a global shift in fuel to meet emission controls, then MSAR will not be seen as a comprehensive solution because it cannot have the same impact as HFO with scrubbers or LNG; no-one is trying to regulate particulate carbon at sea. The specific energy of MSAR is 70% that of HFO. That might not matter in a power station, but it matters in a ship.

Bestmate. Dunno about that..........

What was Rupert's mantra?......... "Never believe what you read on the internet, just listen to what your directors say"

He sounds he could be Alan's best mate to me, LOL

Rupert Cole?

It is to show trades on the NEX market. But it has its own bulletin board as well. Seems a bit daft.

Cobrakai

I am not daft enough to put my career on Linkedin.

NUOG fascinates me as case study of failure to date caused by systemic management hubris. I intend to give a MBA course lecture to students about in future.

I am privately wealthy thankyou, with mutiple homes, and i spend most time out in the fresh air and enjoying rich culture worldwide as a BA gold exec , ta....next stop Carnegie Hall , New York, so less of the agrophobe stuff. I don't need investment advice from AIM share lovers.

Scraping the barrel?

The RNS said...

" Simon brings a wealth of experience and skills acquired over 20 years working in finance and, since 2013, within the oil and gas sector.  Since starting his career with JPMorgan, Simon has worked with a variety of investment banks and funds in locations worldwide."

Fact is that his published oil and gas experience was with RMRI Consulting, his worldwide experience was an expat trip to Singapore.

And none of that experience was in PR or IR, but in training

The RNS was misleading to the point of arrogance AM. The bloke is a novice who responds to HMV. It explains everything.

You are missing the point Cobrakai. The October 2017 RNS clearly said that Simon was bringing a wealth of experience to the role of IR into NUOG, when in fact he had already been working for Minty since 2013. So that was highly misleading, so nothing new there.

I genuinely thought he had been employed by impartial selection for his skills, only to find he is another accolyte of the Dear Leader. That explains the whole communication strategy for me.

That is an interesting discovery. So Simon is just another of the " Manchester old boys club", who describes his profession as "training", not PR.

He can be chairman of private company MfDevCo until the cows come home, but he should stand down as executive chairman of public company NUOG, and ask the CEO to do the job he was employed to do. Only room for one captain on the ship IMO.

Twice the mcap of FlyBe... who'd have thunk it

Shoal point down 22% . Sounds bullish ?

Shoal Point is actually well down today. The low volume of trades and the spread makes it volatile beyond interpretation. It means nothing IMO.

Someone asked if I am going to the AGM. Regrettably no; I am out of the country on some real "revenue earning" business. Interactive investor allows proxy votes.

If Minty announces a MFD project deal signed off before the AGM, I will walk down Mafeking Road in Preston with my arse hanging out. I don't like the idea that it's tha' feking road anyway. Maybe post it on Twitter.

As for succession planning why did Minty employ a CEO, but then become exec chair? You cannot have two captains on the ship. A pound to a Bury black pudding that Nigel is a no show at the AGM. If, as Nigel says, NUOG has a clear focussed strategy for marginal fields why has he no job at MFDevCo?

Dommo SP is going down as well, so the Boys in Brazil aren't holding out much hope either.

Yeterday's share reconstruction at Dommo didn't help their SP... rights issue coming to fund the TM redevelopment and buy out the OSX option IMO.

Go for lunch at the Shakespeare in Fountain St, and you can imagine the "life of Minty"

Where is Garbled?

No paid rampers and propaganda merchants allowed here please.

This is my BB and I will ban them , OK?

Who replaces Minty?

I thought there was a CEO called Burton. Where is he?

And what about Garden Hill being worth $15 million of anyone's money?

28p LOL . Just LOL

Propagandist in chief, every day, all day. #On the payroll

Ying Tong

If I had a quid for every post which says "my buy shows as a sell" I would be a millionaire from that alone.