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As for ill gotten gains I was the goon who got spiked at 1p on a top up yesterday

Sorry Cobra, but its Seadog who should be skulking in shame. He first announced the field name and the OSX 3, not me.

Just a minute, now that Seadog has reappeared. This is the poster who assured us all on 5 Oct that:

"They are in the final stages of negotiating for
An already producing field
Offshore Brazil
In the campos basin
Where they are negotiating with bond holders of the OSX3 to acquire it
And gain an option for 100% equity in TM"

If that was true , the negotiation has failed. Evidence in public.

But Simon is now saying that TM was not the target project

Who to believe? Seadog , Simon or Dommo?

With a bit of luck, Minty' s resignation.

Cobra

The Dommo directors would have known if the bondholders were considering competing offers, and the PR dept would had a selection of prepared material statements to hand. So after the Nordic Trustee publication on Friday, a quick conference call at breakfast was all needed. Breakfast in Rio was later than Simons tweet

Cobra

It specifically says that Dommo now has the cash and capability to work over four wells to improve the production to 10,000 bpd. The FPSO remains under charter with a production based lease payment instead of an unaffordable one.

The only outside help Dommo seeks is consultants and engine efficiency experts.

NUOG and MFDEVCO are not engine efficiency experts , but they might be consultants.

Consultancy is not "transformational", so it is not that deal.

If the Dommo statement is correct then the decision was taken today and published after Simon made his ill advised tweet, and most certainly after the Liberal Club lunch where OSX was discussed.

You get the sense that Minty's no dilution deal was not much different to what OSX 3 Leasing offered and "better the devil you know " prevailed.

The silence from the company today in the face of this contradiction of inside information is alarming. Our most prolific insider assured the world via Twitter that Tubarao Martelo was the deal. I believe him, but perhaps the legendary arrogance of the chairnan has done for him, just at the cusp. Hero to zero in a day.

We will hear nothing more about it, IMO

Not at all. I am as surprised as anyone else. The insiders were touting TM and OSX for months with tacit approval. I was looking for evidence of it. Some evidence about OSX emerged over the weekend which I shared which looked promising. It seems Dommo offered a deal wnich the bondholders liked more than MFDEVCO. So much for barriers to competition.

I suspect NUOG has been outmanoevred and that' s the last we hear of Brazil, just like we heard nothing about Newfoundland when the flow test never started.

Looks like it wasnt NUOG after all. Bad day in Manchester then?

Frank 2/3 have already pledged the vote, so its a walkover

WOBWAT

The charter has been reasssigned from Dommo to someone else. In the absence of a name, I am calling it a new entity, not some new incorporation.

WOBWAT

The name of the entity with the new long term charter is available but it's in a secure Stamdata location and I don't have the password, which is perhaps as well.

If it is NUOG/MFDEVCO, then Minty has crowned his career and we can forgive Newfoundland and the rest of his failures. If not, then the stink will drift from Deansgate to Piccadilly Gardens.

I think he may have pulled it off........ all IMHO.

We will soon know.

Freeshare.......Observation and extrapolation.

Much of that is out there in the public domain, and the Nordic Trustee publications on Friday are hard facts. The FPSO vessel called OSX 3 has a new long term charter with a new entity, subject to the owner and charterer signing the long form agreement.

Closer examination of the bondholder agreements suggest a few things.

1. The 10 day stay has been waived and the New Charter can be put into effect immmediately
2. OSX 3 Leasing still has some shares in Dommo which it can sell for cash into the bondholder account
3. If the FPSO was to be redeployed the 240 day notice would commence and Dommo would have to inform the market
4. The maturity of bonds has been extended by 365 days and the coupon has been rolled over to provide liquidity and breathing space.

So.....
MFDEVCO Holdings Brazil can aquire shares in Dommo
MFDEVCO might be the new long term charterer
After 240 days the company could move the FPSO to the North Sea
Whalsay Energy is 2 months overdue for a Bentley decision
The Octabuoy in COSCO shipyard is being considered for completion and employment

Is the grand plan to guarantee charter long term fees by moving OSX 3 to Bentley in mid 2019, replacing it with the Octabuoy at TM via MFDEVCO Facilities China to redevelop the field?

https://www.stamdata.com/documents/NO0010776776_NB_20181123.PDF

https://www.stamdata.com/documents/NO0010776776_SB_20181123.PDF

The new charter assignment of the FPSO OSX3 was yesterday approved by the Bondholders.

The truth will be out next week, no need of insider leaks.

If it's not MFD consortium that has won it , all hell will break loose on here.

You heard it here first.

Did Minty tell you about it LT?

Harry in Shanghai and me in Preston. How does that work?

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Yesterday’s menu at the National Liberal Club
=====================================
Pack of Newfoundland pork pies
Hammerhead shark tale with Brazil nutty dressing
Fyne lobster from the Wood grill
Korean crackers with Jordanian sour grapes
Jam tomorrow
Minty tea with fortune cookies

HAD

The presentation was dated 2012 and first oil was four years away. It is now six years on and first oil is five years away. Now that is a business plan wnich has gone tits up. Compare that with Hurricane and Lancaster.

Its a piece of nostagia of what might have been if Premier has never turned up. But clocks dont go backwards. Jungels said they needed a partner with operating experience, but that was nonsense, you can hire operating experience just as Hurricane did.

And Jungels value curve was indeed upside down as it turned out