You can be forgiven for taking minty's comments with a pinch of salt, but this closing statement to the Chairman's statement really identifies with the company that NUOG can become... ability to deliver is the question, and all the signs are there that they are about to turn the corner and start moving from concept to aquisitions.
"I emphasise again, that negotiations to secure marginal field projects of various types are ongoing and, with much of the due diligence completed, potential sources of finance and build facility identified, and the Consortium ready to go, MFDevCo is well placed to start project development once agreement is reached.
I expect activities in Newfoundland to deliver results within the year ahead. While the marginal fields we are advancing will MFDevCo will be the future of the Company, I look forward to finally seeing past efforts deliver value from these legacy assets."
Just reading the accounts again... i wonder what they mean by this..... something else they are working on which could yield significant returns....
We have identified an alternative way to commercialise a subset of late-life marginal fields and significant progress has been made to create a larger population of viable targets which will have a strong impact upon potential growth. Once we are comfortable with its viability shareholders will be informed.
Market makers trying to rob a few.... this will rise into the first 3 weeks of jan for sure...
After a quick read not bad at all for where we are at the moment.... cash clearly ok despite what some will make you believe and confidence in their ability to deliver and fund...
They really do give the impression that a lot is going on and much of it is at advanced stages, which ties in with the expectation that news has been on the cusp and certainly should get some news flow pre agm.
Royscot give it a break its 3 pointless trading days between xmas and New Year.... Do you not have any new toys for xmas to go play with??? Some oilers are over 50% down since october.....
Nobody invests in a company at this stage based on the state of their accounts.... I can tell you it will say they made a loss and they have a small amount of liabilities and no revenue.... when you invest in a growth company with future potential you can't see that in the accounts. Pretty standard for this type of investment, I really can't see anything that would surprise or concern the market that intelligent investors couldn't predict.
It's really not that unusual for companies to release accounts right on or close to the deadline.... just because they got it out of the way before xmas last year isn't cause for concern.
Going concern statement.... i'm not sure many people really know what this actually entails and how to satisfy it.... They do not have to have the money already in the bank to satisfy going concern status, they just need to satisfy that they will be able to fund working capital and liabilities when required, whether that be through a placing, a loan, revenues or other means. It will be simple, they have enough going on. Our burn rate really is very low for what they are trying to achieve.
I suggest people just enjoy the holiday period..... come back in 2019, and let the company do what they need to do.
So end of the year approaching only a handful of trading days left...…
How has NUOG's year been.... well on the outside, not great. It started well with the announcement of the Aker agreement, and GHs workover workover appearing to complete, but we have had very little in the way of positive news since.
The key items are in the last chairman's statement where they gave some insight into the MFs strategy, highlighting a facility which is available for Brazil, and the new Brazil appointment being positive. They also have a UK projects manager that started in H2. Talk of North Sea and Brazil assets at final stages of a deal, but as of yet no confirmation in RNS.
In summary, it's been disappointing that we are where we are with no signed projects.... but I really feel there has been a lot going on in the back ground to position the company into a place where it has a realistic opportunity of becoming a multi asset company within the next few months. Personally I am more interested in their ability to build a company and a portfolio of assets rather than looking for one material event to flip for a profit.
I think it's fair to say I am glad the frustrating 2018 waiting is nearly over, and I am very positive that in 2019 we move into a new era and we start to see delivery of some of the valuable developments that the company are working on.
I would rather see the news first 2 weeks of january now rather than this week. I am sure the chairmans statement in the accounts will be an interesting read... I hope iot gives some more clues with specific details of whats coming.
GLA
Very true mcap growth potential here is huge... it sounds like Brazil and North Sea could both be heading towards a conclusion very quickly...
NUOG certainly has the ability to be the gift that keeps on giving.... next 2 days could be big... i really think something material is due before xmas, and i cant see it being last week, so that leaves this week or next IMO.
People might be tired of hearing it, but the chance to get in before the first project has to be dropping by the day.... once brazil lands pis wont be able to afford the size of holdings many have now that is for sure.
Yes I posted this article a couple of months ago as in my mind I think it’s the best bit of coverage out there explaining exactly what MFDevCo is all about, who does what and how they plan on delivering a project.
This old article mentions study for a gas project
https://www.offshore-mag.com/articles/print/volume-76/issue-4/subsea/normally-unattended-platforms-offer-opex-capex-reductions.html
What do you want first????
Brazil??
North Sea??
Other??
Worth noting they talk about projects and not just one.... it has mentioned before about Aker's focus on Brazil and their, desire to look at multiple assets.
Really feels like they are positioning themselves for the big reveal....
Funny we got to 1.8 on Brazil rumours.... now we have a CEO hired, seemingly to manage the project, which must be a better clue than we had before..... As soon as that project is announced, I can't see this below 5p minimum.
Sounds like a good guy to deal with an aging vessel, and overseeing the delivery and installation of a "new facility"
Ivo has 40 years’ experience in the shipping and offshore oil and gas sectors, primarily within engineering, procurement, construction, installation and commissioning (“EPCIC”). He has extensive technical experience including shipyard operations and as project manager has successfully delivered projects for Transocean, MODEC and AMFELS. As CEO of the OSX Group, and previously as Managing Director of the OSX Shipyard in Brazil, Ivo oversaw the construction, ownership and operation of FPSOs. During his career Ivo has worked in Brazil, South Korea, China, Thailand, Singapore, South Africa, the USA, as well as Brazil and Europe. Mr. Dworschak has an MSc in Marine Engineering from the Federal University of Rio de Janeiro and trained in Marine Surveying with DNV in Norway, specialising in Quality Assurance and Quality Control.
Interesting timing.... Dommo results delayed until this friday... perhaps a bigger announcement yet to come this week or very soon after.... brazil is the big fish we want for multiples of SP. Biggest indication of it happening yet.
Who's going to join the dots......
We've appointed Ivo Dworschak to lead development of project opportunities in Brazil. With over 40 yrs’ experience, primarily within EPCIC, Ivo’s knowledge, skills & relationships will assist in acquisition of projects. Ivo is based in Rio de Janeiro and starts immediately.
3:31 AM - 4 Dec 2018
Also true to form it appears only a select few got the message as well..... I’m still waiting!!!!
RNS alerts going around for 18.13 today
“In order to secure a long-term charter and cancel the TBMT Call Option, Dommo Energia will make a payment upon signing of the New Charter to OSX 3 of USD 50.0MM and another payment of USD 15.0MM on or before September 30th, 2019:
a. In the case of termination of the New Charter by OSX 3 prior to expiry of the term there
will be an early termination fee payable by OSX 3 to Dommo Energia4 as follows: 2019: USD 65.0MM / 2020: USD 50.0MM / 2021: USD 25.0MM / 2022: USD 12.0MM / 2023: USD 6.0MM.”
Dommo need to pay $50m on signing and 15m in sep 19 to cancel the call option, so as things stand the call option is still available
At the end of Q2 dommo has circa $25m in cash, oil prices been higher since but production lower plus revenue share for Atlanta on hold during action, so I can’t see their cash being any higher end of Q3.