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That is not true. If any warrants are exercised then an immediate announcement is required and the number of shares to be issued stated. No such announcement has been made.
As the FCA message says:
Important Message from the Financial Conduct Authority
Posting inside information that is not public knowledge, or information that is false or misleading, may constitute market abuse. This could lead to an unlimited fine and up to seven years in prison.
Intentionally provocative. There is nothing in the RNS which states that is the case.
Do you have some inside information which confirms that Strand Hanson resigned?
I suspect that Beaumont Cornish will be cheaper and given the need to reduce costs is good house keeping.
It gives them hope.
Meanwhile investors have the opportunity to either buy low and sell high if you are a bull or if you are a bear find a spread bet and sell high (current share price) and buy back low once the share price goes lower.
I agree. When there was last a similar nexus of deals and news flow in 2016/17 and the tangible results that followed the share traded from around 1p to just shy of 3p. Similarly again to almost 5p during late 2017 to early 2018. That is all fact.
There are two distinct 5 to 6 year phases to NTOG. The first, after the repositioning of the Company following Ukraine, culminated in the oil price decline and lows hit in early 2016. The NTOG strategy at that time of focusing on reservoirs that required fracking needed much higher oil prices ($85/bbl upwards) to be economic and therefore no longer worked. This meant that the funds raised during this period were a right-off. The share price naturally went down, down down.
A new strategy was needed. This required unwinding assets and obligations no longer required and formulating and implementing a new strategy. This heralded the second phase with the Pine Mills production acquisition and other acreage resulting in the drilling of two successful wells on the Grant lease in 2017. The share price went up, up ,up. A follow on to these was Mesquite. If you want an explanation of where the Mesquite funds went it is explained in both the annual accounts and interims following that large fundraise it isn't a secret But you are right in that no Mesquite wells have been drilled to date.
The Company isn't so great but it can do better and if it focuses on doing more Pine Mills type acquisitions and similar drilling opportunities that have been successful it can repeat the success it has had. That is what Lofgrunt should have done instead of being waylaid with Mesquite. Thankfully he, the Board, the Company is now doing that. Against this backdrop the oil price has again declined, mixed with COVID and recent shareholder discontent the share price has gone down, down, down. Whoever had been in charge in my view would have experienced the same decline in share price. In this regard I don't share your criticism of Lofgrunt. The market is a great leveller.
We are now at a juncture with new assets that seem right for NTOG. Production has a good chance of doubling near term, which will bring financial resilience along with upside if the oil price increases and potentially opportunities to add to the portfolio.
Choosing to do a placing and having a need to do a placing are different things. I think the messaging is subtle.
The myth or otherwise will be determined by events so best to revisit in the future once wells/ workovers completed, we have a better insight to the administration costs given recent stated cuts, the new overall production level and prevailing oil price.
The core business is the provision of short dated finance to a changing portfolio of listed companies. This is structured to give a 15% to 20% annual return roughly in cash as the investments are recycled quickly and reduces risk. An investment today if the gap to NAV closes and they achieve the above return will give an approximate 200% return over 5 years.
The Pires investment has recently done well and is an anomaly to the core business. They should sell some or all of it. Any decline in the Pires share price will undermine the core business return and is a distraction.
DYOR
You have mentioned the lack of mention of NTOG in the Oilman Jim blog a few times in recent posts.
I am personally not expecting anymore comment as on the 19th July 2020 he stated:
'A few changes in this blog. I’m going to reduce commentary'
'so its goodbye to the likes of AAOG, AST, MSMN, NTOG, ZEN, etc.'
Based on that I am not expecting any commentary on NTOG although he does not rule it out.