Member Info for winchpete

Just when I thought a new man at the helm would make a difference our management team have shown how inept they still are.

Many of those I spoke to at the AGM thought a placing would happen immediately after good news or shortly after the AGM whichever came first. But 0.3p - somebody is taking the p---s. Even the 'Year 6' company haters on another BB were gleefully predicting 0.4p as a looming disaster for shareholders.

The only other possible excuse for this fiasco is they tried to do a placing in February/March however, due to the experience of those who subscribed to earlier placings, were told to get lost unless the price was so low any downside would only occur in the case of insolvency e.g. 0.3p.

Is anyone going to participate in the Open Offer or would we just be throwing good money after bad?

The Board have a legal duty to protect the interest of shareholders. It appears they let their animosity towards Mike Ashley cloud their judgement. I resisted the temptation to have a punt a few days ago as I thought that personalities had taken precedence over finance.

It is an old adage that the market is driven by fear and greed. Looks like fear is in the driving seat today. Based on what facts?

"News? Tweets? Accounts? Boom time?" - placing????

I guess it shows as a sell because it was just below the mid-price.

I think so. Something needs to happen soon. Whether the storm blows away the wreckage of the past for a brighter future or destroys everything in its path remains to be seen!

Like everyone else I hope it is option 2. But unless they can get a deal over the line very soon we will have to settle for option 1. In which case I hope it is just enough to keep the lights on until option 2 becomes achievable.

More good news this morning. However if the sp is going to rise substantially and stay there for more than 2 hours NUOG needs to answer the question about how it is going to stay in business until revenue from these potential projects comes on stream. Barring some undisclosed source of revenue, that question will have to be answered very soon.

Únless the orgasm happens soon we will be be back to 0.6p feeling very frustrated and dissatisfied!!

I suspect the wave of selling post AGM was either a distressed seller or in anticipation of a placing that has happened previously around this time of year. My hope is that we have not had a placing yet as they expect to be able to release good news "imminently" and carry out a placing very shortly after that.

Thanks YingTong. Makes a nice change from the sarcasm and spreading of false rumours.

Somebody clearly doesn’t believe in this company as they are willing to sell a million at a time for 0.65 or less! The question I ask myself is why sell up now?

The new investors will want to keep the upside all for themselves. FLYB will very probably be de-listed once the deal goes through.

I guess the Directors will be OK. Even if the shareholders are not.

Sorry for anyone invested here. The sp action showed the market suspected nothing. I was once told the real crooks in this world wear suits. QED - in my opinion.

KnightRider1,
I don't doubt you are right about non-disclosure agreements. However there must be so many people involved in this project that if news is about to break I would expect to see the NUOG sp dramatically come to life.

I had hoped GH would provide enough revenue to meet day-to-day expenses while we waited for Brazil and other projects to come on stream. In my opinion PVF are just another bunch of under-capitalised chancers that seem over represented in the Canadian oil industry. I have therefore written off GH.

As GH is the only obvious source of short term revenue, the company will probably have to rely on placings to raise working capital. As ENEG/NUOG have already had umpteen placings that have thus far resulted in achieving no regular income, I suggest any potential investor will need to see convincing evidence of substantial progress regarding Brazil. As the kind of information I am thinking about would be price sensitive, I fail to see why this cannot be disclosed to us all - assuming it exists.

On the subject of Brazil, we seem to be trying to bring a disused field back into production. As the geology and infrastructure must be known, I am scratching my head about why it is taking so long to finalise. The prolonged lock down of substantive information is not helping provide answers.

Careful ShareTag the happy clappers will get you removed!

Where did I say a placing IS going to happen? I have just done the maths on cash raised v historic cash burn. Try doing it and see what you come up with.

I'm still invested here and so entitled to express my opinion the same as anyone else. But I am a realist.

I've seen situations where a sustained shorting attack has scared off buyers and forced the sp down to a point where the market cap of the target company fell to a level where it breached its banking covenants. This of course had to be published in an RNS which in turn created another sharp fall in the sp. Casino market indeed!

There is either something fundamentally wrong with the company that we haven't been told about i.e. a false market or, taking account of all the negative news already in the public domain and the fact the CEO bought a lot of shares last week, what we are seeing is market abuse by some institutions. Otherwise the sp fall over the past few trading days is totally inexplicable