Member Info for YingTong

SBP, I would certainly agree it is frustrating. Never heard anything for Jordan, or for a couple of the early North sea blocks. I have never been happy about not hearing (maybe something is happening). On/11 in Ireland didnt get a lot of mention. I think it is, though common across aim, certainly sailing close to the wind in terms of disclosure requirements. There is also an irony in it. If they had been more foreward in communicating the above things then I suspect people would be more sanguine as to the silence. I know people say "if something has gone wrong they must and would rns". But the fact is they haven't previously. nb, that's an opinion on the state of comms not an opinion on current projects.

Highview, why is a CEO statement this month a certainty ? I would not be specifically expecting one until the results end of december.

With regard to dommos share price.... As a general barometer it is largely an irrelevance. Dommos original equity was largely held by small shareholders with some equity held by iis (actually quite a lot). These were largely wiped out in the restructuring - their shares were in fact worthless there was negative net worth at the point. They were left with a few crumbs (5%). The equity was in effect enlarged 20 fold with the new 95% being held by the debenture holders, the ctedit guarentee holders, and the OSX owning company in exchange for debt write off. It is not really a much traded entity and has limited liquidity.

Wobwat, Presumably you are still restricted from dealing until such point that everything you were made aware of was RNS'd. Only interested in what you are now allowed to do, not your intent.

SBP, The Brazilian and Chinese entities are 100% owned by MFDevCo. Though you are quite right in asserting that it could have changed (though it is unlikely). The same is true for MFDevCo shareholders. Certainly if RMRI had disposed then there would be no notification. But there is no indication of this. There is a potential tax advantage (simplification rather than fiscal). That is that the domicile of the entity could easily change which may simplify the international taxation.

SBP, that could well be the case. However I think that the fact that 50% is owned by NUOG and 50% by Alan (albeit not directly) does cloud the issue somewhat. I think R14 would not be so easily circumvented. The regulator would surely take a purposive view of the transaction. It is, of course, the overall shape of the final transaction that will be relevant. So, we will find out eventually. I believe NUOG will want to avoid the suspension - if possible. Not least because of the cost of a full prospectus and CPR which is a possible requirement.

SBP, Well. The 500 mln bonds issued by OSX (dutch listed) could have been acquired by anybody. I understood (wrongly possibly) that these were originally taken up by US based investors in the main. As you rightly mention the bondholders have appointed Norwegian trustees to represent their interests. They had to do this in the court process to get a common voice. (Maybe after the bond restructuring they did end up in Norwegian hands. Much info on the ownership seems hard to find). I think it is a jump to think of the cash shell Nigel happens to control as related to Nuog. It is just a business interest, though currently there is no knowledge of purpose. It needs to complete a transaction early September. Who knows maybe the Burton trust is involved to reorganise some elements of his extensive interests. I just can't see any reason why the bondholders would be needing a uk listed aim entity. But I don't rule it out.

SBP, A couple of thoughts. I dont think polemos will be involved. The acquisition of polemos is not a related part transaction. The ceo has simply made an investment. No different to him buying a load of shares in say BP. However if it were the case that is was going to hold osx3 then I think it probably would have been a related party transaction and perhaps should have been declared. Though there would be the questipn of when. It maybe the movement os the osx3 lease that becomes the related party. Further why would the current bondholders (mainly US I think) be wanting to back it into an aim shell ? Of course it would need to go into an spv somewhere. But there are far cheaper ways of doing it than a listed entity. That said, the sort of structure you are describing would be roughly how I see the overall structure ending up.

seadog, Obviously nobody knows. If Nuog were suspended under Rule 14 - which could be for many different reasons - the time to readmission could be short or long. My guess is that since there is no fundamental change in the business type (its still oil production) the requirement would be "simply" to produce listing particulars. The problem here is that if it is in effect a full prospectus a CPR etc is required.expensive and time consuming. My hope is that with the structure that looks to be evolving (it is simply an entity in which NUOG have a shareholding) then a suspension will not be forced upon Nuog. This would be better. Nuog could request suspension. Allow the news to be digested and then lift suspension. The outcome will depend upon the structure of the deal and the Nomad debating with the regulator. Oversight is simply to ensure that listing rules are not in anyway circumvented and also that the market remains orderly. I find some considerable irony in the fact that a big success for an AIM listed company can result in no official market for the shares for an indeterminate period of time.

Harry, TBH I am not entirely sure. I believe they are no longer under court protection which should ease things a little but the court still has oversight over what has peviously been agreed. Variance to those things still needs approval.

Lod, a certain amount has happened in the 3 years since that was written. There is currently a deal in place with the bondholders who also (since q4 last year) have been trying to sell the asset. Of course the big question is what part - if any - that will play in the field going forwards. Assuming it is that field. There are break clauses on both sides. Selling fot whatever it will realise may be the better option for the bondbolders.

LT, it is also thought to have been the inspiration for Braggadochio (sp?) in some poem. I must have been half awake that day in english lit.

LT, I should add that instant revenue could be possible on an existing field. It could occur if the existing production facilities are carried forward. This would assume that the field is in some way "distressed". Also that it is profitable at a production level. That would imply existing owners of the rights and production facilities will take a bit of a hit. But that is plausible. My original descrption was predicated on the field being reengineered. Whilst this is implied by MfDevCo strategy it is not necessarily a given.

Morning LT. I dont think we ever did find out definitively what happened to DivDiv. I know he had a sizeable holding those years ago and was also unwell. As for next week - this week now - we shall see. I guess it is a binary outcome though not binary probabilities :-) Meantime it is just more waiting for an answer. Ultimately some folks position will be vindicated and some won't. Hopefully "soon". At least then one can consider the actual deal if it is a positive outcome. Alison expressed a long timescale in the recent podcast and laid out a bit of a roadmap. But the project lifecycle shouldn't be any surprise to anyone here. Even doing a deal on a producing field is not going to produce instant revenue, but obviously could be reasonably value accretive on signing. The terms, and how The market interprets them will dictate that. Of course there could still be a rabbit lurkumg in the cat. Nuog have suggested that the deal structure and finance arrangement and wquipment arrangements are going to be unconvential. Though that is unlikely to make much difference over time there is some scope that it might bring forward some value recognition. That would be a big bonus in reducing dilution. GHS could have been a great help in that respect. I was hoping so. But now there is little scope for near term revenue.

That is all completely auto generated. No humans involved. That doesn't make it wrong of course, but if you are thinking it is some analysts view it isnt. Rather like the analysis on British Bulls, Barchart and the London Stock Exchan and doubtless msny more.

LT, I think that is a perfectly reasonable speculation. In fact I dont think it is particularly speculative. It is merely pondering what the company have release over time. If only MFDevCo had a partner with platform facilities who could make one or more available with limited front loaded costs.... Oh hang on a mo... To expand on your final paragraph (and speculate a little). As discussion around an existing field get serious parties simply will not entertain without knowing production facilities will be made available and what the lead and deployment time will be. A lot of that will in fact be predicated by the regulatory authorities who demand high levels of diligence and oversight. It doesnt make anything a certainty, but does genuinely suggest from the last rns that thing are at an advanced stage. Doesnt mean next week of course, but it could. Also from Simon podcast I would suggest that emphasis has shifted (expanded might be a better word) to repurposing an existing productive field to improve the economics with lower cost facilities. Eventually it will become clear, but it is much less opaque than it was a couple of years ago. You may recall I got totally derided for suggesting the shift of focus from NF to "marginal" was at least a 5 year plan. But history seems to be bearing that out. And it does look close now.

SBP, I was not aware it had been sold into Quebec. Thats about 1,000 miles. If that can be done cost effectively it perhaps suggests east coast as far down as NY might be sellable into.

Harry, Fair enough. To my somewhat limited view I was surprised that a premium was obtained in the last sales. But obviously accept it was. I would rather expect that price will be dictated by Come by Chance. If it can improve output of higher value product as a result of the overall blend then it improves price prospects.

Certainly 51 API is light. I seem to recall that over half of US oil production is over 40. A lot of texas oil being lighter. Algerian is very light. BP sell at nearly 70. https://www.bp.com/en/global/trading/crude-oil-and-refined-products/crudes/north_africa/algerian-condensate.html They also have a handy list of assays by API. https://www.bp.com/en/global/trading/crude-oil-and-refined-products/crudes.html Ultimately is has been described as 51 so I assume it is.

Hi LT. No I haven't. For me I need to see GHS results because I believe that is the revenue which will drive an MF deal to completion with limited dilution. If there is an MF deal announced beforehand then I will reappraise. Equally if testing is started at GHS and flaring going on for a while that might get me in. It would only be a modest amount and probably on a spread. I am reasonably optimistic at the moment that they will get across the finish line. But I think there is significant risk of the price drifting. Of course the killer RNS could come at any time. It needs to be clearer to me how NUOG via MFDevCo get remunerated. At this stage (but not later) I would be happy to see some sort of gross override as a sort of facilities management payment because I believe the other consortium members are better placed to access any needed finance. If MFDevCo directly got an equity stake then that brings potential financing arrangements into question. It seems clear to me from the RNS etc that however it is financed it is going to be imaginitive.