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BTW, some comments from Putin regarding potential successor. He may endorse his preference.
http://news.yahoo.com/s/ap/20070124/ap_on_re_eu/russia_putin
If anybody at all it'd be Tatneft, which is already exploring in Syria.
http://www.gasandoil.com/goc/company/cnm60499.htm
It and Gazprom has won oil licenses in Libya last month. It wouldn't surprise me if Tatneft were to buy out NWOG/Creditline and refine the oil in Syria by itself.
Banias (aka Baniyas) on the Syrian coast is between the country's two main ports on the Mediterranean Sea. Its refinery is along a pipeline connected to Iraq's major north-south pipeline connecting the Kurdish and Shiite oil fields, which may link NWOG/Creditline to Lukoil in Iraq, though not as close and direct as to Tatneft.
http://www.sourcewatch.org/index.php?title=Syria's_oil_industry
While you're in the world of Texas, you might as well visit Odessa and Palestine. :)
Anyway, Parkin is now officially gone, along with Stevens, from NWOG. Maria Romanova took the CEO title from Malyshev, who is still the president. It's not that unusual for a VP to be a CEO simultaneously, as Vicsteele suggests; Manpower among other companies have done that.
To whom did MOL, a major Hungarian energy company, pay $15.5M to buy out NWOG's share of Surgut-7? To whom was Danziger sold? Independent media have reported on those and other developments, even ones not in or before PRs, not just in company PRs as other penny stock companies have done.
I'd rather have NWOG move to the AIM/OTCBB before showing financials, for a greater impact. Audited financials are required to move to those higher exchanges. Unlike those, the pink sheet market is dominated primarily not by investors but by short-term traders who wouldn't really care about financials.
As for me, the financials released so far, along with the fact that it was working with MOL and had partnered with Oil India at one point, are enough to convince me that NWOG is not a fraud. Of course, it could have done some things better, but at these prices there's not much downside compared to the upside. I'm confident the PPS will be much higher when those restricted shares become free by mid-May.
In other words...
"Whatever will be revealed must be made public to everyone, not only to those who have contacted us. However, we are not ready to do that at this time. Please be patient."
Happy New Year to you too, Anthony, and everyone here. May NWOG make you all money this year. :)
Looks like the potential natural gas shutoff has been averted, with Gazprom getting most of what it wanted.
Russia-Belarus gas deal reached:
http://news.bbc.co.uk/2/hi/europe/6221835.stm
COSL was after a services unit of TNK-BP, not NWOG, in that deal:
http://www.marketwatch.com/news/story/china-oilfield-services-buy-tnk-bp/story.aspx?guid=%7BEE97D3DD...
This may or may not affect NWOG's stock price. If Belarus and Russia/Gazprom can't agree on a plan by 12/31, it could resemble the gas price dispute last winter between Russia and Ukraine, though not as severe this time.
Gazprom-Belarus Gas Talks Deadlocked:
http://www.kommersant.com/p733457/r_529/Belarus_Gazprom_Gas_Prices/
Russia warns Europe of gas row with Belarus:
http://business.scotsman.com/latest.cfm?id=1919562006
Russia holds firm in Belarus gas dispute:
http://www.businessweek.com/ap/financialnews/D8M998P80.htm
National Academy of Sciences' report on Iran today predicts that it will have no oil left to export in eight years, if its assumptions hold true:
http://news.yahoo.com/s/nm/20061226/ts_nm/iran_nuclear_study_dc
He projected that in five years, Iranian oil exports may be less than half their present level, and could drop to zero by 2015.
It may be due to increased domestic demand (unchecked by government-subsidized prices, which likely will remain in place to placate its people) and lack of significant new production. Iran already has been having trouble meeting its OPEC quota.
Strongus, here's one, FWIW, grouped by topic:
Summarized from the telephone conference today with Malyshev.
* Operations:
Currently we own 10 rigs and they are fully operational, producing 14,600 barrels per day. Daily revenue is about $1 million/day.
* Nord Oil licenses/fields:
The former NDOL licenses are not currently being explored, though they comprise a part of the total NWOG assets. Per Mr. Malyshev, the assets of NWOG (without NDOL) far exceed the assets of NDOL.
* Oil India:
They were to be involved in the (I believe) Udmurtneft purchase, which may still come to pass. There is a protocol in place and a proof of reserves necessary before they can move forward. But Oil India is apparently still very much involved.
* Other affiliations:
NWOG is not affiliated with Lukoil or Gazprom, but is in contact with Rosneft.
* Danziger:
Danzinger has a long, illustrious history, and a profitable business. They have family protected processes that have been in place since the 1600s. They asked NWOG to purchase - and NWOG views this as strictly an investment for profit. They do not anticipate actually managing the company. It is different from their business plan, which is still oil exploration, production, movement, distribution, etc.
* Management:
Stratton Stevens apparently is no longer associated with NWOG - according to Mr. Malyshev he was not producing the kind of benefits that they had anticipated. Per Mr. Malyshev, shortly a new CEO will be named who will be responsible for moving the company forward.
* New IR firm:
Starting January 2nd, their contract with the new I/R firm starts and we can contact them at any time to get additional information. Mr. Malyshev will also institute a monthly dialogue such as this one, so we can talk to him directly.
* Financing:
A group of investors has made the $60M financing available about 2 weeks ago. However they are going to try for better terms.
* AIM:
NWOG is absolutely not looking to privatize in the near future. We want to make this a large public company and we are looking to be shortly listed on AIM.
* Audited financials:
We are in the process of doing the financials now and they will be released by March 2007 (1st quarter).
* PPS:
He said that with audited financials anticipated in the first quarter of 2007 (that was also his estimate for getting listed on the AIM) and additional projects underway, he estimated the share price would rise to $1 within a year. His advice, in view of this, is that if you can buy additional shares, the current price would be very good, as appreciation to $1 within a year is likely.
Shell has also been pressured in Nigeria as well as in Russia, though for different reasons. With its overall production declining and its large slash in reserves a couple of years ago, Shell is in a unfavorable position compared to other international oil and natural gas majors.
http://www.fool.com/news/commentary/2006/commentary06121319.htm?source=eptyholnk303100&logvisit=...
The possible reduction of Shell's stake in Sakhalin-2 from 55% to 25% probably won't affect NWOG, which hasn't been under the gun from Russia's environmental agency as others have been.
http://www.businessweek.com/ap/financialnews/D8M039J81.htm
I'm also in XOM as well as NWOG, but it'd be extremely difficult to get anything like NWOG's 80%+ gain in one day like yesterday with XOM since it's already a major oil company.
BTW, I'm already riding free shares in NWOG. Will look to buy in again if it gets that cheap again.
African oil giant Angola seeks OPEC membership:
http://news.yahoo.com/s/afp/20061130/bs_afp/angolaenergyoilopec
Angola, sub-Saharan Africa's second largest oil producer, is seeking to join the Organisation of Petroleum Exporting Countries to reap the gains of being within the cartel, the government has said.
"The council of ministers has said it backs Angola joining
OPEC," finance ministry spokesman Bastos de Almeida told AFP Thursday.
This would improve OPEC's current 35% share in the oil market.
http://www.danzigergold.com/
is the web site for Danziger Gold. The news from NWOG's site quoted the description of Harry Lee Danziger from there word for word.
Going through their products at http://www.globalwinespirits.com/wx/en/Browse/SPIRITS/Ireland.htm , Danziger Gold Liqueur won 1st place award for best new product at Kosherfest 2003 in NYC:
http://www.globalwinespirits.com/wx/en/Product/SPIRITS/30025120/DANZ7300/Ireland/DanzigerGold+Gold+L...
If Nick Danziger and his shareholders are selling because of lack of industry experience and interest, then NWOG must be able to take over, or else sell its stake to others in the beverage business. Danziger is a good premium brand in a growing global beverage market, but I'd prefer NWOG to go back to concentrating on natural resources.
The way I see it, many traders came in looking for quick money via the buyout and momentum behind that. When that turned into a merger instead, they began leaving. So, the PPS is now near where it was before the buyout news appeared. Unkept promises and deadlines also hurt sentiment.
I think NWOG needs to turn things around by making measurable progress and being more open with shareholders, whether via PRs or its current/new site. Becoming a reporting company again would also help.
BTW, I've been riding freebies and taking some profits along the way. I figure May 2007, when the shares for NWOG management become unrestricted, is their deadline for the AIM/OTCBB; they wouldn't want to cash those in at the current PPS. ;)
The CMF shows some serious accumulation going on since the middle of the month. Might as well join them. :) Even for the amount of C1 oil reserves alone this stock is really undervalued, not to mention the $450M in revenues last year.
Well, we're talking about Latvian government approval of the deal. Maybe NWOG was assured that would happen within November, but there's no guarantee.
Mostly because of new supply troubles, so don't get too excited:
http://biz.yahoo.com/ap/061121/oil_prices.html?.v=11
"The market is due for a bounce, and we're getting some of that," said Tom Bentz, a broker at BNP Paribas Commodity Futures in New York. "Throw in the Alaskan news, and here we go."
The Trans-Alaska Pipeline is flowing at 25 percent of its normal capacity due to high winds, the Alyeska Pipeline Service Co. said late Monday, according to Dow Jones Newswires. Also, there have been shutdowns at ExxonMobil Corp.'s refinery in Baytown, Texas, the country's biggest at 562,500 barrels a day, and Citgo's 156,000 barrel-a-day refinery in Corpus Christie, Texas.
However, analysts don't expect oil prices to jump too high, as doubts remain that OPEC members are reducing oil exports as planned. The Organization of Petroleum Exporting Countries, which is scheduled to meet in Nigeria on Dec. 14, announced an output cut of 1.2 million barrels a day last month. The cartel may make further cuts at its next meeting.
In an interview with Nigeria's This Day newspaper, OPEC President Edmund Daukoru acknowledged that some group members weren't complying with the cut, confirming market suspicions.
Some news about Rosneft and Russian oil in general.
Rosneft net profit in 9M06 rises 43% to $2.9 billion:
http://en.rian.ru/business/20061117/55745900.html
Rosneft, China's Sinopec sign deal to buy Russian oil co.(Udmurtneft):
http://en.rian.ru/russia/20061117/55732887.html
Export duties (taxes) on oil and oil product exports will go down.
Russian govt. to lower oil export duty to $180.7/ton from Dec. 1:
http://en.rian.ru/business/20061117/55745795.html
5 majors to remain in Russia's oil and gas sector-Lukoil CEO:
http://en.rian.ru/business/20061117/55733280.html
Ibreken, NDOL management's 180M shares became unrestricted on 6/15 earlier this year, a year after BTSI bought out Nord Oil:
http://www.sec.gov/Archives/edgar/data/1073785/000114420405020119/0001144204-05-020119-index.htm
Pinkie, the first link was fully copied over, but not the other two. Here they are:
http://www.kommersant.com/p686012/r_1/Belarus_Looks_for_Gas_Elsewhere/
http://www.kommersant.com/p716530/r_500/Crude_deliveries_refining/
Psst...you need to copy the entire links. :)
The 5/11 PRs give USD $450M as NWOG's consolidated revenues for the previous fiscal year, coming partly from production.
The rise to me started with some buying a day before Lebed's email came out. It would have ended sooner if not for the rumor about Parkin's "unbelievable news" coming out in August. IMO.
With this stock it has seemed to me as if rumor has more of an effect than actual news lately.
Remember that rise from just below 0.20 to 0.44? That was mostly from rumor about Parkin's "unbelievable news".
Then a small rise when the Syria refinery news first came out on Kommersant for the parent company, with some believing it applies to our stock and Saratov subsidiary, too.
Then a bigger rise on new rumor of a major PR last week, which finally came out after the bell Tuesday after a small surge in buying in the final hour.
As for why PPS hasn't had more of a rise with the PRs this week? One reason is that none would lead to an immediate benefit to the bottom line, IMO. The refinery eventually will, but not now. Hiring a major Big 4 auditor such as Deloitte & Touche gives NWOG substantial credibility for the long haul, but entails a significant expense. NWOG clearly thinks it can shoulder the costs and recover them from existing and future revenues and savings, though.
Getting Magma would drive the PPS up, as it's already in production, but the deal hasn't been concluded...yet. Increased production of its own would help, and should be reflected in financial filings, here and/or in London.
Getting onto the AIM and/or OTCBB or OTCQX would also be good, as pink traders largely go for momentum versus fundamentals, regardless of the actual nature of the company. That's not to say momentum still isn't an issue on the higher exchanges (the crazy internet tech bubble being one example :p), but fundamentals and full transparency are appreciated much more there, and PPS manipulation by MMs and/or insiders would be reduced. If NWOG were to remain on the pinks, then it should be traded via ADRs with its PPS pegged to a percentage of the full company's PPS on the AIM, IMO.
In the meantime, as long as NWOG is still on the pinks, we'd need a new rumor/news with potential for more to regain buying momentum. Like...Citigroup signs deal to handle NWOG's AIM and OTCBB listing, in return for greater access to Russian market. Profit last quarter jumped 50% from last year's. Syrian refinery will process large % of Syrian and Iraqi oil and lead to annual profits of $$$$ to NWOG. NWOG has begun production from the Nord Oil fields. NWOG signs joint venture deal with Exxon Mobil and Gazprom for Sakhalin project. NWOG will start offering dividends. NWOG gets competing buyout offers from Rosneft, Gazprom, and Lukoil as they scramble for fields. :)
Think about it this way:
Syria wouldn't have given the deal to Creditline if the country doesn't believe it can finish the project. We know the Russian government would love to have a refinery in the Mediterranean area, so it could but may not take as long as 11 years before net profit begins.
I'd like to know exactly what NWOG offered (money? oil? gas?) in exchange for that 63% stake in Creditline, but that would be the only cost at this point.
Earth Quakes Under LUKOIL
Looks like Russia's foreign oil and gas companies aren't the only ones being scrutinized for environmental issues, unless the government wants to remove that impression. At least NWOG isn't mentioned.
http://www.kommersant.com/p712859/r_529/Earth_Quakes_LUKOIL_/
Russian Ministry of Nature begins checking whether subsoil users respect nature-protection laws in the Komi-Permyak Autonomous Area. First of all, the check will concern LUKOIL oil company which might lose 7 licenses. The Ministry said no one will escape the check. Rosneft, Surgutneftegaz, and TNK-VR will also be checked soon.
Russian Ministry of Nature said yesterday that the State Nature Protection Committee, headed by Deputy Minister of Nature Oleg Mitvol, set off for the Komi-Permyak Autonomous Area (Komi). Mitvol is to check whether the geological conditions of mining licenses are fulfilled, and to inspect the state of soil, forest and water resources. “First of all, it concerns the structural subdivisions of LUKOIL,” the Ministry says. It refers to LUKOIL-Komi which has over 50 licenses. LUKOIL’s deposits in Timano-Pechorsk oil-and-gas province, which includes sites in Komi, are about 520 million of metric tons of oil.
The Ministry said it decided to carry out checks after environmental specialists said that “LUKOIL hews down trees without forestage permission, and the damages already amount to millions of dollars”.
The State Nature Protection Committee has already inspected LUKOIL’s activities in Komi, discovering violations on 11 licensed sites: Usinsk (Permo-Carboniferous and Devonian deposits), East-Masteryelsk, Vozeisk, South-Vozeisk (Famennian deposit), Usinsk (Famennian deposit), South-Usinsk, Upper-Vozeisk, Suborsk, Lekkersk, Tabliksk, and Usinsk (part of Permo-Carboniferous deposit). Oil is extracted from the first 2 deposits, while others should be under geological exploration. “LUKOIL has already received a warrant for revocation of licenses for 5 of the deposits. The company should eliminate the discovered deficiencies within 6 months, otherwise the licenses will be recalled. The main flaw is that geological exploration and drilling work is behind schedule,” a source in the Ministry told Kommersant, adding that warrants were given to other 2 sites – Suborsk and Lekkersk, and the deficiencies there should be eliminated within 3 months. “It is already clear the company will not manage to do the entire scope of work preconditioned by the agreement,” the Ministry said. LUKOIL gave the only comment that it strictly abides by the requirements of nature protection laws and “is ready to cooperate with Oleg Mitvol”.
Experts are not surprised by the Nature Protection Committee’s activeness. “Many Russian companies obtained a great number of resources in the 1990s. Meanwhile, they lack means for developing all deposits. They develop most profitable fields, and preserve the rest. Consequently, Russia receives considerably less oil,” said Troika Dialog analyst Valery Nesterov. He does not think that the Nature Ministry’s action is specifically against LUKOIL, adding that licenses have hardly ever been recalled so far. At the same time, however, Russian President Vladimir Putin met with Minister of Nature Yuri Trutnev, announcing that the government “should adopt corresponding resolutions” on the companies that breach license terms.
The Ministry of Nature claims that LUKOIL is just one of the companies to be checked. Minister Trutnev will visit the Khanty-Mansi Autonomous Area on his way to Sakhalin where he is to go together with members of the Prosecutor General’s Office on October 24. The meeting devoted to deficiencies in meeting license agreement requirements will be held there. The Ministry says there already are some “undetermined” claims to Rosneft, Surgutneftegaz, and TNK-VR.
Oilmen to Pass Licenses Easily
It's dated 10/5/06, but applies to NWOG the parent company and its subsidiaries. Licenses can be swapped around more easily among them, and I think NWOG is in that mentioned "group of companies" in the last paragraph:
http://www.kommersant.com/p710396/Oilmen_Licenses/
The lower house of Russia’s parliament, State Duma, passed in the third reading yesterday the amendments to the Subsoil Act that would facilitate handing over licenses for oil fields and deposits of useful minerals and enable to pass them easily from the parent company to its subsidiary and vice versa.
State Duma’s deputies voted Wednesday for amending the Subsoil Act and sanctioned passing licenses “from an entity that is the subsoil user to an entity that is its subsidiary” and vice versa.
Pursuant to the current legislation, the license could be transferred provided one company takes over another or in case of the merger or split-over but if a new entity continues operating under the license agreement. Handing over a license to a subsidiary with all mergers and takeovers duly accomplished may take up to two years today.
The biggest subsoil operators, the oil companies, hailed new amendments. “The news is good,” said LUKOIL spokesman Vladimir Semakov. “There are lots of cases in activities of our company when one of our enterprises has operated on the field, which happens then within the range of actions of another subsidiary.”
The oilmen forecast turnover of licenses will step up once the act is amended. They say that after a while a group of companies will emerge focusing on developing the subsoil that lost its attraction to the biggest companies of the industry.
Claimed Oil Field Said Given to Rosneft
This is in reference to the field near Sakhalin-1 that Exxon Mobil wanted:
http://biz.yahoo.com/ap/060922/russia_shell.html?.v=1
This article shows just how much money is in the RTS (Russian Trading System):
http://seekingalpha.com/article/16185
Russian stocks are approaching $1 trillion in value, an emerging-market record, mostly because of the country's oil and gas industry. The Russian Trading System Index [RTSI] has surged 88 percent over the past 12 months. Russia's market capitalization on Aug. 16 reached a record $946.2 billion, 15 percent larger than South Korea, the next biggest emerging market, at its peak in May, according to data compiled by Bloomberg.
It may be that particular web site just got that 6/20 PR today. o_O
I just use his posts as potential buy signals. :D
Old investor, how did Rosneft get onto the LSE so quickly then? :D As for audited financials, you all can check with the Russian government. Old investor has a bad habit of writing only about the worst of all possible scenarios, but the AIM timetable he has mentioned list only general guidelines to help companies new to the exchange.
If the merger company sticks to the same financial calendar (which ends 6/30) as Nord Oil's pre-merger, we're actually waiting for the 10-KSB, not a 10-QSB. Though not required to file it as a pink sheet company, NDOL/NWOG can file it by the SEC deadline of 9/30/06.
I agree, the denials if true would free up funds for Lukoil to do other projects. The article you quoted originally did look as if Lukoil and Motor Oil weren't denying a buyout but were not confirming it either to Bloomberg News, which suggested a deal in the works. To me as a Lukoil shareholder, that would have been a big news if true. :)
Both Lukoil and Greece's Motor Oil have denied reports of a buyout in the Dow Jones News (two separate articles):
DJ Lukoil: Has No Agreement To Buy Greece's Motor Oil -2-
.
Motor Oil sent a similar statement to the Athens Stock Exchange earlier Wednesday in response to the report, which was repeated by a number of international media.
"There is no agreement regarding the participation of the Russian Lukoil in the share capital of Motor Oil (Hellas) SA," the company said.
Rumors of the deal surfaced after a visit to Greece by a delegation of political and business officials led by Russian President Vladimir Putin earlier in the week.
The delegation was ostensibly in Greece to discuss prospects for an oil pipeline to carry Russian crude from Bulgaria to Alexandroupolis on Greece's Aegean coast, bypassing the bottleneck of the Bosporus Strait.
Lukoil, for its part, has said for years that it is interested in buying refining and marketing assets in Europe.
Company Web site: http://www.lukoil.com
-By Geoffrey T. Smith, Dow Jones Newswires (+7 495) 974 8055; geoffrey.smith@dowjones.com
(END) Dow Jones Newswires
September 06, 2006 10:52 ET (14:52 GMT)
Copyright (c) 2006 Dow Jones & Company, Inc.- - 10 52 AM EDT 09-06-06
DJ LukOil: Greek Refining Assets Buy Rumours Incorrect
.
Edited Press Release
LONDON (Dow Jones)--LukOil (OAO) said Wednesday that rumours in mass media that it has allegedly made specific agreements on purchasing Greek refining assets, the company officially declares that such information is incorrect and misleads the participants of the financial market.
In the meantime, it is constantly considering a wide range of projects on developing its activity both in Russia and abroad.
(END) Dow Jones Newswires
September 06, 2006 10:27 ET (14:27 GMT)
Copyright (c) 2006 Dow Jones & Company, Inc.- - 10 27 AM EDT 09-06-06
Bige2533, correct me if I'm wrong, but aren't non-accelerated filers allowed up to 90 days to file a 10-K or 10-KSB?
I'm going by the 2006 SEC calendar, but keeping in mind that Nord's original fiscal year ends on 6/30, not 12/31:
http://www.sec-edgar.com/2006-calendar.pdf