This is a real ‘shocker’ and I urge all Andalas Energy & Power (LON: ADL) holders to contact the Nomad and ask just what the fuck is going on?
My information which I wish to now place into the public domain has come directly from my Indonesian oil & gas contacts who have spoken several times and met in person, Mr. Adiatmo Sarjito,
Mr. Sarajito is the VP Corporate Secretary (communications) of PT Pertamina (Persoro). The National State Oil & Gas company of Indonesia.
Mr Adiatmo Sarjito is willing to speak to the Aim Regulator and the ADL Nomad and will confirm that there is no Agreement/s between Andalas Energy & Power and PT Pertamina (Persoro) at the National level there is no record of any such agreement as announced on the 1st September 2016, within the Head office. PT Pertamina (Persoro) have no knowledge of Mr David Whitby and were completely unaware of Andalas Energy, indeed Mr Sarajito has never heard of them and did not know of their existence.
Furthermore, Mr Sarajito has stated that Pertamina does not recogonize/make Joint Development Agreements. This is at odds with what Whitby stated in the 1 Sept’ 2016 RNS. You will find there are material in-accuracies in what Andalas have once again deliberately spoon-fed share-holders and the market. These are blatant lies. You can read that RNS HERE. Andalas have deliberately miss-lead. A suspension of the Company is needed to protect share-holders.
Mr. Sarajito has spoken to the General Manager of Pertamina Jambi . What was reported back to him : was thus: “Andalas has been in talks ( only ) with Pertamina EP Jambi to explore the possibility to buy Gas from one of various SMALL WELLHEADS, size around 5-77bcf, producing 1mmscfd! And, that is only for approx 5MW of Power generation the Wellhead in question is known as PUSPA. Again it is just ongoing discussions”
The talks were for ADL to BUY the Gas. So : ADL is aiming to negotiate a GasSales Agreement . So: 1mm Gas for a 5MW Power Gen. NOT 30MW. The company cannot get a Gas Sales Agreement because they do not have the facilities to store the gas. A gas storage facility costs between $2M-$3M.
The ‘agreement’ RNS’d on 1 Sept’ 2016 was not a PARTNERSHIP with PT Pertamina (Persoro) it was some kind of non-material loose regional Heads of Terms, that was for 12 months. That 12 months is now up. There has been no information on the current status of such. Why? It is my belief that they are deliberately with-holding the status of this HOT in-order not to cause problems for todays EGM where another 4,000,000,000 shares will be voted into existence.
The ‘Corporate Secretary’, Mr. Sarajito has agreed that I can officially disclose my discussion to parties in London. i.e Aim Regulation, The FCA and the ADL Nomad.
The above authorities have been updated and can contact via the address/email or telephone number provided. Once contacted I will connect them directly with the ‘Corporate Secretary’ Mr Sarajito. I can assure you all that this conference call will result in the suspension or censure of Andalas Energy.
It’s time for Andalas share-holders to get active and demand action and answers from the Board. Genuine share-holders have been lead a merry dance by the likes of CEO David Whitby and the directors. They been have mis-lead and lied too. It is now time for all, regardless of their personal feelings to put away their differences and band together in the spirit of unity to force change.
Everyone involved as a share-holder knows the many,many duplicitious deeds that the Charlatans running Andalas have perpetrated. The dilution, the destruction of share value, the lies, the syphoning off of shareholder cash and not least the so called assets that always vapourise into nothing!
The opportunity is now here for ALL genuine holders to join up, become active and agitate through share-holder activism for change.
If we don’t then there’s a real possibility that Andalas will delist and or go into administration. There’s no cash whatsoever left. They’ve fooked over £5,000,000 of cash. Where has it gone?
Today I expose the truly dreadful deceits perpetrated by the well known Aussie’ Shysters Controlling Andalas Energy & Power (LON: ADL). I urge every ADL Muppet, Poltroon and ‘Melt’ as well as Genuine Investors/Traders to read this and take a look at the RUPTL Indonesian National Electricity Plan at the end of this article.
The sooner you all come to terms with the Truth the Better. You have been sold a ‘pup’.
At 8am today a full complaint was lodged with ALL the relevant authorities. The Nomad Cantor Fitzgerald, they of African Potash infamy, have failed once again to pick up on the true situation within ADL. The company are bust and attempting to artificially inflate their SP prior to placing.
Open Letter to Aim Regulation and The Financial Conduct Authority
The Andalas Energy & Power Fraud.
Dear Sir/Madam
I wish to bring to your attention what I believe and documentary evidence as well as Indonesian sources supports, a deception/fraud that is being perpetrated by Andalas Energy & Power (LON: ADL) a London listed Alternative Investment Company. This is very serious.
On the 8th August 2017 Andalas released an RNS to the market and investors that contained material inaccuracies regarding a Jambi 1 Independent Power Plant (IPP) to be constructed in the Indonesian province of Jambi, termed ‘Jambi 1 IPP’.
On investigation by myself and others it is apparent that no ‘Jambi 1 IPP’ exists in Indonesia at any government, national or regional level or within any state-owned company in any way shape or form. In order for one to exist it has to be registered on the RUPTL which is the Indonesian Government National Electricity Plan. A copy of the National Electricity Plan is attached, you’ll note that there is no ‘Jambi 1 IPP’ listed. Indeed, there is no entry on the Regional (Jambi) Electricity Plan which must follow the National Electricity Plan.
There is only one 30 MW IPP listed and that is PAYOSELINCAH which is owned by the state run Electricity company PLN. The date of construction is 2020.
The agreement trumpeted out on 8th August was, like other RNS’s released by Andalas, an attempt to artificially inflate their share price so that they could raise cash. The number of shares traded on 8th August was circa 1,000,000,000, the share price rose some 65%. This also needs to be investigated.
Investors daft enough to have bought stock have been misled in many respects insofar as how an IPP is progressed to its ultimate conclusion. The deliberate omissions of the structure, regulatory and funding requirements of progressing an IPP in Indonesia as well as the inferences of how this agreement would bring value to shareholders and the company is wholesale market abuse. The CEO of Andalas, Whitby, has stated that the construction of ‘Jambi 1 IPP’ can bring in revenues of $10,000,000 per annum for the next 20yrs. This is yet another desperate attempt by Andalas to mislead investors so that they can get away a placing.
RUPTL Indonesian National Electricity Plan up to 2026. Where is ‘Jambi 1 IPP?’
I repeat no ‘Jambi 1 IPP’ exists in any way shape or form on official government registers, national plans or state-owned companies, other than the newly formed small subsidiary PPE which has just started into Upstream Investments. The agreement isn’t with the State-Owned Construction Company, PT PP (Persero) Tbk, it’s with a very and I mean a very small newly formed subsidiary. It has been confirmed to me that Indonesian Due Diligence performed by the ‘Sub’ has only considered that Andalas are a London listed company. That is, it. The subsidiary and the national state-owned construction company as well as Pertamina and PLN the state-owned electricity company, are not aware that Andalas Energy do not have the funds to progress a sweetie shop, let alone 49% of a $25,000,000-$30,000,000 IPP funding requirement.
The progression of the non-existent ‘Jambi 1 IPP’ in Indonesia is wholly dependent on funding. No deal struck with PPE can advance because their partner Andalas Energy has no cash. Andalas must have known this.
At the time of writing ADL have less than £100,000. As well as an outstanding £600,000 loan note that keeps having to be extended at £50,000 per ‘pop’ to keep the holder of the Loan Note, Sandabel Capital, at bay, not to mention the usual costs incurred by an AIM listed company. For any company to enter into an agreement that they do not and never will have the finances to fund is fraud. Andalas are insolvent.
A 49% funding requirement for the ‘project that doesn’t exist’ is $12,500,000- $15,000,000. Money that ADL simply do not have and never will have. Ergo it is a bogus RNS specifically designed, like many other ADL RNS’s, to artificially inflate their share price adding momentum to the SP so that they can raise cash. It is disingenuous and highly misleading for the company to suggest that this is a ‘Value trigger’. Andalas know full well that this is not the case.
The regulatory hoops in Indonesia require a KSO contract with Pertamina as well as a bank guarantee and a down payment to Pertamina. In-order to get the KSO Andalas have to prove that they have their 49% of funds in place. If ADL can’t get a KSO agreement with Pertamina then they have to obtain a Gas Trading Licence from SKKMIGAS to buy gas from Pertamina. Again, proof of funds is needed, as is a gas storage facility costing $2M-$3M. With no funds, they can’t approach Pertamina to buy gas, which again is dependent on proof of their funding as well as a fully funded completed feasibility study. No funding means, no KSO, no deal with Pertamina, no deal with PPE, no deal with PTPP, no gas sales licence and certainly no deal with PLN. That is the stark reality of the situation as of today. Andalas deliberately misled by omission on the above.
Furthermore, if Andalas won the euro millions and were awash with cash and could progress the fantasy that is ‘Jambi 1 IPP’ on passing and jumping through all the hoops the project would then, under Indonesian National laws go out to public tender. That is to say that ADL would then have to openly bid against any and all other companies to secure the rights to the ‘Non-existent Jambi 1 IPP’.
Whitby has stated that ‘The project is expected to qualify for direct appointment (i.e. without public tender) under Regulation No. 11/2017’ this is sheer fantasy and highly misleading as regulation No 11/2017 has four prior conditions which must be met in-order to avoid Public Tender which are thus;
1/ The natural gas price shall not exceed 8% ICP/MMBTU;
2/ The period of the guarantee of availability of natural gas should be equal to the period included in the SPA’s sale and purchase provision;
3/ Power plant investment cost calculation shall be depreciated with a minimum period of 20 years;
4/ Efficiency of the electric power and the specific fuel consumption (SFC) shall be equivalent to a high-speed diesel (HSD) of 0,25 liter/kWh.
None of those four conditions can be extrapolated several years ahead. Especially the natural gas price NOT exceeding 8% ICP/MMBTU. If you could extrapolate this one condition alone with any degree of certainty several years prior you’d be a multi billionaire! The ‘project’ cannot be “expected to qualify”, that is subjective supposition and yet again highly misleading, based on a crystal ball mentality. Andalas must know this and have not declared it.
As for the timeline of 2019, it’s my understanding from very well placed Indonesian sources, that this could not happen in 2019. It would be after 2020 at the very earliest. The reason for this is that it doesn’t exist on the RUPTL and could never get on the RUPTL until at least 2020. Andalas must have known this.
I now turn to the role of the Nominated Advisor (Nomad) Cantor Fitzgerald. Firstly, I must make it clear that I do not seek to apportion blame, merely to assist Cantor in understanding why they failed to pick up on all the above. I believe that just like the shareholders, the Broker and the Loan Note Holder Sandabel Capital, Cantors have been spoon fed misleading information that could only have been discovered by a ‘physical presence’ in Indonesia, Jakarta and Sumatra as well as the correct contacts within the Indonesian oil & gas community. Cantor Fitzgerald are on the whole victims of a complex series of deliberate manipulations.
Nevertheless, you as the regulators need to compel Cantors to explain why their safeguards and due diligence failed to pick up that ‘Jambi 1 IPP’ does not exist and has never existed as well as the deliberate misleading claims by Andalas. The questions are myriad and I do not propose to go through them, suffice it to say that a full in-depth investigation by the Nomad with the appropriate action taken to safeguard not only shareholders but the integrity of the AIM is now warranted.
At the very least Cantor Fitzgerald should make direct contact with the State owned Indonesian companies; Pertamina, PLN, PT PP (Persero) Tbk and their subsidiary PPE to seek clarification. Not least informing each party that Andalas Energy & Power does not have the funds and will never have the funds to build an IPP.
They should also clarify exactly what each company does or does not know about a ‘Jambi 1 IPP’ and what Indonesian regulatory National procedures with finances and timelines required to advance an IPP.
At the same time action needs to be taken to protect stakeholders and shareholders against further “Neville Chamberlain” pieces of paper of which there have been many, promising the earth and delivering nothing, as well as a thorough re-visitation and examination of all past agreements that have never amounted to anything other than failure to deliver, not so much as a ‘Hill of Beans’ but have facilitated highly dilutive capital raisings which have allowed the corporate shysters controlling Andalas to fill their pockets with UK share-holder cash.
My conclusion and opinions on Andalas Energy are well known. What we have here is a bunch of Aussie’ corporate shysters who think they are smart enough to manipulate and fool the Indonesian Authorities as well as the UK London Stock Market using deceptions and highly misleading claims.
Daniel Levi
RUPTL Indonesian National Electricity Plan up to 2026 Where is ‘Jambi 1 IPP?’
Just when Nostra Terra share holders think that it can’t get any worse it does. Today I expose what must be one of the most disgraceful and deceitful episodes in the history of the Alternative Investment Market and the codes of practice that CEO’s should adhere to and what the AIM regulators are there to enforce.
It is quite frankly an absolute fucking disgrace. It ranks as yet another low point in the history of the Nostra Terra shorting CEO and bare-faced liar Matt Lofgran. I take no pleasure whatsoever in exposing these ‘practices’ and do so solely as a warning to all those currently holding or looking to buy stock in this POS. If you are a Nostra Terra Share holder then you need to contact the company and the Nomad and the AIM regulation team and seek answers.
Documentation forwarded to this site has now been proven to be genuine.
Secret Cash Payments.
The CEO of Nostra Terra Oil and gas has been making ‘Secret Cash Payments’ of possibly tens of thousands of pounds to a well known internet scumbag to attack his own share-holders who had formed a share-holder action group, and to ramp his company via social media. This is wholesale market abuse and the AIM regulator now needs to step in and clarify exactly what has gone on here. The scumbag in question is Matthew Benjamin Turney, aka Ben Turney.
Emails seen by this site provide compelling evidence that thousands of pounds maybe tens of thousands of pounds have been filtered out of Nostra Terra to Turney. Those emails are emails from Matt Lofgran condemned by his own words. Copy’s are below for all to read.
Lofgran was suckered into making those admissions via a fake Ben Turney email address. The emails were forwarded to me. It has taken a long time to prove their authenticity. Which is 100% now proven.
Drug Dealer Took Cash to Ramp & Attack NTOG Shareholders
Lofgran admits that he has told no one but may have told the nomad. That Nomad has since parted ways, as the time of the Faustian Pact’ was way back in 2015. Lofgran also goes on to state that there’s no paperwork on the secret payments to Turney. “I don’t think we even have a consultancy agreement in place” four minutes later he confesses “By the way, never told anyone any amount”.
Questions now need to be answered and answered openly. The inference from those admissions is that the Board of Directors have been kept in the dark regarding secret cash payments to a well known failed businessman, self styled Private Investigator and former legal highs (Illegal Now) drug dealer, a man who chuckles at selling poisonous chemicals to teenagers, chemicals deemed unfit for human consumption and now punishable by up to 10 years imprisonment. When was this pact entered into? How much has been paid? How was it paid? Did Lofgran pay it personally? Did Lofgran use share holder money? Are there any ‘other such ‘pacts’ with other people? Why was there no paperwork? Why was the BOD kept ignorant? Are payments still being made? These are but a small selection of valid questions that must be answered. Make no mistake these are breaches of FCA guidelines and regulations. Lofgran needs to answer!You can read them HERE
Turney has openly attacked the share holder action group on bulletin Boards, his twitter feed is a litany of NTOG ramptasic horse shite. Paid promotion on behalf of the company. He has consistently promoted NTOG yet he has failed to declare that he has been receiving thousands of pounds of cash from the company. That itself is an abuse. Let alone Lofgran’s corporate failure to adhere to FCA guidance/regulations. Has Turney used Teathers Financial as a conduit for these secret payments? Has the money gone into Teathers or has it gone into his pocket? Again there is a myriad of questions that Turney needs to answer.
Silence
Both individuals have been contacted by myself many times, both have remained ‘silent’ this is the silence of people with something to hide.
Part of those requests also asked about Mr Michael Whitlow, aka Doc Holiday, if he had any financial involvement with Nostra. Mr Whitlow is mentioned by Lofgran in the emails, however much I dislike Whitlow,I do not believe a word this man says, after having personally met him several weeks ago he assured me that he had received no money directly or indirectly from NTOG. Evidentially there is no concrete proof linking him to this ‘Devils Pact’. So Michael gets the benefit of the doubt until such time as there is or isn’t proof.
I also spoke to many sources one of which confirmed to me that they knew Turney was taking ‘backhanders’ or payments from Lofgran/Nostra.
If I was a Nostra shareholder I’d be demanding answers. This is an absolute scandal and it needs to be addressed immediately with a full explanation to the market, the Nomad, shareholders and the NTOG BOD.
Lofgran has to resign. Nothing else is acceptable. It’s over to the drug dealer and the shorting CEO for their response.
Viva
Daniel
Damning emails. Slam Dunk! Below!
@*****.***> wrote:
>
> Matt
>
> Have you discussed the consultancy agreement and the fees with anyone outside of the Company recently?
>
> I’ve received 3 emails. One’s fairly accurate. Doc and I are concerned.
>
> Ben
On Mon, May 8, 2017 at 7:11 AM, Matt Lofgran <[email protected]> wrote:
No.
I think the only ones I ever told were the Nomad. Not sure if I ever told the broker.
By the way, I don’t think we even have a consultancy agreement in place.
On Mon, May 8, 2017 at 7:15 AM, Matt Lofgran <[email protected]> wrote:
It really is galling to read the latest ramptastic pre-placing guff coming out of Andalas Energy (LON: ADL). They’ve signed yet another ‘piece of paper’ this time not unlike the last ‘piece of paper’ it’s with the state owned construction and engineering company, to jointly develop gas fired power facilities (“IPPs”) in Indonesia.
Of course there’s no mention whatsoever of the costings. Now you’d think that when you enter into an agreement jointly then the capital expenditure would be jointly financed. At least that’s how it usually works in the world of real business. A joint enterprise requires joint funding. Not so in the world of the ramptastic Andalas NO Energy No Power & certainly NO Money… The deliberate omission of the required Capital Expenditure is yet another attempt, and lets face it there’s been so many, to befuddle retail muppets, who like all muppets rushed in on this news. Some bought at 58% into the RAMP and got would you Adam & Eve it spiked ouch!!!
The whole history here is of lies and deceits. You’ll all recall the millions raised on the back of Tuba Obi Gas project commonly known as TOE. They gave it back to Pertamina. The contract expired in May this year. But Whitby the scumbag told investors it was all part of the wider plan etc. etc. etc. “As our recent project submission and project inventory updates attest, our cooperation with Pertamina continues to strengthen, therefore rather than focus our resources on developing a single smaller gas to power project at TOE, we are focussed on continuing the momentum we have in developing a portfolio of at least five projects with Pertamina that each have the ability to add significant value.” Tuba Obi East went back to PERTAMINA because Andalas had no money and couldn’t progress. TOE was due to expire in May.That is a 100% fact confirmed by my Indonesian sources who spoke to Pertamina yesterday.
Laughing Idiot. Chuckles all the way to his bank ..
As of today Andalas Energy have no assets whatsoever in Indonesia. That is an absolute disgrace. Hey but at least they’ve got exactly what shareholders have; signed pieces of worthless paper…..
Yet the company have squandered millions upon millions placed upon placed, diluted upon diluted. Not too mention the amount of times Andalas has been suspended…. The only people making money here are Whitby, Gorringe & co. Bucket shop brokers and the corporate jackals. Oh and lets not forget the $500,000 that vanished into Whitby/Gorringes pockets at Corsair Petroleum. Remember it was half a million dollars in two loans that carried 5% interest. They never came back to ADL! You can read all about it HERE
This Company are running on ‘methane’ vapour. Cash has gone. It is close to insolvency. Indeed it is insolvent liabilities by far out stretch cash & assets. Oh they don’t have any assets…. Placing or Administration its either one or the other.
News has reached guerrilla investing that a Huge Discounted Placing is now underway by the shysters at Andalas Energy (LON: ADL). Bucket shops are a buzz spinning and flipping out the latest ‘jackanory’ to the gullible retail investor. Sucker lists are being dusted off and Suckers are being enticed and befuddled. I’ve warned many times on this POS and each and every time this site, along with others, has been proven correct. The Company are an utter disgrace. The placing price being touted around is 0.06p. That represents a 40% discount on 0.010p which would need an 80% rise to get back where it was pre Placing. This company are a pump & dump nightmare.
If you’re holding this stock you’re about too, as I said in the Jekyll & Hyde video, which can be viewed below, GET SHAFTED!!! Take yet another one for Team Whitby, they’ve creamed it in and told so many lies that Billy Liar looks like a man of truth!!!
I had a good giggle at their latest RNS ON ‘Tuba Obi East’ (“TOE”) You’ll all recall that these piss poor ARSetts were used to raise millions. Now ADL cant progress them they’ve had to give them BACK to Pertamina.
The latest spin story, obviously being touted to the gullible, to raise cash, is ‘Wellhead IPP project development’. How many times have the goalposts been moved here? Each and every time the begging bowl is passed around. The company are a Piece of Shit. Run by corporate shysters. Stay well away!
Another giggle is the ‘Traveling with Simon’ Blog. This was trumpeted out last year. ‘Simong’ is keeping a blog on the ADL website, of all his traveling. Problem is it’s not been updated or referred to since the day it was launched. He doesn’t seem to have travelled anywhere, except to his bank to check ADL fees LOL!
What wheeze next will the shysters come up with? How about; Dave Whitby decides to return all the cash rinsed out of THE COMPANY PARTICULARLY THE $500,000 That he and Simong rinsed out via Corsair Petroleum!
Remember PLACING CALLED 0.06p Get the *”*”* out!
Or as Bruce Willis/Vin Diesel’ look alike Daniel Levi would say; ‘Run like fook and don’t look back!’
Can it get any worse at the POS that is Nostra Terra Oil & Gas (LON: NTOG)? The answer to that question always seems to be ‘Yes’. The Company are consistent in one respect. That is failure. Nostra are a serial failure run by an Ex estate agent from the USA. Who doesn’t have the Deal Flow, expertise or the common sense to run a small oil company. He’s totally out of his depth. Come on down the shorting CEO Matt Lofgran. Not only has Lofgran lied regarding stock ‘loaned to YA Global (the well known shorting crew) he has consistently with-held market sensitive information most notably on their 25% in the nightmare that is East Ghazalat in Egypt. Readers of Guerilla Investing will be all too aware of the disaster that has unfolded.
Sources indicated to this website a travesty of gargantuan proportions…. Production has now more than halved, not so much as a peep out of Lofgran regarding the steep decline in oil. No revenue has been received, ever! Pump jacks have failed on some of the wells, again not so much as a peep, cash calls from North, the Chinese operator, have gone unpaid by Nostra Terra, an Oil field service Company (Lufkin) was owed close to $1,000,000 in January 2016 and had refused to supply any additional equipment. The JV has basically accused the Chinese operator of Fraud. They’ve also accused them of technically poor work!
Currently Nostra Terra are in full default for a sum that is way in excess of monies owed to them. Nostra refuse to recognise the default. It’s a case of the tail trying to wag the dog. You do not go in guns blazing dictating to a National Chinese Oil Company demanding that they justify their track record, employees, costs and expenses while at the same time telling them that their technical ability is ‘shit‘. It is a clusterfuck of epic proportions and it will only end in tears for any one daft enough to keep holding this stock. Of course you could wait for the collection of stripper wells that is Pine Mills, to come good. Yet another batch of sucked dry piss poor assets used to flesh out and divert attention from this shitty aim disaster! Or you could wait for the next Placing, The recent one had to go cap in hand to pump & dumpers who paid 2p per share. Of course these are now ALL underwater! lol! Karma….. If I was them I’d cut my losses and get the fook out…..
North has now questioned the legality of the consortium. A notice of default was served on them by their Chinese Operator on 17th January 2016. Nostra hadn’t paid a single bean since November 2015. That position has not changed. The Nostra Terra JV owes millions of dollars in unpaid cash calls to North!North are deliberately allowing East Ghazalat to run down because the JV is not paying its share of the costs. Adding insult to injury Nostra and their JV partners have tried to replace North as the operator!!! You can’t treat a National Chinese Oil Company like this!
In January 2016 the General Manager of PetroSafwa clearly stated the asset was loss making unless the price of oil was $70 per barrel or higher!!!PetroSafwa are the joint venture operating company!!!
Of course all of this has been deliberately keep from Nostra share-holders. It’s a bomb shell Lofgran has hidden from the market! Nostra Terra are out of control and in the grip of Pump & Dumpers….
With the re-launch of Independent Resources as Echo Energy (Echo Energy (LON: ECHO) there was a chance that this major disaster could have been resolved. Echo have bigger and better things to progress with their time and have washed their hands of the whole Egyptian Nightmare. It’s known that they are actively in negotiation’s to off load East Ghazalat asap!
It will take a new JV partner whose not tainted with the NTOG association to sort this out. There’s no chance, after close on 18 months, that Lofgran, whose responsible for the failure can do it. He should resign immediately.
Just when you think life at the disgraceful Nostra Terra Oil & Gas (LON: NTOG) couldn’t get any worse yesterday they announced a keep the lights on placing for £500,000 part of that embarrassing ‘barrel scrap’ is being raised through the Teathers crAp oops sorry the Teathers App. What that should tell investors is that Nostra Terra is ‘out of control’. The current Board of directors are a joke. Where is the independent oversight from the Board? Having to go cap in hand to a busted Company for a bail out placing!
Placing
I’ve consistently warned people that they were after a placing. Indeed it was this site that exposed their last cack handed placing that cratered Read HERE. You know the one where Lofgran said; “A placing of new stock was in contemplation on 17 February 2017 but that the board of Nostra Terra has decided now not to proceed with the placing” the truth of that was this. They couldn’t raise the cash because there was no appetite and the share price had gone below the placing price. It blew up!
Leaking of Inside Information
It’s blatantly apparent from yesterdays drop in the SP prior to the after market close RNS that NTOG is being influenced by well known Pumpers & Dumpers. Matt Lofgran, a man who has deceived investors for years and even loaned HIS stock to YA Global to short his own Company to the detriment of his own share-holders, has lost control of the Company. That drop in SP was a leaking of inside information on the placing. It should be investigated.
When a CEO, who is mired in controversy, has to rely on such desperate measures as using an online App to raise cash, at a discount and throw warrants in to pull them out of the financial cess-pit to keep the lights on for another 3 months then the end is nigh folks…. 12 people used the App! Who were those people? P&Ders! It is bankrupt morally and even more importantly close to financial ruin. There is very little left in the kitty. It is close to Bankruptcy. Where has all the money gone? £500K will get them another 3/4 months before they have to raise capital yet again at a discount. Investors have lost count of the amount of placings this POS has done. The figure in pounds sterling must be in the tens of millions. The erosion of value here is running close to 90% post consolidation which doesn’t take into account the previous dilution over 7 years. It is horrendous. It is a scandal. The regulators should step in and close it down.
The Egyptian Nightmare.
NTOG Investors Sucked Dry!
The failure of Lofgran to inform the market that production from Egypt has halved is yet another pointer as to the duplicity of this Company. That is market sensitive news that should have been released months ago. It is deliberately being with-held to keep their share-price up. Nostra’s 25% East Ghazalat production has more than halved from 220 bopd to approx. 100bopd. No revenue whatsoever has come from Egypt. The Chinese operators are claiming drilling costs that by far exceed any revenues owed. Nostra Terra are in Default.
Bomb Shell
However it’s only going to get much worse. News has reached me that shareholder cash has been used to pay online known internet Troll/s to deliberately attack their own share-holders who have a right to question the omnishambles that is Nostra Terra. This is absolutely disgusting! Share-holder money is being used to attack their own share-holders. I have contacted NTOG and the parties involved via email. Their failure to respond speaks volumes. I will give the Company and the parties involved till Monday 24th of April 2017 to clarify exactly what has happened. If no reply is received then I will drop the bomb and expose all.
Anyone holding stock in this POS should cut and run and get as far away as is humanly possible before the next P&D and the next placing. Protect your cash, take a loss now as it’s only going to get much harder to exit. I see no value whatsoever other than shell value. Their liabilities and historical losses by far out weigh the market cap’. 1p is generous.
This is a real ‘shocker’ and I urge all Andalas Energy & Power (LON: ADL) holders to contact the Nomad and ask just what the fuck is going on?
Viva
