As most of you already know Nostra Terra Oil & Gas (LON; NTOG) CEO Matt Lofgran is now mired in a shorting scandal. That scandal in a nutshell is thus; Lofgran borrowed money from Yorkville (Known Death Spiral Shorters) to buy shares. Having bought the shares he then lent some of them to Yorkville. Yorkville shorted those shares using the CEO’s loaned stock and when they closed their short positions returned some (but not all) of the shares back to Matt. The shares which Yorkville kept they sold and ML didn’t have to repay the loan he took out. Not one single penny came from Lofgran.
At the time of the shorting Lofgran was heavily promoting NTOG. Knowing full well that Yorkville/YA Global were shorting them using his ‘loaned stock’. At the time of the warrant exercise Lofgran stood to make close to £1,000,000. In the RNS of 7th October 2013 Lofgran again lied to the market, which declared an increase in Lofgran’s holdings of 83,956,296 when in fact his holding had decreased by 71,043,704. You can confirm that HERELoaning 155,000,000 shares then getting back 83,956,296 shares isn’t an increase in your holdings it is a DECREASE.
There are other details / strands to the story not highlighted above, but in a nutshell ML facilitated and was complicit in the shorting of NTOG for his own personal financial gain to the financial detriment of shareholders. You can read the facts HERE That makes his position as CEO UNTENABLE. He has to RESIGN.
Now some where along the line over the last few days, Nostra Terra contacted Tom Winnifrith or TW contacted them. In their attempts to spin their way out via a damage limitation exercise. It matters not who initiated. Listening to Tom’s bearcast yesterday, on ShareProphets which you can HEAR HERE. It became apparent that TW had not cross-referenced the evidence against Lofgran before coming out to back him. He had taken the word of NTOG/Yorkville as the truth. After an email string of 28 emails between myself and Winnifrith the penny finally dropped. He now has some of that evidence. I have written confirmation from the FCA that Yorkville/YA Global placed those shorts and that those shorts were LIVE. Whoever from Nostra and Yorkville it was that tried to mug Winnifrith off with lies regarding the Yorkville shorts should take note.
A pissed off Tom Winnifrith is not a man any tiddler on the AIM casino can afford. Lying to cover up lies never works. Winnifrith is far more adept and experienced than myself at exposing corruption.
Shareholders should be under no illusions, these are gravely serious matters and ones which require due attention by the relevant authorities.
Contravention of Directors’ duties:
The nature of the transactions / events are in contravention of the legal and fiduciary duties which the director(s) involved have toward the shareholders of the company. I refer in particular to (but not limited to) Sections 171-177 of Companies Act 2006.
Further, and for the avoidance of doubt, it is considered that the CEO had established ‘special factual relationship’ with the shareholders in this case. It is apparent he held a duty of disclosure of material facts to the shareholders and that he had an obligation to use commercial and financial opportunities, which had been acquired by him in office, for the benefit of the shareholders, and not to prefer and promote his own interests at the expense of the shareholders.
Prior to the provision of the personal loan, YA had signed a SEDA with NTOG. It is understood that because the market price had subsequently fallen below floor price per the SEDA agreement, YA was unable to execute on the SEDA. The Loan Shares were used instead as a mechanism to enable YA to secure NTOG equity, leading to their shorting the stock.
The apparent misalignment of the interests of ML with those of the shareholders. ML made personal gains (he profited from being able to exercise warrants because of the finance provided by YA, who in turn profited by using the shares he provided to destroy company and share holder value) whilst the share price dropped c. 30% during a year in which the oil price increased c. 20%;
Share holders are now calling for an RNS from Nostra to do what they have been trying to do behind the scenes and that is to explain exactly what went on. Winnifrith has now asked for the Company to issue a statement and inferred that if the facts are as set out then Lofgran has to Resign. I have to tell investors that no RNS or statement will come. Because Nostra/Lofgran would have to impugn the integrity of the FCA. In other words they would have to call the FCA liars. The facts are crystal clear. Yorkville/YA Global placed shorts on Nostra using the CEO’s ‘Loaned Stock’ Lofgran made huge personal financial gains and was complicit in that shorting, furthermore Lofgran yet again deceived the market in the Holdings RNS of 7th October 2013.
In my experience, when CEO’s are exposed for malfeasance within their Company they will twist and turn at every opportunity to try to deflect away from that malfeasance. Which is exactly what’s happening right now.
There will be no RNS because Lofran cannot get the FCA to lie. And it is only official FCA confirmation that counts, such as the official FCA confirmation that I have in my possession that confirms that Yorkville/YA Global placed those shorts and those shorts were LIVE.
Quiet week this week. But it’s going to hot up soon enough at Lenigas & Oil! Fantastic story developing. Eyes on UKOG!
Empyrean Energy (LON: EME)
Released a strange one this week. It is launching a review of strategic options open to the Company to maximise value for shareholders. They’ve basically called Takeover without any takeover actually occurring. They’ve put the whole company up for sale! You can read the RNS HERE
Faroe Petroleum (LON: FPM)
Duster! Centrica-operated Butch South West exploration well 8/10-6S no hydrocarbons were encountered. Oil strike! The Bue side-track well (6406/12-3 A) was drilled to a depth of 3,656.5 metres below sea level, 2.1 kilometres north east of the Pil discovery well 6406/12-3 S. The objective was to investigate the extent, thickness and reservoir properties in the Middle and Upper Jurassic reservoirs in the Bue prospect and to establish the pressure regime and hydrocarbon/water contact. The well encountered an 18 metre hydrocarbon column in reservoir rocks of variable quality. Pressure data indicates no communication between the Pil and Bue discoveries and Bue has therefore proven a separate accumulation of hydrocarbons. An extensive data acquisition programme was carried out including a fluid sample and the operator’s preliminary estimate of the gross size of the Bue discovery is between 6 and 25 million barrels of recoverable oil equivalent In addition, following the Pil side-track, which encountered a gross hydrocarbon-bearing reservoir section with approximately 80 metres of oil in the Upper Jurassic reservoir of the Rogn Formation, the operator of the licence, VNG, has advised the partners of an updated gross recoverable resources range estimate for the Pil discovery of 72 to 172 mmboe (18 to 43 mmboe net to Faroe), up from a previous gross recoverable resource range estimate of 50 to 170 mmboe.
Fastnet Oil & Gas (LON: FAST)
Announces that its wholly owned subsidiary Pathfinder Hydrocarbon Ventures has entered into an amended exclusive option agreement with Oil and Gas Investments Funds, in relation to eight Exploration Permits comprising the Tendrara Lakbir Petroleum Agreement onshore Morocco. Following substantive negotiations with its partner OGIF, Fastnet has secured improved commercial terms from those previously announced on 29 May 2013.
Forum Energy (LON: FEP)
A UK incorporated oil & gas exploration and production company confirms that the Philippine Department of Energy has granted the Company’s request for an extension to the second sub-phase of Service Contract 72. The deadline for completion of the second sub-phase, comprising the drilling of two appraisal wells, has now been extended by one year to 15 August 2016; Further details regarding the Company’s plans for SC72 will be made in due course, as and when appropriate.
Frontera Resources (LON: FRR)
Announced that it has begun the start of a new drilling campaign at the Mtsare Khevi Gas Complex in the country of Georgia. Location construction for well #32a will commence shortly and drilling is expected to commence during the month of August. The well will take approx. 15 days to reach total depth. Well #32a is planned to be drilled to a depth of approx. 400 metres and is designed to continue to explore and expand the identified gas potential associated with the Mtsare Khevi Gas Complex. Gas production operations have continued since commencement in April and are delivering gas to Georgia’s national grid via the Company’s gas gathering/processing facilities and associated 14 kilometer transportation system. This system accommodates gas production at a planned rate of approx. 2 million cubic feet per day of gas.
Ithaca Energy (LON: IAE)
A production update following the end of the second quarter of the year came this week. Average pro-forma production in Q2-2014 was approximately 14,400 barrels of oil equivalent per day (“boepd”), 94% oil, including the contribution from the assets being acquired from Sumitomo Corporation. This performance is in line with the Company’s pro-forma 2014 production guidance range of 13,500 to 15,500 boepd.
Leni Gas & Oil (LON: LGO)
It’s just going to get better and better for David Lenigas & Neil Ritson at the LGO Trinidad drills! The fourth of its planned Goudron development wells, GY-667, was successfully spudded yesterday at 1530 hrs and is now drilling ahead in the Goudron Sandstones. The well is being drilled as a deviated hole from the same well pad as used for the recently drilled wells GY-665 and GY-666. Well GY-667 has a planned total depth of 3,600 feet true-vertical depth (equivalent to 3,840 feet measured depth) to a bottom-hole location that is approximately 590 feet south east of the surface location. The primary target of this well is the Gros Morne sandstones, the top of which are anticipated at a depth of approximately 2,180 feet TVD. The well will also investigate the reservoir potential of the Lower Cruse at this location. Separately, final approvals have now been received for the construction and installation of a new 2,000-barrel sales tank and construction contracts have been awarded. The new tank will be installed at the Goudron Field’s oil sales point at Tank Battery Station 134 and will be adjacent to the two existing sales tanks increasing total daily export capacity equivalent to approximately 2,750 barrels of oil per day. It is anticipated that the new tank will be commissioned to coincide with the completion of the four wells being drilled on the current well pad; of which GY-667 is the third. Negotiations for a second drilling rig are actively being progressed with a variety of different options emerging. It is planned to retain Well Services Rig 20 for at least a further six wells and no decision has yet been taken on the choice of the second rig.
Mosman Oil & Gas (LON: MSMN)
Couple of RNS’s this week. Latest progress on its drilling programme at the Petroleum Creek Project, New Zealand. Crestal-1 was drilled to 75m and 7 inch casing run and cemented. Drilling continues and on 6 July had reached a depth of 100m. Oil shows (fluorescence) from 55m to 70m and 80m to 95m have been encountered. Rock samples under ultra-violet (UV) light show fluorescence indicating hydrocarbons on rock cuttings circulated out of the hole and separated from drilling fluid (mud) by screens. These rock samples are collected as representative of every 2.5m of hole drilled. If there is no oil on the sample then there is no fluorescence shown in UV light. ****These standard site tests are useful qualitative indications and will be followed up with additional work, including wireline electric logs and flow tests before any technical and commercial significance can be determined**** Therein the stars is the truth of exactly what’s going on here. You have been warned. Second RNS Crestal-1, oil shows have been identified throughout the Cobden Limestone from 158m to 173m. (I’d hardly describe oil shows from 158m to 173m as “Through out the Cobden limestone.”) John W Barr, Executive Chairman of Mosman commented: “It is important to put our progress into context as this positive news is the first step of the drilling programme which will be followed by the appraisal process. The next stage of which will be to carry out flow tests, additional seismic acquisition and processing work, and then complete the economic modelling required to determine commercial viability of our wells, which as previously announced is anticipated to take several months.” Several months? You have been warned!
Providence Resources (LON: PVR)
Provided took a kick in the goolies this week. An operational update on activities in FEL 2/04, FEL 4/08 and FEL 1/14, which are all located within Quadrant 35 in the northern Porcupine Basin. Capricorn Ireland Limited (38%, Operator (wholly owned subsidiary of Cairn Energy (LON: CNE) operates these licences on behalf of its partners, Providence Resources (32%), Chrysaor E&P Ireland (26%) and Sosina Exploration (4%). The licences, which cover an area of c. 2,000 km2, are located c. 175 km off the west coast of Ireland in water depths of c. 400 metres. The Operator has advised that the Spanish Point appraisal well will not be drilled in 2014, as previously planned. Extensive delays in the refurbishment of the Blackford Dolphin drilling rig which had been scheduled to drill the well, mean that drilling operations would not be able to commence until at least October, thereby putting the Spanish Point drilling operations into the winter period. Accordingly, the Operator has advised that the contract with Dolphin for the Blackford Dolphin has been terminated and tendering for another rig to carry out the planned well operations in 2015 has commenced. Separately, the Operator has confirmed that, subject to regulatory approval, a large 3D seismic acquisition programme over blocks 35/13, 35/14, 35/15, 35/18 and 35/19 in FEL 1/14 will go ahead this summer.
Roxi Petroleum (LON: RXP)
Hit the oily stuff this week with news of a discovery at its flagship BNG asset. The BNG Contract Area is located in the west of Kazakhstan 40 kilometres southeast of Tengiz on the edge of the Mangistau Oblast, covering an area of 1,561 square kilometres of which 1,376 square kilometres has 3D seismic coverage acquired in 2009 and 2010. Roxi has a 58.41 per cent interest in the BNG Contract Area. Deep Well A5 the first deep well on the BNG Contract Area, with a planned Total Depth of 4,700 meters is targeting principally the middle Carboniferous formation at 4,390 meters of the South Emba sub-basin. Oil and gas shows have been detected at a depth of 4,332 meters. After the completion of clean-up work to deal with the oil and gas shows encountered, core samples will be taken to determine the oil bearing horizon. News also came today of a licence extension and operational progress at its Galaz asset. Roxi announced the extension of the licence at the Galaz Contract Area for a further two-year period to 14 May 2016. The licence has been extended on the current pilot production basis, although at the request of Galaz LLP may be converted to a full production licence. As previously announced Roxi Well NK-31 has been spudded and is to be drilled to a total depth of 2,500 meters targeting the Middle Jurassic. The well is expected to reach Total Depth by the end of July 2014. It is being drilled on the main Contract Area. Drilling has reached a depth of 2,350 meters without incident. Core samples taken between 2,070 and 2,079 meters in the Karagansaisky horizon contain an interlayering of argillite and conglomerates.
Sound Oil (LON: SOU)
Has issued shares in respect of the first equity tranche of the £14 million institutional funding first announced by the Company on 25 April 2014. Following receipt of a cash payment of £1.86 million, the Company has issued a total of 23,212,500 new ordinary shares in the Company to related parties of Continental Investment Partners S.A. The issue of the New Ordinary Shares represents the first of two tranches of the equity issue associated with the institutional funding. The remaining equity tranche, totaling a further £5.14 million, is expected to complete during July 2014.
Victoria Oil and Gas (LON: VOG)
Updated on its Logbaba gas supply operations in the industrial port city of Douala, Cameroon, operated by wholly owned subsidiary, Gaz du Cameroun S.A. The announcement is the first update which includes supply to both thermal and gas fired electricity generation customers. Much to lengthy an epistle for the round up. Click HERE to read it
It’s a big call this week on Nostra Terra oil & gas. The inside line is that the much awaited increase in oil production has began in earnest. The known baseline extrapolated from what the company were saying in the last quarterly update was 60/65boepd. Remember these figures are always behind the time-line they’re actually a picture of what has already occurred. Investors & traders alike should seriously think on where the sp is heading should the numbers below come into play. There are big gains here for the shrewd, willing to take a position on increasing oil production equating to a rising sp.
Get yourself over to http://www.ntog.co.uk/home/ where you’ll find lots of new information, pics, and a video presentation. Remember the next time a CEO comes calling at a seminar or a pie & a pint take advantage of it. Lot of clever chaps/investors from the North (The Northern Barons) are pushing Lofgran for a meeting in Manchester. Now I’m willing to help organise this. I know just the place. It’s a lap-dancing bar, the drinks are rather expensive but I’m sure Nostra Terra with all the increased production can afford it!
BMD Sources are intimating that oil production has moved upwards over the last week or two and may be heading for a summer peak of 150/200 barrels of oil equivalent per day. Now these figures are coming in-directly from good solid sources & of course my research. There’s also a rumour that Lofgran is eyeing up an acquisition. Can’t confirm this but I do know that the man is always wheeling and dealing in the market. For instance Matt has been busy in Africa. Of course Matt doesn’t want people to know that! But heyho they do know.
Those that follow the tiddler will know that recent well results have all beaten expectationswith 30 day IP’S (10 day Initial Production) ranging from 258 boepd to 555 boepd.
The current state of play. CT15 (Curly 1-26H) 11.26% Now fracced almost certainly close to or actually producing. The rig has gone.
CT11 (Bugg 1-25H) 3.55% The rig has gone.Now producing. CT14 (Gant 1-22H) 20% Last reported as being drilled. Close to being fracced. 2/4 weeks then production. Rig still on site.
Nostra Terra have 15 wells in Chisholm Trail, 9 of which the company reported as “producing” with 6 in various stages of development. That information will be redundant by the summer of 2014. NTOG will have close on 14/15 wells producing oil hence the belief/confidence that production is well and truly on the up.
Let’s hope that the extra cash-flow gets used wisely. Eyes on Nostra Terra Oil & Gastar?
As most of you already know Nostra Terra Oil & Gas (LON; NTOG) CEO Matt Lofgran is now mired in a shorting scandal. That scandal in a nutshell is thus; Lofgran borrowed money from Yorkville (Known Death Spiral Shorters) to buy shares. Having bought the shares he then lent some of them to Yorkville. Yorkville shorted those shares using the CEO’s loaned stock and when they closed their short positions returned some (but not all) of the shares back to Matt. The shares which Yorkville kept they sold and ML didn’t have to repay the loan he took out. Not one single penny came from Lofgran.
Prior to the provision of the personal loan, YA had signed a SEDA with NTOG. It is understood that because the market price had subsequently fallen below floor price per the SEDA agreement, YA was unable to execute on the SEDA. The Loan Shares were used instead as a mechanism to enable YA to secure NTOG equity, leading to their shorting the stock.
Empyrean Energy (LON: EME)
Mosman Oil & Gas (LON: MSMN)
Sound Oil (LON: SOU)
Victoria Oil and Gas (LON: VOG)
