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NWE, NORWEST ENERGY NL
macduffy
post Posted: Mar 24 2009, 03:58 PM
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In Reply To: Brierley's post @ Mar 24 2009, 11:29 AM

Have I missed something here?

Was the $200k subscribed by one holder or was it the collective subsciptions to the share offer?

 
34232
post Posted: Mar 24 2009, 03:50 PM
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In Reply To: Brierley's post @ Mar 24 2009, 11:29 AM

If NWE can see it through, for however long it takes, then it arguably is worth multiples of its current share price. The current placement is an indication.
Notwithstanding I will still be well in the red, however it would be a welcome surprise to see the SP at anything like the placement price. I'm too deep to be buying more, but I suspect a great punt for newcommers who don't have the baggage of us 'stale bulls'

Good luck all.

 
Brierley
post Posted: Mar 24 2009, 11:29 AM
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I think that whoever stumped up $200k would have been assured that proceeds from the Cobra sale would settle the Investec debt.
Therefore I think NWE will survive in the short term.

A decision to hold this stock depends on plans/timing for Puffin, which we don't know yet.

 
hawk
post Posted: Mar 24 2009, 11:22 AM
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In Reply To: hawk's post @ Mar 24 2009, 10:47 AM

Correction - a typo 89mbls not 99m. "....potentially recoverable .....on basis of extensive technical studies & two 3 D surveys..." But this was 16mths ago & 3 wells drilled since. But do your own research.

Anticipate.



 
hawk
post Posted: Mar 24 2009, 10:47 AM
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In Reply To: mattyroo's post @ Mar 24 2009, 09:55 AM

Regarding emotion, lets stick to the facts.

NWE rises or falls on Puffin ,as it has always done.The JV believe , and their indep. experts agree, that they have in Puffin, 99 m bls recov. oil , plus the 25m oil column " discovery " in Dec. 08.

The JV has spent $ 1/2 billion on puffin & much of the infrastructure is in place. Waiting on oil price correction before proceeding.

Said to be 160m bls potential plus , in 7 nearby well defined targets.

A indep. expert appraisal of Puffin is to be ready before June 30.

If by chance, any oil is extracted from Puffin by anybody at any time , NWE gets 1.25 % of the sale price thereof at no cost

NWE has been awarded recently, two very interesting licences in Sth of England.

The Chinese 60% of the JV does not have any cash limitation.

The market , that sometimes gets it right, says that the company NWE is worth about $2m.

Anticipate.

 
macduffy
post Posted: Mar 24 2009, 10:12 AM
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In Reply To: JM1's post @ Mar 24 2009, 09:04 AM

I don't think that the $200k is particularly significant from a "confidence" angle. It could just as easily be around 400 shareholders having a $500 punt each on things turning for the better. But very welcome as a contribution to the ongoing survival of NWE of course.

Disc: Didn't subscribe.

 


mattyroo
post Posted: Mar 24 2009, 09:55 AM
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In Reply To: annaliese's post @ Mar 24 2009, 09:23 AM

I agree with your sentiments annaliese. That is one of your better posts - not one charged with emotion, like you have had the propensity for previously. wink.gif



 
annaliese
post Posted: Mar 24 2009, 09:23 AM
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In Reply To: JM1's post @ Mar 24 2009, 09:04 AM

The survival of Norwest is more probable than not but much depends on how the assets of Cobra and Puffin are managed in terms of retention, partial retention and any disposal deal achieved. Even assets like these two are being traded at huge discounts given the prevailing oil/gas price regimes and the general market risk aversion. Timing is not good to be selling either of these assets as its totally a buyers market.

To date Norwest have been less than impressive in their cash flow management but in their defense options have been very limited and most events impacting them are beyond the companies control.

Time will tell with this one.


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The Zinc Punter
post Posted: Mar 24 2009, 09:21 AM
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In Reply To: JM1's post @ Mar 24 2009, 09:04 AM

Well this upturn in the POO is reducing the risk of Puffin almost every day biggrin.gif



 
JM1
post Posted: Mar 24 2009, 09:04 AM
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In Reply To: gulf's post @ Mar 24 2009, 08:22 AM

Why would someone put up $200k, 10% of the current market cap if things were going to fold. I'd say cobra has or is very close to being a done deal. So short time survival is ok. Risk factor now is related to puffin and the future of that field.

 
 


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