Hesham,
Sorry for taking so long to answer, we have just finished preparations for our annual meeting to be held on March 24, 1998. As for my employment with the company, i thought that i posted a message, but i went through them all when i realised that i did post but to gmweber as private message, once again sorry for the slip up. Now let's get down to business.
As of March 1, 1998 and assuming everything goes as planned the revenue flow at OTJUA will enable the concession to be self-financed.
The present cash situation is in excess of 300,000$. If you noticed in the annual report, 360,000 was reinvested in the plant upgrade.
Apart from Hartor the company has no debts
Projected revenues for OTJUA in excess of 8 million $, net profits in excess of 5 million$, the agreement signed with Elizabeth Bay stipulates that Nora owns 47% of OTJUA and entitled to 51% of the
profits, however as mentionned in our press release dated February 12, 1998 we have an offer to obtain an additional 26% of OTJUA from Elizabeth Bay plus an option to acquire the remaining 27%. For discussion purposes on net profits for NORA we will base them on the 51%, having said that we estimate net profits at 1.8 million$.
Concerning the point on issuing new stock, that will depend on the deep-water concession development. It is premature at this time as many options are now being looked at.
We still only have one production unit operating, the second one is scheduled to be on-line in 1998. However, our "creepy-crawler" is now in it's final stages of being re-built and should be in the water for a wet-test shortly, if all goes well it will be shipped to OTJUA in April. The "creepy-crawler" is a sea-based shallow water platform with a production capacity of 90 tons per hour.
As for the stock price, well, despite the beating most juniors are taking in the market, we are holding up well, we will increase our shareholder base by getting the "story" out. Meetings are planned with brokers and analysts in the coming weeks.
I hope you will attend the annual meeting tomorrow, the Queen Elizabeth Hotel, MacKenzie Hall at 10:00
Regards,
John
P.S. Feel free to give me a call toll-free 1-888-666-3431 |
