New Guinea Energy Scam or not?
It is sad that many possible investors from PNG are unable to read this article from the Sydney Morning Herald regarding the new New Guinea Energy company launched last week. Below is the link to the Sydney Morning Herald article regarding the New Guinea Energy's suspect owners. Some PNG businessmen are also involved in this scam.


SYDNEY MORNING HERALD

http://www.smh.com.au/news/business...6696835454.html

Father, son to make 10,000 times outlay
Jamie Freed
April 18, 2007

The father-and-son team behind Sydney Gas, Sunshine Gas and Ord River Resources are offering the public shares in their latest venture, Papua New Guinea oil and gas play New Guinea Energy, at 10,000 times their own purchase price.

The Towners yesterday announced they were seeking up to $60 million for a listing of New Guinea Energy on the Australian Stock Exchange, which has six prospects ready to be drilled in PNG.

As the Towners bought in at 0.005c a share, a successful offering at 50c a share would allow them to convert their $2000 initial investment into $20 million overnight.

The issue follows a failed push to list the Papua New Guinea explorer on London's Alternative Investment Market last year.

The Towners have so far raised about $20 million from unnamed institutions and high net worth individuals in Australia, London and PNG in 20c and 50c a share placements.

Executive chairman John Towner was paid a $261,000 salary last year, while his son, managing director Jeremy Towner, earned $197,000.

Although both have departed Sydney Gas and Sunshine Gas, they are still involved with Ord River, which shares an office in Sydney with New Guinea Energy.

Ord River last year gained public notoriety - and attention from the Australian Securities and Investments Commission - when it announced the discovery of "potentially … one of the most significant discoveries in Australian copper mining history" in the East Kimberley without drilling a single hole.

The company also claims to have a world-class bauxite project in Laos and is attempting to negotiate with the autonomous government of Bougainville to re-open the closed Bougainville copper mine in PNG.

Although Ord River only held one board meeting in 2006, chairman John Towner was paid $261,000, and Jeremy received $197,000 - identical salaries to those paid by New Guinea Energy.

When asked how he and his father would have enough time to focus on Ord River's projects after the New Guinea Energy float, Jeremy Towner yesterday said he would focus more on the new venture while his father concentrated on Ord River.

In November, Mr Towner told New Guinea Energy investors the attempted AIM listing was cancelled due to "a lull in investment for new exploration stocks due to an oversupply of new listings, the drop in oil price and disappointing results from previous listings this year."

But he expected the ASX attempt would prove successful.

"The size and scale of our operations and the depth of our portfolio is more akin to a major oil and gas operation," Mr Towner said.

"These are large prospects. Tarim has estimated undiscovered petroleum initially in place (UPIIP) of 41 to 66 million barrels of oil equivalent (MMBOE) and Lake Murray, our largest drillable prospect, has a UPIIP of 199 MMBOE," Mr Towner said.

According to New Guinea Energy's prospectus, the Towners will own about 15 per cent of the company after it lists.

Very sad indeed when PNG government know (if they knew) this and yet grant them prospecting licenses in western province ...for shares ...@50 cents and not toea (now the whole process of currency exchange)...they prefer Aus Dollars just a question ...why did they request (quote me) if iam wrong...a minimum of 1000 shares per investor ???... thats extra K5,000 per investor!!!!!

I think its wise to wait for NGEnergy to register with POMSox... for now its risky ...

****************
sexxiicoolguy

http://www.smh.com.au/news/business/new-guinea-energy-float-sinks-for-now/2007/07/06/1183351454872.html

July 7, 2007

FATHER-and-son resources promoters John and Jeremy Towner will have to wait a little longer to cash in on their investment in New Guinea Energy after the $50 million float was withdrawn due to lack of interest.

The Sydney pair had planned to turn their $2000 investment into $20 million overnight by selling shares to the public at 50c rather than their entry price of 0.005c.

The recent Australian Stock Exchange listing attempt follows a failed push to list the company on London's Alternative Investment Market last year. New Guinea Energy had been scheduled to list on the ASX on May 30, but the date was postponed at least twice before the plan fell over altogether.

Although New Guinea Energy isn't listed, it is a public company with at least 270 investors. In a letter to shareholders posted on the company's website, John Towner said the board had "regretfully" decided to withdraw the listing since it couldn't meet the minimum subscription of $50 million.

New Guinea Energy has completed a seismic survey of some of its oil and gas prospects in Papua New Guinea with the $20 million it has already raised from investors. It hoped to raise $50 million to $60 million to give it enough money to drill at least five wells at targets with "estimated undiscovered petroleum initially in place" of up to 199 million barrels.

Mr Towner, who also heads copper and bauxite hopeful Ord River Resources, blamed the float's failure on the additional time needed by "a few large investors" to make a decision to invest or arrange necessary funds.

He added the company was considering "various options" to generate value from its large exploration acreage in PNG.

"The size of the exploration areas and the prospects and leads which have been identified by the company have already attracted the attention of several large international investors," Mr Towner said. "We will continue our pursuit of exploration for petroleum and to seek a public listing of the company at a later time."

New Guinea Energy that has recently put out its IPO (Initial Public Offering) for the public in both Australia and PNG is a brain-child of some big time politicians and their cohorts coz the picture of Sir Mike Bromley, Simon Korua, John Tower and his son are long architects of some political front played some ten years ago.


The politician's very own expat mistress in POM seems to be running NGE head office here in POM and she may have been very active so far in acquiring the 6 Petroleum Prospecting Licenses in PNG.

Now you might want to ask why would this politician want to do that?

Oil and Gas are the resources that powers this nation and the world, who ever controls it controls the nation's treasure chest. He will automatically control SHP, Gulf, Western and Central Provinces...thus PNG, and the people.


Build a competitive or something similar to Oil Search and when he and his political cohorts gets into power and him PM, they may have the political power to sell off government shares in Oil Search including those of super funds and build one major private Energy company...though IPO is on offer; that is to gain public confidence, the company would be controlled by the politican and his cohorts through the Directors (phonies).

The politican may want to control the highlanders, at best he wanted Hami Yawari to be is brief-case carrier but Hami had other brilliant ideas (coz Hami is at best illiterate...to the acumen of the politician). So the politicain wants to screw around with the people who call themselves; "Souths Pawa", "ENSO or Enga Souths" "Highlands United Front or HUF" etc.

And more practically NGE should declare to the public at large where the initial seed money of US$20 million came from....but that they will not do, and if they read this article than they will disclose funds from sources who would want to remain anonymous....but that should be the least of our worry now.

Present PNG Government and people should strip the 6 PPL's from NGE and bar them from Oil & Gas business in PNG.

But for now; the politician still remains 1 step ahead of the game...looks to me like it.

Some political fores on the hand, realised what had happened and decided to come up with similar idea, however, not indirectly like NGE, but by putting their dirty hands on the funds managed by MRDC and its trustees.

This is a piece of perhaps misconstrued analysis of the popular IPO circulated by NGE during the recent months, however, something to think about coz ....may be we don't care today, but this information might come back and bite us in 7 years time.

New Guinea Energy that has recently put out its IPO (Initial Public Offering) for the public in both Australia and PNG is a brain-child of some big time politicians and their cohorts coz the picture of Sir Mike Bromley, Simon Korua, John Tower and his son are long architects of some political front played some ten years ago.


The politician's very own expat mistress in POM seems to be running NGE head office here in POM and she may have been very active so far in acquiring the 6 Petroleum Prospecting Licenses in PNG.

Now you might want to ask why would this politician want to do that?

Oil and Gas are the resources that powers this nation and the world, who ever controls it controls the nation's treasure chest. He will automatically control SHP, Gulf, Western and Central Provinces...thus PNG, and the people.


Build a competitive or something similar to Oil Search and when he and his political cohorts gets into power and him PM, they may have the political power to sell off government shares in Oil Search including those of super funds and build one major private Energy company...though IPO is on offer; that is to gain public confidence, the company would be controlled by the politican and his cohorts through the Directors (phonies).

The politican may want to control the highlanders, at best he wanted Hami Yawari to be is brief-case carrier but Hami had other brilliant ideas (coz Hami is at best illiterate...to the acumen of the politician). So the politicain wants to screw around with the people who call themselves; "Souths Pawa", "ENSO or Enga Souths" "Highlands United Front or HUF" etc.

And more practically NGE should declare to the public at large where the initial seed money of US$20 million came from....but that they will not do, and if they read this article than they will disclose funds from sources who would want to remain anonymous....but that should be the least of our worry now.

Present PNG Government and people should strip the 6 PPL's from NGE and bar them from Oil & Gas business in PNG.

But for now; the politician still remains 1 step ahead of the game...looks to me like it.

Some political fores on the hand, realised what had happened and decided to come up with similar idea, however, not indirectly like NGE, but by putting their dirty hands on the funds managed by MRDC and its trustees.

This is a piece of perhaps misconstrued analysis of the popular IPO circulated by NGE during the recent months, however, something to think about coz ....may be we don't care today, but this information might come back and bite us in 7 years time.