I was reading this morning’s market release before it appeared on the ASX while looking for information on Delta Offshore Energy last night. It’s easy to find information on why Vietnam wants to change from coal fired power to LNG to power in Bac Lieu and the Mekong Delta (coal ash affecting the Mekong Delta, rice production etc) but it’s a little more difficult gathering info about DOE.
Some history on DOE and the project
Back in October 2018 DOE signed an MOU with Bac Lieu Party Chairman to build, own and operate the proposed project in Southern Vietnam. The MOU was initially awarded to Dallas based Energy Capital Vietnam (ECV). DOE said it represented the interest and participation of over ten corporations engaged in the project and the project had 4 phases which were expected to be completed in six to seven years. Now they say they expect to commence operations in 2023, the proposed project is to be developed in 3 phases with phase 1 being commissioned in 2023 and the plant achieving full capacity in 2027.
Its hard to get to the bottom of DOE. It is affiliated with TWL Pacific and this is where you will start to gather information on them. TWE is involved in Business Consulting; Special Situations (?!?!), Financial Re-Engineering and Business Consulting Services. They say they source onshore partners, resolve structuring and financing challenges and provide specialist activities in government level relations. They also say they have built large scale manufacturing and luxury niche businesses, re-engineered, restructured and sold them.
Spencer Damian White is the Managing Director of Projects for DOE (and the person in all the photographs with the Vietnamese ministers) and also the managing partner of TWL Pacific (based in Vietnam since 2006). His resume lists achievements including being a co-founder of ‘Damian By Mischelle’ (a private jeweller) and the co-founder and Managing Partner of D2 Capital Partners.
Ian Nguyen is the co-founder of Delta Offshore Energy and a partner in TWL Pacific. He specialises in ‘Deal Origination’, Infrastructure Development; Capital Raising and Technology Commercialisation. He has been in fund management and advisory roles and says he has participated as an investor in large IPO’s and equity capital market deals in Southeast Asia and has an extensive executive network with investment funds.
He also says in 2017 he started advising start-ups in commercial space technology, environment, clean energy, rare earths applications and digital and food security and he advises start-ups in commercialising and monetizing their innovations with business development and capital raising. Before all that he started his career with D2 Capital, Thien Viet Securities and Citibank in roles in sales and trading.
I know other LNG projects have the backing of financiers, but they are big reputable financiers and I can’t find any actual verifiable achievements by these men, just a lot of comments on where they have worked and when.
All HC members who read my posts know I am often scathing of our executive team, however I have remained a share holder with the hope of maybe one day getting some sort of return on my investments. The truth is, behind the scenes I am watchful, hopeful, and sharing information to help other share holders here (who I have developed an online relationship with) and incentivising GV and the team to stop speculating, provide accurate market projections, stick to facts and transparency and earn the money you are getting paid.
I have half hoped for this current SPA to be signed soon, but now having done some research on DOE’s Executive team I am glad GV has not signed, and I suspect it has to do with the terms. Personally I do not like the look of DOE and if GV is looking to raise cash soon, I would rather he approach Baupost or IDG with some sort of sweet deal, at least they are companies with reputations I trust. Perhaps I am wrong, maybe I’m hallucinating because my coffee was too strong this morning, but when I start to see red flags and hear a faint ringing of alarm bells in my head.... well you all do your own research!!
Anyway, that’s all from me for today; it’s up to one of you other share holders (perhaps Timbo or jkerr) to investigate further. What I would say is have a good look at the two men I have mentioned; sometimes a picture tells a thousand words.
Timbo, I’m pretty sure you have spent time in Singapore, and know we seem to sit on opposite sides of the fence, but in the end we both really have the same thing in common, a successful outcome for long term investors!!
LNG Price at posting:
18.5¢ Sentiment: None Disclosure: Held
