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He's running this company perfectly, for himself. He has a big pot of money to live off, and doesn't have to do a great deal for it, just come up with some BS now and again. Surely there are some main investors that are going to start kicking up a fuss about the non activity.
What does it take to make Bandy think he isn't good enough to run a company? The useless git probably finds it hard to close his eyes, nevermind a deal. Would feel ashamed in his shoes, nothing of any significance since the duster with Hawkeye in Aug 2015. All we have had since then, some phantom non-starter in Tanzania, another non-starter in California and a moratorium, which was just initiated so he looks busy. Deals should have been struck when oil was at rock bottom, but he has left it too late now, with the price hitting $80 dollars. Anybody with any decency with that track record would hold his hands up and resign. Am not surprised people have totally rant out of patience and selling up.
How about farm in to North Kelsey drill with a bit of that cash. EDR are looking to farmout a bit more before late 2018 drill.
Another failed project in California now.....how can a CEO with an absolute NIL success record remain in office. He has achieved absolutely nothing. He finishes RNs by saying still looking for a new asset to compliment existing assets——what assets! Worthless... So do we now embark on another three year wait....I suggests he calls MATd to see if he can do a last minute farm in....shocking Bandy absolutely shocking....now do the right thing and resign
They have waited so long the mineral owners obviously knew the value of their land with years of rising oil prices."Wot a waste"
Lots of new documents on Hotcopper about Orca Energy (Bandy's other company - well was) https://hotcopper.com.au/asx/fin/ Looks like Orca Energy (now named Fin Resources) are ready to relist and more importantly, if the following release is correct, Bandy has finally been booted out. Check out the Final Director's Interest Notice x 2 Can't see RMP being relisted onto ASX until new activity is underway/or reported, but hopefully that means the cogs are turning to get Bandy out, once and for all.
There's been movement after movement mate in last 7 years.....unfortunately due to 'virtual' nature of LSE they never come together........most in the end take a hit and leave....i personally think they;ll be one more spike...AIM usually do, look at Bellzone recently, dead and buried then a spike to 2p plus.......just biding my time, no choice...lucky low av of 1.15p.....
Amazing that this company has blown $50 million and has nothing to show for it ,keeping it ticking over at a cost of $430,000 pa is also taking the michael . Why don't you guys start a movement to replace the CEO , he clearly is not doing his job.
To be fair to him, it is quite a scam. If this gets kicked off all the exchanges, what can be done? Nothing, if it could of been, it would of been done by now. He just going to live of his salary while there is money in the bank. The ideal thing for him would be an interest rate rise to keep him going longer. I would of thought the big shareholders might have had something to say, but obviously it's not a big concern for them.
Other than setting up this scam I don't think he's ever achieved anything. The mans a total disgrace and sadly we've all been conned.
Yep.....but we’re stuck here now....think we all realised some time ago it was a sham of a company....I mean no activity when oil was a all time lows....but two of Bandys companies kicked off AsX, his income is at threat and this may actually spur him into action.....is is shocking though how someone gets away with this....
Bandy hits the post again
We just need to find another CEO whose in it for the salary like Bandy to buy the Philippines off us! I still recall Bandy saying in oil price slump how we were poised to take advantage of the subdued market.....still waiting as oil hits a new three year high.....pathetic appalling individual, who is sadly earning a living off us all....
How does the song go? .....
So we now own 37.5% of nothing!
RNS Number : 4308L Red Emperor Resources NL 19 April 2018 19 April 2018 Red Emperor Resources NL ("Red Emperor") SUCESSFUL TRANSFER OF PARTICIPATING INTERESTS UNDER SERVICE CONTRACT NO. 55 (SC55) The Board of Red Emperor Resources NL ("Red Emperor" or the "Company") is pleased to provide the following update with respect to Service Contract 55 (SC55), offshore Palawan Basin in the Philippines. This week the Company finally received official confirmation from the Philippine Department of Energy (DoE) ratifying the request for the transfer of participating interests in Service Contract no. 55 (SC55) from Otto Energy Limited (ASX: OEL) to its partners, Century Red Pte. Ltd (a 100% owned subsidiary of Red Emperor Resources NL), PaIawan55 Exploration & Production Corporation and Pryce Gases, Inc. Red Emperor's equity interest in Block SC 55 is now 37.5% (previously 15%) after the DoE found the partners to be "Financially qualified to assume the proposed interests. Legally qualified to assume the participating interest from Otto Energy considering that they are existing petroleum companies operating either as operator and/or consortium members in petroleum service contracts; And technically qualified, as exemplified by the joint cooperation and completion of previous exploration activities, such as the drilled Hawkeye-1 well." As a result, the participating interests in SC55 are as follows: Company Participating Interests Palawan55 Exploration & Production Corporation (Operator) 37.50% Century Red Pte. Ltd (Red Emperor Resources) 37.50% Pryce Gases, Inc. 25.00% Total 100% It is also understood that Palawan55 Exploration & Production Corporation will be the "Operator" of SC 55 as endorsed by the other remaining partners. Likewise, the timeline for the moratorium period and Sub-Phase (SF) 5 has now been revised to reflect the transfer of interest. It is understood that the minimum work program and budget for the moratorium period and SF 5 are unaffected by the transfer of interest, as shown below: Sub-Phase (SP) Work Program and Budget (WP&B) Moratorium Period (Date of approval of transfer until 13 months thereafter) Conduct a Qualitative Interpretation (QI) study of the greater Hawkeye area, lithology and petrophysical modeling and a contingent program of AVO studies = US$ 478,750 SP5 (date of end of moratorium period until 12 months thereafter) Drill one (1) Ultra-deepwater well = US$ 3,000,000.00 As nominated "Operator" Palawan55 has suggested that partners hold an Operating Committee Meeting to formalise their appointment as successor Operator, establish an Operating Committee and agree on related amendments to the JOA. With respect to the committed work program, Palawan55 are currently conducting an inventory of the technical data
The spread is a joke... and so is the company these days! there should be rules around the spread for AIM companies.
What a huge spread.Mms dont want any trades..no wonder they must be up to their necks in sold shares
Will be interesting to watch what happens with OGY - change of name, directors, direction, and consolidating shares on a 2 to 1...
Maybe with more knowledge might be able to look into this better. Orca Energy (OGY - was on ASX) looks like it maybe coming back on ASX, according to this link. https://hotcopper.com.au/asx/ogy/ Look at top 3 or so messages in threads from ASX News Looks like Bandy (you will see the same names as Directors on both RMP and Orca) are relisting Orca with another name, but making sure that they have projects to go with it. Not sure if this means that the relisting on ASX will happen once California projects are off and running. So might have to wait until RMP gets relisted on ASX until we hear more.
So for me it's either taking a 75% loss, or hanging in and seeing if anything actually happens. I can't just forget about it and come back in a year or so as they may well of acquired something, boosted the SP, nothing comes of it, then back at this point for another four years in that time. I posted something a month or two back asking how a dormant company can be a share holder in RMP, is that possible?
A few years back we tried to vote the annual AGM proposals down, but as usual numerous people let us down, plus RMP was strong Aussie holding, I suspect all Greg’s buddies and we failed in attempt....that’s the sad thing....we are effectively powerless and Bandy knows it...
So, what can we do about it, we surely can't sit on our hands and just let them drain the cash from the company! I emailed them last year and got a quick answer to the questions I asked, which was good, but was just flannel. I replied to his reply last month and asked what has changed in the last 10 months, I am still waiting for a response!! Unless we light a fire under them, then nothing will happen, and as every month goes by, the capital will dwindle away. Unfortunately, I'm to inexperienced to know what to do.
Something's stinks. Looking at the activity' April 2017 Quarterly Report - Was the supposed Tanzania acquisition of a farm-in, a fantasy, just pulled out of Bandy's backside? Let's choose a country, any country, pick Africa..Tanzania will do. Can imagine the board doing a random pick, like some do with the Grand National. Mentioned also that 3 other parties were contacted but nothing came of it. Sounds like Bandy can't close a deal. 31st Oct 2017 - "Red Emperor signed a binding Heads of Agreement (HoA) with an experienced Oil & Gas exploration firm to identify a number of strategic leases in California". This is the laughable bit however; "The Company looks forward to updating shareholders on this exciting new venture over the coming weeks." That is well over 20 weeks ago but all we have had is that the heads of agreement has been signed and a few figures, that is it.. Where are the updates on this? Who is the company we are dealing with? For me, "coming weeks" means just that, maybe 4-6 weeks max..but what is it now 5-6 months. As for Philippines (SC 55), what a joke, shareholders knew this was a waste of time when Hawkeye was a dud, but no the company seemed to want to give an impression it knew something...wasting 3 + years. The only thing keeping me in, is that it still has plenty of cash, and the share price can move violently. (hopefully upwards for one). Always have that feeling that they want it to appear to be a dead duck so people move out of the share. Greedy people will always have one more bite. Rant over, but jesus, this can push your patience to the limit.
but this was up with sell