Unfortunately its not that I am shy of hard work or time commitment but unable to do any meaningful work for RIG for these main reasons (1) as posted earlier on board currently I am not a shareholder as sold my holding few days back as couldn't see any reason why SP should rise (2) I have no shame to accept I do carry grudge against RRL, therefore at times can't act sensible, and (3) don't think have enough skills like other representatives to contribute in meaningful manner.
Thanks a lot for your postings EP, you (RIG) lot deserve a medal for all the the effort you put in. There is still hope for this share, as the assets are still there and as there seems to be a lot of infighting going on to control this company, those assets must certainly be worth it.
Obviously I was at the AGM earlier and apart from my earlier post have been largely tied up in the interim. Correction to earlier, my apologies, Reso 1 was of course passed - I put my duff reporting down to shock at the subsequent reso results, and was about to get off a train at the time of posting so didn't have chance to check. Have just caught up on the posting here today - what a huge amount of tosh was typed by some (not just me, see above). I'm normally very tolerant of some of the nonsense posted on here and don't get persoanl, but Celticheart, you take the prize award today. Pontificating incorrectly about what was going on at a meeting that you chose not to attend, then castigating Petebo for reporting honestly what was going on is out of order. Then after a break when we'd hoped you'd seen you were out of order and decided to give it a rest, oh no, we were wrong! you come back with your offensive 1601 post. What is your issue with RIG now? For your information the general mood among RIG members was in favour of the board (MEJ excepted) so your argument frankly has little foundation. Please apologise to Petebo and to me, and give your wild posting a rest. Bountyhunter007 - I am frankly knackered after the past few weeks working on RIG matters and need a break, so if you are offering to help in future, let me or one of the other reps know.
Bought back a certain amount. Kept a bit spare. As I thought it would be hard to get much of a better price (still might be).
I actually wanted these resolutions voted down (was probably 60/40 in favour of that) as I think there's a better route than the previously proposed huge dilution of £6m + 10% more + $50m worth of shares at a penny. Which is a smaller amount of debt to get the existing rig fleet up and running (possibly buy/rent/sub contract in a couple more depending on money) and then drill lots of the shallow/mids to get the bopd up. Once the bopd/profit are raised then start thinking about grander plans when the SP would logically be higher due to performance. At least dilution then would be less impactive (or better yet get cheaper debt with the proof of a profitable business to aid in that). We had a period of that in the past for a little while it's just it was never kept up.
Yeah, but how much of that "admin" was actually necessary is extremely questionable. It was down to $1.2m as of the last quarterly. With the drills alive and running and cash not being sprayed around in all directions Landau-style I don't think the economics will bear any resemblance to the past.
Problem is that RRL have consistently proved that they're unable to make a profit from it if you take into account just the admin costs that they run at, and new finance will add to costs on that side of things as well. Worth bearing in mind and certainly won't be the only oil share to be hit by these low prices!
Datafeed and UK data supplied by NBTrader and Digital Look.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.