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Crocqman,
Fair question. I was last invested in UKOG a couple of years ago. I think SS had embarked upon his second or third delay and second dilution by then... so I bowed out not too badly scathed by the experience.
Whilst I am certainly no fan of SS's management style or his fund raising prowess, he has - at least - proven to be competent in one department:
Operationally!
They ARE producing oil in quantity... and SS did manage to solve "their" water issue. Eventually I expect UKOG holders may see the SP turn consistently blue and the graph head back upwards. Where it stops nobody knows... but at least some of those long-time underwater holders might be able to breathe again!
By comparison to Tidswell - SS is Bill Gates IMHO... although to be fair even the most inept managers I have ever worked with would look like a "dream team" next to Tidswell & chums!
YL ;-)
Strange really, because any competent investor would have fully researched a company before investing... apparently you didn't... or the past didn't matter...
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I am happy (and relieved) to leave the past to you, YL.
As an investor, I am interested in future prospects and the risk/reward ratio (ie. the lower the price, the more attractive the potential reward becomes).
YL,
"Back in THE REAL WORLD failures are sacked and replaced by more competent managers... time is money and investment is precious... if you are not fit to lead... hand over the reins to someone who is.".
Off topic, but considering the above, and you have said you are/were (from memory) invested in UKOG too, curious as to what you have to say about SS and his leadership?
SP rose to around 2.50 odd at the start of the EWT in July-2018 and has steadily declined to the current SP (0.375) over the past 2 years with little meaningful increase in actual production rates, and the continual dilution seen there.
Does the same apply in your opinion?
Oh... I think I am entitled to hold Tidswell & chum(p)s to account for their lousy management & poor operational skills... it has cost many of us dearly.
In fact I'm probably more entitled than you, Ocelot, since you don't apparently know anything about anyone other than Lucan (The fact that Tidswell appointed him conveniently escaped you too) and you have no prior knowledge of the coup or the dodgy share trading alluded to by Malcy.
Strange really, because any competent investor would have fully researched a company before investing... apparently you didn't... or the past didn't matter... because Tidswell will always get it right next time... or the time after... or the time after that... or WILL HE?
YL ;-)
... and still all we hear are promises... promises... PROMISES... of future meaningful profit generation!?!?!
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As an ex-investor in ANGS, you're not obliged to hear anything at all, YL. If you do continue to hear about the company, it's because you choose to do so.
"Angus Energy- You couldn’t make it up…
When I read the Angus announcement I thought that I was in some parallel universe, I’ve heard a lot of pony in my near 40 years in the sector but this takes the bacon. Ex Chairman, who left for a good reason as I remember, trying to sack CEO and replace him with Lord Lucan and Adam Habib which immediately prompted the resignation of Rob Shepherd (which is a very telling indeed). As for the financing and the £3m facility the less said about that the better. What a total shambles, whatever the quality of the asset this looks like being as close to uninvestable as it gets, your call…"
Malcy
Well - he called it right back then... over 95% share devaluation... Lidsey slowly drying up... failure at Brockham, delay at Balcombe, and the purchase from PoundLand and still all we hear are promises... promises... PROMISES... of future meaningful profit generation!?!?!
How long do Tidswell & chums need to score their first ever success?
I do wish business worked like this in THE REAL WORLD... but it doesn't.
Back in THE REAL WORLD failures are sacked and replaced by more competent managers... time is money and investment is precious... if you are not fit to lead... hand over the reins to someone who is.
Professional managers don't get the luxury of try and try again until you "hopefully" get something right - otherwise the economy would quickly go down the toilet - just like Anguish's SP and reputation has done under Tidswell & chums!
YL ;-)
Postalot , let's not let interest, fees and daily expenses get in the way of your borrowed 'cash resources' a resource that depletes each day, shall we? Oh , and did you mention economic crisis and oil prices ? No? That's right, Lord Lucan said , it is not an issue.
More smoke...
£5.56m to be offset against taxes from Saltfleetby, assuming its delivery!
£2.5m of cash resources.
Market cap at 0.50p: £2.6m
Many thanks for your contribution, nomlungu!
ocelot,
Surely the Ring Fence Corporation Tax of 30% that applies to Oil and Gas extraction applies - if so the intrinsic value of the accumulated losses would be a little over £5.5m (an extra £2m!).
https://www.gov.uk/guidance/oil-gas-and-mining-ring-fence-corporation-tax
[I am not an O&G tax expert]
The Group has incurred indefinitely available tax losses of GBP18,533,000 (2018: GBP14,796,000) to carry forward against future taxable income of the subsidiaries in which the losses arose and they cannot be used to offset taxable profits elsewhere in the Group.
At the corporation tax rate of 19% = £3.52m.