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Very good.
Rns out. Great news
Https://www.petrol.eu/petrol-group/about-petrol-group
https://www.petrol.eu/companies-and-services/companies/geoenergo-doo
"The net profit for 2022, which belongs to the Petrol Group, totalled EUR -149.7 thousand. The company’s equity totalled EUR 178.2 thousand as at 31 December 2022."
https://www.slovenski-plin.si/about-us.html#:~:text=Geoenergo%2C%20d.%20o.%20o.&text=Nafta%20is%20a%20state%20owned,services%20and%20petroleum%20storage%20products.
Looks like someone has the monies out in group management charges.
DYOR
While I agree that the recent news has been unpredictable, investors have been led to believe through RNS that the company is actively developing a key strategy in South America.
I tend to agree with Winnimandala, if the company were to receive compensation of any kind, I have no faith in the current BOD to invest it wisely. In my opinion Mr Parsons led investors a merry dance at Sound Energy. He is involved at Echo Energy & actually recruited Stephen Birrell from AST where the share price is on the floor. A similar story at Coro Energy. The only company that has actually progressed is Corcel where Mr Parsons stooð down.
These guys are being paid thousands per year & in my opinion their track records over recent years has been appalling to say the least. I'm sure it will suit them all very nicely to sit drawing their extortionate part time salaries while the lawyers argue their case.
It must just be a coincidence that every business they're involved in is a disaster from an investors point of view!
AIMHO.
When Ascent consolidated their shares back in spring 2020, many shareholders of this stock thought they had been fleeced.
So any large holders owing to yesterday's news are most likely nearly hitting the sell button. So expect a further drop today as they decide to claw back what is available NOW.
Colin Hutchinson fan back again
Panman … I’m not claiming any credit for yesterday’s announcement.. Obviously I wasn’t aware that this would happen ..but have been saying for sometime … there is no real strategy to develop this company at all .. the only strategy is to jog along take salaries and fees until the cash runs out … Yes they hold out hope of wining the claim .But Even if they do any money from this could take 2, 5 or even 10 years to arrive …. if at all This is the classic AIM life style company ..IMHO
This latest news is further to the damage done to the business . If anyone was treated like this they would find it very difficult to recover, Just like the sub post masters case , its only now many years after the wrong doing that the truth be had.
These actions of the Slovenian government just go to strengthen the case against them don’t they? Have they defrauded creditors? What are claw-back provisions for preferential creditor payments in Slovenia? Going to be pretty easy to find out where the money was sent and under what instructions you would have thought…
"There is no South American / Hispanic strategy and there has been no money to develop a realistic one and no chance of Slovenian money funding one."
Kashdog apart from them not winning in the end thats been my position all along..
panman from 21st Dec...
"re their metals strategy how come you can't work out that they won't have one til they know what level of funds Slovenian court cases are going to raise. Rest of the market has worked it out why can't you? Is it a case of you don't want to or are you really believing they can work out a plan for S America without knowing what their future cash position will be?"
Don't believe its over get the feeling AST are far too frustrated with events for that just unsure how they are to play it til they RNS their plans.
No body predicted non declaration of baseline production rates and profits off these either!?......
Where is Colin when you need him!?????........
Nobody predicted the event today but I confidently predict that Slovenia will not pay AST a single cent.
This will get tied up in courts at various levels for years if not decades.
There is no South American / Hispanic strategy and there has been no money to develop a realistic one and no chance of Slovenian money funding one.
None so blind as those who don’t want to see!!
Geoenergo probably have several millions in cash. we will get some of these.
in addition, i suspect production will continue and we will continue to get the remaining balance on monthly basis.
Not great but not the end yet.
operation cost for Geoenergo will be greatly reduced (as no expensive directors to be paid etc) and future revenues will be mainly for paying creditor.
that also means, Slovenia government who is the ultimate beneficiary for Geoenergo, wont be able to stop any payment to AST as Geoenergo will be managed by administrator with first priority is to creditors.
Don't try to take any credit for today's news winni you had no more idea than anyone they would try insolvency to get out of paying.
Agree still complicates matters for the co. and undermines the trade here but to be fair I did post before that I didn't expect much market interest til this payment was both awarded and received by the co and thankfully judging by the recent sp action that proved to be correct..
Don't recommend as a buy right now obviously as there's no way of knowing how long the big claim will take and no way of knowing how successful they'll be through the criminal courts etc re this 8M euro's but would expect to hear more fairly quickly with how quickly he's mobilised the lawyers.
Will wait and see.
Panman do you get it yet? They will get nothing from any of these claims and the company will be bled dry by the salaries ..until it is worthless...........
Does go to show the crookedness AST has been trying to deal with all these years with the Slovenians.
Seem to be crooks the lot of them so far.
Lucky the co. managed to keep going long enough to sue them though no idea what will happen re their 8M euro claim now.
This was always going to happen. Civil and criminal proceedings are a lot different.
Nonsense......... i'd say
Whats with the rise showing 23.68 % ?
Winni/panman, forget the difference between an executive director and a nonexec. What's the difference between a nonexec and a shopping trolley?
Https://total-market-solutions.com/2023/12/10-oil-and-gas-companies-to-follow-in-2024/
No I'm not saying that at all Winni, just misunderstood your post. When you posted there were two overpaid part time execs I took it for granted you couldn't mean Parsons with his £150K + deferred bonus so that left the two non exec's on £34K each.
As to pg's you're correct I quoted pg 32 which is the start of the Remuneration Committees report as I took it for granted peeps would want both pgs not just the bit I wanted them to see.
The pg 34 you posted is actually the start of the "Statement of Directors Responsibilities" section I just didn't want to be seen as point scoring or unnecessarily embarrass you by pointing it out.
re the "big no's" not blinded but fully expecting the market to become so as the case progresses esp if they are awarded the €8M and receive it first Q or H next year. Think that'll be the wake up call imo and am more than happy to sit and wait for it to happen.
Panman are you saying you don’t understand the difference between Executive and non executives… and you referenced page 32 not page 34 .. all in all you are blinded by the big numbers quoted in the potential award.. look at the history or Parson's and Denman and ask yourself one question have they actually ever achieved any success for their shareholders or just monetary success for themselves …. They are a jam tomorrow types ..but tomorrow never comes
Not exactly a Sherlock Holmes are you Winni?
When you spouted your nonsense about the exec's being overpaid for their part time role I naturally assumed you meant the non execs and quoted you their wages from the same pg's you have quoted back?
Did you really not twig that even after I told you I was impressed they attended all meetings and they were heading up the committees?
Do you think maybe your hate is clouding your judgement here which is a shame and if you don't mind me saying a waste of your energy.
As to Parsons and Dennon I agree that £250K wages + pension payment on top is high for Dennon (but not excessive for aim) but don't see Parson's £150K as too high. Also am very impressed that they've both refused their bonus's of £60K between them until the co' is flush with cash. That won't happen until they're either paid the full 8M euro's they've estimated they'll be awarded from their partners....
https://www.lse.co.uk/rns/AST/upgrade-in-estimate-of-revenue-recognition-1fg0s83j82pnd6h.html
or failing that the €656.5 m from their main and rather compelling ECT claim so they're fully aligned with shareholder interests there imo.
So all in all I've no complaints about managements salaries. Think they're fair enough on holders esp as they're advertised plainly so we can all see what they are before investing.
Recognize you're going to vehemently disagree but then again would expect you to do see even if they win every court case they've entered into and make a massive payout to shareholders too so best just wish you Happy Christmas and be done with it.
Will production return ?