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Any chance of a statement from the either or the two largest II’s?
G.P. Jersey may be 5% but the "Shareholder Group" is 17%, see below:
"The resolutions have been proposed by G.P. (Jersey) Limited, one of a group of Shareholders who have
been in regular contact with the Board over an extended period of time.. We believe this shareholder group
(the “Shareholder Group”) holds a combined minority interest of approximately 17% of the Company’s
shares (as at 16 July 2021)."
If Andrew Finch is willing to personally pay for the audit and for the boards time dealing with the distraction of two GM's in quick succession I have less trouble with it but somehow can't see that happening.
Morning all, I only occasionally look in on Block, so not up to date.
What's the problem with this shareholder asking for this audit - surely if everything is above board it's not a problem, however, if there is an issue isn't it in shareholders best interests to know the truth?
Scoobyrex your right, this is part of a concerted campaign by a small group of millionaire shareholders hiding behind the incorporated veil with cross shareholdings in different nominee accounts. The fact is they are the same people.
Organised to cause trouble for the existing board and to remove all of them over time in a standard facilitated PE takeover process just this side of legality.
Note the shareholding of the latest attack on the company by this small but militant 5% of the whole share register. No doubt the pro PE take over mob will shout nothing to see here.
Both resolutions should be VOTED out with massive majorities.
The timing of this request mid drill is very strange but as a 5% share they have the legal right to ask.
I will be supporting the company on both resolutions and i cannot see the resolutions getting passed.
I'll assume i can vote online through ii but I'll be contacting them today to check.
They're not politicians they're managers of a gas co. who are being hassles by a 5% holder.
Isn't their a rule about bringing gm's for spurious reasons? Pretty sure that'll end up being the best defense against this Andrew Finch person.
Why didn’t they just welcome an independent review by a regulatory body to focus on legality and ensure inside information isn’t leaked to somebody’s advantage. They could then add that the timing of the request is not great.
The response is not how a politician would have handled it and leaves a gap of doubt as to what a review could find.
You really do have to question the timing of this.
Request a shareholder vote to remove chairman.
Accusations of impropriety to steer shareholders to vote against.
It’s politics, it’s dirty, the timing stinks. And it isn’t in anybody’s interest except the Scottish mob trying to get their hands on a debt free company.
Looks less rosy now that there is a proposal to examine the activities of the company, i.e someone smells a rat and wants a report on its whereabout.
Good post MP.
The reality of the end of year financing may be solved by the price of Oil its self and more of it!
But what we have not taken into account is the remediation of WR16Az with its pumped oil solution and the BH works to control water ingress down pipe from the Upper Cretateous , nor the results from 15 separate well interventions in Block 11b.
Of interest is the decicion to install an expensive pipeline now, rather than from mid next year from the KTE-39 site to WR30 well site and then down to the WR16 site and the EGF. I have a suspision that both KTE-39 and JKT-1 have been cleaned and are producing both Oil and Gas, requiring the Gas pipeline to continue into production.
The partner to share costs in the Patty field only may come AFTER we have proved the Commericality of Patty with its small side track.
Thank you AJ, so by September we should know if WR-B1 is a technical success and maybe even have the initial flow rates.
RUS-BA is scheduled for Q4 and estimated to cost $3.5m, even with good flow rates from WR-B1 and WR-BB we probably still need either a partner to share the costs or a small raise.
From the presentation ref RUS-BA;
• Targeting Middle Eocene gas, tied into the Bago gas processing facility.
• RUS-BA will be drilled up-dip from the RUS-02 that produced significant
gas volumes. A 500 m long inclined hole section will be drilled &
completed with a slotted liner.
• RUS-02 was killed with 10000 m3 water as a result of unrest in the early
1990s. A workover by Slb was unsuccessful in de-liquifying the well.
• RUS-BA is located in a relatively fault-free area of coherent continuous
• Initial production rate: 4.4 mmscf/d
• Plateau: 6 months, decline rate @ 10%/year
Oil is now over $74.
I estimate one months gas from WR38Z produced $67,000 during the last Quarter.
In my opionion WRB1 may well produce far more, why waste it?
We need every $ we produce to fund the RU_BA well 1 drill at the end of the year.
That drill may well be a monster gas find.
I am expecting a similar RNS which discusses Gas pressure rates at the well head as per WR16aZ with flaring taking place as the well clears of drilling fluids. After clearing the well will in my view be constrained to the minimum to avoid wasting any GAS which can be sold once Block installs the connector pipeline to WR38Z.
Any real flow testing will not take place until we can sell the gas!
The history of WR38z is a case in point; they had to rely on GG Flaring licences which took months to appear.
Hence the usual 4 week test period results will appear after the pipeline has been connected, that will then be followed by a 3 month EWT.
The test key point is do we have a perfect well (within reason) once the well clears of drilling fluids and that we have hit the nail on the head into an UNTAPPED hydrocarbon resource area.
AJ, once the drilling is complete, my guess is late August, do you not think the company will release initial flow rates in September for WR-B1? They have done previously. What is the time-line you're working to?
ALL PR originates at Board level , it drives sentiment , investor approbation , attention and confidence .
That is / should be , part of the job description for all Board members , it is in part what they get paid to do .
One of the issues here is that they have simply not been paying attention to that aspect of their responsibilities .
The consequences are obvious , a 15M mkt cap , and all the dangers now apparent .
Latterly it would seem that they have woken up to the problem with their ` Twitter Storm`.
I`m not suggesting excessive expenditure on PR generated by external agents , but I am criticising the lack of sensible information flow ever since PH made a fool of himself some eighteen months ago with his 1000 b / Georgia`s greatest ever discovery nonsense .
His contrition seems to have been a strategy of `Say Nothing` , then nobody can criticise me .
At senior Board Level , I am not at all enthusiastic about the practice of `Learning on the Job` .
Post that ` Unfortunate ` event and until recently It seems it was left up to Philip Dimmock to front up the business .
Let`s hope this `Twitter Activity` generates the interest that to date has been sadly lacking .
~~~ Quickly .
VJAS, PR comes at a cost. It’s also sugar coating. Money in the bank from the next four quarters based on the next three drills repotted in RNS x5 production updates is going to make you much richer than millions spent on PR. Twitter is our impatient friend. This is regardless who the CEO is.
What is good that we have a balanced group chat here , some really good dialog.
Suspect when the vote will be near will see a few names bouncing back trying to persuade against re-election.
Also believe that good news awaits near the vote , as with the directors resigning it would appear that a deal was done in this past to let these director in and with the knife out from the concerted party was a shock to the BoD.
The share holders of solo completely emptied of cash for consultant work and setting up debt for a company with no cash flow over £10 Million disappeared witch includes debt.
The more i think about it well done Block energy fighting against this using all the tactics they could muster.
In General we are in a better place , more assets , first spud this year , near break even , cash positive whats there to crumble about
Good Luck and vote with the heart what you believe is best.
Scooby ; Agree on both of your points .
Re news : if they don`t push the PR machine really hard on a successful drill with a determination to get the ridiculous sp UP ,
then it would confirm my worst fears about PH . I`ve always had my suspicions about that `Woodshed` and PI`s can never see what`s really going on in there , so if they don`t up their game on PR , Communications to improve sentiment and get the damn share price UP ~~~~~~~ It`s good night from me .
do you really think they will not publish ANY results for the new drill for 4-5 months !! That hasnt held most oilers back before. Sure EWT's are great, but initial measurements should also be released.
AJW : ~~~~~Sentiment , PR , and Communication !
If they just start to get a better grip on that , I think the sp will rise .
If they don`t , the sp is likely to drift or at least remain static , which would give ;
`The Bad , The very Bad and the Ugly` another show down at the` Not OK Corral` !
SAVE PHILIP DIMMOCK !
V111JAS the progress of the drill, hopefully good, will not make any difference to the share price untill flows results for OIl and Gas are published and that may not be for another 4 to 5 months.
The reality is Share Holders have to make a calculation that is, will the share price improve under PE Controll or flounder under debt caused by the company over reaching itsself on the teat of debt, or remain as as a Share Holders owned company debt free and operating within its means, working towards completing the capital plan over this comming 18 months.
I should have said "PE organisation, Limited Company" etc.
The same "actors" are key members of each organisation PC, Limited Company, or Limited Company Partnership, in controlling positions. They are using the incorporated company "vail" just as Pre IR35 contractors used, to declare their company fees and take dividends instead of heavily taxed salaries.
Fees earn for "consultancy" and “finance arrangements” generate Dividends which are still taxed different to Salaries which attract NI for the employee and Employer together @ 22%.
07.08 : Good post AJW . Your comment re financing is most interesting , revealing and probably very close to the truth .
I suspect the BoD are waiting `till the last minute for the announcement , the meeting and the vote count in the hope positive news from the drill could be released .
There`s a lot at stake here , a good result and the (temporary?) dismissal of the concert party and this could absolutely soar , failure , and it might be a serious negative outcome . I thought that `Concert Parties` were forbidden under stock exchange rules , but in this case they seem to be ahead of the game because proving that these people are all acting in concert would probably be dificult to prove , they just have simillar views about the Company , perhaps I`m wrong .
I am a critic ; Salaries for shares , communications , previous fails , etc ...but , I`m very positive about the potential and future prospects on a good drill result .
I will probably dump the stock if the Cowboys move into town .
I don`t think the vote is a given , so every vote will count . II`s should remember that Proxy votes take time and a bit more effort but will also be most important in the final count .
SAVE PHILIP DIMMOCK .
(....and save your investment! )