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They gave up, after years of unrelenting BS from Keith Bush.
where is everyone?
true.
Ramping doesn’t work here
full ask?
Glad to see that the old management has still got their snouts in the trough.
Great piece if incentive..... options at nominal value. Any wonder the major holders has decided to get rid of the chancers.
Still awaiting the communication of the strategic direction for the company by the current management but one thing is clear; current management can't be worse that the ones that were ejected from this company. At least P2P has skin in the play, they have actually invested money to acquire their position in the company so to some extent their aims aligns with the general PI. The old management did not ever put their hand in their pocket to buy shares... except offering themselves options at 1p, when the share was actually trading at significantly more than that.
Heck I even hold more shares that our erstwhile CEO. During the fund raising the management made a token gesture of taking part. [In placing and Open offer to raise $16.5M our CEO was able to subscribe to a total of £7,000 even though the open offer was less than 60% successful]. Without any personal investment in the company, no wonder they were not that particular about performance of the company as long as they can draw salaries … options at nominal value will always be in the money.
Lost any kind of interest in Malcy's views when he thought that the shocking deal to buy out High Power interest for a significant uplift to what they are worth was a good deal. people that purport to provide unbiased commentary on companies should not be living in a parallel universe if they expect to be taken seriously. Previous to that deal H2P had 25% of Canadian assets and have an option to make this 50% of Canadian assets by paying $4Mill to exercise an option. Without H2P having paid the required $4Mill to exercise their option, the management at CAB decided it is a great idea to acquire this 25% of Canadian assets from H2P by paying $8.71M , ( $1.75M in cash and the rest by issue of 103,796,08 in shares). Malcy also thinks this was a terrific piece of business. I am sure that would have been the first warning sign to H2P that the management are not up to mustard. from having a 25% interest in Canadian asset and 29% interest in CAP, H2P now owns an effective 56.53% of CAB. In short CAN now because effectively owned by H2P...which in the end turns out to be a blessing in disguise as they haver tuffed out this clueless management before the squander the money raise in the last placing on useless venture...changing the company name did not change the management's practice of frittering away share holder's money. when you consider that previous to this apparently fantastic deal, H2P only have 10% of the Italian assets and will need to pay something like $10M for additional 10%, and in one fell swop they are given 50% ownership. Until Malcy actually puts his money in, I am not sure any thinking investor cares what he thinks.. those that have money riding on this including the key share holders, supportive share holders as Keith called them, have voted with their feet before they lose their investment. I am sorry if that denies Malcy access to a crony who he can have purported interviews that only acts as a PR exercise for management without asking the tough questions that investors want to ask. With thie management tuffed out , CAB may actuaally become a buy. Prior to this the direction was only one way. Already the money raised has been ****ed against the wall, having an increase in production where cost of operation still dwarfs To is not a investment but a money sink, this is inspite of several interviews where Keith has stated that the break even volume is about 400bpd.
Well done to all those of you who foresaw that Bush & co. would finally be removed. Malcy is displeased by the action - a reaction which cannot be shared by many long-suffering shareholders.
Well done to all those of you who foresaw that Bueh & co. would finally be removed. Malcy is displeased by the action - a reaction which cannot be shared by many long-suffering shareholders.
Copy of my comment in ADVFN: I suspected that it would not be long before High Power found out that the management are clueless. Once they became the majority share holders, in fact they own CAB based on their shareholdings,I am pretty sure that would not have been happy at the performance since the funding at 5p a share. Neither will the other significant holders who put in their money. New CEO; New Technical Officer and New Financial officer says all they need to say about what they thought about the management. Hopefully the new people on board have a better idea what they are doing.
After reading about the profit warning on Malcy's blog today, I hesitated to post a comment, as I am no longer invested and many posters resent negative comments by non-investors. Having read the negative comments, however, I don't think I will offend many when I say that I got out about 3 1/2 years ago at perhaps 11 p per share and have never been back. Suffice it to say there have been enough warning signs in the form of comments from other posters about revenue being insufficient to cover expenditure and when they raised money a year or two ago, and a poster said the new shares were a bargain (at about 3.5p), I predicted another raise at 3p. I have just read that they were in fact offered at 5p, which explains why so few shareholders have taken up their rights. Unfortunately, if the directors cannot raise more sucker money, the company's viability is in doubt.
Ah just working out if they have enough pay their salaries, pensions and bonuses. Best have another placing then! Jokers.
Bought at 33p 5 years ago after tip in MoS!!!!!!!!!!!!
The company has just posted losses of �4 million for 2017..adding to the previous �91 million losses between2012 and 2016..Keith Bush talks excitedly about the future prospects..but as we can see cost of production continually exceeds the oil revenue.�1 pound of oil production is costing in the region of �13.49...Further spending of share-holder funds in 2018...This is only an investment for the directors to fill there pockets not to produce oil.Please High power Petroleum...either boot out the current directors or find an investment that can provide a return for share-holders//.Action is required.
....same old claptrap! - this company only exists to pay their directors wages. Nothing has changed from its NOP days. Changing a company�s name does not change anything and the directors need to realise there is more than one person in the room who has a brain - the share holders are not fooled! The final word is STAY AWAY FROM THESE CON - MERCHANTS!!!
Answer the question Mr bush .How much oil revenue is going into the bank account and after the cost of production how much is left as revenue for the benefit of the company.and improve the share price.Remember of course that i pulse has a 57% interest in the company andthat will be draining profit from the resources.unfortunately Mr Bush your claptrap and hyperbole will not make an impression on actual revenue although you may think it will persuade shareholders to invest...Stay well clear..
Perhaps this is the time for the board to put their OWN MONEY in to support what they have told us over the past years, or is the the end for them and Cabot (Northern Petroleum)
Further rubbish issued by Keith Bush.The company failed in its capital raise only 54.8% of the expected amount was raised.That shows the confidence that private shareholders have in this company. That is NONE. High power petroleum have now a 57% holding in the company after exercising the optionto invest in the company.Keith Bush was asked the effect of this investment(i-PULSE) are a wholely owned subsidiary of High Power petroleum.He avoided the question and went on to give hypothetical figures for future production....High power petroleum will require a return on that investment..ACtual production figures given ...None...all fiction and hyperbole...Shareholders have lost considerable amounts of money through this company and will continue to do so..THis leopard will never change its spots.Stay well clear..
Well done to the team to complete and test 3 sidetrack wells in Canadian winter ahead of schedule. Cabot seems to be heading in the right direction at last.
Excellent analysis by Phil 01...with commentary about the capital raise and the buying out of HP2..Certainly a case of financial musical chairs with valuations based on hypothetical production figures.Remember that this company in the years from 2012 to 2016 as Northern petroleum(still the same assets) produced � 5.63 m in turnover with cost of production of �75.97m....That is for each �1 of production it cost �13.49...I cant see this changing..Keep well clear.......
Looks like this company hasn't thrown away its previous practice when called Northern Petroleum. the share holders seems to still to be the ones to be stiffed..also the lack of management having put any of their own personal money into the company is now a concern for me. I was previously willing to to give the company the benefit of the doubt but old habits die hard. I have written to the CEO prior to Xmas seeking clarification on the last RNS regarding buying back the Canadian assets form H2P and have not got any response. As the deal stands two things concerns me: 1. It appear that H2P paid US$2.5 mill and US$0.25 well stimulation services ( totalling US$2.75mil), for their 25% share of these assets. Less than a year later we are paying US$8.75mil to buy the 25% back. 2. The valuation used to arrive at this price is given as: "....".. The consideration of US$8.71 million for the Acquisition is based upon 50 per cent. of the net present value, at a 10 per cent. discount rate, of the proven reserves as calculated by McDaniel & Associates Ltd:.." That statement presents another anomaly since currently H2P only has 25% of the Canadian assets , so why is 50% of the Canadian assets used for calculation of the valuation? H2P has an option that would expire at the end of Dec 2017 to acquire additional 25% of Canadian assets for a US$4M payment, that will take them to 50% ownership. That option has not been exercised and is now expired, so why did CAB use 50% of Canadian assets to arrive at a valuation when H2P only has 25% ownership. It will be crass ,mismanagement is the CAB did not know exactly how much of the assets H2P currently have and thus throwing away Share holders assets. For a management that does not have skin in the game apart from drawing their salaries I would imagine that such details are not important to them. Of the entire board only a couple of the non Execs actually put their own money to buy shares. Our Exces tend to depend on getting their shares for free. As such unless I get a viable explanation from the company I will not be participating the Open Offer and will look for opportunity to sell what I have. Clearly changing the name of a company does not mean that we now have a new dawn.
From their days as Northern Petroleum to now they have lost over 90% of their share value -( based on share price , the value may be different!) Now they are offering a special opportunity to buy more shares , at the market price ...............?????? OK they are fiddling around in Canada now instead of the North sea and Italy ,but, the only chance of a solid return as far as I can see is one of the Majors in Canada needing to buy something to avoid paying tax
This company has continually lost money...many millions between 2012 -2017.The shareholders have suffered but not the directors who continue to fill there pockets.The interview was pathetic.No current production figures and no doubt the losses continue..Pie in the sky projection figures to try and persuade shareholders to contribute further to this debacle.They are trying to buy out an existing shareholder.If the investment was so good why do the want to sell there share holding...KB talks about tripling production..This is fantasy land...Keep well clear...
There's nothing in it for the shareholders, that's why.