The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
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Oil slumped to a 17-year low as coronavirus lockdowns cascaded through the world’s largest economies, leaving the market overwhelmed by cratering demand and a ballooning surplus of crude.
Futures in London fell as much as 7.6% to the lowest since November 2002, while New York crude briefly dipped below $20 a barrel. Physical oil markets are struggling to store fuel, hit by a double whammy of virus restrictions eroding demand and a damaging war for market share between Saudi Arabia and Russia that has prices on track for the worst quarter on record.
https://www.bloomberg.com/news/articles/2020-03-29/oil-plummets-to-17-year-low-as-virus-threatens-demand-slump?
Krapper - no jokes today at your expense, although some find the moronic ' how many bopd per day ' question you regularly pose a bit of a joke, but in a sad way !
Ross claimed to filter me and largely stuck to it as it's moronic to claim to filter someone and then be so bothered about what they're saying you post desperately with a speculation about it - if you speculate correctly I'll suggest you're peeking ( like 12bn does! ) - if you're incorrect you just look foolish !
BTW although I claimed LayLadyLay's trolling was less than third rate at least he gets close to a rating and sometimes can string an argument together - your posts are lazy and often gratuitously spiteful - no one knows why you bother!
He did at least admit his trolling is less than third rate.
I see PRD investors are complaining of being kept in the dark. It sounds like Paul and Leo may be singing from the same hymn sheet. Whatever the reason, it doesn't inspire confidence in either company.
LayLadyLay - I've noted your response to my less than third rate trolling observation and I've got to say that although you are obviously trying very hard I've seen nothing so far to change my mind, petulance is not the answer !
Then we have Tony Hawkins busy with the Lekoil investigation. I wonder if CERP is no longer a priority?
And who cares. apart from you.
Thanks for that LGO-fan - 'arry' is now shouting from the rooftops ' veni,vidi, vici ' !
Come out, come out, wherever you are ;)
https://www.sterlingenergyuk.com/about-board
Tulip Oil published their 2019 accounts on 27th February so I guess that their Non Executive Chairman will have been in the Netherlands and/or Germany at some stage during February. I wonder where he is now?
https://tulipoil.com/board/
Julius Caesar did the same in De bello Gallico. Worked for him!
'arry/in4cedros - referring to yourself in the third person so you can compliment yourself is somewhat weird.
Maybe you should relax and watch a movie. Me, Myself & Irene will cheer you up.
https://www.youtube.com/watch?v=GyaIF1iTs-Y
LayLadyLay/ krapper- you shouldn’t let your irritation show - it’s probably just what arry wants !!!!
With your form I expect you to be supportive of 12bn even though he takes a fearful beating from ‘ arry’ on a regular basis - 12bn also contemptuous of financial regulation - his latest stroke is to suggest he’s used false details when opening his ADVFN account to thwart any repercussions from his actions - who would be stupid enough to admit that in a post - rumour has it Police are reluctant to take him into custody at the moment cos he wouldn’t be able to stop coughing !!!!!! This is the guy you suggest gives ‘arry’ a mauling ROFLMAO.
You should emulate 12bn and Krapper by filtering me LLL - it clearly works for them claiming not to read my posts LOL!!!!
There is artistry in Trolling when it’s done well and as I’ve said before CERP is a complex model with quite a broad canvas for any imaginative troll to exploit but the quality of trolling on here is struggling to be third rate now that my beloved Ross has left the building - Krapper is off the scale with his killer troll ‘ how many bopd will that take ‘ substitute for any technical argument about CERP details - at least you understand the devil is in the detail LOL LLL!!!
IreneKrapp. we are not are all time lows we were lower that this a few days ago.
'arry - are you at a loose end for 3 weeks? Can't you go play with 12bn over on advfn?
LayLadyLay - I'm really pleased you have so embraced the FCA you are now quoting them for the benefit of readers - shame you blatantly ignored FCA rules when you famously ran your ' Placing Monday ' stunt which was clearly contrary to the ' Important Message from the Financial Conduct Authority ' displayed to all of us every time we post on LSE!
Statement on UK markets.
The FCA is working with international counterparts in the US, EU and elsewhere so that markets can remain open and orderly, and so they can continue to perform their essential role in supporting businesses, governments, jobs and the broader economy.
While there has been significant volatility in market prices over the past weeks as a result of the impacts of coronavirus (Covid-19) and this may continue for a period, markets have continued to operate in an orderly fashion in the UK.
Some European countries have introduced short selling bans, and, in line with our standard practice, we have followed those bans, where requested, in respect of shares for which relevant European National Competent Authorities (NCAs) are responsible. The FCA has not introduced such a ban. Most European NCAs have not introduced such bans. Nor has the United States or any other major financial market.
The FCA continues closely to monitor market activity, including short selling activity. Aggregate net short selling activity reported to FCA is low as a percentage of total market activity and has decreased in recent days. It will continue to fluctuate, but there is no evidence that short selling has been the driver of recent market falls.
A great many investment and risk management strategies rely on the ability to take 'long' and 'short' positions. These benefit a wide range of ordinary investors including the pension funds for employees of companies and local government. We also note that short selling is a critical underpinning of liquidity provision. The loss of these benefits would need to be carefully balanced before determining that any intervention to prevent short selling was appropriate.
We will continue to co-ordinate with our international partners and take all actions within our power where necessary to safeguard orderly markets.
https://www.fca.org.uk/news/statements/statement-uk-markets
Executive Salary Scheme
As previously announced, the Company's directors and executive managers ("Executive Management") currently receive 50% of their fees in Company shares (the "Executive Salary Scheme" and "Remuneration Shares"). The Executive Salary Scheme has assisted the Company in both managing its cash and also ensuring Executive Management interests are aligned with the Company's shareholders.
The Remuneration Shares take the form of nil cost options, which provided the Company with more flexibility but does not change the number of shares to be issued in any way or provide any additional value to the Executive Management.
As at 31 December 2019, the fees to be settled by the issue of Remuneration Shares equated to 36,515,008 shares (equal to approximately 4.3% of the Company's current issued share capital).
Remuneration Shares are calculated monthly using a fixed share price therefore the timing of issuance of Remuneration Shares is not relevant to the number of Remuneration Shares issued. The fixed share price has ranged between 3.5p and 5.1p.
The Company has received an election from certain Executive Management members (including Mr Koot) to convert their options into ordinary shares of the Company, as is their contractual right pursuant to the Executive Salary Scheme. As such, the Company will issue 15,169,886 new ordinary shares to those Executive Management members (the "Executive Management Shares"), representing 1.8% of the 848,260,742 ordinary shares in issue prior to the issuance of the Executive Management Shares. The Company expects to record the issue price of the shares in its books at the closing share price on the day before issuance.
Hawkspear - LK hasn't purchased any shares. He has simply converted share options that are issued as part of the executive salary scheme. This is at nil cost to him. Furthermore, there is an incentive for executives to be paid part in share options.
Enterprise Management Incentives (EMIs)
If you work for a company with assets of £30 million or less, it may be able to offer Enterprise Management Incentives (EMIs).
Your company can grant you share options up to the value of £250,000 in a 3-year period.
You won’t have to pay Income Tax or National Insurance if you buy the shares for at least the market value they had when you were granted the option.
If you were given a discount on the market value, you’ll have to pay Income Tax or National Insurance on the difference between what you pay and what the shares were worth.
You may have to pay Capital Gains Tax if you sell the shares.
Correction it's over 12m shares not 2m as previously mentioned.
LGO fan, your post on Friday @14.38 you said that you were waiting for BOD to give a clear signal? In my view I think they already have, with LK buying 2,000,000 shares @ full price, plus taking half salary in shares along with the rest of the BOD. Seems pretty positive to me, would be good if the rest of the directors did the same. I am very positive about my investment and keep adding when funds allow. 6 months down the line it could be a very different picture when the oil price gets sorted? Keep the faith!
If people want an example of a good RNS during these unprecedented COVID-19 times, read the RNS from RDSB
the world is in lockdown, there are hardly any cars on the road...why would POO start to head North?
Lets hope for increase in WTI tomorrow
Hopefully this will not interfere with current operations and testing of the well
Trinidad and Tobago now has 50 cases of coronavirus (covid19).
The Ministry of Health made this announcement in a press release shortly after 9 am on Sunday.
The latest case does not appear to be one of the group of nationals who were recently brought back from a Caribbean cruise.
The number has increased by one since Saturday, when an increase of 40 was announced at a press conference at the ministry.
The ministry repeated on Sunday that 40 of the TT cases came from the cruise ship.
It also said, “The fact remains that all positive COVID-19 cases, thus far, have been imported.”
From the details in the release on Sunday it therefore appears that the 50th case is another individual who travelled abroad recently.
The ministry did not give any further information about the latest patient.
It said TT has now submitted 298 samples to the Caribbean Public Health Agency for testing.
https://newsday.co.tt/2020/03/22/now-50-covid19-cases-in-tt/