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Excellent news now get the drilling started !!
From Tommy241 on the other board.
https://www.con-telegraph.ie/2024/03/07/mayo-election-candidate-welcomes-gas-licence-extension/
Fair and well researched point. But that’s why I’m interested in changes over recent months (trading patterns, portfolio, political sentiment) that may indicate a shift in trend - AIM is volatile and timing important. I am open to the possibility that WH may have some success this year, because if not I would sell out rather than watch my investment reduce further if it continued with your y-axis! But each to their own and good luck with your investment strategy.
WH was appointed CEO on March 15 last year. The top of the y-axis on the share price charts for 1 year, 6 months, 3 months, 1 month, 1 week is thus: 2p, 1.5p, 1.35, 1.2, 1.15. I would say that is a downward trend. The current share price is a real drag on the company as you can see that it struggles to get ahead because of persistent sells at a low price. If you buy low, sell for 10% profit, the sell price is still low. I think a merger will reset the share holder base and give us potential to get something out of this company.
More interested in trends than daily share price. Let’s see which way it moves over next period.
Did you guys not see the share price is down 4.55%. Are you living in an alternative universe?
Agree Serif, trading pattern suggests persistent seller has departed and the share price should recover well as the potential game-changing farm outs gain traction.
Interesting trading today - piecemeal sell off followed by later strong buying until buys outweighed sells at close. No sign of the concerted large sells of Jan/Feb and some obviously keen to pick up chunks at this level. Tide turning?
I could not agree more. For once; prove up one of our investments before all the wressle money is pi##ed away save for supporting our director’s lifestyles
We seem very good at adding value to others by farming in, so before we go off and farmin elsewhere I would like to see us add tangible value to one of our current projects by getting someone else to bring in their money!
Imv Serenity Tain will need Serica to join in
UJO has recently invested in the US on Royalties and farm-ins. so far the response from shareholders has been cautiously optimistic, pleased that Bramhill is diversifying but not yet reflected in the sp. ujo and eog are both reliant on wressle for the bulk of their revenue, with Egdon seemingly paralysed into inaction, perhaps EOG could follow UJO's lead albeit in a very modest way?
Thanks Tony,
I think us LTS have Europa fatigue and just want something back. I doubt we will see a change in 9 months as that requires a farmout and possibly another farmout of the Tain(?, if we get it)/Serenity licence. We just cant continue with promises and promises. I know a merger will be dilutive but the assets aren't going away and a larger company just makes more sense to move any project forward.
The BOD should be looking at all possibilities to increase shareholder value but with the salaries they are on, are they really going to look at mergers? It has been a perennial problem with the Europa board for a very long time.
Aimshame,
I agree with your comments on a merger - I guess I didn't understand what was meant by "vending the company" - highlights the importance of using plain English to communicate your point or perhaps I'm just slow on the uptake. On the question of whether Management would be receptive - it would be a good question to ask Will Holland at some point - he's not shied away from difficult questions in the past.
It they were to execute this sort of move now - then you would dilute the impact of Inishkea and EQ - however, if we are still sitting in the same boat in say 8-12 months with no tangible progress then it would be harder to Will to justify his salary in a standalone entity
On Serenity - the 33rd Licensing Round is not complete yet and my understanding that a decision on Tain being awarded out of round would only be made after completion of the 33rd Round. I suspect the future of serenity would depend on the success of being awarded Tain. With regards to whether Eog could afford to fund their part of a Tain / Serenity development - imo almost certainly not as I think would be the case with i3e - both parties imo would have to farm down a further % or alternatively sell the licence.
He was appointed after the farm in agreement for Serenity was signed, so he wasn’t on the Board or employed by EOG - which means he wasn’t there to consider the overall financial implications for EOG.
Forgot to add that WH was Finance Director at the time, so I dont think he is completely blameless
Fully agree
Ireland - not Iceland - but maybe that’s our next destination!
Yes that’s what I’ve read - but only here. That’s my point - nothing wrong with a 50/50 deal, but SO should have passed because they couldn’t afford to do several of them and so stack the odds in favour of success. As a result 1 failure wrecks the company’s finances. Don’t blame WH for that, 50/50s are decent calls but will fail half the time whoever is in charge!
I think FDs point is key for me - WH now needs to show hunger for success - which is why I want some project dates. He’s improved the presentation, he’s kept Iceland alive and I think he’s improved the portfolio, but now he has to show he has the drive and determination to get some of these projects through value adding points - which is the hard graft required.
Serif,
I heard that WH brought the Serenity deal to EOG. I am not sure if that is correct but that is what I heard.
One point on Serenity - WH was not the management at the time - - that decision clearly sat with SO. If WH brought a 50/50 option to EOG fair enough - they are the ones who should have said it stretches our finances too much.
Aim... your summation is pretty spot on. In essence too much being spent on salaries and not enough hunger for success.
WH is a nice chap, but does he have the hunger required to drive the company forward and provide long suffering shareholders the added value required?
People don’t give away producing assets at below value - you end up in an ANGS situation. Merger is one thing (may or may not help), but changing overall strategy is another. Why invest in a high risk/high reward company then say you want them to become a low risk/low return company?
For the past ten years they have tried?
Disagree. This is Aim. The market is looking for blue sky farm outs and big prospective resources drills. WH has set out the strategy clearly.