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Glad to see the back of today, it seems most small cap oils suffered today
Yep and that's what worries me. Lol.
Could you go to market and get the CEO you would want by Xmas? Think you would have to have someone in mind and lined up already to know you could achieve that.
It often happens but normally slightly later in asset cycle. Ie post exploration well success to development stage simply because they know every one and everything about the asset so it eases transition to acquiring company. Imho of course.
Excuse my naivity but what advantage would there be to either Europa or the unknown major. I'm sure most major oil and gas producers are not short of geologists unless there is a condition of the farm out that Hugh gets a plum job. Is that how it works? I also think that they might look at employing an ex CEO that has seen his company reduce their SP to such a level.
He hasn't committed any misdemeanour to warrant instant dismissal, the lagalities of severance will take a few weeks to complete in my experience. It's just time to move aside and move on.
I've got to admit I've never seen the same before unless handing over now and transitional period?
Maybe just poorly worded and he is staying on in contractual capacity to handover to new candidate? Maybe Simon or some other is already agreed but they have to go to market for new position? We will find out soon lol.
Could easily happen he transfers to major if there is a farm out. Seen that a lot of times.
I just hope this is linked to imminent deal and NOT "mgt team" finding out (just now) its been an almighty f up.
All imho and dyor.
To finalise negotiations on Inishkea before year end possibly.
My apologies, he is stepping down immediately but remains an employee until 31st Dec.
Why hang around?
Tacuma he is stepping down on the 31st Dec
Serif, he's left with immediate effect, and why couldn't he cope with a change of strategy? I'm looking under the surface.
Somebody earlier noted how uncomfortable Hugh looked on the latest interview on proactive, I've re viewed it and have to agree.
My biggest question is why now? Why, when we are hopefully about to get Wressle moving, when according to the last interview we are about to close things out on Inishkea farm out (indicated before Xmas)?
Hugh has lived and breathed the above, why bow out now and give the glory to someone else? Either things have took an unfavourable turn with negotiations and are further away than initially indicated, or they are about to be sealed and will be announced before the step down.
Personally think it is the latter, the fact that he is here until the end of the year sends a clear message. I also think the angle about Hugh taking a position with the soon to be announced major isn’t too far fetched.....
When CEOs are pushed they usually leave at once, but here Hugh is staying “as an employee” until end of the year to do a handover. So it doesn’t look like a fall out. So why they quoting a change of strategy as the reason for the change? And is that handover to Simon (would he need one?) or is someone else lined up already?
Interesting Giblets , different angle, wouldn't mind being a fly on the wall. Something in then air, next RNS or Proactive may reveal all. Hugh has got a very large stake here.
Tac, does Hugh move over to said major to head up Ireland?
Always a possibility, doubtful but possible.....
@ GP, not just a few months but from 2 years ago. Read the letter to me this morning and CEO's don't "step down by mutual agreement" We all know that its boardroom speak for, You've been Sugared. Why step down if you're on the cusp of a multi million $ deal. Or not. One months notice? I don't think so.
There's a dark underbelly here and we will all learn the truth soon.
In the meantime I still forecast a sharp upturn here, DYOR etc
I also think the same Brezhnef and interesting times ahead. I don’t see this as a negative and I would not be surprised if this had been planned for a few months now. All IMHO :-)
Don't let's lose a grip on reality here and I repeat, cash in hand, no debt, production, huge potential assets offshore Ireland . It's not about one man, I'm invested in the Company. DYOR but I see a huge upside here. GLA LTH's
I expected to hear the elusive major to quit before Hugh, I’d like to think Hugh is more honourable than just “doing one” leaving so many out of pocket without so much a bye you leave.
There is more news to come imo. I believe hugh's resignation is part of a bigger picture about to unfold.
Anthony, been waiting nearly 2 years to find out. Curious.
Surely this new guy will finally step out from the shadows and get on camera to show us what he is about?
Ah ok just thought they may have been a punter from about 20 years ago that I "knew".
Anyways let's hooe in some bizarre way this was a "political " move and that this could lead to farm out of Inishkea now being wrapped up in few months because farminee preferred different boss in charge? There is only one particular "way" I could see that being the case.
As ever all imho and dyor folks.
Best of luck all.
Dunders, look at his or her post history, all strong sells
Pardon Tac do you mind explaining that comment better?
Dunders, take a look their previous posts, keep it in the ground mole.