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600: You're a good guy - the very best of luck to you. You're not the only one who thought this was a straight deal - until the LOG fiasco and thereafter the CC confirmed that the BoD were considerably less than pure - it's so bloody sad (not to mention annoying) when you find yourself shafted. I got all sorts of abuse - but here we are with my prediction of an untrustworthy BoD playing out all too well - and believe me, I get no pleasure from that. SP down again 2.59% today according to HL - beginning to wonder if it's time for me too to cut my losses (not too large thankfully) and leave the compost here to decay gently.
IMO
rxdav, maybe a little harsh there; I am very familiar with my own absolute conviction that IOG was the best company there was. With total belief, it is easy to miss the warning signs. There were plenty of what I consider decent folk invested here and I urge them to check things out. I may be wrong but I'm annoyed with myself with sitting here piling more cash in and ignoring the other opportunities out there, that's the bit that hurts as its all down to me being a muppet. JOG went up 140% today on the news they picked up more licenses from the 32 OGA Round.
I'm already making inroads with recovering my losses here but time will tell, still learning!
ATB
600: I suggest anybody not worrying here is either in a coma or a firm believer in the tooth fairy (or both!)? I am just so glad I'm not in deep here - you took quite a hit bailing out - but it may yet prove to be an astute move. GL
IMO
Well, no surprise with today's news! Nothing on Bacton, funding, Harvey BUT EVEN MORE DILUTION. Sadly, this has become the news trend of late. GLA but for anybody beginning to worry, why not try emailing a BoD member?
Peakview, as you are aware, the Bacton complex consists of six gas terminals. There appears to be confusion over ownership and whether the terminals are leased or owned by Shell, Eni, Perenco, National Grid, Interconnector UK (within the National Grid site), BBL (Bacton-Balgzand line) (within the Shell site). That said, Perenco is currently disposing of its North Sea assets. In December 2017 Cats Management Limited (CML) acquired 65% of Bacton. CML is a private equity-backed company specialising in managing mid-life assets. They entered into three sale-and-purchase agreements with Premier Oil (30%), Centrica (25%) and Perenco (10%). At the time, CML was to keep Perenco as the operator. Since then IOG bought the Thames Pipeline for a nominal sum in April 2018 - it had been decommissioned in 2015. This acquisition, the pipeline, was reported as being from Perenco, Tullow Oil, and Spirit Energy. Transparency and clarity are needed with different companies but alas, this BoD has failed to do this preferring their smokescreen.
I remember reading that we had signed a SPA to buy part of the reception facility at the Bacton Gas Terminal and had a period of exclusivity ending on 30 September 2018. The BoD has so far refused to update, or deny, this. Further, different BoD members have reacted very differently when I have pursued the matter; my guess is that some of them do not know what is going on at Bacton.
For me, Bacton is not the only reason I sold up. Delays and the lack of information have created enormous doubts for me. 35 months wasted plus a substantial loss. I am now thinking RRE’s possible offer of 20p was a good one. Incidentally, RRE has today released their prospectus and trading in their shares will recommence on 24 July 2019.
I’d be interested to read other PI’s take on where IOG is currently but I am glad to be out and cannot see I’d ever buy back in. There is certainly a need for clarity with both the Thames Pipeline AND the position over any share in the Bacton Gas Terminal but what is happening with funding? That is the £450m question! I’ve been wrong before so, as always, all the above is IMO and DYOR. ATB
Not sure what all this fuss regarding Bacton is all about. "we don't own anything at Bacton" - nor will we as it is 100% owned by Shell and consortium. All we need is access to the facility, as with other southern North Sea gas producers who pass gas product through the facility and onshore down the pipeline at a normal facility fee to the owners. Just wish that some of the original O & G technocrats would post their observations on here rather than a series of repetitive hatchet jobs on the BOD.