Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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AF was already in place and JF & already bought his then large stake in the company, Mailing was promoted by AF and then subsequently...let go along with another of his South of the Equator buddies. 2018 shareholders meeting was the last time I met Mailing along with of course AF and JF.
Mailing did badly on that transactions for shares at a massively inflated price to todays UKOG SP, good job they dumped them quickly, Gusher my backside..... the only thing that gushed was the PR.
They didn't sell Horse Hill or PEDL331 either - these were both done by Dan Maling while he was still in his role of Managing Director.
As far as I can tell the only thing that the current directors have done is pay themselves a lot of money and massively increase the administrative expenses.
Yes to the selling and no to the buying Canary. Tanzania has been on the book for years after Tullow pulled out of the 1st drill and Neil R said drill deeper with Aminex and discovered the Ruvuma gas asset.
They then went on and drilled NT-2 some years later and increased resources 10 fold to 2TCF GIIP, 763 BCF 2C. Now we wait for the Tanz gov to sign the Zubiar/AEX FO to drill the 3rd well on the licence.
Find out tomorrow if AEX/Zubairs extend again or the Gov sign off.
Didn't they acquire Tanzania and also sell Horse Hill and the Isle of Wight?
Not if they deliver here Canary, the issue to date is that they have not. Not saying that they will not, but so far they have tried and failed.
Does it even matter if the directors here own shares in another company or even if they are on the board of another company. Lots of directors are on multiple boards.
************* published this piece yesterday about Block Energy. However, given Ferguson's TR1 announced by Block on 16th Sept and Fitzpatrick's from Aug 20th it does seem as if they are part of Nigel Somerville called “the rebel alliance”.
It has a lot of similarities as to how Ferguson and Fitzpatrick ended up in control here if you ask me….
Block Energy – rebel alliance appeased….for now
AIM-listed Block Energy (BLOE) seems to have made a pretty decent effort at addressing the problems I raised HERE. On Thursday, an RNS appeared which seems a pretty good overview of where things are and announced the departure from the board of NED and former technical director, Mr Roger McMechan…
The full text of the RNS is HERE but the main point seems to be that things are progressing despite the difficulties presented by Covid-19, and the corporate governance issues appear to be being dealt with. All good – pleased to be of service!
We are told that half year results will be issued by Wednesday of this week (deadline day), at which point the grizzly truth about how much cash is left will become clearer. My suspicion is that all might not be well in that department, but we are told that crude oil production from West Rustavi, Norio and Satskhensi brought in net $570,000 in August, so perhaps my fears are unfounded. The problem is that we don’t know figures from July and before, and oil sales are one thing but cashflow is another. We shall see.
But on the whole, it does look as though the board has tried to address the issues raised and for that we should be thankful. Why it has taken until now is another matter, but my source suggests that the rebels, who control 20% of the shares, have been placated for now.
But the board also knows that one false move from now on will see forced change. Let us hope it does not come to that (even if the beer and popcorn would be a good diversion!), but as they say, the proof of the pudding is in the eating. Or, rather, delivery on promises made.
Roll on the interims!
No point in rattling the cage until Aminex completes farm out. Let’s see then what price our 25% is worth.
Good luck...been there and done that.....
Thanks CP, hopefully they are giving some indication of things going on in the background then.
Big D and I do on occasion & post it here when we do.
Does anyone have any correspondence with the PR company?
I think we should be a bit cautious here.
They could just as well wind the company up if Ruvuma fails to deliver.
What concerns me is where any proceeds of a Ruvuma sale will go.
We need money to build the company but I still think shareholders should be rewarded for their patience not the directors. They have done nothing in first acquiring the asset and since they took charge of the company.
I agree, but two years and absolutely no shareholder value delivered.
Just not what we all expected given all the promises and predictions that were being made.
Here here joelt and steve, seems the only game in town is Ruvuma at the moment, so no value delivered at all other than that already delivered by the previous BOD.
Over to the BOD....
Don't think anyone could argue with any of that Steve.
They don't seem that interested in Solo, no substantial update in a long long time and a failed acquisition, which may of been the correct move, who knows.
But we can't sit still much longer, they need to pull their finger out or step down.
Maybe a change of directors is required.
We need directors that are fully focused on the company they are in charge of.
Seems our board are too busy with their time earning money for another company.
It’s all well and good having an experienced board that are good at earning money elsewhere but should I say awful here in the two years they have had to bring shareholder value to here.
To rely solely on the sale of our Ruvuma stake doesn’t seem logical to say the least.
For all we know it could be months if not years before the farm out completed if at all.
The licence was extended six months ago so will need extending again soon.
The whole farm out is farcical and our company isn’t far behind being the only thing the board have done in two years is sold a couple of old assets and changed the name and that has still to be done.
They are very busy in the O&G sector in AIM, organising funding for lots of companies and no doubt doing very well out of it, as ANGS shareholder you should know exactly where the funding just came from...
Angus Energy plc (AIM: ANGS) is pleased to announce that, with the support of Saltfleetby Energy Limited ("SEL"), its 49% partner in the Saltfleetby Gas Field (the "Field"), the Company has engaged Gneiss Energy Limited, a strategic and financial advisory firm operating in the energy and natural resources sectors, to raise up to £12 million through the issue of a senior secured debt facility (the "Proposed Debt Funding") to assist in funding the redevelopment of the Field.
I have held stock in here for a very long while.....does anyone else think that we need a change of directors as the latest lot have failed miserably for us genuine shareholders since they took over in 2018? be interested to hear other genuine investors thoughts