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Im not a fan of GC and never have been. He comes over as a person who only cares about his own interests and has his own agenda. He shows disdain towards the small investors like myself. No one will ever succeeed in getting rid of him as Chairman of Amerisur. My only positive I can say about him is he is not getting any younger and he will also have an exit strategy. Hopefully the long termers invested here will also benefit. It might be a few years away but patience may be rewarded. Hopefully we may be taken out before then with a reasonable cash/share offer
Please correct me if I am wrong but wasn’t GC instrumental in founding AMER. By our standards he has a fair chunk of shares etc. Presumably JW is indebted to GC for getting this Company up and running. If so, we are only hurting JW by attacking GC. The FD is probably a more interesting target. OMHO
There can be no doubt that GC did not cover himself in glory at the AGM, but I believe seeking his removal would be ill advised. Far better that he is encouraged, on reflection, to action many of the comments and suggestions made by PI's at the AGM. I believe we will all benefit as a result. Whilst the Sunday Times 5 May article alleged that Michinoko was set to vote against re-electing GC at the AGM, I simply do not believe it. The correlations between the shareholdings of Michinoko and the interests of GC are just too great. A few years ago I tried to work out why a company allegedly with an address in French Guiana and two shareholders based in the Cayman Islands should seek to take a shareholding in the Richoux Group - a UK restaurant group established in 1909. All became clear when I ascertained one of its flagship restaurants (now closed because the lease ran out) was just around the corner from Lords Cricket Ground.
At the AGM JW confirmed that Michinoko had not sold a single share, nor did he expect them to. That suggested JW felt he was pretty knowledgeable about Michinoko, who controls it and what their intentions are. Were GC to stand down from the Board, would their intentions change? If so that could dwarf our Rex Harbour experience.
GC has form as a poor communicator and being oblivious to the obvious and is why he is no longer part of the ECB and the ICC!!
I was surprised how many were at the AGM. Some AGM's are lucky if they see one PI.
Despite the uncomfortable moments for the BoD, I hope they recognise that a lot of PI's do care how their investment is being "looked after"!
What was the attendance at previuos AGM's anyone?
JW was too polite in accepting questions throughout his presentation. If he has said can you all wait, i think the floor would have accepted that. Instead it was GC who tried to get some order, however in what seemed to me in a rather arrogant manner.
Bearing in mind what a successful year they have had, all bar JW looked pretty miserable in front of us. Why not smile a bit even if you are being bombarded by PI questions. It's like they are not comfortable positive people ........ Not good.
As for GC slumped on his chair as if ....... Lets get out of here.... Poor show.
Look good is most important.
That's my bit for now.
Quite right, BH.
Acquiring by stealth, at minimal cost, such significant contiguous acreage in the sweet spot is an outstanding performance by JW and the OXY farm in is the endorsement of that achievement.
It speaks for itself.
Said my bit, food for thought - quotes by great businessmen:-
Giving up the illusion that you can predict the future is a very liberating moment. All you can do is give yourself the capacity to respond... the creation of that capacity is the purpose of strategy
Lord John Browne
Performance stands out like a ton of diamonds. Nonperformance can always be explained away. Harold S. Geneen
It is an immutable law in business that words are words, explanations are explanations, promises are promises-but only performance is reality.
GLA GN
50cc
Apologies: it was 800 meters not kilometers and it comes off the same main road as the existing pad (hence being not that long!).
JP 2000
Sadly, not much more detail on slide 6 re dates.
JW did start off the presentation with the hard sell on our Putumayo acreage and the OXY deal
"domination of the most important basin"
"OXY operator of the Cano Limon field and that they were the significant operations in the same geology in Ecuador"
"sweet spot in the basin"
At which point, he got side tracked onto Calao and that big message out there about those blocks and the OXY farmout was lost.
Eventually, GC managed to get the meeting back to the presentation and JW had so little time left on any of the slides for more than generalities.
So we got
"Orinoco heavy oil belt"
"Feature of underlying basin2
"Rubiales, Peru, Ecuador ITT belt (Ishpingo-Tambococha-Tiputini (ITT)
"We are on trend and that attracts OXY"
Re the actual drilling, all that was said is that PUTs 9/12 now have access permitted and the balance of the permits come in August.
Generally, it does seem to me that the company is worried about the share price: the comments about the next drill after Calao are conflicted: between what is right for the long term and fear of the current SP/shareholders' wrath. Obviously, the company is trying to address some of the issues, with the appointment of Nathan Piper and moving the AGM to London, but there is a long road ahead (and relentless negativity is probably not the best route forward for genuine LTHs: some board members are definitely looking to do the right thing).
The most important thing to come out of the AGM is that the drill bit is turning. We already knew that production was up substantially from the first quarter but a lot of people were, I suspect concerned that nothing new was happening operationally. Success of failure with the drill will ultimately determine the rate of Amerisur.
There has been some recent speculation about a takeover. But at present i see no signs that anyone is accumulating. If a bid is to materialise, I would suggest the window of opportunity is closing fast. There is some investor disillusion currently but two successful drill results will see the return of the speculative froth and that opportunity will be gone. So if someone is eyeing a bid its probably now or never.
Sorry wrong board
China responds with new tariffs on US minor metals, ferro-alloys imports from June 1
China will implement import tariffs on over 5,000 types of US goods, including ferro-vanadium, vanadium pentoxide and silicon, starting June 1, 2019, amid an escalating trade war between the two countries.
From the start of next month, a 25% tariff will apply to vanadium pentoxide, vanadium oxides and hydroxides and ferro-vanadium containing 75% or more vanadium by weight from the United States. The same tariff will be applied to imports of tungsten trioxide, tellurium, silicon containing up to 99.99% silicon, ferro-silicon containing 55% or above of silicon by weight and unwrought magnesium containing 99.8% or more of...
https://www.metalbulletin.com/Article/3873762/Search-results/China-responds-with-new-tariffs-on-US-minor-metals-ferro-alloys-imports-from-June-1.html
Do you know where I can find a timetable of events for the remainder of the year?
Why does everyone talk about a Buy Out. I would rather see the results of the wells and see 50p + next year.
Feel like for once I have to defend at least some of the actions from the board. Yes they made basic mistakes over promising with regards to drilling and other things. We are on track for drilling this year, the duster has obviously realigned us a little but I'm alot more confident this year that I was last. The purchases made during the down turn have worked out really well for us and the farm out deal will be potentially massive come 2020. Patience needed now, very little down side at these levels and very good upside potential. I averaged down other day from 21 to 16, happy now if a potential buy out does occur 22+p. Surprised no buy backs with cash on hand to reduce free stock.
Luck apologies, I was referring to the drill targets with our partners and them taking the lead in respect of timeframes. Personally, I am not concerned about past performance and the current MC as I see my investment as a long term return. That said the current trend in oil prices is a good opportunity to increase revenue which would be even greater if production was higher but confident that will come.
Hope not too many investors get carried away with the expectations with SOl-1. In my opinion the current price underpins any duster and I wouldn’t like to see a repeat market reaction like the last one. Some investors forget that we are already a producer and a service provider in this sector.
I’m more frustrated with the constant manipulation rather than the share price and would welcome some sort of share consolidation.
We already know lots of oil, but when is TD and reports of the final outcome. This should result in a rise in sp.
Is there any evidence about rig availability? Another explanation could be that ONGC are a large corporate bureaucratic enterprise, the financial year runs Apr-Mar and that once budgets are assigned that's it for the year. There might be some headroom if other Colombian (onshore/offshore) projects are delayed but otherwise quite difficult to make in year changes to CAPEX. The AGM comments re fulfilling A3 requirements seem positive and suggest ramping up exploration next year.
How about a vote of no confidence to the board?
Yes LC - I was present at the AGM yesterday and was appalled by the disdain that GC treated various shareholders who asked questions at the start of the meeting. My suspicions are that he is considered more of a liability than benefit by the city ........ to the point where he is not trusted. The imbalance between the share price and the directors remuneration is blatant and again undermines the perception of the BoD
Thank you to those that attended the AGM and sharing your thoughts on the bb. Unfortunately, despite the lack of IR from the company much of it is out of the company's control as the pace of any drill program is dictated by their partners. On the plus side there are no concerns over funding. I have just had a look at the tenders for ONGC and noted 6 out of their last 10 are for the development of the CPO-5 block. (3D Seismic Data Acquisition and Fast track Processing in S-W of block CPO-5)
I am convinced that there would have been considerable effort in securing further rigs during the current drill campaign and can only see the lack of availability being the reason for not adding.
www.ongcvidesh.com/wp-content/uploads/2019/05/Tenderdoc-3D-Seismic-2019.pdf
On the rns it stated the date of the sol spud, but on the plat spud it did not and referred to spud as recently. It infers that they are already at 7800 ft with total depth to drill as 9350 ft. So we should get an update in a few days or am I reading it wrong. Cheers and thanks for those who have shared the agm experience etc.
Some interesting posts from those attending the AGM and massive thank you for going and also posting .
Seems that a message is getting through to the BoD about sentiment from private investors but will it really matter in the scheme of things. We await, prob June, for further news on the drilling particularly Sol 1 .....
I checked for this Note 4 in the April 9 2019 accounts I can only find reference to two notes .... can you please help?
Cheers posters
Frances, the lady at the AGM, was clearly frustrated by the AMER board, and she told them in no uncertain terms. Hopefully they listened. What was a waste was people asking JW for explanations on choke sizes etc. not the place.
All in all very positive on the ground. As for the board, they were told to get off theirs Ar53s and get some institutions on board. They say they have, well get some more then, get them putting pressure on the SP.
Thanks Jux. The pp presentation had a slide on the drill programme, though nothing on timings. Can you shed any light on that slide?
Disappointed that other PI's at the AGM have not posted anything. Juxtapose's summary is spot on. The usual JW masterclass in providing us with all the information, detail, explanations and strategy missing from the RNS's, was constantly interrupted by well meaning, but counter-productive, PI's, who for the most part would have done better to shut up, listen and ask any questions afterwards. Giles eventually managed to restore some order, but too little too late. Compared with previous AGM's, there was far more criticism of the rest of the Board and its inability to keep shareholders adequately informed. Some tasteless, overly personal, criticism, particularly of GC. To be fair GC did not help his own cause, ignoring/making it clear he was going to completely disregard, genuine concerns of some PI's. Shocking comment by GC that ONGC were becoming more cooperative because he was providing one of their senior management with Indian/Pakistan ticket(s). Several seconds after making the comment, he then added "It's true". Whether true or not, gobsmacked it was alleged at an AGM, For me the one who got let off the hook lightly was Nick Harrison. With respect to the resolutions, he was asked by Giles what proportion of the share capital one resolution referred to. He didn't know and failed to reply. He spent a large part of JW's presentation working on his laptop and whispering with GC (more than a little distracting as they were sitting on the top table) and then scuttled out as soon as it over before anyone could ask him any questions. One PI had drawn our attention to Note 4 in the accounts. If you haven't read it I suggest you do, No wonder NH made such a rapid exit!
My conclusion was that JW had answered all my operational concerns. The company's PR, failure to disclose in a timely manner, failure to keep PI's adequately informed etc. continues to a major problem that I believe undermines trust in the Board and therefore has a significant impact on the share price.
Hope that gives a flavour.