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Hi LGO
Just a couple of things of what you been.
1- the last half year report was on September 4th does that mean we should be due a second one on March 4th if so then maybe in a closed period. 6 weeks before results I believe .
2-
Thinking about where the huge target of 400m barrels could be. If it goes under the shoreline there will be big discussions with Heritage about licensing etc
Would be nice to know but too price sensitive and probably would put them again in a closed period, but only my assumption
ATB:))
What does good mean? To me it means you deliver on the promises made. Simple as that. By this simple rule, you have to say the performance of this BOD is inconclusive. Some good stuff (big fan of the deal we ended up on SWP and WNZ), but also a long list of broken promises (Goudron, SD M&A, progress on Saffron so far)....key ones that come to
mind.
Agree we have good calibre people in the BOD, and am also patient enough to accept they are building a
company from ground zero up. A lot of hard work so far, all good and well, but at some point they have to
deliver. And for me that is all to do with the SWP. Don’t forget all the other fields (am going to exclude WNZ for now as too soon), where all labelled as “a means to an end”. SWP is that end. So where
there can be sympathy for the “means” there can be none for “the end”. Time to stop saying “exciting times” and start delivering “exciting results”, all IMHO
LGO - you miss a point.
The options have been converted now by Leo, but the executive salary scheme was entered into by him a long time ago. Long before price sensitive Saffron info. Because he signed up to the scheme prior all he needs to do is convert them, which he can do when he chooses, they are nil cost options. Someone may correct me here but I don't think it would make a difference to Leo's options if he converted now or after the Saffron results. If anything it would be safe for Leo to wait and see the results first but i think he is trying to engender some confidence.
Also, with the testing in progress they must surely be in a current closed period.
I understand your anger LGO. However if I had agreed to head an outfit like this in the state we where in, with the CV that LK had and then agreed to take a large % of my salary in shares at a price far higher than todays in my book that's skin in the game, is it not? We are back at square one due to our millstone investor, However I don't agree with certain things LK as done (twittergate) for example and I am sure not "enjoying the ride" at the moment.
However on paper the BODs do appear one of the best bets on AIM and I am still hopeful of a decent outcome.
Well, Schroders offloading is a fact - see RNSs
LK not buying is a fact - see lack of RNS
Now you could either assume that we have been in closed period since LK stated his intentions to buy.
Or you assume there have been open periods.
If all closed periods, why are they allowed to convert options in to shares? Strange no? Closed periods are there to prevent directors benefiting from price sensitive information ahead of the market. Whether this is by buying shares, or by converting options in to shares is irrelevant here.
If you assume that we were in an open period allowing them to convert shares into options, why is LK not buying more like he said he would?
This is where the Schroders ghost appears: yes, this is the only assumption here. LK knows full well Schroders will continue to sell, and therefore he decides not to buy. Can’t blame him, I wouldn’t. Would you?
Razor, the company had not started testing prior to the 7th Feb I have seen that in black and white. Not sure about later, However I do agree it appears ambiguous to say the least. LGO-fan, we are not in a closed period until we start testing saffron. Are we in receipt of approvals and testing or not? The plot thickens.
Daz - I have been steadily topping up this month on the basis that news could land any day!
At very least we expect the MC to be commercial.
So, if this were to be a closed period (we don’t really know, but let’s assume), would they be allowed to convert options into share now? It’s either a closed period, or it isn’t. Which one is it?
He said he would buy. I believe in Aug/Sept time. What could have changed his mind? Hmmm...think...think....Oh, would a certain cornerstone investor offloading have something to
do with it? Just saying....the man ain’t no fool!
Yea daz ive just reread the RNS and it does state that testing started early february that is now approx 18/19 days .
I had assumed they had received ministry approval that’s why they RNS’d 13th Feb that testing the LC started early Feb.
Am I missing something???
Also interesting to see Gelco had retained 3,184,847 shares even though they could have sold after Dec 2018.
Interesting that Gelco were the contractor.
They were one of the parties that sold Steeldrum along with Geoffrey Leid.
Gelco were also something to do with the initial placing for Predator (didn't want to wade through 232 pages to find out)
Hedge
"Testing of the Saffron Well in the Lower Cruse started early February 2020"
Testing is progressing as we speak.
Daz, we will be in a closed period when testing begins. Testing may have already started who knows??
LK said he would buy on the open market back at the AGM, once the Suriname deal was out in the open.
Don't hold your breath.
Trade Date Action Notifier Price Currency Amount Holding
20-Feb-20 Buy Leo Koot 2.70 GBX 12,437,930 15,961,357
Morning Razor , I agree with Daz, LK is yer to buy in open market .
I don’t think they are in a closed period so nothing stopping him. Let’s see if he is good to his word in person which I’m sure he will . He said he will buy, and a lot of them . Let’s see ...
Fingers crossed that the shares issued under the Share Award Scheme become "value accretive" very soon and we all begin to "enjoy the ride"
It’s registered on lse as a director buy 12m shares, by Leo - is that right?
Director/PDMR Shareholding
www.investegate.co.uk/article.aspx?id=202002200700085287D&fe=1