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Cheers guys, I’ll also add that she is on the mend due to the NHS, so mixed emotions on that front. Worst is I can’t go see both of them, I was 50 on Tuesday and should of been Jet skiing off Langkawi (I can do that next year...I hope). Spent the last 16 days at work with 12 hr day shifts making medical parts, yes, stressed and tired a bit at the moment. Just got to keep on ploughing through it, people have lost loved ones early to this virus so my situation isn’t anywhere near that.
I am definitely going to attend the AGM if allowed
This company is beginning to worry me like no other company ever has
They seem completely aloof to everyone and everything that is going on around them
What is really happening at Cluff Natural Resources because it cannot be that the few licences are taking up all their time it simply can’t so are we back to the rto that A1m alluded to a few months ago
Cluff Energy Africa reverse into Deltic is that it!
amtech your stress and angst is palpable. Sorry to hear about your mum and dad, afraid they, you are not alone.
On the Government tools announced some £330billion in all manner of grants, advances, wage garantees etc.
Furloughing does allow employers to save at least 80% of individuals wage. Self-employed, sole-traders are somewhat different and more complex relying on the average of the last 3 years net income or calculated on audited accounts where the qualifying period is less than 3 years.
Local Authorities have within the last week been given several billion to support various areas. Business rates are frozen for 3 months, likewise rents, I know of many companys who are taking advantage of these financial holidays. One way and another companys are reducing costs to enable them too survive.
Even though HMG have instructed Banks, there are many reports these "protected institutions" are not being so helpful to Businesses and Individuals.
I am invested with some Unlisted Company's and they have taken proactive action to protect cash held, by furloughing, taking Rental Holidays, Business rates Holiday etc.
I can see NO excuse why Cluff is not doing similar cost saving exercises, and we haven't even mentioned remunerations being reduced almost universally.
There are going to be casualties just hope those here are going too survive.
By the way I am in the vulnerable category , hoping to reach 79 in 11 days time .
It is alright , no cards or presents necessary .
Amtech , hope you and yours are well despite everything .
Only bought a few of these originally because of the name and reputation of the man .
Even read the book .
I do not like the change of company name , someone may have notions . Waste of money , waste of space some of the BOD .
Scooby one wonders why the CEO has come up with a name change at this particular time...….to make us know he is working on something???
Why the name DELTIC?
Bad......Algy Cluff is still a significant shareholder.
My other big concern is lack of measurable progress
It is all very well dangling the carrot which they are very good at but quite another to actually deliver anything on time quietly kicking the can down the road whilst cash burn continues at a rate
If management doesn’t get a grip of their costs and fast this will go down the pan along with all the other carp on aim
I had hoped this would be different but am having grave doubts and it is all about cost control
What tools the government put in place? There is no help for my company, the local council is offering a £10k grant of which we are not eligible due the a higher valuable business rate, the banks are a set of chunts as they won’t back the 20% of the government CBILS, furloughing staff doesn’t help the company at all. Basically I’m left to my own devices, staff are on a 4 day week now, if it gets any worse I’ll start to cull a few of the less qualified. What are the government doing, trying to sort out ppe for privately run care homes who have offshore accounts in the Caymens, where the duck is the help for my private company? I’m now expected to be anxiety and depression counselling expert even though I’ve no qualifications for it because people are headfacted because they’ve got to stay in on a weekend. On top of that my 75 year old mother is at home hopefully recovering from pneumonia brought on maybe by cv-19 but they don’t know after two tests. Maybe when my 78 year old father rang twice for ambulances because she was in a bad way had not called it a chest infection and gave her antibiotics they’d have got her in sooner. She collapsed before anything was done and admitted to hospital. So you’ll have to forgive me for not going outside last night to clap the NHS.
So as you can see, losing a few £k on Clnr is the least of my problems at the moment.
Anyway off my chest ,rant over.
They have changed the name because Cluff doesn't want to be associated with this anymore, as its going down the pan
Celtic fans by chance ?
Deltic Energy
What does everybody think of the name change then?
Thanks FD that pretty much sums up what I have been thinking for the last few weeks
What makes Cluff Natural different to the likes of Shell UK
They need to be careful with this money it won’t last forever and the cash burn is scaring me
Not sure I agree Mike/Amtech. It is admitted Contractors are working to meet the original deadlines....let's see. Don't be surprised that we are told something different in the future. " due too Covid-19 process delays were encountered".
Contractors should be on a Fixed Fee, so no effect to budgets!!
The statement makes no mention of access to various Government grants/allowances that are in place, to say nothing of Rental Holiday.
We are not aware of the mix of Techicnal and Adminstration staff. A large majority of company's have reduced Admin staff to a bare minimum, and furloughed others. There are not many company's who are able to operate at 100% given the interruption to the supply chain which cannot be overcome.
Very many Company's who have limited reserves and want to come through this Pandemic, are making use of the tools Government have put in place.
Some Company's whose reserves are substantial are, imo, not protecting the liquid assets as they should.
Is this guarding Shareholder value??
Fair enough
“COVID-19 Statement
In light of the current COVID-19 pandemic, the Company has taken a number of steps to protect its workforce while at the same time ensuring that business continuity, including subsurface workflows and outsourced seismic reprocessing, is maintained over the coming months.
Prior to the outbreak, the Company had the facilities in place to allow remote working for most members of staff. This capability has been enhanced to ensure that the Company can now operate effectively over an extended period of time without requiring regular access to Cluff's physical offices.
This ensures that key technical workflows associated with ongoing subsurface evaluations are generally unaffected. The Company's contractors, who are currently undertaking seismic reprocessing work, required under the terms of the existing licences, have also put in place procedures to work effectively over the coming months in order to ensure that these projects are delivered within their original schedules.
The Company remains well capitalised with no debt to service and is fully funded for its proposed work programme with £13.2 million of cash (unaudited) as at the end of March 2020. This is sufficient for the Company to meet its expected working capital requirements and work programme costs, including participation in the two wells with Shell, until the end of 2021. Expenditure associated with discretionary and non-critical path technical workflows will be constantly reviewed and re-scheduled as required to ensure the sustainability of the business in the medium term.”
No need for anyone to be furloughed if they’re still got work to do!
I want to make it clear this is not personal and I raise because I am getting really concerned
It maybe the company are very confident regarding FID but we as shareholders are completely in the dark and having watched the value of my shares be decimated over the last 12 months I am obviously not very happy
i don’t know FD but what I do know is money is draining away at an alarming rate and given that there are delays to both FID and licence awards it seems to me that it would be prudent to reign in the spending
How much is it costing for this CFO and what is she adding that we didn’t have last year?
Why change the name of the company it surely isn’t important at this time and how much is it costing?
Simple questions that I should know the answers to but I don’t
mike do you think it an essential business and that is why No Furloughing. One does wonder if staff can work within the distancing parameters set down? Maybe some have self isolated and others working from home. Be good to know?
Well maybe they should practice what they preach
This current situation is unprecedented and is impacting companies all over the world. I want to see this Company tightening their belts
There is nothing in that rns that reassured me quite the opposite with this proposed name change and new CFO and no mention of furloughing anywhere
extract from the CFO's report.
" The Directors closely monitor Administrative Expenses"
Let’s be clear what I am saying is not personal it is plain common sense
Hundreds of companies are reigning in spending Shell included
Furloughing staff is common in far bigger companies than this
But to come up with a proposal to change the name at this stage is not appropriate
Neither is directors creaming off thousands per month when the shareholders are deeply out of pocket
Common sense and decency is the name of the game
Mike would you like to be Graham's bag-man? Good tips!
Others got 0.8p to sell
Seems like the market has washed its hands of CLNR