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The BOD here should be taking salary reductions AND/OR register to a scheme that automatically puts a Percentage of their excessive salary into Deltics Shares - as a gesture of interest in the performance of the company and in support of LTH, in my case, 7 years.
It looks to my like they have no faith in the company that pays their bread and butter, Its used as a front to cream money from investors via Placings, Subscriptions, and other forms of skullduggery
David85, you are kind of talking to yourself, pretty pointless. If you want to make constructive proposals, I suggest you write to investor relations addressed to the chairman: ir@delticenergy.com
I would suggest you tell them how many shares you have; it matters.
Keep it constructive and factual. Forget telling them they are useless, creaming it, skullduggery, it's not gonna help.
With your views on how this is going to collapse, you really should cut your losses. Surely you have a portfolio of different shares. You win some, you lose some.
If Pensacola is lost, I think most staff will no longer be needed, as we just need to extract what we can from Selene and return funds to shareholders.
DrPatience, My proposal about the BOD taking salary reduction and/or part salary in shares is more than a constructive comment.
idk how long youve been investing for, but this is a known thing for BODS to do to show they actually believe in their own company.
As for DELTIC reducing staff when Pensacola is lost, we both know that's not going to happen, because the company is a gravy train.
David85, give it a go, that's all I can say! Let us know how you get on please!
Director buys would typically also be very welcome, but I presume they are precluded from doing it right now.
I don't buy in to the gravy train story, neither will any of the large shareholders. Lord Spencer et al are pretty sharp business people. If Pensacola is lost, as soon as the Dell team has given the support needed to the Selene drill/ postdrill, I believe we will have one or two people left, who will switch the lights off and close the door behind them once Selene has been wrapped up. This would be a rather sad end to the whole thing. I will judge the CEO once we have the full picture. For now, the main issue for the NS is the mixed and ever evolving views of politicians. I blame them. Having said that, Labour's stance is pretty clear; they will leave existing licences alone, adjust the tax slightly upwards and reduce the tax deductibles. That's been known for a while actually. If it was totally nasty, surely Shell would just stop the Selene and Pensacola drills right now. They are not. Also don't forget a lot of Labour voters and Northern communities rely heavily on the NS. Hence, it will be a slow change over time, despite the grand promises to go green.
DrPatience - The end of May date would appear to be linked directly to the date on which Valaris 123 starts its work on the Two-well drill for shell.
Currently Valaris 123 is drilling in the Erskine field for Ithica Energy contracted for 45 days to 72 days. It arrived on 21 April - which suggests a completion date of 6 June to 3 July. It then start work for Shell at Selene and Pensacola (estimated 154 days total).
The contract schedule for Valaris 123 is from the Valaris website (Fleet Status report 15 Feb 2024).
The current position of Valaris 123 can be found on various sites e.g. :
https://www.vesselfinder.com/vessels/details/9721396
Thanks 99ice...useful!
I am pretty sure it is linked to a formal contract/project gate sign off. What I am not sure about is the payment schedule. I do't recall that being disclosed anywhere, but I am pretty sure Shell invoiced Delt quite late in the process for the last drill. I will almost bet this is a contractual issue rather than an immediate cash flow issue.
Does anybody recall the same?
Https://www.investegate.co.uk/announcement/rns/serica-energy--sqz/approval-of-belinda-development/8206950
Interesting link posted on the i3e board. Serica clearly believe that small development are commercially viable even when 5m bbls. As suspected O&G companies are clearly focused on fields where they can tie-back to existing infrastructure easily, which is where Penascola becomes a problem (and not Selene).
In the meantime the sp continues to degrade. Once it hits 10m Mcap this will be in bargain territory again. SP decline means a raise appears to be less worthwhile with each passing day. I wonder whether they could get away £5m and then somehow agree a £5m loan with Shell (whilst giving 10% ownership to them). The £5m loan could potentially be put against the remaining Penscola stake (which also carries tax breaks) . Alternative is they lose the lot, which would be absolutely shambolic and mgt should hang their heads in shame for being so incompetent. AIMHO GLA
G_G_G - You could say that Penscola is potentially more valuable to Shell (and One Dyas) due to their Crosgan prospect than it is to others.
GGG, your comment re small developments and infrastructure tie in seems to echo what's in the Delt update. Makes perfect sense, but on the other hand, Shell is aware of the situation and clearly pressing ahead with Pensacola; I guess with or without us!!!
For those who wants to make suggestions for deals to be made or action to be taken by the board and/or CEO, it's better you write to them as I very much doubt they read the comments here:
Mark Lappin, chairman: mark@delticenergy.com (or could be m.lappin@delticenergy.com)
Graham Swindells, CEO: graham@delticenergy.com (or could be g.swindells@delticenergy.com)
Or investor relations (published on website, so correct for sure): ir@delticenergy.com