The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
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Absolutely correct serif. I'm selling at 2p. Yer Yer. There's lots of unhappy investors here, I hope they are true to their word but I doubt that very much.
When the price rises so do most people’s ceilings!
It sounds to me that 2p would be the sell point for most people, therefore sets a bit of a ceiling on price rise
2-3p would suit me fine
Neither do I Serif, at the moment I think most would be happy with 2-3p.
Thanks for the reminder Bobby. I never trust the full SP figures they give, but this project certainly has the potential for short term upside and it hasn’t cost an arm and a leg to get into.
The BODs say the major shareholders all support their pay, options and strategy but it is very clear that they do not. There was almost 3.5mm shares sold yesterday plus millions sold previously. We are told one thing and the facts tell a different story.
As for WA buying, who knows why, he has consistently lost money every time he buys, I guess a fool and his money are easily parted.
From the December 2023 Tennyson report.
Applying substantial discounts to reflect the risks and dilutive effect of farming down the asset in return for drilling and development finance, we calculate a risked NPV10 of the EG assets of US$70m net to EOG, equivalent to 5.67p/shr. Illustrating the scale of the upside unrisked this rises above US$350m (28p/shr). Aside from the value implications, we see this move as a statement of intent from Europa, shrewdly deploying its cash at an opportunistic time, where equity finance for small projects is hard to find but the industry starting to show signs of renewed appetite for reserve replacement opportunities. We have updated our NAV table, calculating a sum of parts derived risked Core NAV of 3.76p/shr (discovered resources only) and a risked Total NAV 15.83p/shr. Our updated Target price of 4.97p/shr offers almost 5x upside from the current share price.
Very optimistic if you think we will get to 28p.
I assume issuing options at basically the current share price is more in the Bod’s favour than the shareholders. But this just emphasises the way they take the problems we had with the company and twist it in their favour. Why is there no increased target to achieve I find this very odd?
I may be eating my words though if they get the sp to 3p
What if everything said is true 28p per share would see under paid directors and only 5% of shareholding in their ownership as being very good value for shareholders. I remain optimistic and positive about this share and BOARD.
Possibly someone who knows the scam that could be being conspired by the EOG directors to wipe £3 million off the balance sheet, in plain sight, this year as a nice back hander? Possibly!
One of the major shareholders has been offloading stock the last few months . Anybody have any idea who that might be . Anyway always darkest before the dawn .
Copper 3. Your comment "I still don't understand the E.G . deal .. why if such a great project the licence holders wanted to involve EOG."
Yes you are correct to question this deal as it smells fishy. EOG directors may be in bed with the licence holders directors. EOG are to pay £3 million for virtually half of the licence holders company. Does that mean a large chunk of the £3million of the EOG shareholders money could circulate back into the EOG directors bank accounts by way of a thank you from the licenceholders ? No one is saying how much the current licence holders paid for the obtaining the licence. Nothing is what it seems
Smoke and mirrors to get £3 million from the EOG shareholders into a private companies hands which the directors are free to use and all seems perfectly legitimate and above board to the outsider and the poor old EOG shareholders. Stinks doesn't it, to high heaven?
This is dire atm imho below 1p
Hi Treasures,
It was primarily the excessive salaries that SO and WH were paying themselves and the lack of shares WH owned that prompted the 'revolt' initially.
It is not a sensible thing to sell my shares and buy them back in certificated form as I would not be able to keep them in my SIPP and ISAs where they are protected from CGT and in the case of the SIPP Inheritance Tax.
Hey crush
Are you the Paul fella from the Nov meeting ? I Like the post masters ref!
If you are indeed Paul, what was the market cap on EOG when you left. Are you or have you going to get your shares in certificated form and lastly - I am a knew ish investor in EOG which seems very under valued to me although I haven’t always invested in the most successful companies! Anyhow, WH has been the CEO for less than a year, how long would you think is acceptable to judge whether he should be classed as a failure and cast aside for someone else to takeover and in the interest of new shareholders? EOG May/may not be at the cusp of something big and do you see 0 chance of success at Wressle, Ireland or EA and what are your thoughts on why the recent top up to 6% of EOG by a previous colleague
So couple of things
Hi Gerry
So if someone has the shares in a nominee account, say with HL then there is no technicality to it is there, you can’t use them to call an EGM. Rules are rules. If Paul ( I think that’s his name and also the guy that tried to ruin the Nov presentation in my opinion ) wants to try again then for a small dealing charge he can sell the shares and buy them back in certificated form. It really is as simple as that. And so can anyone else bye the way. Not sure if is all shareholders that are annoyed and bought at 3p before serenity drill that are wound up but as a 1p buyer of shares they are very good value. And on the options, they have got the right to buy shares in the future at 1.07. Today in Jan 2024 anyone can buy shares at a price lower than 1.07.
The options are a bit underhand favouring directors and staff against shareholders.Hoever they aren't going to exercise those options till share price stabilises at a high level.maybe 6p. Maybe 10p..
I'd support another coup attempt at a Special meeting if organised after mid March if we haven't had a positive update on operatorship of Cloughton and or other projects.
I still don't understand the E.G . deal .. why if such a great project the licence holders wanted to involve EOG.
Keep the faith guys. Remember Will Ahlefeldt will pick up cheap shares.
I think you'll find Tony, that the correct supporting documents were submitted, it was just that as the shares were held in ISAs and SIPPs (that they had to by law be held in Nominee accounts) and because of an anomaly in the rules the Nominees had to apply for an EGM not the owners of the shares. That is what they hid behind and there was a high possibility that we would have had sufficient votes for, if not an overall majority, but enough to cause embarrassment to WH. So until the rules change we are stuck with the status quo.
What is the latest on the Coup attempt ? All Paul what's his face had to do was present the requisition with the right supporting documents. He had the votes to force a requisition. I guess he figures he didn't have the votes to force through the changes he was looking for.
That is precisely right. After a presentation where they heralded a potential number in the 20s subject to all going perfectly they set their options at 1.07p. This after there was an attempt to get them out which they defeated through a legal technicality and then show their dismissive attitude in this appalling way. Was so hoping there might be a re-set
Countryfile posted by TonyPeters on the UJO board.
Starts around 9 mins….Wressle 16mins
https://www.bbc.co.uk/iplayer/episode/m001vnby/countryfile-newport
BBC Countryfile at 6pm, talking about uk oil and gas and mention Wressle and lots about on/ off shore oil and gas production. About 20 mins in.
There is a resurgence of interest in EG.
Antler will have no problems farming down in Q3 to the likes of Africa Oil but we may have to put some cash in to enable maintaing a good stake which may involve selling 10% of Wressle. Aimho