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Agree that directors shareholding numbers are risible and that directors are not aligned with shareholders. AS even sold down in 2022. But am not happy with introduction of new assets at unknown costs/ dilution. Dyor.
Imv a straight to fsp is preference
No more pathetic whingeing - sorry all
Yes they are a small band of brothers
Been the same narrative for many, many years
I know I am repeating myself but Wressle provided us with the opportunity to get out of this miserable cycle and we are squandering it - I really don't want any more expensive projects from these over paid men - 1.8p rights issues - who came up with that. I am sure we would be happy for them to take very significant packages from the business if our SP was 10p. I absolutely hate their half and full year reports speaking of progress and success when the sp has declined - how do they think we mark their score card
Just be honest - say it is not good enough and then look like you care about us shareholders by cutting your share until such time as the company grows
I just totted up what the current BOD have taken out of the company.
SO- appointed Jan 2018
£948,000 salary and bonus
£69,995 spent on buying shares and supporting EOG
7.5% of money taken out of company
BO'C
appointed Jan 2018
£174,000 salary
£27,500 spent on buying shares and supporting EOG
15.8% of money taken out of company
SW
appointed March 2020
£95,000 salary
not sure of cost but meagre 141,000 shares in EOG
Of course they also still own those shares so they haven't lost that money yet!
It is unreal that the remuneration committee which includes BOC as chairman and SW are allowing this level of greed and robbery. I assume they are the ones setting these absurd salaries
No CPR = asset sale?
Good spot itsawrap. No mention of CPR
I've not decided how to vote yet but agree that Director Emoluments are excessive for a Company of this size. My understanding is that there was a large vote against the Directors last time round - I suspect it will be worse now.
Agree..geothermal did seem unlikely ..not a hot rock area.
No progress on Wressle CPR , pennistone etc.
Also I don't understand why they left it to almost end of Inniskea licence to do the reprocessing work which is done by external consultants in any case
So what do directors and eog staff actually do?
Send strong message to the board required at AGM.
Izstar - agreed. Look at the farce that was Morocco. Nearly 1.7 million pounds spent and thrown down the drain. To put that into perspective that’s nearly 20% of our market capital. Then we have the geothermal study that also now seems to be dropped. We also now require to complete more reprocessing work on Ireland before recommencing the farm out process. Our board other than Brian are clueless and paid handsomely for complete failure across numerous fronts. Change is required and quickly!!
Hope buy out - they have my vote
All of us work to deadlines - why can’t Europa give a time line that allows for the complexity of what they are doing. We never come close to the time lines set out. - it goes to the company’s/directors credibility - it is November, wressle should have been back on weeks ago
Imagine in your lives giving a project completion deadline that you failed to hit without a full explanation as to what went wrong or worse dropping the project without further further comment
Auditor change for us and now Ujo have flagged a change in auditor. Eog / ujo merger or Heyco full Wressle buy out?
Against re appointment of directors - all save the first two administrative resolutions
Done, let me know
@Crushcutfluor have you received my email? Not got one from you yet
Many thanks
With regards to Serenity / Tain - i'm open minded about it. It's clearly not the Company maker it once was but i3e need to run the numbers, potentially get the Tain Licence, come up with a workable FDP which now must also address the issue of an FSPO (or rather potential lack of one) and then find a partner with deep pockets. So a lot to do there to move it forward and no guarantee they get there.
With regards to Repsol bowing out - not sure that means too much. Repsol is a much larger Company than i3e - a project that may be attractive to a smaller player is not always attractive to a larger player and maybe Repsol wants to exit the NS - none of us know why Repsol dropped the licence but clearly the Serica news this morning demonstrates that Companies are still interested in Projects of this scale.
Well he did once say he wasn't paid enough!
PB brought the original Irish assets into the portfolio and I think he is more than capable of speaking to the Irish government. He understands the situation.
True but whose to say he needs this hassle and walks. That's Ire gone
Why? The shareholder letter doesn't mention B O'C
And it probably destabilises Ireland extension grant.
Well there is no reason if it is a good asset that a new team couldn't manage it. I dont think the intention is to throw the baby out with the bathwater but ensure that costs are reduced, would help pay for the development if it is worth pursuing.
Hugh Mackay said 8 times between 2016 and 2019 ........"were in a great position" "were in a great position " ....as Del Amitri said "nothing ever happens"
All fair debate here which is healthy.
Serenity is an existing discovery
Yes Tain Serenity needs a partner but there remains appetite for North sea oil investment as per yday 33rd round
I think there are 2 things. WH's remuneration is over £300,000. That is just excessive. There will be no incentive to look at mergers or trade sale with that kind of salary.
I think VernetLes suggested that you need a 3rd party to come in to Serenity/Tain, again not control of own destiny. I also have to ask if a Repsol/Sinopec thought it wasn't worth it at $100/bbl, than that says something. As for new assets, I think it all depends on how good they are. Clearly Serenity was not.
Certainly SW out Tony for me.
Am I happy with SO's money grab...no, but I happen to think the relationship with i3e is much deeper than a simple farm into the Serenity.
We could do with retail representation on the board.