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EOG had a weekly uptrend that started in Feb/March 2020 - the uptrend support line was broken last week. It remains broken.
SP is suffering a slow bleed, due to radio silence normally - IMO, people get fed up and cash in, normally at a loss.
Big mistake in not shouting Wressle success from the rooftops and for our sake I hope they stop talking about acquisitions … wait until is concluded before announcing anything.
Just had a quick look at charts for EDR, UJO and PVR over last few years - as most similar companies/assets. Their charts look every bit as bad, if not worse than EOG.
Believe it or not companies employ people to deal with and deflect negative press, also companies in this sector with less assets have way outperformed EOG in a much shorter time than Simons been in control. Just trying to be realistic.
UJO (and EGD) have their woes. EOG is in far far better position fundamentally than those two.
Not all AIM oil stocks are down, take a look at the Zephyr Energy chart for example (I don’t own any Zephyr shares, is just for comparison). This is one of the stocks with good PR..
And where exactly is the PR to be applied. Wressle i assume. UJO have been doing that for some time and it hasn't helped their cause. Sentiment is down accross all oil stocks so europa is no different. That argument doesnt hold water imo.
“Could any other CEO delivered anything different on those assets”
The answer is Yes. Another CEO can deliver better PR. Yes PR.
Is not the fundamentals that matter … is the people’s perception of the fundamental that drives the SP - market sentiment.
SO is not the man to boost market sentiment, every time he speaks the SP gets a knock.
Constantly talking about acquisitions hurts the SP - simple, it instills fear of placing. Wressle windfall sentiment boost wrecked because of the fandom North Sea acquisition that was imminent months ago and never materialised. He didn’t’ t even correct this after it failed.
Needs somebody that knows what the market needs, else we are never going to see any shareholder value (as measured by the value of the SP).
Oilyyy when your at it why dont you blame Simon for cop26, Mr ryan being in charge at dccae, the irish goverment complete lack of a clear energy security policy, the constant bad press of the oil and gas industry and europa not actually being the operator of the wressle discovery. Could any other CEO delivered anything different on those assets No is the simple answer. The jury is still out on Morocco.
Does anyone know how much Si has taken since joining?
I'm down 30k Si.
The sad truth is they Simon and his merry men probably don't honestly know what to do for the best.
Some people are just not cut out for their job. They keep taking the money though.
I hope you are wrong for everyone’s sake in predicting another lockdown and oil price collapse as in early 2020.
In early 2020, the share price came off a slow decline and plummeted from 2.9 to 0.7p over 2 months. I fear the same is happening again, though amazingly we are starting at a lower base, despite the Wressle cashflow. Without any good news, or to be honest, any news, we may be at 0.5p by New Year. Those who defend the BOD should print off the 5 year share price graph and stick it on the bathroom mirror to focus their minds in the morning! If this company is going to stick with E&P, we need to drill - the last participation in any drilling was a very long time ago indeed. EOG is just not working.
Yes H can’t argue with that!
Personally I am not negative about the Board as I don’t really have all the facts and am willing to give them the benefit of the doubt for steering us through the past 2 years But I agree with CCF and your point about buying shares and appearing invested in the company. Rather than PR I can’t imagine anything that would do more for the smaller PI sentiment around this share than Simon buying a decent chunk!
Picking up on what else CCF said it raises the question for me whether Simon really gets what it takes to lead a small AIM company as things improve for us next year (which I am hoping they do with Wressle income) in particular moving fast and being willing to take (appropriate) risks. Ie is he entrepreneurial enough to fully exploit the opps that next year should bring if we have cash in hand.
Very true Serif.
I can’t help being negative about the BOD but in the real world they’re the only ones profiting, while most of us are under water with little progress being reported.
As Crush said at least Hugh bought a few shares??
Pretty obvious todays drop has everything to do with the new covid variant news. Airline and oil stocks are down right accross the board including my own portfolio
http://news.sky.com/story/ftse-100-falls-sharply-on-new-virus-variant-fears-12479069
@Yanis. I understand your frustration re the acquisition, but Ftse is down 3%, oil is down almost 6%, every other of the small oilers I track to keep an eye on the market has been marked down today, so it would seem a bit odd to think EOG wasn’t caught up in that as well.
I don’t believe that this further drop today is down to the COVID news - the SP has been bleeding for a long time now.
We all know why the SP is bleeding; this SP rot is down to the inept BOD bering too comfortable in receiving their salaries and doing nothing to support the shareholders. In fact the opposite - this constant going on about acquisitions had and has a detrimental effect on the SP.
Months ago, a North Sea acquisition was imminent and news on that would have been out shortly … then Zzzzz, nothing, nada, zilch, not a word about it.
Why not wait until you actually completed an acquisition before announcing it? Why keep going on about acquisitions at every shareholder communication? Constantly inducing fear of placing.
The Wressle windfall was wrecked because of the now non-existent North Sea acquisition announcement.
Only when SO goes and is replaced with somebody capable of promoting the company properly will we ever see any shareholder value here. All in my opinion ofcourse.
Thing is H - if there is another COVID induced oil crash and we do go below sub1p again (and it’s way to early to predict that yet as no one is yet clear about this new variant), we are now in a much better place to survive and await the revival than we were last time.
Hope they don't get too comfortable heading to sub 1p??
More a case of they don't need to raise money to pay themselves now.
Been away for a week and on return little has actually changed. The SP is exactly where it was a week ago, but we are presumably £50-60k richer from Wressle.
Personally I am pleased that the BOD haven’t raised money in the terrible conditions of the past 2 years to pursue new ventures. Much prefer them to wait until we have the cash to do this without additional placings. Do other shareholders really wish they had gone for it? OK would be looking for them to move in Spring with the accumulated profits, but when in the past 2 years would people have welcomed a large additional placing?