Adam Davidson, CEO of Trident Royalties, discusses offtake milestones and catalysts to boost FY24. Watch the video here.
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An explanation from Corporate Governance Rules as WH said (whether we like it or not)
“The board should be of an appropriate size. At least half the members of the board, excluding the chairman, should be independent non-executive directors. To ensure that power and information are not concentrated in one or two individuals, there should also be a strong executive representation on the board.”
What I find frustrating is we seem to be talking more about internal admin arrangements than progress made on assets - which should be the main focus at this time.
LOS it doesn’t make sense just makes share holders look like gullible fools, god help us.
Thanks, FD, I hadn’t realised that Capricorn used to be Cairn Energy - a better known name.
I’ve been invested in EOG since May 2006 in which time I have seen multiple Directors come and go. More than 800 million shares added. All this has resulted in the heavy share price decline all the way from 30p down to just under 1p. There have been multiple new licences obtained, many of which have been lost or left to expire. £7 million spent on Serenity which put a bloody big hole in the boat with such a high risk. Delay after delay at Wressle, time frames not met and the Irish sea feels like it’s been around for a decade. My question to EOG is why another appointment when our wage and running costs have no benefit to the shareholder. EOG directors have spent 18 years trying to get a return for investors and so far that’s 18 years of failure. When I say failure, I refer to the share price going from 30p down to 1p
Capricorn(Cairn) had a deal with Deltic Energy to E&P wells in the Southern NS. Capricorn pulled out last July on the basis the company was concentrating on Eygpt and other African Territories. They ( Capricorn) were abandoning the NS and have sold virtually all assets in UK waters.
Anyone here know anything about the new NED or Capricorn?
I hope she realizes she is working for the shareholders and the simple fact is the share price needs to rise, not their remuneration.
My thoughts exactly
I agree E.G and Inniskea still blue sky.Disappointed there is nothing to add on Cloughton which is supposed to he a (the only) project in EOG control..and EOG may have had the money to develop if their rhetoric was truthful..Only thing on horizon now is Wressle Pennistone and gas planning application..I don't hold for the blue sky . They just seem a waste of money at the moment but maybe luck will change later this year..next year ?? Who can get the BOD working for us.
I fully agree Aimshame, the present BOD have more than enough time and spent more than enough money on useless, none cash generating, pie-in-the sky, over the rainbow type, ultra high risk investments which are not in the same league as EOG financially. They have to change strategy big time and take a leaf out of UJO book and go for far less risky, very near term cash generation which will provide real revenue returns within months rather than chasing blockbuster projects which take years and years to get off the ground at a massive cost . They have now wasted well over £7 million of the Wressle money on Serenity and EG and Ireland with not a hope in hell of getting any return on these stranded useless assets in the next 5 years, which may look good on paper but no one seems to want? Learn a lesson EOG BOD, invest in something that will provide a concrete return on your investment near term or get into bed with or merge with a larger oiler who can afford to develop the asset rights that are held by EOG. Present strategies are NOT working and soon the company will run out of cash as Wressle will not last forever!! WH watch out at next AGM.
The share price is once again 1p and less if you want to sell. I still think a merger is the best outcome but in any case, the BOD need to start generating some interest to get this share price up. If this level is maintained to next AGM, I don't think the BOD will survive
@Flombo let’s hope so on Ireland. Also I haven’t seen anything yet to suggest that EQ won’t pay off - as Aimshame flagged up earlier others are taking up licences in the area, so the interest is clear. As for Wressle - I think some were on UJO last week predicting dire results for January’s flowrates until they turned out fine on the NSTA results that Itsawrap provided for us. So I am happy to wait and see how accurate GC predictions are - Wressle has usually surprised to the upside so far.
Thanks for your inspiring thoughts for the weekend .Myself , personally, I am optimistic about Ireland , I sense a subtle political change on natural gas
Serif, I would expect the Wressle flow rates to steadily decline from 600 bpd through February and March to around 500 bpd at best and April again drop to approx 450 bpd as predicted by the GC report which has proven to be fairly accurate to date. So WH ought to get his skates on as the spare cash for future development will soon disappear. Another source of income is desperately needed to keep the company afloat. I don't see anything else on the horizon so Outlook is pretty dire and needs urgent attention!!
Time they changed this board imho
@itsawrap. Interims are out later this month so we should see then how much free cash has been generated and get a forecast perhaps covering recent months since Wressle has started to flow again. If Wressle is back consistently above 600bopd it seems likely that at current OP of over $90 it should be healthy enough to fund development of all current projects and give us some spare - so let’s get on with it.
It seems all the revenue earned by Wressle, possibly in the order of 180 bpd, to give EOG an average income of about 180x75x30 $ = 400 $ per month, is near enough splurged on directors and employees astronomical wages, expenses for directors, HEYCO costs for work on site, renewal of licences, press adverts, etc. So that doesn't leave a lot for any future development work. If they want to develop the future of the company it will almost certainly mean more millions of shares issued at a price of around 0.7p as far as I can see. Ireland will not go anywhere and neither will EG. They must change direction to more certain oil and gas assets which are producing now or about to produce or form a merger with a large oiler with money to develop the fields that EOG have the rights to. WH needs to change his strategy otherwise EOG will be going nowhere with Wressle just paying the directors wages and vast expenses. Not good to look at, from outside the company.
Based on the Jan NSTA data for wressle 609bpd, Eog should be netting about $450k pm, add in our other small earners and that's over $500m pm currently, surely a re-rate is overdue?
We needed something to make us look busy??
How come Panoro Energy acquired their licence for free but we had to pay $3million for 42.9% of an 80% interest?
They have always talked a good job, those sort of people always do. They’ll take the money till they rise to the level of their incompetence and then pass the batten to a mate to milk it for what it’s worth.
unfortunately that’s the way it is.
I agree - took part in attempt to oust them but this undemocratic and absurd rule about not being able to use votes in a nominee account thwarted us- oil at over 90 bucks sp under 1p - wressle cash seeping away as the oil depletes and wage and expense bill is maintained - we just have to hope one of their projects pays off - last presentation was pretty good
Brilliant idea, we might actually get something back.