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Shambolic, yes. Poor decision to invest as it turns out.
So I must put up or shut up.
Is present management structure equipped to hold the reins?
Slightly concerned that Hockey is on the CHAR board.
Actually it's got nothing to do with that at all - I thought the same but got it completely wrong - it is the MMs and shape shifting masons all conspiring against the small share-holders.
IMHO and normal "pub talk" rules!!!
Shambolic management and poor share performance- maybe LOG can hang the for sale sign out now….bought as seen!
Seedcorn I've invested in this company for many years. I've been invested in alot of O & G over the years. I have never known one to have some many issues like this. It's now become normal with IOG to wait for the RNS to say something else has gone wrong. Maybe other companies have the problems and never say anything. Unfortunately for phase 1 the past year had been a steady progression of faults and issues that have dragged the share price down. The pattern when the share price starts dropping with no explanation is becoming so clear now that you can probably reliably trade the share as the pattern repeats.
Hence why I'm asking what else can go wrong here. I'm hoping condensate once sorted does not then progress to issues with say gas separation.
The fact that they think the issue only applies to Elgood/Blythe as Southwark has less condensate means they knew they had to handle it. As with the scouring and Southwark issues it feels to me like something is not quite as it should be in the operations. That why I'm frustrated. I can accept things going wrong but this is clearly impacting the share price. LOG overhang is bad enough but IOG are being discounted because they are consistent in RNS'ing issues. The share won't get any traction till they stop it.
It's leaving a great buying opportunity for new entrants or a predator. It's left the institutions nursing losses and LOG admin something to think about.
Redundancy will depend on the design of the plant affected with these liquid flows. if the issue is in a shared section (common header) of piping with no satisfactory isolation then shutting down may be the quickest and safest way to get the job done. I doubt there is a problem with liquid storage - as I understood it is gas storage that is the problem but I doubt that is the factor driving decisions here. I hear your frustration Moleinahole, me too! However, we just want cool, calm, thoughtful heads to solve the issues as they come along. Engineering and production plant problems can be solved with care and awareness. I would hate to see our investment be wrecked by ignoring issues and not addressing them. I am sticking with this.Perhaps this type of investment isn't for everyone.
Seedcorn debottleneck I get. But shut in? Is there no redundancy in the process. I guess it may be convenient for Perenco with limited onshore storage at moment to shut in.
The current share price is enough to make me scream. I can't believe we are back at such a level.
Not uncommon to have to debottleneck aspects of process plant. The GOR (gas/ oil ratio) must be reasonably high and , although it was expected the reception facilities may not have been designed in previous use for the flow rates found now. Condensate is a valuable commodity and should be welcomed as it will enhance income. Ok so the facilities will need short shut downs for modifications but even our cars go in for a service, new set of tyres or the latest sat nav to be fitted. Better to get this sorted now rather than when even more wells are in production.
What is left to go wrong with phase 1?
We have had drilling issues at Elgood, problems with the facilities on the rig and now issues onshore reception facilities.....and that is without the catalogue of problems at Southwark.
Frustrating is an under statement. Surely this is not normal to have this many problems? I know it's Perenco on this occasion but it's enough to make you scream.
Surely it has to be profitable for a tax raid?
We should be ok then, lol.
Hope that joke doesn't become true of course!
No it could get worse. Government is thinking of a tax raid........
Why don’t you read the RNS again and you might find that the issue is with Perenco not IOG
Iog is so frustrating talking the board must go . So many **** ups