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Olderandwiser, if they deliver some shareholder value I can assure you that I will be the first to congratulate them.
But I can only judge them on their performance to date, which has been diabolical. That’s not sour grapes, it’s just a fact.
I personally think this set up just allows Helge to focus on his domain (Chairman of Norway business) and building up that sector. James (Chairman of Malaysia business) can focus on Malaysia since it sounded like there is a fair bit of news to come out from Malaysia recently.
Nick can then get the stick from the shareholders that we aren't moving quickly enough.
Let's see what the next few months bring! Upcoming free carry drill in Norway too so should be fun.
Having a business insight into how the Japanese like to conduct business, I think this is how it plays out
1. H now gone to head up Japex/LBE partnership.
2. Japex buy out LBEs stake (they have H to do the Norwegian deals, which is what they wanted all along)
3. Stake money will then be used to progress Asia opportunities and the big beast :-)
I'm very sorry, Paul, that you have suffered mentally and financially by being a Lth of LBE, but, for Heavens sake, give the sour grapes a rest and think outside the box about what is being set up for the future of this company.
You will feel much better for the change of attitude.
“Nick Ingrassia was on 230k and moves up to CEO replacing Helge Hammer who was on £300k”.
So Nick Ingrassia and Helge Hammer have taken over a million each in salary alone since setting up the company, for doing precisely nothing.
It beggars belief but that’s AIM for you.
Daveri, i agree cash burn has been my concern for the last 5 years. No funding is free and with little cashflow, along with the numerous staff appointments, the company needs to get a move on implementing its plans/strategy...
We will also have production $$ coming in at 51%. I'm sure some will be used for running costs before paying down the JAPEX loan
Hard not to see this as a prelude to some significant deals/partnerships/strategic moves. Looks like getting the structure in place for some big deals so they can streamline and focus the management of each division?
One way of looking at this is we expanded the operations to S.E Asia and a larger team to manage that and take on acquisitions as seen in the recent annual report but they talked of cost cutting and can't argue that they've been quick to make some savings where possible.
2 directors are standing down and won't be replaced in the immediate future.
Brent Cheshire £70k.
Jorunn Saetre £50k.
Nick Ingrassia was on 230k and moves up to CEO replacing Helge Hammer who was on £300k.
The current Chairman of LBE is on 95k.
Helge leaves to become chairman of LBE/Japex - will there be a pay cut to a more modest Chairman salary or still remain on £300k ?
Either way, Helges salary would now be 49% met by the Japex ownership portion of the JV so if he remains on £300k this would be a net saving to us of £147k.
Cost cutting of around £200k at least to perhaps £300k depending on what Helges salary at LBE/Japex is.
Also if Nicks salary is not as large in taking over as the previous CEO it might increase the savings.
So he’s no longer a director of a PLC ….seems legally engineered to me - though must still be a “PDMR” for reporting any share dealings!
North of 300k monthly cash burn here is the urgency
It's the sort of thing you might do if Longboat plc were going to sell their stake in lbe/japex ... given japex invested at least partly in Helge and his Norway connections ... ???
Certainly I would think some sort of deal is driving this.
James Menzies as CEO would have been phenomenal. Such a charismatic and bullish guy.
Nick I’ve not heard much from (I think) but looking forward to the next update from him. Presumably it’ll contain details of the shallow water stranded discovery awards James touched on in Malaysia.
And here's me thinking someone was off the payroll !!
HH is chairman of longboat Japex.
Nick taking on the CEO role at longboat.
Graham chairman of longboat.
My guess would be that meetings in Malaysia where Helge is predominantly inexperienced is conflicting with meetings in Norway so they have very much divided and conquered to start knocking down the bowling pins.
So if H is taking on the role of chairman, does that mean G Stewart is retiring and off to spend his £36m from FPM sale to DNO???
I am quite shocked. HH has a lot tied up in this. I always thought it’s his project - how will the market view this??
There is a lot going on. Makes sense to divide and conquer. Sub divided the tasks. Hopefully today's RNS pre empts some progress in Norway / Malaysia to follow
Makes perfect sense and a good move. We now have clarity on who is doing what and where.
There is obviously a lot going on in both spaces, so the role split/changes gives clarity and focus where needed
A strange one for me, can't quite work it out. At first i thought our prestigious leader has been pressured by japex to step down perhaps due to not delivering much to satisfy their demands. But then it mentions he will focus on value from Norwegian assets. A puzzling one...
Yep, 1000 boepd by June.
A 33% increase is not to be sniffed at, but I thought they were suggesting 1000 boepd by next month, so I'm still hoping for that.
According to the presentation we’re heading from 600 Boepd to 800 boepd :)
Still here Mommur.
I never get excited when we sustain a large drop for no real reason then begin rising again. I view it as the MM just taking the p**s and ripping people off.
Topped up a fair bit though and patiently waiting for an RNS with the words ‘longboat are pleased to announce the acquisition of’ :)
Again, crazy value here, 6-10 bagger easily with a reasonable sized acquisition.
Deadly silence on here - strange as sp has rose on the last 3 days. Missed my chance sub 17p to add a few more, will watch with interest.
Noted the copy and paste from offshore-technology website states 3.5 million barrels of condensate. I'd suspect that's a typo on their part, 35 thousand or 350 thousand would be more likely