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Lol change of broker, I thought a change of management would have been more beneficial for shareholders! Did the two 🤡 🤡 explain to the new broker how they appear to have lost about £40 million of shareholders money down the back of the sofa? JMO Adyor
Not a good sign. The brokers until now were probably asked to do something they were not in agreement with.
Maybe the two 🤡 🤡 have suggested they invest the Shell cash in a new coal mine in Yorkshire? .. Not so much a coal pit, more like another money pit!
C&P from next door......GLA
steelwatch9 May '24 - 11:15 - 4459 of 4460
Not a new broker. Just that they've ditched Stifel Nicolaus as joint broker.
Ditching Stifel Nicolaus as joint broker lookst o me like re-arranging the deckchairs on the sinking Titanic!
Not exactly the sp I was waiting for, perhaps a merger with ukog next week.
Can't see what the problem is with ditching a joint broker ??
Neither can I. Its our joint ceo's I have an issue with
Lol change of broker, I thought a change of management would have been more beneficial for shareholders! Did the two 🤡 🤡 explain to the new broker how they appear to have lost about £40 million of shareholders money down the back of the sofa? JMO Adyor
Brokers are like accountants, some are honest with integrity and some are as bent as a 'bottle of chips'. Which kind are well known in the industry.
Moniman 🤡 🤡 🤡
You only need to go back to Jan 24, where c80% of Shareholders voted to retain the existing Management to see the strategy through.
Obviously 🙄 your 10,000+ one liners, with no in depth research, offers very little to existing Shareholders.
I would suggest you are way out of your depth with no clear understanding of the existing assets or the forward strategy to create value.
Back to the Big Top for you and your fellow artists.
Only one potential upside - your dummy posts are side splitting and hilarious. Keep up the good work and watch out for the rubber mallet.
Jack
Jack, sureley not even a pair of circus 🤡 🤡 could lose £40 million in a few years could they? How long will it take them to lose the remaining £9.5million? 🤔
Spend £40m for a £12m return - sounds just like my investment in Reabold
JD I have to admit I was rather shocked by the size of their victory in the requisition vete which I put down to KS & co being regarded as being untrustworthy. As for the assets & strategy we'll we have several NS licenses which I believe will be quietly dropped over time. Simwell was a joke imo, Parta I don't think will ever be drilled & Daybreak, well the less said the better. I'll give you CS although 1st gas in 2026 will probably be subject to delay. Maybe we can sell our share beforehand as by my estimation we will be running on fumes by then. That leaves WN, a project they regard as being their flagship but show no willingness to progress it. A worry in itself.
Uggy100
I agree. The strategy has changed to that below, but the assets you mentioned were all supposed to be low risk assets at the bottom of the valuation curve.
As you quite rightly state, two assets left, which if successful could Multi bag the existing SP.
Unfortunately early adopters have loss a small fortune, as Victory was the only “success” but I don’t class Victory as a success for Shareholders.
I think CS has all the right attributes but it’s down to approvals and management to gain value.
WN the jury is still out as to whether Shareholders will see a decent return. So far it’s looking like we went all in, without the financial clout to see it through. We may see a “thinking outside the box” solution but the current situation is far from idea.
Jack
“Reabold’s current focus is on its two key gas assets that have strong parallels with Victory; West Newton (UK onshore) & Colle Santo (Italy onshore). Similar to Victory, both assets are highly material, undeveloped gas discoveries in Europe that could begin production as early as 2025. Drilling of the first development well at West Newton is planned for 2024 and we are awaiting full production approval at Colle Santo.“
JD, I believe the strategy has changed because, quite simply, they are clueless. Victory was certainly not 'a result' as they put it under any metric you care to apply. Yes back in 2019 they went in balls deep on WN with a huge capital raise which has proved to not be enough. OK Rathlin screwed up the drills when the solution was already in plain sight (oil based muds) we are the majority shareholders with Oza (at the time ) on the Board yet we just nodded the drill programme through. A terrible error culminating in the funding crunch we find ourselves in. If a partner can be found to farm in I suspect we will be heavily diluted. No doubt our 2 fools will hail such a solution as a success.
Re CS they clearly stated in October last that an early production permit was incoming...incorrect it would appear.
Throughout their stewardship they have proved to be guilty of poor project management & decision making.
They have a history of airbrushing out their failures with no explanation.
Quite why we have joint CEO's is beyond me as I think neither of them are capable in their roles.
Just how I see it of course.
Uggu, I understand what you say about the CEO's and them being clueless. However another viewpoint not really usually portrayed is this. The possibility that West Newton initially was to be the major asset to be developed, but once it became apparent problems were to be encountered (which they were) could it be that a new strategy became their future 'playbook'. With all the millions already raised, the two decided to play the long game, one which would enable them to keep reaping in huge lifestyle salaries whilst playing on the side lines with other 'assets', those to keep the mug investors (us) contented for as long as possible.
It would appear they've been doing that for some time now.
At least the family are feeling the pain as well.
2.55% to 3.92% as at 08 Feb 24.
Money to burn or playing the long game.
Jack
"Money to burn or playing the long game"
or
The apples don't fall far from the tree and they're just as clueless and inept...
Hardly clueless, they are being very well paid for failure after failure
Nothing is happening at WN which is a complete disgrace!
I meant clueless when it comes to the O&G Space. They're clearly very astute at being paid a lot for failure.
P1D, yes it's a disgrace but they clearly want the saga to continue. I expect the horizontal to be put back to 2025 now.