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Ibug
I understand your concern.
I don't know any of the directors personal terms & conditions of employment but I understand from reading that shareholders are entitled to request a copy from the company & the company would had a duty to provide it.
Obviously there may be terms there that cover these eventualities but it is hard to comprehend what sometimes happens without the details or any change of salary terms & conditions especially when I understand the directors have notice periods of 3 months for non executive directors & 1 year for executive directors.
We could expect better but then we would be called unrealistic. Sadly investors are saddled with this indecent UK spectacle.
As The chairman could say ... It's coming up roses .... for me at least and .... Dare say there's plenty of scope for more work and more billing this year ...and guess who signs off the costs ... you got it - yours very truly. And of course non exec Mardon - Taylor is a very agreeable guy. What can he say?
worse than that gkb - Allen Howard was at NUTECH when they wrote the "transformational" report
"on the potential of the Kimmeridge "
the AR said they 'd shut off the Kimm in HH1 - so it can't be accessed without a very expensive workover or a new well - it seems they've given up on it TBH
Wizard,
s you're so keen on the potential of the Kimmeridge did you notice that UKOG had a RPS report (not published or previously mentioned by UKOG) that is stated by UKOG to have 2C Contingent resources for the Kimmeridge at Horse Hill of 1.4mmbbls. Somewhat less than perhaps expected - but absolutely no mention in the text.
The date given for the report was June 2019 - ie prior to the 2018/2019 results but after a lot of Kimmeridge ewt. But in the 2018/2019 final results they continued with the fantasy that the billions of barrels of OIP in the licence meant anything, quoting the Nutech and Schlumberger OIP figures of 9.425 and 10.993 billions of barrels of oil - bear this in mind when reading all the wonderful figures for recoverable oil in Turkey and elsewhere where the figures are all 'pre-drill' and may not even be the latest available.
Yet posters still hang on every (big) number that UKOG come up with that has little or no justification.
I read through the Turkish BS - I didn't notice self funding specifically mentioned, just it has the 'ability' to monetise within a year (I wonder what the 'ability depends on) though it was an asperation in the motherhood and apple pie section. This section also included geothermal (hot water?) and solar for HH - I suppose if they're not going to use it to drill for oil they need to think of something to do with the site for 20 years.
There was also a statement that conflicted with the previous RNS about why the HH-2z horizontal was 'curtailed'.
But did SS actually read his statement critically:- 'I see this move into Turkey as crucial to the Company's continued success and prosperity.' - Continued success and prosperity - really? Perhaps he should have mentioned all these successes - we know about his prosperity.
ibug
I am not providing any justification only saying what appears to of happened.
wizard
It was in a RNS in April 20 and quite clearly said "many of which were underway before the pandemic struck. These include a significant cut of 20-50% to Directors' remuneration together with a reduction in non-core and non-essential asset related activities." Covid was well up and running in March so I reckon that should be a good 6 months of cost cutting.
ibug
Although I think it seems harsh on shareholders it may well still be the case that those pay reduction % went through.
If you review it in light of the decision not being taken until the end of July 2020 when the end of the financial year is the beginning or end of September it makes more sense.
The key will be that the reductions are continued through the 2020 /21 year with revenues & profits increasing
The chairman's statement is full of the usual bull. He might said HH problems were due to 'leaves on the line' instead of behaviour like a teenager.
Bearing in mind the costs already thrown at HH he could instead have levelled with shareholders by saying after 3 years in tenure he had to conclude much of the disaster was down to self inflicted problems.
But with typical US BULL rather like TRUMP it's still all great and it's going to be even greater!
Well Mr Chairman few bother to read the statements, even fewer trust them. In fact they raise so many questions ....
Unless you are going to face reality and make the changes so desperately needed and which are frequently referred to here and elsewhere, shareholders will face more of the same next year!
The Financial Director took a salary cut of £1k. Nicholas Mardon Taylor £6k. Allen D Howard £6k.
There is no way Directors took a 20-50% cut.
During the year no annual cash bonus scheme was adopted, as the current remuneration was viewed as sufficient to attract, motivate and retain senior executives. At the end of July the Directors agreed to an interim salary cut of between 20% and 50% of their monthly salary; this was agreed due to the impact COVID-19 had on the Group's revenues due to a significant reduction in the price of oil.