Member Info for Aimshame

If they intend to develop Wressle and get planning permission it needs £3.8mm over next two years. They need to think now if they are going forward because it looks to me like they need to cut costs, regardless

We better hope it is an approach because looking at the financial results, EOG have committed to £3.8mm capex on PEDL 181 over the next two years if we get planning permission. Staff costs are £1.5mm/year so that equates to £6.8mm for next two years. Trade receivables and liabilities effectively cancel each other out and that leave £1.47mm cash and yearly profit of .24mm, so .5mm for two years. That leaves a giant hole in the finances. No wonder there is a going concern by the auditors. I think the BOD have a lot of explaining to do.

Last years withdrawal of resolutions only happpened because we as shareholders said no and voted no and they had to remove them.along with Stephen Williams and Simon Oddie who destroyed what little valve was.left in EOG

23 November 2023

Withdrawal of AGM Resolutions

The Board of Europa announces that it has decided to withdraw Resolutions 3, 4, 7 and 8 from the agenda of the annual general meeting ("AGM") of the Company's shareholders, to be held at The Hellenic Centre, 16-18 Paddington Street, London W1U 5AS at 11.00 a.m. (UK time) this morning.

Resolution 3 was to re-elect Mr Stephen Williams as a director, and resolution 4 to re-elect Mr Simon Oddie as a director. These directors were retiring under the one-third rotation provision of the Company's articles of association. Following consultations with shareholders, these directors have withdrawn their candidacy for re-election, and the Board has agreed to withdraw these resolutions. Consequently, Messrs Oddie and Williams will no longer be directors of the Company at the close of the AGM.

Resolution 7 proposed the authority to allot equity securities on a pre-emptive basis with adjustments to statutory pre-emption requirements to deal with fractional entitlements and overseas legal requirements. Resolution 8 proposed the authority to allot equity securities for cash on a non-pre-emptive basis up to

a maximum nominal value of the issued share capital.

Some of the Company's shareholders have expressed concerns about these special resolutions. Given that the Company has no plans to raise additional capital, the board has decided to remove resolutions 7 and 8 and will seek authorities in respect of specific transactions as and when applicable.

You were smart to get out. EOG have a real problem. They have a going concern, they don't have much revenue for over £1mm in salaries, and a share issue would kill the company. It is such a slog to get the share price up from here as each time it rises people cash out. The only hope is a merger or sale. I can only hope WA and BO have finally figured it out.

I think they have already lost credibility.

"The entire board looks ahead with confidence to what we expect will be another constructive year for the Company and one where we hope that we will see strong progress at Wressle, Cloughton and FEL 4/19."

Which one of those came off???

I'm not sure 3 months will do anything for the farm-out. Malcy's blog is just re-iterating exactly what what was said in the results. It doesn't mean they have a farminee.

I cannot understand how William, Bo , BGF and Polus are not doing something other than nothing. They have their own money and in the case of BGF and Polus other peoples money invested here and have, like all of us, lost. If I had more than 5% I would be saying enough is enough. I would cull the BOD and say, get the share price up in 1 month or drop your salaries or else I sell. Last year at this time, we had over 5% to call an EGM to cut costs by taking BOD down to maximum 3 and find a strategy that rewarded shareholders but couldn't due to a legal loophole. We now know that at least Hargreaves Lansdowne will ask for an EGM on our behalf. No one really wants to go through that again but last year enough people believed WH being paid £360,000+ was going to increase the share price and look where we are. I for one will go through it again if things don't change soon.

If it looks like Vermilion may farm into PRD, then it seems sensible for EOG to merge with them so we actually do have a potential well and not have to wait to see if Vermilion decide to drill 2 wells.

I want the share price to go up as much as anyone so let's see what transpires in next few months but I just don't want to continue in the same situation for years where the only people benefiting are the management.

Look the share price is dismal, WH and his team are being paid excessive amounts and the share price has gone down. That is not bashing, that is reality.

If I remember right you got into this share because of Serenity and that proved another disastrous decision by the BOD. We have been waiting for Ireland to pay off for 10+ years or so and now EG, which doesnt look like it could be that transformational if they land a farmout.

So do I think a miracle is around the corner, no. I would like to see them sell the onshore assets and either merge or distribute the money to shareholders, not continue to raid the EOG bank account with close to 1million in salaries.

Serenity is just the gift that keeps giving.

It is all very well and good to have big plans but he needs to deliver and get the share price up. Noone is in this game to watch someone think up plans, we are here to make money and he has been CEO for over a year and the share price has gone down not up.

But how will they then pay for the 'i'm not a rich man' salary on 360,000+ a year.!!

He at lea st has proven that there is no positive correlation between high salary and sh are price.

Even a low ball bid would be preferable to the continual decline we have seen for years.

The price is falling because there is no support for this company. The management are failing to convince anyone that they can turn the company around. They really need to get that well drilled in EG, soon. If they don't, I would think their very lucrative employment salaries will be in jeopardy.

No rise on the back of the announcement. The only reason any of us hold shares is to make money and the only people making money are the management, it really is tragic.

Is the share price going to rise on the back of a Wressle RNS, I doubt it. They need to land a well in EG.

Not really impressed. The presentation doesnt add anything more than what we already know except no mention of Serenity (Vernet, I think that tells you it isnt going anywhere except probably back to the government). The same can probably be said or Ireland but they still are clinging on after 10+ years. Nothing is going to shift this share until EG gets farmed out.

Maybe it is time the BOD start buying some shares, how much does AS own? The answer not much. WH has bought shares but then again does it put much of a dent in his paycheck? BOC isnt buying, new BODs arent buying. I think that says something about their belief in the farmouts.

Geez, Is this Company ever going to do something!!!!!!!!!!!!!

Bo Kroll and William Aelefeldt need to do something, they are the only ones who have enough clout. How can they stand by and do nothing.