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Tony,

I fully agree, the digitation taskforce which outlines that all shares should be held by broker/nominee accounts will preclude any shareholder rights if it goes ahead without ensuring shareholders have the right to exercise their votes. It is a fundamental point. I am very interested to hear what HL says to you. Just for clarity, they will vote the way you ask but will not call an EGM on behalf of shareholders and that is the problem as they own the shares, not the shareholders. Our rights have been taken away. I have written to my MP about this and I would urge everyone else to as well. Look at Share Society for a template.

From Upstream:

Privately-owned Antler Global is set to fire-up a farm-out process this quarter to secure a partner to drill a key exploration well in Block E-08 offshore Equatorial Guinea that could host resources of about 1.4 trillion cubic feet of gas equivalent.

EOG own 42.9% interest in Antler.

I hope she realizes she is working for the shareholders and the simple fact is the share price needs to rise, not their remuneration.

The share price is once again 1p and less if you want to sell. I still think a merger is the best outcome but in any case, the BOD need to start generating some interest to get this share price up. If this level is maintained to next AGM, I don't think the BOD will survive

Brilliant idea, we might actually get something back.

European junior Panoro Energy and the government of Equatorial Guinea have reached an agreement on the contractual terms and conditions for the award and exploitation of offshore oil and gas block EG-23

I will get excited when we see a gain in share price.

Tony,

You have made your point, i will just make a couple of points. The share price drop in 2008-9 was definitely because of the financial crash. The drop in share price after Paul quit could be seen as the markets not really liking that outcome.

Anyway, the share price at present is dire and it is a penny share. The BODs really need to show they are deserving of their pay which has trebled since Paul was in charge.

Tony,

Nominee accounts will normally vote the way you ask but if you ask your nominee account holder to requisition a meeting, they will most probably say no they are an execution only service, I know I have it in writing from Hargreaves Landsdowne. As for share certificates, these will be obsolete when the digitisation of all shares takes place in the near future and unless the law changes you can probably forget ever holding the directors to account unless you have a private client broker who is willing to request a meeting. Most wont.

I am not sure what you have against Paul Barrett (that is actually his name, it is not what's his face) but was the one who identified Wressle and brought it into the portfolio, he drilled the very successful Whisby well, and was the first CEO to go into Ireland (which everyone still thinks is great, except me because of the politics). So yes he probably would do a better job than all CEO's who have come after him, for one thing he has a large number of shares and wants to see the shareholders make some money, not just management. However, and I am not sure how many times this has to be said but he wasnt going to run the company but did want to see change, which he managed by getting rid of SO and Stephen.

Article in FT today on oil and gas interests in EG, it doesnt make great reading. Exxon has pulled out and despite a concerted effort to get a western major to buy there assets, there were no offers. The president is under investigation in US nd France and he is now turning towards the Chinese. It sounds like a difficult situation and may be more difficult to find a farminee then we had anticipated. I hope WH has contacted CNOOC.

Serif,

I am sorry if I accused you of anything, I should not have made any assumptions it was just my reading of your posts.

BTW, WH and Paul are not the same. WH is drawing over £365,000 a year and would not want to give up that salary whereas Paul had no intention of running the company but did want to see a decrease in salaries, less option awarded at lower and lower prices and was willing to look at a merger which I doubt WH would entertain.

We all want to see the share price go up but because you think it might been seen as putting people off buying into the company, you ignore the obvious that the share price performance is terrible and that is down to management.

Serif the only reason we even had a revolt was the dire share price performance over the years and share holders were tired of seeing large sums of pay in bonuses/salaries/options going to the BOD when the share price was going in the other direction. You may say the WH and co have only been in the job for a year but he was on the BOD as FD before being made CEO. Alistair Stewart has been a consultant for EOG for over 10 years (+-) and I haven't seen the portfolio deliver in that time. BOC has been Chairman for over 5 years and awarded Simon Oddie ridiculous salary/bonus for ruining the company. Without Paul and his efforts we would still have SO and SW drawing salaries and being on the BOD, BOC and non executives awarding themselves share options at a lower a lower price, year after year. So I say well done that the shareholders stood up to the greed of the BOD. I would venture to guess they might again come the AGM if there is not an improvement in the share price.

Gerry is absolutely correct in that the BODS rejected the EGM requisition on a legal technicality. It was shameful. Serif, you say all is fair in love and war but I doubt there will be much love for the current BOD if they cannot get this share price up before the next AGM and war could break out.

I have already said this but patience is very thin amongst LHS.

The share goes 1 step forward and 1 step back; as soon as it goes up there are sells. We really need some news to move the share price. We are currently stuck, shareholders patience wont last if we dont see forward movement in share price.l

I will be a happy LTS if they can farm out Inishkea as it almost guarantees an increase in share price. Fingers crossed for every shareholder

It was just the value of the top y-axis, it was just an illustration that the peak share price during the year has declined. You just need to look at the share price charts.

WH was appointed CEO on March 15 last year. The top of the y-axis on the share price charts for 1 year, 6 months, 3 months, 1 month, 1 week is thus: 2p, 1.5p, 1.35, 1.2, 1.15. I would say that is a downward trend. The current share price is a real drag on the company as you can see that it struggles to get ahead because of persistent sells at a low price. If you buy low, sell for 10% profit, the sell price is still low. I think a merger will reset the share holder base and give us potential to get something out of this company.

Did you guys not see the share price is down 4.55%. Are you living in an alternative universe?

Thanks Tony,

I think us LTS have Europa fatigue and just want something back. I doubt we will see a change in 9 months as that requires a farmout and possibly another farmout of the Tain(?, if we get it)/Serenity licence. We just cant continue with promises and promises. I know a merger will be dilutive but the assets aren't going away and a larger company just makes more sense to move any project forward.

The BOD should be looking at all possibilities to increase shareholder value but with the salaries they are on, are they really going to look at mergers? It has been a perennial problem with the Europa board for a very long time.