Member Info for Aimshame

Serif, there was never a vote on PB because the BOD used a legal case that shareholders with nominee accounts didnt own shares and couldnt call an election. That was completely wrong and understandably upset many shareholders. It is a blatant disregard for shareholders and why would we think they would listen to us about remuneration/pay if they treat us like that.

I would say the BOD definitely have doubts over Ireland and Cloughton, our great hopes to revive this company otherwise they wouldnt be saying that it will be difficult to find a farminee partner and drill on the Kings land. They look like they ate going back into Africa to pick up something the majors have overlooked and farm out. That didnt work with Morocco, despite listening to BOC saying it was fantastic acreage and we wrote down 1.7mm. You need deep pockets for licenses the majors want.

As for PB, I will say this, at least he was able to rally support to get rid of SO and SW and show the BOD that shareholders have had enough and put them on notice that if they dont perform they will be voted out. I doubt they would have got that message without him.

PB has never stated that he wants to come back in and run the Company, he has said he will oversea a strategic review, cut salaries and put shareholders first. He said he doesn't want to stay longer than 6 months. I think that is totally fair.

What this says to me is that if 4 CEO's cannot make the Company share price rise (remember WH has been on the board for over 18 months and CEO for 9 months) and the only trajectory is down, then there needs to be drastic change. I think a larger company is better to make something for the shareholders. I do not think WH and BOD will vote themselves out of a job.

The billion shares in issue is a huge problem. There is probably a significant number of shares bought at 1 p and despite the margin between buy and sell a 20% uplift is a pretty good return and will no doubt temp many people to sell at 1.5p. It will be a continual battle to get the share price up from.such a low.base with this many shares. I would say a complete change is the only way out and a merger may do it. Problem is I dont think the BOD will vote to lose their pay packet.I

You can say Ireland extension but unless that is followed by an immediate farm out that will take years to see any benefit. If they dont get taken to court at every stage.

The only thing I would say is that if you are so convinced WH would win an election, clearly he doesn't because he won't allow a vote which has been reasonably asked for by over 5% of the shareholders and only denied because of a disregard for corporate governance.

In my opinion, unless something miraculous happens we wont see anything change and the share price will continue to hover around 1p. I am happen to be proven wrong and have the share price double but even 2p is tragic. WH may be being targeted because Simon Oddie and his board including the Chairman BOC destroyed the company and raised salaries to a salary which is an afront to shareholders. At least the rebellion put them on notice that the shareholders are willing to act on poor delivery.

I would take 12,p anyday

Not sure I follow you Serif- can you explain further. The share price is down again if there were more buyers it would be up.

You may not have lost as much money as I have and yes I have every right to blame the BOD for not delivering.

It looks like there is a large overhang in shares. The shareholders have lost confidence in the BOD. Their salaries are an insult with this share price.I

We need a change because every time the share price goes up someone is going to sell. They dont have a plan but are relying on an extension for Ireland. However that doesnt guarantee a farmin partner. We need to be bigger, we need a merger. Keep Ireland as a hopeful but dont rely on it.

Serif- I think I can safely say that the pay resembles no relationship to performance and that is exactly why there are many discontented share holders

Here is a link to the template the ShareSoc has on their website. Please fill in and send to your MP before we lose all our rights on under review by the Digitisation Taskforce

https://www.sharesoc.org/campaigns/shareholder-rights-campaign/

Look under latest Update paragraph

I disagree, the BOD have shot us in the foot. If nothing happens the share price will languish and they will just take their £600000 salary for 2 people, year in year out.

Read below. This was taken from their website under

https://www.europaoil.com/investors/corporate-governance/

Clearly they have not followed their own CG rules which have been misleading to the shareholders. They did not put up all the directors for re-election this year as they were afraid of the results. They are lying to the shareholders and should be struck off.

"Chairman’s statement on Corporate Governance

William Holland is Chief Executive Officer, Brian O’Cathain is independent non-executive Chairman, Stephen Williams and Simon Oddie are non-executive Directors. Alastair Stuart is COO and joined the board on the 3rd April 2023. Stephen Williams is an independent NED, and chairs the Audit Committee and ESG Committee, Simon Oddie chairs the Nominations Committee, the Remuneration Committee and the Strategy Committee.

Two of the Board’s Non-Executive Directors: Stephen Williams and Brian O’Cathain hold share options. Whilst recognising that the granting of options to Non-Executive Directors is contrary to the principles of the QCA Corporate Governance Code, the Board views this to be part of a balanced remuneration package to attract and retain high quality candidates, and considers the numbers of options to have no effect upon the independence of these Directors.

All Directors are considered for re-election at each AGM.

From their website:

Roles and responsibilities

Chair – Brian O’Cathain

Promotes the highest standards of corporate governance. (THAT IS A JOKE)

If they were actually man enough, they would allow people to vote for or against them but not they deny the shareholders the right to hold them to account by using a legal technicality. The Independent Chairman should have said that the shareholders have the right to call an EGM

POOR, POOR, POOR CORPORATE GOVERNANCE

Serif, that may be the case that members are only the shareholders who hold paper or crest accounts but this isnt about the legal technicality, this is about what is moral, right, and fair. That the BOD have resorted to use this shows what contempt the y have for shareholders.

You know this isnt just two people trying to overthrow the BOD. This is a very large number of shareholders that have voted off two directors and want to see change.

The current 3 directors have made a decision that they dont want to face the EGM because presumably they are worried they will lose and hide behind the nominee account issue. Not very democratic when 3 people who hold less than 1% of shares have more rights than people who hold more than 18% of shares.

I didn't. That is disgraceful

That makes me very mad. That is very, very poor corporate governance. The Company is owned by the shareholders but because they sit in nominee accounts they are effectively saying your shares have been bought with your money are worthless when trying to hold the Company to account.

VERY POOR CORPORATE GOVERNANCE

Here is your answer Treasures

Paul Barrett and Erika Syba have collectively significant experience in mainstream oil and gas exploration and production followed by a successful career in developing small cap resource companies.

The pair founded Europa Oil & Gas and brought the company to AIM in 2004. They brought the Wressle Field into the portfolio, secured the first Irish licenses and increased production from the portfolio to over 600 boepd (prior to Wressle) before electing to leave in 2010-11 to develop a number of ventures.

Subsequently, Paul Barrett assembled the largest portfolio of exploration assets of any private company in the Arctic, resulting in an independent assessment of over 8 billion barrels of resource. The company was vended into a new London start-up before the moratorium on Canadian Arctic exploration.

Erika Syba was responsible for developing an offshore exploration portfolio in South Africa, which led to joint venture partnerships with Equinor, Total, Shell and Qatar Energy. The Shell-QE JV, situated in the deepwater Orange Basin, is immediately along trend with the recent world class multi-billion barrel Venus and Graff discoveries.

Paul Barrett has additional minerals experience, having initiated a Rare Earth-enriched phosphate project in 2020 that was subsequently funded through a drill programme by a Canadian listed miner. He is on a very modest salary as the sole executive Director of Pathfinder Minerals, an AIM listed cash shell seeking an acquisition in the African critical minerals space in the coming months.