Member Info for Aimshame

They have listed on the letter to the shareholders rebellion group that they have offshore licenses which they have farmed out to Shell, Qatar and Equinor. These sit in deepwater next to 7bbo discovered in Namibia. According to WoodMac, there is more than 4bbo recoverable. They also sold a mineral project to a Canadian Company. That is more than our current BOD and if we had those deepwater licenses we wouldn't be 1p.

I looked back through the news on EOG's website and yes they tied to remove Bill Adamson and Rod Corrie as non-executives and after they had a placing but WA increased his share holding to 13% so effectively stopping the resolution. As stated before, they share price had fallen by 50% to 6p and now it is down to 1p. It has just been downhill from then.

Give them a chance to turn the outgoing tide.

"They have previously unsuccessfully attempted to requisition a general meeting, with similar resolutions, as announced on 8 January 2014". NO wonder they asked for an EGM in 2014, the share price was 6p, down 50% from when they resigned.

They should have listened to them.

Thanks Fairtrader, I am already part of the crowd. I do not feel the current BOD will give us anything in the near future or perhaps ever to shift the share price. We have seen years of the same: we are looking at deals, our consultants are busy looking at deals, we are reprocessing data, we have opened a farm out for Ireland, ... Then the only deal they bring us in 10 years was technically rubbish. So we spend years with an ever decreasing share price and the BOD taking their yearly inflated salaries and telling us they deserve it because they are in the lower quartile of pay. Things need to change and 2 new BOD wont make a ha'penny difference.

Yes I am a shareholder and have lost a significant amount of money. I am trying to point out that the Company can't rely on Ireland to drive the share price up. It is just too difficult to get a farminee. A change of direction in the very near term is needed because otherwise we will see a continuation of 1p and the BOD making all the money.

Yes I am a shareholder and have lost a significant amount of money. I am trying to point out that the Company can't rely on Ireland to drive the share price up. It is just too difficult to get a farminee. A change of direction in the very near term is needed because otherwise we will see a continuation of 1p and the BOD making all the money.

Only to show how difficult it is as they have been trying to farm it out for 4 years.

I have no motivation other be realistic with regards to Ireland. Okay maybe Canadian Pension Fund only has 43% but I would be very surprised if they did not have a say what happens at Corrib.

I am just being realistic and pointing out that both WH and BOC made it clear that Ireland is difficult.

NATURAL GAS 23 Jan 2020 | 09:00 UTC London

UK's Europa continues search for Irish gas partner after major pulls back

https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/natural-gas/012320-uks-europa-continues-search-for-irish-gas-partner-after-major-pulls-back

I was just pointing out that Ireland will be a very difficult sell to any potential farminees, something WH was pretty clear on. The problem is finding a farmin partner with the balance sheet who wants to take a political risk and exploration risk. That is pretty difficult in a western European country, much less one that for the last several years or more has stated they do not want fossil fuel production in their country.

The Irish government may give an extension and we will open up a farm out but who is going to farm in. That is a significant risk. The big companies who have the financial ability just wont touch it because they dont want the negative pubicity. I would seriously doubt if Shell, BP, Equinor, CNOCC would farm in. It is a very big ask to find a farm in partner. WH basically said that, just ask him.

Yes, it is what we want but right now, nothing has changed and they want to appoint two new directors to replace SO and SW, so back up to 5 BOD. I suspect the selling of shares is just shareholders saying at the moment they cant see a story which will make the share price move. Just like OLD18 said was making him sell his shares after 10 years.

We can change direction of the share price but need to remove WH to show the remaining shareholders that things are changing

Well nothing will change if people don't vote for change. The share price is 1p. How is it that people are happy with that? They will be voting for a BOD who awarded themselves and not shareholders, have nothing new to offer, particularly in the near future. We may get an extension on Ireland but who is going to farmin? There aren't many companies who will drill exploration wells in Ireland. The BOD have made it clear that the Canadian Pension Fund who owns half of Corrib are risk adverse (they are a pension fund after all). Who does that leave? Cloughton is on the King of Englands land, good luck getting that drilled. What are you left with Wressle which has been a pension fund for the Directors.

If you dont want change vote to keep the current BOD who in my opinion have firmly said they could care less about the share price because they didnt use it as a KP when they awarded themselves.

As of now, nothing will change, yes we will get an increase in production and maybe more reserves but nothing transformational

Well that shouldn't be too difficult because anything different should give you a better return on your investment than what the current BOD are offering.

In your opinion what would swing peoples vote?

Well nothing will change if people don't vote for change. The share price is 1p. How is it that people are happy with that? They will be voting for a BOD who awarded themselves and not shareholders, have nothing new to offer, particularly in the near future. We may get an extension on Ireland but who is going to farmin? There aren't many companies who will drill exploration wells in Ireland. The BOD have made it clear that the Canadian Pension Fund who owns have of Corrib are risk adverse (they are a pension fund after all). Who does that leave? Cloughton is on the King of Englands land, good luck getting that drilled. What are you left with Wressle which has been a pension fund for the Directors.

If you dont want change vote to keep the current BOD who in my opinion have firmly said they could care less about the share price because they didnt use it as a KP when they awarded themselves.

It was great to see the shareholders get rid of 2 useless and very costly non-executives. However, I agree that they will just replace the 2 non execs with 2 new non-execs who will also do very little. They will hide behind corporate governance which has been blantanly disregarded in the past,eg , an ex CEO who ratcheted up his own salary move to chair of the remuneration committee and more. Two new non-execs will not do anything to produce change. It was a shame that AS did not get voted down because that leaves the door open to say we need 3 non-execs because we have 2 execs.

We can still implement change by voting off WH. He clearly doesnt offer anything new and between him and AS they are costing the company over £600,000. It was clear that the BOD have lost the confidence of the shareholders and the only way we are going to implement real change for the shareholders is a board clear out.

See EOG today's RNS

Shareholders voted to get rid of two useless non executives

Yes I would also like to thank Paul for all his efforts in informing the shareholders how to vote their shares through the nominee accounts. This was a combined effort but I don't feel that getting rid of 2 useless non executives will make much difference. We need to see a clean out.

I think the agenda is that, he is wealthy, has taken a lot of money out of the Company and has spent very little supporting EOG buying shares and has very little skin in the game. It's not the kind of Director I want.