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Serif, it is your call if you think it is not a time to change BOD. However, I urge you to look at the share price today and ask why even after an increase in Wressle the BOD cant entice anyone to buy shares. They simply have lost the confidence of the retail market and institutional investors. A change of BOD would indicate that the company is changing. The Irish licenses haven't gone away, BOC doesn't have a monopoly on speaking to the Irish government. Any new Director should be able to speak to the Irish government. They either will or wont give the extension as it has already been applied for. I think it is more in the hands of the Green Party than any of our so called Directors.

Hooray, the BOD pay is in the bottom quartile. Looks like they have plenty of upside to their pay!!

Possibly but he hasn't done anything but drill Serenity that cost 4.9 mm . What in our portfolio is he going to farm out?

He hasn't been able to shift the share price yet, and I doubt will look at mergers with his salary.

Well he should be working hard for his 395000/yr!!!

Yes it is a good well but the current directors didnt bring Wressle into the portfolio. They are just using it to say ' look we deserve our pay'. The share price cant rely solely on one well and the Irish promise

Tonynorstrum- You have asked a great question.

Itzar- you made me laugh

'BOD' are rattled'

They should have been rattled years ago, and particularly after last years agm but they did nothing, not until they think their jobs are at stake. Still i bet they wont be saying we are leaving, not with their take home pay!

I just totted up what the current BOD have taken out of the company.

SO- appointed Jan 2018

£948,000 salary and bonus

£69,995 spent on buying shares and supporting EOG

7.5% of money taken out of company

BO'C

appointed Jan 2018

£174,000 salary

£27,500 spent on buying shares and supporting EOG

15.8% of money taken out of company

SW

appointed March 2020

£95,000 salary

not sure of cost but meagre 141,000 shares in EOG

Of course they also still own those shares so they haven't lost that money yet!

It is unreal that the remuneration committee which includes BOC as chairman and SW are allowing this level of greed and robbery. I assume they are the ones setting these absurd salaries

Well he did once say he wasn't paid enough!

PB brought the original Irish assets into the portfolio and I think he is more than capable of speaking to the Irish government. He understands the situation.

Why? The shareholder letter doesn't mention B O'C

Well there is no reason if it is a good asset that a new team couldn't manage it. I dont think the intention is to throw the baby out with the bathwater but ensure that costs are reduced, would help pay for the development if it is worth pursuing.

I think there are 2 things. WH's remuneration is over £300,000. That is just excessive. There will be no incentive to look at mergers or trade sale with that kind of salary.

I think VernetLes suggested that you need a 3rd party to come in to Serenity/Tain, again not control of own destiny. I also have to ask if a Repsol/Sinopec thought it wasn't worth it at $100/bbl, than that says something. As for new assets, I think it all depends on how good they are. Clearly Serenity was not.

Send email to Paul at pboilcraft@gmail.com

The BOD should have listened, SO no doubt got 30,000 tax free and the rest. The problem is the level of salaries all around. The two new executive salaries are disproportionate as shown by GreyPanther's post. They will never vote themselves a pay cut. The remuneration committee took no notice

After last years AGM written by Daily Mail on Sunday

CITY WHISPERS: Shareholders take aim at oil firm's whole board - AIM-listed Europa Oil & Gas leaves annual meeting with a bloody nose

By FRANCESCA WASHTELL, FINANCIAL MAIL ON SUNDAY

UPDATED: 21:50, 10 December 2022

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Shareholder rebellions have been all too common this year.

Most of the time investors' ire is targeted at bumper pay packets, as in the recent revolts at Ocado, Marks & Spencer and Kier Group.

But AIM-listed Europa Oil & Gas, a £9million UK and North Sea energy group, last week left its annual meeting with a bloody nose after shareholders rebelled against all five members of its board.

All at sea: Europa Oil & Gas left its annual meeting with a bloody nose after shareholders rebelled against all five members of its board +2

All at sea: Europa Oil & Gas left its annual meeting with a bloody nose after shareholders rebelled against all five members of its board

A third of votes cast pushed back against chief executive Simon Oddie.

More than 26 per cent were against chairman Brian O'Cathain. It follows a disappointing result in October from a well drilled in the North Sea.

This halved Europa's share price. It is now trading close to a penny stock – far from the 3.55p it hit in February.

Only a minority of votes were cast – which is hardly an endorsement of the company's engagement with shareholders in itself.

Still, if it was on the main market, that would be enough to get it on the Investment Association's AGM naughty list.

Hi i Heidelberg,

Send an email to Paul at pboilcraft@gmail.com.. He will explain what you need to do.

Ivans,

I am not sure you have seen the last couple of days posts. It would be useful reading to look back through this weeks posts.

Just going to post a few paragraphs from the recent annual report. I think they are living in an alternative universe.

Experienced team

Europa is led by a highly experienced Board and management team with extensive knowledge of the oil and

gas sector and a proven track record of project monetisation, focused on generating substantial shareholder

value.

The board of directors is collectively responsible for the Company’s strategy, which is to develop significant

value accretive opportunities across a balanced portfolio of energy assets while minimising risk to

shareholders.

The board of directors confirm that during the last year under review it acted in accordance with section

172 (1) of the 2006 Companies Act, which requires the Board to promote the long-term success of the

Company for the benefit of shareholders.

It is sad for shareholders that they actually had the nerve to write those paragraphs.

One thing is for sure, nothing will change with the current BOD which have been on the board since 2018.

It looks like we have at at least 10% of votes, and that is only in one day, so now we can put a plan in to action.

First is to reduce the BOD, there is no reason a company EOG's size needs that many directors.