RE: Thoughts on the RNS5 Jul 2018 08:48
Charlie - He gets paid a salary of £120,000 a year....so he is not doing it for charity.
Tidswell pay doubles if certain flow targets are met.
He borrowed £200,000 from Angus and the debt now stands at £207,000 as per the AGM end of year documents.
Drilling an oil well and brining it online is not rocket science......so there are many many better qualified persons than Mr. Tidswell. Who says he is respected?
Tidswell is only the CEO and member of the BOD because he is (or was) a major shareholder in the company. You will not find this anywhere else in a respected oil company...especially a PLC to boot.
It has been quite obvious that we have needed a Captain i.e. new CEO since the 16th Nov 2016 RNS debacle....clashes with SCC and not having critical equipment on shelves (downhole pump) has meant the SP of Angus has stagnated / crashed rather than gone higher than mid 30's. It happened on his watch and sadly he is the only one to blame for this.
Time for a new CEO, re-evaluate the strategic targets, bring in competent persons to oversea the well tests at Balcombe / Brockham (Angus should be paying for a consultant with industry experience to be their Well Testing Supervisor who has been there, done that....knows eery step of the way and most importantly knows what to do if things go wrong...rather than leave it in the hands of a Service Company Engineer who most likely will screw it up)