Member Info for bransonbull

I'm in at 17.50. Where is Nickell?

I disagree. Quite a lot will, but people forget:
Supply destruction has been happening. Natural decline rates are about 6% / annum, lack of investment etc.
As they say, the cure for low oil prices IS low oil prices. Nobody is interested now. When Brent rebounds to 60 USD in 2021, they will be interested IMOV. DYOR

I've got a tiny holding and frankly I wasnt impressed by JB's Twitter rant. GLEN all the way for managerial competence. Attacking a regulator on SM and wants to be CEO again?

The Board agrees with Mr Benamor that Amigo continues to face significant challenges to its ongoing operations. It also agrees that the reappointment of Glen Crawford as CEO of Amigo is a critical step for the business in navigating through the issues we face and returning Amigo to full health as quickly as possible. Mr Crawford has been engaged with the business since 1 August 2020 as CEO designate, pending Financial Conduct Authority ("FCA") authorisation to take up his functional responsibilities as CEO and a member of the Board.

The Board, which now includes Jonathan Roe, as Chairman designate, and Gary Jennison who both joined as Non-Executive Directors earlier this month, is unanimously of the view that Glen Crawford remains critical to turning around the fortunes of the business.

Mr Crawford and the Board are aligned in their view that Amigo must, as a first step, focus on resolving customer complaints in a fair and legal way, and that it should do so by working constructively with the FCA and the Financial Ombudsman Service, while at the same time fulfilling its obligations to the Company's other stakeholders.

The Board agrees with Mr Benamor that Amigo fulfils an important role in meeting the needs of customers who require our help and are otherwise excluded from obtaining credit in the regulated market and, therefore, are equally aligned in our commitment to the UK market and to returning the business to active lending, as soon the Board deems it appropriate to do so.

Mr Crawford has made it clear to the Board that he is not prepared to work with Amigo in any circumstances where Mr Benamor returns to Amigo's governance structure in a position of influence, and that Mr Crawford's decision to return as CEO was predicated on the clear statement from Mr Benamor that he was selling down Richmond Group Limited's controlling shareholding in Amigo to a position of zero.

In the event that Mr Benamor elects to requisition a general meeting for shareholders to vote on his proposals, and should he be successful in gaining shareholder approval for his proposals, the Board has agreed with Mr Crawford that he may terminate his employment contract immediately. The Board is strongly of the view that such an outcome would be materially detrimental to the interests of the Company and its shareholders taken as a whole.

Mr Crawford and the Board are therefore equally aligned in their unanimous rejection of the views and proposals put forward by Mr Benamor on Friday evening. The Board therefore urges Mr Benamor not to waste further time and expense for either Richmond Group or Amigo in seeking to bring his proposals to a shareholder vote.

Glen says bye bye JB, basically and will resign if JB comes back. So much for dream team buddies, more like rivals. I see glen as better bet to secure future of AMGO. Ranting at the regulator isnt a strategy

What a load of baloney. If the commitment wells disappear, and they complete successful sidetrack, they will be fine. I see brent back up to 50 to 60 which will help finances in 2021

I would LOL if it turns out that the most vociferous critics of HUR and negative posters all turn out to be bitter FB Geologists and rivals of Dr T. Let's hope it's perched. Nothing worse than the "i told you so" types who wouldn've have had the balls to do what Dr T did and start his own co.

NGMS - you claim to be just a non-holding ANALyst. Yet you're now questioning whether production has restarted. Sbdy mentioned that a Hannam note had said production has already restarted - it just hasn't been RNS'd. To claim you dont have an agenda is laughable!

The PMO RNS may weigh a bit on TLW today.

Arent we expected to make a profit of 35m USD , according to Slift? If one compares that with say TLW with 3 billion debt minus 500m Uganda only being able to reach BE end of year, if we can disappear the commitment Wells, arent we in a relatively strong position to invest in mitigation and remediation measures?

The Edison Note was revised in line with every other latest broker note. I'd be amazed if Edison have been given any special insight by HUR. HUR's revised reserves estimate will be released as soon as ready so hopefully before 11th Sept I'm holding the CBs, currently around 47 cents. Hence more interested in worst case than exciting upside potential. Clearly running out of oil before the FPSO contract expires would be pretty dire! However flip side is any new well within tie back range should offer very good payback even if short production life. Especially if we get a sharp oil price bounce next year. Media focused on demand destruction but real story is unprecedented supply destruction. Aside from impact of low oil price/CAPEX cuts, E&G is facing a funding crisis as the Green lobby stymie investment. HUR must reassure the markets that they now understand the modelling sufficiently in order to deliver such wells. This is not about testing any boundaries but targeting safe cash flow generation and restoring confidence

There has been a huge dilution since then so shares in issue much greater

https://oilprice.com/Energy/Energy-General/Bullish-Sentiment-Is-Building-In-Oil-Markets.html

Haggis. That's the best news i've heard all day

I initially had a heart sinking feeling, but when you read it objectively, it basically repeats what's in the previous RNS.....and it is clear they are pretty in the dark re: remediation measures/ production enhancement. The SP is at 5p for a reason.
Whilst Edison have a paid-for contract annually, the crucial point is that they dont nec. have much more info direct from the co. until the tech review is out. One gets impression they've just gone on what's in the RNS then gone back to their financial modelling, etc.

I saw in Hannam coverage Nov 2018 that the OWC is tilted. Could this explain why so difft to define where OWC is?

Production has been variable since the interference issue on 7z , now resolved. Given the WC challenge and interference, then the technical review, I'd expect them to announce all this on September 11th

We know the minimum they think they can produce as they hedged for 10700

Yes, cause it ain't conventional.....