Member Info for CaptainSwag

ngr - personally i am not doubting the accuracy of any figures or data given by the company - as it would indeed be a criminal matter.
however in terms of resources being **** all - I wonder if that is not a bit premature? the latest CPR is an estimate based on current data from the existing wells. If the company were to drill another well 8 - and not using the existing well 7- as planned by trice back in march 2020 - and different data were obtained could another CPR not give other results?

ngr - no i dont suppose any pump repairs would be cheap - but they would have to be done. it is always a risk - but then so was the giant squid! lol it is just not the end of the world (fingers crossed!)

NGR - presumably if there was a failure in ESP on well 6 - they could produce from well 7 whilst they were fixing it? I know it seems a worse well but they wouldn't be totally off line for the duration

slift - i agree with you in that if CA are successful they will be gone as soon as they fulfilled their purpose. A new bod will want a smooth handover and they do have information needed for this

slift "Whilst the Fund lacks confidence in the executive directors, it believes that their technical and financial knowledge of the current situation means they should continue in office for the time being. "

i just read that as they need them to be in position for awhile longer for the "handover". A kind of your on a month's notice so that your replacement can get what info they need off you

i think there is little mileage in arguing that the company cooked the books. I suspect it is very doubtful and i am sure any differences in expected cash held will be legitimately argued as expenses incurred etc. i suspect that whatever you think of the bod - and i do have some serious question marks- it will not be shown up in their accounting documentation as a company- as that would be criminal proceedings worth. i think this was the wrong approach by shareholders today.

the argument must surely be have they explored all alternative options in terms of forward plan and funding which will be a lot more difficult to prove - however if CA can come in and do something different and better then this will not have been the case. if they can't - well shareholders are in no worse a position.

slift - NEDs are involved in planning and are supposed to monitor executive directors - therefore they must bear some of the responsibility for the position the company is in. the fact that they offered legal support suggests that they may have been instrumental or at least supportive in the "plan" or "giveaway"

i suspect there may be no cost saving in the long run - just a replacement with members more aligned with the new direction proposed

slift

so what do sandy shaw and John van de Welle do? are they in some way complicit in the actions of the company since September? tbh the old bod have shown and stated that they are not able to run the company in the future - hence a wind down whichever way you look at it. so that means that it is time to give a completely new bod a chance. nothing to lose really is there?

i agree on anthony maris..he would be my first choice of being shown the door. i suspect his turn will come when the time is right

slift- "Any reason for kicking out Sandy Shaw and John van de Welle other than cost savings? lol."

guess the question is have they earnt their salary? could someone better be put i their place? CA would seem to think so

haha...i was sure that was you AWK!

hasiba - the judge is not on our side he is the ref! trying to make sure it is even playing field.

it would have been great had there been an opposing legal team - as i think hur/bondholders would have been in real trouble at times

awk - i felt hur's guy just kept talking - repeating the same stuff - to dig himself out of a massive hole. the judge really had him at one stage and seemed to maybe let him off the hook. the bond holder lawyer looks a lot sharper to me.

i think much will depend on what CAs lawyer has argued - and how much it has swayed the judge?. it is unfortunate we are not aware of what this is. the judge has given them time and space and has asked good questions.

i think we need an adjournment - then it is up to CA to come up with the goods

slift - but surely CA want to replace the bod with those who have a plan that would create a better future for the company - which presumably the bondholders would want or at least not object to? they would potentiaklly get more of their cash back than a wind down

mcadder - so what you are saying is that you think CA will look to change the bod with no alternative plan?

umm. i think the judge has let the hur guy bullsh*t himself out of what was a very deep hole

keith - you would think CA would have the support of any shareholders that are not bondholders..quite a lot i suspect

cavendish - agreed

cebo - depends on the board. in my experience often there is someone on a popular board who does give a running commentary during the case. they usually get a bit of criticism later by someone with the opposing view and then throw their toys out of the pram and say they would never do it again. seen it many times.

hur's board is quite quiet these days so i am not sure there will be anything like that here today - which is one reason i was keen to attend.

kamakiriad - i disagree. the suspension was necessary for amgo as it was a case of restructure or bust. Pretty much what the bod have described with hur. add in CA request for EGM and today will possibly take very significant turn of events. thos in the meeting could be at an advanbtage to other investors.

amgo dropped because many have evaluated that the case has gone against the company -blindsighted by the late fca development. people panicked and MMs mopped up.
the suspension did not cause the drop the drop was caused by some thinking that a negative result is coming

very surprised that there is no suspension this morning as very similar in many respects to AMGO - but hey with this bod i shouldn't be.

they clearly still think the hearing will sail through