Member Info for Copper3

Its a big gas offshore prospect farmed out to Shell. At least there is still interest in gas exploration in Uk. Maybe, just maybe Eire next ?

There is a farly new document on DCCAE website on Eire ENERGY POLICY from 2021. Publised by the new government. It mentions Corrib gas depleting -
"high dependence on imported gas, which is likely to increase as the Corrib gas field progressively depletes, and the potential increasing role of gas in the energy mix for heat, transport and power generation including as a back-up for intermittent power generation, our objectives are to:
Ensure the resilience of the gas network to a long-duration supply disruption, in the context of EU and national climate objectives. Actively participate in EU and regional initiatives to maintain and enhance security of supply "
Its hard to interperet if this means they will consider extending life of Corrib., or just maintain imports . Hopefully there will be some progress in next 4 months for clarity- i.e. still awaiting the site survey licence. Meanwhile wholesale gas prices are moving up, so that's good.

From Pog -"The next reporting dates will be the Interim financials and Q3 2020 trading update, probably in October.Should there are any changes to our existing plans, these will be announced to the public." Well thats not too helpful, I certainly hope we hear more in next 10 days on directors and auditor appointments. Share price drifting otherwise.

Probably just hot air again but there is a glimmer of hope in whoesale gas maket today- up again to $2.3 +, then probably down tommorrow. hmm. I recall Finn Capp suggesting EOG /EDR concentrate on improving production at Wressle, rather than EOG wait for Irish Gas, which if it dosn't show signs of happening in next 6 months I think it may not happen. Still with better gas prices, and I don't really know the reason for that, there is still hope. If gas gets back to $2.6+ then a major may get interested.

A bit depressing to see share price fall slightly again. Need some more investors like 16:35:00 31.722 1,210,000 Buy* 383.84k , if that was a buy. When I try to compare trades listed here on LSE board and then on Barclays stockbroker they never seem to tally- but I thought the source information is the same. ?? Need some directors message of support. Come on Maksim . I think he is the only executive director now.

R-B- do you mean the new board needs to appoint more directors with mining or finance experience to make it valid?
Following the RGM the Board comprises of: Mr James W. Cameron Jr, Mr Maksim Kharin, Ms Charlotte Philipps and Mrs Katia Ray.

At least this gives some certainty, otherwise if old board had scraped through we would be in the same situation in 12 months at next AGM. In the meantime UGC may make a decent offer- I may be naive to think that, as they are probably scooping up cheap shares today, and could be happy to see share price supressed. I'm holding for a month or two see if we can progress, after audited results published.

Turn speaker phones speaker off, which presenter did not do. A bit shambolic.

This seems to be the current holdings. According to Properity circula r last week, UGC and associates hold around 40%. Apoart from Everest iI'm not sure who supports UGC but it is unlikley to be more than 40%. We will find out Monday. GLA.
UGC 950,935,855 24.39%
Prosperity capital management 452641629 11.61%
Russian prosperity fund 238499854 6.12%
Fincraft holdings 440565485 11.30%
VTB bank 300,000,000 7.69%
Everest 249517537 6.40%
Deutsche bank 242609333 6.22%
Prudential plc 78717049 2.02%
Cape View 175897708 4.51%
DE Shaw 165519276 4.24%
Norges bank 2.60%
prosperity quest fund 2.64%
TOTAL 89.74%
Others and PI's 11.26%

I am confused- a bit like the guy with a twisty moustache . I thought with recent bond conversion UGC shareholding wasgoing up towards 30% but recent RNS says its back down to 24.4%, today, so have they been selling? Does that mean that with Everest and other backers they are still around or less than 40% support. The RNS may be good news. I remain confused on waht the outcome is likley to be.

This appears to be for UGC, then it takes UGC and Everest shareholding above 40%. I think closing date for votes is 7th August, so will be touch and go at EGM. Not good news. Will UGC now need to make an formal offer. ?

Cheer up all, oil and gas prices are starting to rise. Wressle is only 6 weeks away maybe. Yes, I really wish i'd sold when Irish Climate Bill was first mentioned 18 months ago and EOG at 2.8p, but I think finally our luck is about to turn good in September.

PVX-- I agree that POG should charge a fair market rate for processing UGC concentrate, buand that interest of the company is the same as the interest of the shareholders., as a whole, abut while UGC remain the biggest shatrreholder you have to take on board their views, and I am guessing that the real issue is continuity of processing their concentrate, not the dividend policy. If a fair process cost/price can be achieved to do that, then its a win win. It would mean a bit less of POG own reserves get processssed but that might be the best way forward.

Am I right in thinking UGC had 21% of shares and Everest 5%, with conversion addding another 10% to UGC .Im not sure who are the other parties UGC can rely on, but surely it's still well below 50%. The advantage of voting with Prosperity is that UGC don't control the processing their own concentrate on the cheap. However if they dont win, then this issue will continue to rumble on., depressing the share price. So I hope the reinstated board - if that happens, does reach some compromise on concentrate processing with UGC . I think the dividend issue is a red herring.

I had hoped with new irish government we would see movement on the site survey licence at least, but I guess Greens want to see progress on green issues such as public transport and wind power before they commit to gas as a transition fuel, so I think it may be another 4 months before any progress. I note that wholesale gas price is up to $2.10, the highest since Jan 2020, and if that trend continues upwards then the irish project becomes more commercially viable.

I understand that hedging is at 3.5 koz per month till end of 2021 . That will be about 10% of POG own production, so POG should be able to take advantage of higher gold prices , now within reach of $1900 per oz . That should help pay down debt/dividend and keep all parties happy. Roll on EGM for clarity.

Im not sure if this is good or bad news forEOG....Today in Irish times.
Irish-listed explorer Providence Resources is working with a consortium of six members as it progresses a move to farm out its Barryroe gas and oil field to Norwegian oil field development company SpotOn Energy
In a statement to investors on Monday, the company said the development of the Barryroe field, which is located in the North Celtic Sea Basin in water depths of 100m, would make it “world class”.

This is just my laymans guess- new interim board is illegal, but outvoting of old board was not subject to proper notice of intent to oppose relection , therefore old board is reinstated.

It may be a bit of hot air in the market, but I note that wholesale gas prices are rising. Hope the rise holds and increases into the autumn.

At the end of the phone-in on dividend policy a Bank of American analyst asked how POG could have arranged an interim BOD when main vote was against. He didnt get an answer. I'm also confused on that, but we'll find out Monday.,if it is legal. I guess it will be allowed as only temporary. If not then Maxim Kharim will be main Executive director. Hope it all works out for an EGM to be held ,and all points of view explained.