Member Info for crushcutfluor2

I know everybody wants to be positive and we have invested our own cash into this little venture and nobody likes to hear negativity, it is understandable. But my feeling is, having been a shareholder since the 25p float, is that if we don't hear some concrete news of progress on EG by the end of this month, we are in trouble. The company would certainly announce signing a farmout agreement and it is usually a few months to clear all the CP's. We don't have months. And we don't have a fallback other than Wressle, the development of which has been so mismanaged that we still only have one production well. In the last operations update nearly 6 months ago, WH said they were looking at project finance for Wressle. Selling off part of the future cashflow for a bit of cash is not my idea of project finance, it's asset stripping. And he is a banker who used to provide project finance!

Cloughton and Ireland are both in never never land, as the former has both surface and reservoir challenges (DST was about 7 boepd) and the latter exploration risk. Bo doesn't appear to have changed anything - certainly not the poor PR performance - what is d'Ancona doing for his fee?

Notwithstanding the schoolboy error with not having a clawback clause on Serenity if the owner sold it within a certain timeframe of EOG relinquishing, another one was using valuable cash to buy the Antler stake, rather than funding the venture pre-drilling and paying Antler a bonus on farmout etc. I agree with Vernet - the fuse is now running very short and very fast. Extending EG will no doubt involve facilitation payments which we can ill afford. Ireland, well that is really going nowhere. They need to get a copy of the world licensing round report (link below) and start proactively applying for more acreage, or do something different if they are incapable of making oil and gas work for us. But then he shouldn't need to be told that on his salary.

Here's the link, Will

https://www.worldenergiessummit.com/global-licensing-round-report/?acid=60039&utm_source=ActiveCampaign&utm_medium=email&utm_content=Global%20Licensing%20Round%20Report%20-%202nd%20Edition&utm_campaign=INDUSTRY%20REPORT%3A%20Global%20Licensing%20Round%20Report%3A%20Assets%20on%20the%20Block%20-%202nd%20Edition#licensing_report

PB - He is running Rome Resources

This is the first oil and gas company job other than in a finance role, so I don't think he has any farmout experience

Almost time for the second salary run following receipt of the disposal proceeds. Based on 2024 salary spend in the accounts, that will be half the proceeds burned through. Also interestingly, there will be no salary data made public until the 2025 accounts are out next year, allowing two rounds of bonuses and salary increases to slip under the radar. We continue to be taken for a ride and Bo has made ZERO impact.

I am sure WH will tell us H1 was only 'guidance' and that it could be into the latter part of the year. After all, Le Grand Hotel du Cap Ferrat* beckons no doubt, Will. It is certainly where I would summer if I was on that salary. Another failure was not having an anti-embarrassment clause in the reversion of the interest in Serenity** - schoolboy error, Will. One of many, I'm afraid.

*Patsy said those were the 6 most beautiful words in the English language!

** or we would have heard about it

People complain if the board don't buy shares, now it seems we should complain if they do! Summer fast approaching. Will will be looking forward to the beach and relief from the stress of doing jack sh*t