Member Info for G_G_G

Quite disappointed we haven't seen any director buys. We have a fat bod and yet none have put their hands in their pockets. I'm not sure what half of them do, but if they want to be useful some big buys would help to clear the North overhang, which appears to still be impacting the sp. I've said many times that it takes a lot longer to clear a major holder than most people think. I still believe they're sitting on 1m or more shares. An easy way to rid ourselves of them is for directors to pick up 500k shares and let the market do the rest. If they're confident in our prospects they should put some skin into the company and not sit idly around a boardroom. I'll be sending Touchstone an email saying this very thing in the coming days. Suggest others do the same. Xmas for the sp to start moving upwards if I'm correct about North. GLA

Really interesting post Strictly. What are your thoughts based on the same history and metrics for Persimmon and TW?

Good to see some major shareholders adding, but where are the mgt buys? These guys made a number of monumental f@ck ups. They've been sold a $30m pup. They have also demonstrated no real appreciation of their finances by missing targets by a significant margin but still guiding the market on comfortably reaching consensus value up until just 8 weeks ago. And then there's the obvious insider trading. More buys from Kestrel are always welcome, but Green and Riedl need to take some of the wages they are receiving from the company to do an average job, and put it into the sp to drive up the value they have destroyed. Suggest anyone who feels the same way emails the company.

unbelievably poor form from mgt. the shinez acquisition has been a complete disaster. whoever was the driving force behind that ****show should be sacked. and the cfo at the very least should be putting his hand in his pocket in a significant way to make amends for the misleading guidance provided twice in the last 12 weeks. to have no idea about the numbers even just 8 weeks ago is appalling. mgt have overseen immense value destruction in the past 6 months. they need to cough up and not rely on company money to try and fix the sp they have broken.

at least one thing they are doing right is the bb step up. generally speaking i hate bbs. in my experience they do little to shift a sp unless done at a significant level. good thing here is the current bb commitment is significant, but i'd like to see them go further and faster whilst we're sub 120p. they should continue with at least +150k shares per day until we get back to this value level. and at year-end i'd like to see them increase the bb commitment even further. i'd be more than happy for them to kill the somewhat token dividend to put into bbs and debt reduction. the company is quite profitable, and whilst the sp is at this level it makes far more sense to continue focusing on eps and debt reduction. the shinez f@ck up becomes more forgettable when the debt level is being driven down and eps going up. it also improves the ev:ebitda ratio from theg already silly level that we're currently at.

the next 12 months should be focused on fixing the shinex f@ck up, bbs and debt reduction. if they can do this we should be back to 120-135p range quite quickly. they should forget about spinning off parts of the business whilst the business as a whole isn't being valued correctly. this often takes a lot of mgt time and results in the sum of the parts being the same anyway. a better use of mgt time would be to leave the basket case uk market and re-list in the us, and/or actively marketing the company for a t/o once we regain 120p. both of these things will get us back to +180p in an instant.

great entry for anyone with cash at hand. should bounce back to £1 by xmas, but any further movement will require them exceeding their reduced guidance, and demonstrating that debt reduction and continued aggressive bbs are easily managed. no more acquisitions until they have fixed the shinez mess.

exceed guidance. fix the mess. focus on profitability. agressively bb stock below 120p. aggressively pay down debt. ceo and cfo share purchases of 100k each for their f@ck-ups. do these things and 120-135p range will be regained within 6 months. gla

johno, i was talking about how the market would receive the q3 results, and yes i was correct in how they have punished the share price. the only surprise to me was the rate of continued production decline. i was also seen as pessimistic in calling high 40's to 50p by xmas. this of course relied on the next two wells being drilled, which appears to be highly unlikely. and we're definitely not hitting guidance on any measure if they don't have another casc well drilled and hooked up. average production is guaranteed to be some way off the lower limit. and we won't get near exit rates unless another casc well is drilled and hooked up in the next 7 weeks. pb is going to need to state this to the market at some point, which will once again be a draw on the sp. sadly i don't think we'll hit the 40's until end-q1 and another 2 x wells being successfully hooked up. pb and his merry band of board bludgers need to demonstrate they have their **** together to the market. and they need to cut some of the fat out of that board. for the first time txp is starting to look like a solid investment, but the track record of pb and the board wrt timings and delivering on results leaves a lot to be desired.

was viewed as being a bit pessimistic on timings and q3 results. sadly i was correct. the q3 results were poor, whichever way you read them. thankfully (in a huge way) they didn't f@ck up the casc wells and got a very pleasant oil bonus that could be transformational for the company next year. and yes they blew out their timings plan. these ar facts and why we've gone backwards and likely to stay in the low to mid 30's for the next 3-4 months.

pb and that big board of his need to pull their fingers out and start delivering from now. no more chasing rainbows in trin. they've got more than enough to drill, prove up, and develop across our acreage to last the next decade. f@cking annoying that pb has a personality type that is always looking for something shiny when he has everything he needs at home. no more delays. no more bull**** excuses. just delivery from now. we're fortunate that we have all the infrastructure to now start building this company at pace. and that's all we need to do. the f@t board needs to be slimmed as well.

patience as always seems to be the way with this company. i am quite confident that we'll be in a better place post xmas now. infrastructure risk is no longer. wells are cheap and we should be able to drill 2 per quarter if pb and team can get the execution right. drill baby drill is what pb needs to be doing from now. gla

Incredible how volume has dropped off a cliff. May need to wait until the Q3 results for any more movement. People need to keep in mind these results could be underwhelming, and they may revise down their yearly production target. I expect our production exit rate will be well and truly achieved providing they can get another well hooked up before year-end. Hopefully reward rather than punish, especially if we have another two wells being drilled in quick succession.

Still think North has a bit further to go. Reckon another 1-2m shares. There hasn't been enough volume imo the past week or two in order to clear a single 7m share holding. Disappointing the drop back today, but nothing goes up in a straight line, especially if there's a major holder offloading into a small cap. Xmas is the time to cheer. GLA

Now at 600k for 1.16p. Dropped £700k into this company and down £150k. Mgt are responsible for misleading trading statements up to 8 weeks ago and need to put their hands in their pockets in a significant way to make up for their incompetence in this regard. And they need to know whoever the hell has provided the inside knowledge and make an example out of them. Had the company dropped these results today with no obvious insider trading the sp would be sitting at £1.10 at worst. Instead we're back near 5 year lows because the market has lost faith in mgt due to a variety of reason. The Shinez f@ck up should be investigated from a legal perspective as I cannot see how the numbers they provided 6 months ago could have fallen off a cliff to such an extent.

I also don't like the idea of a spin-off. That sounds like desperation and no-one pays fair value when a company's share price is on its knees. They need to identify the problems (and the insider trader), investigate the issues with Shinez and whether they have been duped, and then fix the lot. They also need to understand who the b/g seller has been the past few months. There is no way the sp isn't being crippled by a major seller. Question is whether this is being done to kill the sp for a bid. They could use the BB budget and any additional funds to clear the seller. Either that or double the rate of BBs until the sp regains some ground back to a reasonable value closer to £300m mcap. Take the divi funds and stick them into BBs. A 2.5-3% divi is better spent reducing the share count at these levels and boosting company value before they get a bid at £1.20, which makes me feel almost as sick as the current sp. Absolute clownshow.

varun, i'm in the same boat. i've got 550k shares at £1.18 now. deciding on whether to chase this down further for another 50k shares. i'm lost for words as to how they can be so wrong about the numbers. having said that the company is still growing, albeit at a much slower rate. so cannot wrap my head around how we're pushing 5 year lows.

shinez appears to have been a stupid purchase, but they only spent $30m and there's no way that stinking pile of **** will get any further payments. almost begs the question as to whether the shinez guys provided dodgy info as i cannot see how it was throwing off +$10m adjusted ebitda and is clearly now loss making.

mgt need to pull their f@cking fingers out and deal with the carnage they have created. putting their hands in their pockets in a big way would certainly help. they have cost me £150k in the space of two days providing b@ll**** information up to 8 weeks ago, and overseeing an insider trading fiasco. my anger at the moment is off the chart.

What in the absolute f@ck is happening here? The sp has dropped 30% in two days and 50% in the past 3 months? The sp is reacting as if if mgt are complete con jobs and the entire company is built on sand. What the hell was said in the results call this morning? Absolutely extraordinary reaction. Where are the director buys to stop the rot? Interviews?

Given the last update, just eight weeks ago, everything was on-track. So either the mgt team have misled the market, or are completely ignorant of how the company was trading. They have also clearly had insider trading yesterday. What else do they have in store for us - a recommended mgt buy-out at £1...? The sp reaction makes absolutely zero sense. Anyone have an idea wtf we're dealing with in order to see this sort of value destruction?

Reckon you're going to pick up 75% in the next 6 months on that trade Stas. Some knowledgeable (and polite) posters on this board. I'm viewed as a little pessimistic on when North will have exited, but have based my views on experience when other major shareholders have been selling down to zero. It always takes longer than people think (but happy to be wrong here). North were one of the reasons I built such a big holding - you may recall I made a lot of money on SHG when Odey were doing the same thing.

Reckon we will have another 4 wells online within 6 months and safely producing over 20kboepd even with decline rates. The kicker here is the gas price is locked at $2.50, which is about 3x what i3e were getting even wiht their hedging program. A couple more wells with +20mmcf and/or +500bopd and this will really step up as investors regain confidence in mgt, and get excited about the truly blue-sky acreage they now own. We're talking +100m boepd reserves upgrade potential. As mentioned the locked in gas price is brilliant, which doesn't include RIO where they can get +$4 quite easily. Expecting +£120m mcap by Xmas and +£150m mcap once the next 4 wells are drilled and producing in 6 months.

Hey Stas, just exchanged messages. I sold down i3e for an average around 12.25p. Was concerned the deal may not go through in the end. I was using the cash to build my position here (good move) and TIG (not so good move). Incredible how TIG, my biggest holding got smoked for 25% the past two days whilst this has been climbing. I'm here for 765k @ 32p. If we get back to the 50's it will have been a shrewd move parking £240k on this one.

If you're looking for an overly beaten down stock, then I do recommend TIG. I've gone in for another £175k in that one this morning. Bad news out of the way and the multiples are bordering on unbelievable. Happy to share the investment thesis on that board. Reckon it will snap back 10% in the coming days as people recognise the underlying value.

Stas, you over here now? Good place to park some i3e cash. How many did you go in for here?

Hi folks, watching here this morning with joy, although my biggest holding, TIG, has been smashed the other way. If we break above 40p and 10m volume in the coming days then I'd be inclined to agree that North will be done. That should provide us with some support, although lots of PIs jumping in here today will also start selling once they have their 10%. Expecting a bit of a bumpy ride up to 50p by Xmas. Higher than this would of course be welcome.

Would someone mind posting the Zeus report, or a link? Also, did anyone join the mgt call this morning?

Given sp drop back it appears as though my buying was holding it up. Mgt need to reassure investors they're worth putting money behind. They could also put their hands in their pockets for some decent director purchases. BBs being kicked up a gear will also help. Expect this to bounce back to £1.10-1.15 range and sit there until mgt steady the ship.

This company has f@cked my pf but still have confidence it will pay back. Mgt need to give their heads a massive wobble though. GLA

Well I've doubled down here this morning. Now neck deep in 500k shares at £1.20 on the nose. Have been buying in 15k and 10k chunks all morning, basically since I saw the sp drop to sub £1. Reckon my average for the past 175k shares is about £1.01.

Simply cannot see how a company with these fundamentals can be valued this lowly. They are executing an aggressive BB program, paying a 2.5% dividend, and comfortably paying down a quite manageable debt profile. Can def. see this being a t/o target right now.

The lack of contribution by Shinez and the RPM reduction are the major worries. Mgt need to explain what they believe is going on here. The also need to look into who was selling the days before results. There was an obvious insider dump they need to investigate. It's an appalling thing to happen for any serious, listed company, and they need to identify the culprit so it doesn't happen again. The market will lose confidence in mgt on the back of such things. Hopefully some big director buys and soothing words on Shinez and RPM later today. Need to keep in mind the company's profit are still growing and the sp is at the same level as it was 3 years ago when much smaller. GLA

The only way that North can be out is if they have been responsible for 80% of all sells since the last TR1. The chances of this being the case are very low. I do however believe they are down to their last 2-3m shares. With some good to great flow rates these can be cleared in 2-3 trading sessions. It will be one of those reactions where the sp jumps to 40p then pulls back a couple of times into the high 30's before jumping to the high 40's. All about timing really. Only another week to go. GLA