Member Info for Gerhart

I emailed the Co when they announced sale of the assets. Never got a reply. And still don't understand how they can be thrown away for a pittance. Puka was gerating revenue. But the money obtained in the sale is nonsense in comparision - despite the oil price slide. And I can't remember where, but there was mention of Puka originally been closed because a contractor had dropped a piece of equiment down the hole or such like??!! Like if there was a contratcor problem, wouldn't we have sued for lost revenue. And Shannon - supposedly our bright future if they had been able to fund - a pittance again; same for other once other great hopes. I still smell a rat here. It still seems incredible to me that these things could not have gone to contacts/friends etc for future rewards. And now they need to raise cash to keep the Co going - ie to pay directors for doing what exactly.

Apologies wrong board! (Now I know hoe others have done that!)

So now the loan company have reacted too. What have they been told anew? One imagines that they were given all the necessary gaurantees at the point the loan was set up. So something must have changed? I think I am personally to blame here also. I bought a small amount of shares here the other day. On too many recent times, after I buy more shares, something negative occurs or the SP just falls. Sorry about that. But I do promise not to buy any more, so the SP should start going up soon. (heads down, and GLA)

I didn't vote through my nominee account. Simply couldn't decide to vote for: the finite, liquidation, or the complete sh@@ deal now and some minute possibility of future benefit. Wish there was someone in the LSE to have this looked at - just looks criminal. Management take advantage of disengaged shareholders, who turned away from Primary Bid fundraising... Anyone going to the meeting on Monday? (soooo completely hacked off at this...and never did receive a reply to my email from 30th June)

I was wondering if anyone is going to the meeting next week. I haven't decided whether to vote for the "deal" or vote against it, and in effect into liquidation. Seems like an incredible sh*t deal, but would the liquidator get more? And how much would their fees ultimately suck out? Emailed Co yesterday week ago, but haven't received a response. Hardly surprising I guess.

Bigfella, sorry to have to tell you but you won't be selling out. The shares are suspended and the BOD have indicated that the suspension will only be lifted if the deal is agreed by shareholders. That's just one of the things that makes me mad. They have put a gun to our heads. Mind you, even if the shares are reinstated the SP would collapse. Hard to belive that could happen, when we are only valued at 1m anyway. Our only hope is a White Knight and that is very unlikely. I'd be delighted to have the opportunity for a takeover, even for someone else's "paper". At lease our assets would survive with us for another day.

Spu, maybe it is very unfair to suggest it about the BOD, but I have an awful feeling that the answer is out there. Maybe after not eneough PIs showed interest on the primary bid thing, they felt we were there for the taking. Otherwise, why would they even "throw away" their own previous investmenst. And that is the one glimmer of hope i held on to that they had invested and so would not throw it away to someone else for tuppence! gerhart The more I think about this the more it depresses me. We either accept the lousy deal or the Co goes into liquidation. And then someone gets to buy the company's assets cheap off the liquidator. Wonder who that would be.... Maybe the BOD know it's sh@t deal and hope it will be rejected? Our only hope is a White Knight who sees the value and is prepared to take a chance. Though there is more chance of me winning the lottery!

And another thought: At one of the presentations IRGS said Shannon was such a good prospect that if it was a private Co he would gamble and put all the money in. So why doesn't he even try and put a slightly better deal forward for the whole Co and then he can have it and put in all the money for Shannon! This just doesn't make sense to me.... Something just doesn't add up here....And before anyone jumps on me - yes I am only too aware that we are in a deep hole!

I don't undertsand the logic of this on Puka alone. Surely it's worth more - alone - than they are basically selling all assests for - including Shannon which is supposed to have so much potential! So even if the BOD just wanted to screw the PIs, would it not be much better for the BOD, or some of them, to do a management buy out?! The other thing I don't get legally is how the shares will only be UN-suspended if we AGREE to this plan. In other words no one else can make a bid to buy the company CHEAP via the stock market and our shares? (and remember apart from assests it also has all those recorded losses to off-set) I know we are in a corner but I just don't understand the logic of this. Just looks like a very poor plan. Unless Caleria, the purchasing Co are the BOD under another name!

Maybe they will sell all, or part of Puka, to raise enough to kepp the ship afloat and "spin the wheel" on Shannon.

We all know threre are a lot of banjaxed management teams - and crooks too(!) on the AIM. But you'll not find many Co's where some of the BOD, or their friends, have actually stumped up as much of their own hard cash as they have here in KEA. And still the whole thing may yet go belly up. But those peeps are sitting on larger paper losses too. Vastly more than all of us (probably!) put together. No one forced me to invest in an oil exploration company that sticks drills - in what they think is the best point - in the ground in the hope of striking oil. And no one forced anyone else either. I'm sorry for you if you are in the same position as me. But the candle hasn't gone out yet. I still think peeps missed a fantastic opportunity on the Primary bid thing. Cos if that had worked, then the SP would have risen big time on the period before the drill and peeps would have had an opportunity to trade, or get out, at the best possible price before the result. And I think that is something that IRGS alluded too. But sometimes peeps are not prepared to take a risk especially in times like this for oil SP stability. But still a little hope left. Ce Sera Sera.

Not sure where you are coming from here RERE with your positivity! Why go down the route of, what would have been massive dilution - primnary bid process, where all 3mil might have been raised at 1p per share, if you have a better plan? I agreee that IGS, and the other major shareholders, won't "walk away", but they will look at the best way to MAX a return on what they have already put in (an awful lot!) and that could be a number of ways, including pumping in more of their own cash for shares; or a fire sale or full sale of Co - if that seems most profitable route route. The middle East is as bad as it ever is, so hopefully oil price will keep rising, which is one glimer of light...Mind, maybe not for the poor folks of the middle East!

Hi Baff, no offence intended! But I think your flagging us as a "strong buy" is fascinating - but maybe a good omen too! But the thing is, we might never be UNsuspended!!!!!!!!!

Well I have to admit I was wrong. I thought enough peeps would have taken the risk. Depite having to extend the process - they said they had in excess of 1mil at that point - so I hoped and expected we'd cross the line. Wonder how close we got? I thought that the BOD would underwrite the (almost enough) PI bids. Maybe they had put in quite a lot anyway. Clearly IGS was understandably looking for people to share the load as he had put in quite a bit already. But I wish I was as clear as you RERE on what happens next. One imagines the BOD would have to pay a reasonable price to take the Co private given the sales pitch Ian did over the last few weeks. What prospects for a farm-in that hasn't already happened?

Has this been posted any time recently.....It's IGS doing a presentation at a Shares Mag/Primary Bid evening and is well worth a listen/watch and very informative, if you are still thinking of coming in here. Though you have missed the bidding - assuming it is successful. But you can still buy cheap enough on the open market. https://www.youtube.com/watch?v=EmxR5synVlc

Mikey the rise today is just down to the relatively small amount of buying. I couldn't get a quote online for what I wanted and so had to buy in five 50K blocks. Other peeps did a couple of buys and look at how the price moves. I intend to put in my bid on primary bid tomorrow. If they make the 3mil, then this share will be transformed as we head towards drill. If the average bid price is above 1p and I think it will be - just watch how this SP will move. Like some others I sitting on a big paper loss, so it's double or quits time. I don't believe the BOD will let the crowd funing fail, so I think at least in the short term this is looking very good. If the crowd funding doesn't work, then there will be a fire sale in due course, which will still be woth much more than the current valuation.

Maybe that is indeed a possibility Pete. I am tempted to buy more via placing as I am already in big on big losses...double or quits! And it is for like reasons that I can't see IRGS or the other directors - who are in a lot more than me - letting this fail. But I am still not clear on how the price will be set, and therefore how to get my bid price right.

Hi guys, those of us still in here have lots of reasons to be Neg - but please only answer if you know. How will final price be set on P bid? Also - previous RNS says:Everyone whose bid was higher than the final placing price will receive full allocation of their bid; everyone whose bid was at the final placing price may receive their full allocation or may be scaled back. Everyone whose bid was below the final placing price will receive no shares as their bid was unsuccessful. Co is allowed to see bidding book at anytime. But directors are also allowed to bid. So what stops directors putting in slighter higher bids than anyone else and setting final bid price accordingly. I'm obviously missing something! Thanks

...agreed Re the review. Like what were all the options the BOd couldn't see for themselves. I think we'll see a rights in due course and I willl buy mine.

...I wonder if that is what we will do? What would we get for Puka? There is a huge descrepancy between market value and possible potential in the ground, from various sites? Though that is all it is - potential - until the black stuff spews forth! Can't blame IRGS. Unlike a lot of AIM companies, he and others have put their money where their mouth is and are sitting on losses like some of us. Depressing, and I know only too well. If I had access to a revolver I wouldn't be typing this!