Member Info for gregpeck7

Well gonna draw a line under the recent shenanigans and see what happens next. Still no reply to my 3rd email (Not expecting one but if I get one I will outline the response)

Will see what happens next.

Thirdtime, I will only be selling these shares in the future, I have zero intention of adding anymore which is a shame. So don't worry, I am not "after" your shares. For the record I wish I had not added a significant second batch as feel totally shafted there, but hey ho lets see what happens next.

Will watch with interest to see if any of us get a reply to our board governance queries.

Meanwhile hopefully the level of unrest which was caused by their recent shenanigans has hopefully been a warning shot. I think the AGM will be a lot more lively than the results call.

Brian is on a yellow card for me now.

Any time now, we should really have had it already.

Err I made a very large top up not very long ago at over 5p. Its organised opinion exchanges I would assert.

The one good thing about this price crash is that Brian and co will have to sell more to cover their "free" shares....

Which is a crumb of comfort.

What a shambles they are.

Had they bought the warrants I would have had no issue.. Its the whole selling enough to make the rest of them totally free that really gets me, they literally want the cake and the cherry on top. So, so greedy.

Just looking at results in details.. Considering only 12 employees.. Average of 5k each now going into their pensions (from nothing)

As others have said though, some eyewatering numbers there for 12 staff.. Will that rate of increase continue.



2020 2019
$ $
Remuneration of Directors
Emoluments and fees for qualifying services 1,149,729 450,450
Share-based payments 229,040 112,015
Pension 53,251 -
Social security 21,743 13,881
---------- --------

1,453,763 576,346
========== ========

Following Admission of the Warrant Shares Mr Larkin, the Company's CEO, and Mr Leather, the Company's COO, intend to sell a portion of Warrant Shares to fund the subscription price of the warrants

Thats what the RNS says.. Following admission...

Application for Admission

Application has been made for the Warrant Shares to be admitted to trading on the AIM market of the London Stock Exchange ('Admission'). The Warrant Shares will rank pari passu in all respects with the existing issued ordinary shares of GBP0.01 pence each in the capital of the Company. Admission is expected to occur at 8.00am on 20 May 2021.

And the date of admission is tomorrow... So are all these sells people dumping before the brian poo show starts up?

Based on my read of the RNS they start their dumping on us tomorrow.... Another 20m shares in the market oh the joy.

Has Brian still got warrants left after this?

There is no doubt Jamaica will be very interesting. What is ironic is that it is more probable that this background music is what will lead to it not being drilled rather than the data. For me, if a discovery is made lets timeline this.

Drill Summer next year? Thats probably earliest possible spud - I dont know if hurricane season would affect here. So lets say SPUD JAN 2023. Result including testing April 2023.

So from that point you would be talking FPSO etc etc but probably more likely follow up appraisal drilling to quanify the find. So probably 18 months more and probably 2 wells.

So that pushes to 2025. Assuming field development, hook up, FPSO etc etc, I think 2026 for realistic FOIL.

Just my opinion.

Is that cutting things too fine? I don't know.

GP

Ha ha, I already have enough. I wont be buying more.

I have emailed 3 times.

Once about director share purchases - got a reply and was told they were in a closed period
Once about Egypt PSC to confirm cost recovery was part of PSC (which was confirmed)
Once about Director warrant dealings - No reply.

My email about the warrants and reason for not using any of his own money to buy them, but feeling it was appropriate to dump them on shareholders so they were 100% free, despite recent huge pay rises, has also gone unanswered. That was 2 days ago.

Duster I (did) agree with you and loaded up with more of these about 2 weeks ago.

I also defended the payrises on this board, which is why I am so annoyed about the warrant activity. Its just poor.

That aside. I also have "some" concerns that the Egypt PSC is not quite as good as I initially thought.

Yes its producing a lot of oil but we lose 60 percent of it to the Egyptian govt, so at 3,000 bopd we are only actually getting about 1,200 bopd.

Thats not great at all, and the broker note also agrees that the terms are basically, nasty.

So yes we are profitable but its not quite as profitable as it could be and if we are paying out a shedload more in wages, that money will be eaten up very quickly.

Its the trust issue though dusterman..

I have an email from a couple of weeks ago from Brian, basically saying they would like to buy shares but cannot (because of trading windows etc)

2 weeks later hes larging up the warrants and not paying for any himself and just dumping an amount on the market to make sure they are free for him.

Having increased his pay by well over 100% in 2 years, that just lacks class and hardly builds trust.

Yes this is the problem in some respects, they are a true frontier entitiy, there could well be loads of oil, but no infra... Exxon are firing up Guyana, that will keep them sorted for decades. Who wants Jamaica, that is the question. Its not just about getting that well drilled its about everything else.

But we do need more oil..

Saudis will really open the taps though, they are running nowhere near full throttle, likewise russia will unleash as they will want as much oil sold as they can, as they will be left with oil in the ground..

Be interesting to see how it all develops....

I would say chance of that well getting drilled is 20 percent. Which I regard as a decent chance.

But because of the boards actions they dont really have time to go over their CV's and individual "crime" sheet...

So just put the broom through.

I dont think there is anything controversial they are all signed up to this plan. Majority of shareholders see things differently. CA clearly would not work with this lot.... I think they have more firepower they will bring to bear once they are ejected.

If that were to happen it would mean based on what they think. Its not. I think they are getting a fair bit ahead of themselves though. But a completely new basin development is probably not top of a lot of companies lists.

Really it all depends on where you see oil demand in 10 years time and pricing for something like that.

Yes, as a major shareholder!

Good luck HUR holders, you were / are being shafted by an ultra greedy board who are clearly not on your side. I really hope this comes off for you.

Badger - Great post.

In addition. I assumed our poorly paid BOD had forward sold the warrants but I don't actually think they have...

Executive Directors Brian Larkin and Jonathan Leather increase their Shareholdings

Following Admission of the Warrant Shares Mr Larkin, the Company's CEO, and Mr Leather, the Company's COO, intend to sell a portion of Warrant Shares to fund the subscription price of the warrants, but their overall shareholding in the Company will increase from 1.56% to approx. 2.5% in case of Mr Larkin and from 0.78% to approx. 1.2% in case of Mr Leather. A further announcement detailing the exact resultant shareholding will be made in due course.

Reading the RNS I am now reading that as - they intend to sell when the warrants hit the market. IE "following admission of the warrant shares"

Now those shares don't hit the market till the 20th May...

So have they not sold any yet?

GP

I actually think he has done it now as its after results so a year before any "heat"

He has another 12 months to grab a load more at 1.4p. Will those be dumped at the prevailing share price for another freebie for Brian or will he spend some of his 30k a month?

He he, my snouts in that trough lol..

In all seriousness wont be adding more, angry at myself for adding about 10 days ago.

Probably bought some of Brians warrants.

Fuddstone, he was just basically just handed millions of shares for nothing. Well done to him for "increasing his holding" so good of him to take those free shares.