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"Probably saving the company £30-50k a month across all these salaries or 350-600k a year!"
The total wages paid for the six months up to December 2022 was $233489. The lack of ability to read simple financial reports on this board is something that investors should remedy.
Novum have made Paul look like a fool. Raising at 11p was a bad decision and taking the extra should really lead to Paul questioning if demand was so high then why the price. Some experience of financial and corporate markets is required on the board.
The board have done an incredible job on the exploration side, but the financial side is sorely lacking and admitting this is not a weakness if you address it.
Cannot argue that they have done a good job on the exploration side, woeful on the financial side and seeming not learning lessons despite numerous muggings by Novum. Novum needs replacing and fox davies not covering themselves in glory either. Agreeing to the extra is a poor decision.
The price is a reflection of the bent London markets, but Paul is not blame free. He still agreed to it at 11p. He either thinks that's a fair price or his proactive interview about defending loyal shareholders was just cheap talk.
IJT
You must have been listening to a different roast. Paul said he was confident of pre drill expectations at 25m24secs and in the MOU 3 release said this
"The MOU-3 well has validated our pre-drill upside forecast for sand development in respect of the main Moulouya Fan target. A gross interval of 43 metres will be evaluated by a rigless well test"
Seems to me that results have aligned with expectations. So when you said results, you did not actually mean results but the sale that he was talking about. MOU4 results were released last week, maybe a bit early to expect a takeover. Paul did mention the Summer so think you are premature on that aswell.
You may not be trolling but that's how it's coming across imo.
IJT
Which part of the results have not aligned to expectations? Drill results have exceeded expectations and I cannot recall Paul saying on the roast that they have too much gas. Will have a listen again, wolud be helpful if you could provide timestamps to these disappointments.
I remember you from ECO, seemed a decent poster not to sure what is happening here spouting on about LNG, poor log results and general doom and gloom.
No offence but I would rather they get on with running the company. They have presented recently where questions could be submitted and direct questions were taken from the audience. If they accept calls from individual investors it will be too time intensive and Louis will be forever bugging them about subscribing to jims blog.
IJT
They flagged up using NuTech two years ago when they used them for the first well. Probably should not invest if you still have doubts over the logs when they have been verified by an independent party. Other than Paul sitting you down for a one to one session, not sure there is much more that they can do to convince you.
People keep mentioning a rumour of a second drill. It will take two months from now according to Lorna to build a drill pad for a second drill. The rig is going into the yard and will be run to check that no damage occurred during transit. There was an interview today, no mention of a second drill. No mention of a second drill in any rns. No mention of a second drill by anyone from the company. Until there is then one drill is the plan.
Lorna also mentioned two months to build a drill pad, so if they started that now it would be ready for September. They have said they are drilling one well, unless they mention otherwise then this is what is happening.
The mighty ONHYM spoken only in whispers in oil and gas companies boardrooms the world over.
There is a cpr coming, I cannot see the benefit of this supposed holding back of information for a few weeks. Maybe I am being naive and there is a good reason, yet to see anything that suggests this. Its certainly not helped the shareprice.