Member Info for holyroller

I have now got a small shareholding here, also paid for with profits from trading the movements over last months rise. Will continue to trade and add more with the profits.

If there is one thing that politicians really hate it is taking decisions for which they may later be held responsible. They will always take any chance that they can to delay them, hand them off or (best still) blame them on other people as they are "guided by the experts".

Steve, I agree that the only thing that matters is what they can achieve here, but I think that their past performance provides a very good guide to what they are likely to do. Leopards don't change their spots, which is why insurance companies look at your driving history before they decide your premiums. If you have had lots of accidents in the past and are not a sensible driver then they assume that this pattern of behaviour will continue in the future.

Personally, I think that this is especially true in the corporate world. If you look at people like Lenigas for instance, who is an appropriate comparison for Solo, then you see that for all his (many) faults the man consistently has the ability to find a good prospective resource, put it in a vehicle and get the share price going up. Yes, it never lasts but in 2011 for example he brought the share price here up by nearly four times over the course of four months and he has pulled off the same trick at many other companies.

The point being , if you follow Lenigas at the beginning of his tenure in a company when he first vends in an asset then you normally stand to make good money. With Ferguson there has never been any rise or upside If you look at the share price performance at JKX it was down all the way from when he joined and it was a pretty similar story at Zoltav. It is also what has happened here.

I’m going to look into Fitzpatrick and Nicholson anyway and see if I can find any positive signs that might break this pattern. You never know, there may be some that will give me some hope for a better performance here in the future.

Steve, I spent a couple of hours last night looking into Tom Reynolds’ previous appointments and it appears more of the same to Alistair Ferguson really. He has had one mild success, with a 36% value increase, one total wipeout for a 100% loss for shareholders and one 63% loss.

I’ll try and look into Fitzpatrick and Nicolson tonight, but in the meantime details on Reynolds are below.

Back between March 2010 and November 2013 he launched Bridge Energy to AIM in September 2012 at a price of 118p and then 14 months later in November 2013 it was sold to Spike Exploration for 162p (a 36.7% increase on the original listing price over 14 months). To be honest it is hardly and earth-shattering amount to money to increase the share price by but at least it didn’t lose money for investors.

Investors at Canadian listed Inoa Energy where he was CEO and President from Sept 2014 to Jan 2016 were not as fortunate. When he joined on September 2nd 2014 the share price was CAD$0.395 but by the time trading was suspended on November 20th 2015 it was down to CAD$0.005 (a loss of 98.8% of its value) and in Jan 2016 it went into administration – wiping out all of its shareholders with a 100% loss.

On April 23rd 2019 he was appointed non-executive director to Zephyr Energy (which was then called Rose Petroleum). Share price on April 23rd was 1.625p and October 7th the price was 0.6050p so it has dropped by 63%.

it's bordering on criminal. They do not give a damn about shareholders or company value just as long as they keep the fees rolling in.

I'll do that. Will get back to you as soon as I have something.

The directors here are a disaster. Under their watch the share price has declined from 3.25p when Fitzpatrick joined the board on May 2nd 2018 down to 0.95p today losing over 70% of it’s value.

I’m not sure why I am in any way surprised though. Now I have researched Ferguson’s performance at his previous companies it seems clear that losing money for shareholders, while lining his own pocket with massive pay cheques is just what he does.

At JKX Oil & Gas the share price was 164p when he a joined as a non-exec in October 2011 and 25.75p when he left (or perhaps more accurately was asked to leave along with all his fellow directors after an EGM) in Jan 2016. This meant under his tenure JKX lost 84.3% of it’s value.

At Zoltav Resources where he was chairman from December 2014 to September 2016 the share price was 111.5p when he arrived and 24p when he left meaning that it lost 78.5% of its value.

So unfortunately it seems like we may have a fair bit further to fall for Ferguson to continue his history of losing about 80% of the share price value from any project that he is involved in.

They didn't sell Horse Hill or PEDL331 either - these were both done by Dan Maling while he was still in his role of Managing Director.

As far as I can tell the only thing that the current directors have done is pay themselves a lot of money and massively increase the administrative expenses.

************* published this piece yesterday about Block Energy. However, given Ferguson's TR1 announced by Block on 16th Sept and Fitzpatrick's from Aug 20th it does seem as if they are part of Nigel Somerville called “the rebel alliance”.
It has a lot of similarities as to how Ferguson and Fitzpatrick ended up in control here if you ask me….

Block Energy – rebel alliance appeased….for now
AIM-listed Block Energy (BLOE) seems to have made a pretty decent effort at addressing the problems I raised HERE. On Thursday, an RNS appeared which seems a pretty good overview of where things are and announced the departure from the board of NED and former technical director, Mr Roger McMechan…
The full text of the RNS is HERE but the main point seems to be that things are progressing despite the difficulties presented by Covid-19, and the corporate governance issues appear to be being dealt with. All good – pleased to be of service!

We are told that half year results will be issued by Wednesday of this week (deadline day), at which point the grizzly truth about how much cash is left will become clearer. My suspicion is that all might not be well in that department, but we are told that crude oil production from West Rustavi, Norio and Satskhensi brought in net $570,000 in August, so perhaps my fears are unfounded. The problem is that we don’t know figures from July and before, and oil sales are one thing but cashflow is another. We shall see.

But on the whole, it does look as though the board has tried to address the issues raised and for that we should be thankful. Why it has taken until now is another matter, but my source suggests that the rebels, who control 20% of the shares, have been placated for now.

But the board also knows that one false move from now on will see forced change. Let us hope it does not come to that (even if the beer and popcorn would be a good diversion!), but as they say, the proof of the pudding is in the eating. Or, rather, delivery on promises made.

Roll on the interims!

Yes, it has been. I first looked at this back in Dec 2017 when it was at 23.5p. Luckily I only took a small punt, but I still think that it has the potential to go big given time and the right approvals.

Massive rises here in the last three weeks. I am not a holder - but well done those of you are. Don't forget to bank some profits. Not doing that is a mistake I have made (and regretted) many times.

It is making money while being shrewd. The golden rule is to never fall in love with a share. Trade the facts and if the facts are unknow, then wait.

much quicker.

Pdub is right. Regardless of the boardroom shennanigans the thing that is going to drive the share price is a successful flow test at Brockahm. If the oil flows then we shall recover today's losses in double quick time.

This is a rumour and not 100% confirmed but a friend of mine who is usually reliable just texted me that the Lidsey planning approval went through unanimously this morning. As I say - this is just gossip but fingers crossed...

Thanks Mirabeau - will check out everythign you have mentioned and revert back to you.

Hi All, I came across JAY while looking at Alba Resources and have been researching it as a bit of a tangent. My main holding is in Angus Energy (which is wildly underpirced and well worth a punt now for a three-bagger by end of Q1 2018 btw) and Alba has some cross-over investments with Angus and, obviously with Bluejay. Anyway, my questions are this: a) How much of JAy's market cap value is made up of the Dundas project (my initial feeling is most of it but wanted the advice from some experts here) b) Since Alba have the Heavy Metal Sands license adjacent to JAY in Greenland, do you think it is likely that JAY may want to buy the licesnes from Alba? Alba's market cap is only �9 million so IMO it would be a possible acquisition to double the license area for JAY. What are your thoughts? Thanks for any input you may give me. I will be busy researching this myself but thought that this may give me a bit of a short-cut or at least point me in the right direction and save me some work. best wishes, HR.