We would love to hear your thoughts about our site and services, please take our survey here.
Geowiz - I just had a quick look at your recent LSE posts, everyone one of the posts on small oil companies was negative. What is it about AIM listed oil companies that causes you to continually criticise them? Are you a former Geologist who had bad experiences with small oil companies?
My point is that in order to run a sales process, the details of assets to be sold / bid on need to be fully disclosed to interested parties. Neither you or I know the T&C's relating to the PEL, but clearly GBP's CEO (a former City Lawyer) does. There is a further point to be made here and that is Force Majeure, the Covid 19 pandemic shut down large parts of the world & industry down for over 18 months, farm in processes could not be run during this period. I would have thought that Peter Hill (Oxbridge educated & trained at Clifford Chance) has legal arguments ready to be used.
Btw, I saw yesterday that the majority of your posts on LSE during the last 30 days were on GBP, has the share price now fallen to a level where "it is worth a punt" for you? Or are you looking for a lower entry point?
Geowiz - You are repeating a false narrative which does not stand up to scrutiny.
A sales / bidding process cannot be run if there is not a pre qualification of the assets to be sold / bid on. Are you aware of what an IM is?
Looking at your LSE posting history, you appear to dislike GBP with a vengeance, I wonder why?
GBP's position on PEL 94 has been clearly explained :-
"The Company remains committed to offshore Namibia, where work will continue in seeking a farm-out partner to fund future exploration drilling operations on PEL0094". RNS dated 21 October 2021
Abrdn still deciding on how to distribute the Phoenix Group sale proceeds.
In September 2018 SLA distributed a special dividend, I think it was in respect of the sale of a subsidiary, precedent hopefully set.
My prediction is £2.25 if the Phoenix Group sale distribution has not been announced by ex dividend date. If Abrdn does announce the distribution of the £0.3 billion net proceeds before ex - div date, I think we could see £2.35.
Geowiz continually peddling the false narrative over GBP's PEL.
I was fortunate to have been involved in one IPO and three company trades sales during my career, to even suggest that an organisation could run a bidding process if there were questions / doubts over the longevity of a company's assets is frankly laughable. There are strict protocols to be followed when running a sales / bidding process, Peter Hill is a former Clifford Chance lawyer who has a proven track record of executing transactions.
GLA.
Bishop190 - Only time will tell whether I am making the right decision to stay invested in GBP. I don't see myself as being a GBP ramper , I will however continually challenge the false narratives posted by Geowiz, he / she has been doing this for years on this chat page but the intensity of the false narratives has grown during the last year. Just click on Geowiz's username, you will see deramps targeted at Aim Listed Oilers, that is his / her modus operandi.
Finally, I would like to make clear that my investment in GBP is covered by my best performing oil share, I do not encourage others to buy or sell GBP shares.
Bishop190,
If I may say, you have not covered yourself in glory today.....here are a few reasons why the GBP bid deadline has been extended:-
- Shell and Total have to my knowledge NOT released any detailed information on the Graff 1 and Venus 1 discoveries, potential farm in partners want to have information on how much / why type of oil was found.
- In my experience, potential bidders will want to take their time to fully evaluate what is being offered and not be constrained by a seller's imposed timelines.
- There is a war going on !! A number of Majors have been rattled by events, I would have thought that the mechanisms for making decisions have been impacted, in short, decisions will take more time to be made.
I could go on, but surely as a GBP shareholder, you could work this out for yourself? If my memory serves well, you have been on this chat page for years but following two Majors drilling in offshore Namibia and finding oil, you appear to have less confidence in GBP, I can't quite fathom that one out but each to their own and I wish you well with your investments.
Spike 66 - I am obliged to you, thank you.
Bishop190 - I have enjoyed reading your posts in the past but it would appear from your posts today that you do not understand that GBP can renew its Namibian PEL in September 2022, unbelievable.
GLA
Geowiz - You posted on the LSE BLOE chat page yesterday:-
"At some point if the price is low enough almost everything becomes worth a punt. You could say the BOD have set it up nicely for newbie investors".
So there we have it, I think it is clear what your MO is.
I think it is fair to say that you have been hoisted by your own petard.
GLA.
So, the obvious question needs to be asked, why would potential farm in partners be interested in participating in the GBP bidding process IF the PEL was expiring in September 2022?
Geowiz - you might want to focus the deramping the numerous other AIM listed oil shares you post on. What I have found strange is that you say that own Shell shares but you don't appear to have posted anything on the LSE Shell Chat Page since the Graff 1 discovery, I thought you would have something to say about the discovery?
We ( & potential farm in partners) await details of the Venus 1 and Graff 1 discoveries, I understand that Shell (Geowiz please correct me if I'm wrong) is currently drilling Graff 2 some 7km away from Graff 1.
GLA.
The extension of the Bid deadline until end of April 2022 puts to be bed Geowiz's false narrative of GBP's PEL expiring in September 2022.
Majors will eager to find new oil & gas reserves in safe, secure and business friendly countries.
GLA
Russia has said it may close its main gas pipeline to Germany if the West goes ahead with a ban on Russian oil.
Deputy Prime Minister Alexander Novak said a "rejection of Russian oil would lead to catastrophic consequences for the global market", causing prices to more than double to $300 a barrel.
The US has been exploring a potential ban with allies as a way of punishing Russia for its invasion of Ukraine.
But Germany and the Netherlands rejected the plan on Monday.
The EU gets about 40% of its gas and 30% of its oil from Russia, and has no easy substitutes if supplies are disrupted.
In an address on Russian state television, Mr Novak said it would be "impossible to quickly find a replacement for Russian oil on the European market".
"It will take years, and it will still be much more expensive for European consumers. Ultimately, they will be hurt the worst by this outcome," he said.
Pointing to Germany's decision last month to freeze certification of Nord Stream 2, a new gas pipeline connecting the two countries, he added that an oil embargo could prompt retaliation.
"We have every right to take a matching decision and impose an embargo on gas pumping through the [existing] Nord Stream 1 gas pipeline," he said.
Source: BBC.co.uk
Inclusion of Force Majeure clauses would be the norm I understand in UK Sale and Purchase Agreements, lets see whether Stephen Bird pushes ahead with the deal.
Geowiz - last Tuesday you become a GBP Ramper by posting :-
"So we are now accepting that the Licence extension beyond September is important. Good that’s progress.
I do think Italy may progress quicker now that they are desperate for gas ..that’s a positive. Maybe they should focus on that".
Today, you are back to your normal MO, a GBP Deramper, I think you are confusing yourself because you Deramp so many AIM listed oil stocks.
It would appear that you have not checked how many share options Peter Hill has. If I held that number of share options I would not be buying GBP shares, if a farm out is achieved I think the BoD will be grant Mr. Hill even more share options.
Btw, I recall you saying that you are a Shell shareholder, strange but the last time that I checked you had not posted on the LSE Shell chat page during the last 30 days, strange given the Graff 1 discovery ?
Good luck with your investments, I guess you don't wish to pass on the same message to GBP shareholders.
It seems that BBC Newsnight needs to do more research on the destination of Russian gas.
The figure reported for the UK was 5% and Germany 40%, I now wonder how accurate these figures are?
Italy has a lot of thinking to do about indigenous oil & gas exploration.
I found out yesterday that 100% of Italy's gas supply comes from Russia, I would have thought that the Italian government must reviewing the approach being taken towards oil exploration in the Med and Adriatic as a matter of urgency.
I thought that GBP's four Italian Permit Applications were a waste of time, I am not so sure now, can those Permit Applications be turned into Petroleum Exploration Licences?
GLA.
Indeed, Ms Bruce buys 40,000 shares two days after the Annual Results were released......really??
I have sold down my largest oil share to average down my Abrdn holdings, I have to say that I'm extremely disappointed that the Directors have not been buying Abrdn shares by the hundreds of thousands, my question to the Board, Do you believe in this 'Growth Strategy', yes or no ?
Money talks.
I was pleased to see Mr Bird buy shares today but what about Ms. Bruce? Given that this a turnaround, surely all the Directors should be buying shares to demonstrate their commitment and confidence in the "Growth Strategy" ?