Member Info for izstar

yes totally agree - this is one of highest levels of shareholder dissent that I have seen especially when you think many PIs won't have voted.
Still the basis of what could easily be a highly successful company but it needs grown up leadership

I cannot attend today due to a work commitment but had intended too - I truly hope there is someone who will put some of the below points at the meeting. Next time SO ventures out to a public forum I intend to go. I agree total BS - far better to be honest - cut the pay roll, buy some shares in the market and speculate without dilution.

yes depressing - the key point is that speculating on opportunities was fine and even necessary but not at the huge dilutive cost we sustained as shareholders. At the meeting I attended SO was visibly excited to be drilling this year but did not know the SP when asked - says it all. Should have waited until they could afford to take a risk not dilute us just as we were being rewarded for our patience driven by high oil prices which are now retreating. I guess they need to have something to do to justify the number of employees given wressle is managed by others. I would have been cheered if they had bought back some of our incredibly cheap shares. Ireland is the big play but will we find a partner in the next 12 months?

In the same corner - why on earth did we dilute at 1.8p - surely should have let the money roll in and then look for something to invest in - we have thrown away the last few years of high prices on a high risk gamble - I have a large holding and voted SO out. It needs new leadership and far fewer employees until it starts to grow again - would love them to buy some of those 1.8p diluted shares back at 1.2p

Does anyone have any insight into the numerous buy/sells at less then a tenner. Surely can't be 'investments' - at best like putting a fiver on a greyhound at Ladbrokes

Will be interesting to see votes cast at the upcoming AGM - less then a week away

yes I have not been able to find any reference to taxing turn-over which would be patently ridiculous and bizarre

goodness, how childish

The SP is now considerably below the grimly priced and heavily dilutive serenity fund raise. Given our directors are not buying shares we should be using the £2m we are getting back to buy back some of shares

check europa oil and gas - I would imagine it happens in times of market turmoil -

Impossible to predict - been caught out heavily. In the past believing this would happen when the sp continues to fall as the drill progresses trapping small investors who then panic sell
Really a gamble on final result and more often then not a gamble I have lost
Hopefully this will go the way you suggest given Shell’s backing

that is a brilliant question

Could be run with a couple of people as our one super asset is run by another company
The risk reward was all wrong on serenity - fine to take a risk - no issue with that but the extent of the dilution of existing shareholders was obscene - I remember sitting up in bed with my heart racing the following morning as our SP began its decline. Unlike us they are living beyond their means at our expense. I am not normally someone who reacts like this and am by nature loyal but this was beyond the pale. We need a steady hand and salaries and a team that reflect the size of the business as it is now.
Depressing when you set it out like that

'The 2021/2022 period has seen
significant change at Europa and this is
clearly demonstrated in our numbers. '

And yet..... the sp is at 1.10p, surely the most important number - a disastrous performance for which many of us have paid dearly. If the company controlled its expenditure, had built steadily and not gone for a gambling spectacular the sp would be at 4p at least now. Instead, we may miss the last great oil rush. SO has his strengths and if he made a significant investment of his own money in EOGs shares I would have continued to back him in the hope he had learnt from the company's mis-steps. It needs new leadership - as other have said B.O'C perhaps
Still lots to go for

Yes sadly me too - loyal by nature but took a punt when we could have taken advantage of the best field to play on for years - 4p would have been great concentrating on developing wressle and progressing other assets with perhaps a smaller risk project like buying into one of UJO’s projects. Have a large holding sadly. Needs new leadership and someone who buys his/her money where his/her mouth is
Still a fair amount to be confident about but needs to be well led.

I totally agree - only voted against SO but in favour of the rest
I do take the point that removal of ceo will cause disruption.
The period of high prices is limited so thought we should have taken advantage of high prices and progress what we have not go after anything else
To be honest thing that concerned me was SO another knowing our SP at meeting in london

Yes me also and with a large holding have voted against re appointment of SO
Small businesses should reward their directors with shares and share options to incentivise them rather then huge salaries at a time when their companies can't afford them. Fine for performance when it happens but this year in view of serenity he should have shown leadership and taken a cut in pay until a significant positive development. Not knowing the SP when asked at a meeting in London recently to me says everything - a shame as he is clearly knowledgeable and steeped in industry knowledge

Good of you -thx for attaching
If true to his word they will concentrate on what they have - despite the recent bad news from serenity lots to play for here as long as no more significant risk taking

I would prefer holding off a little while until there is some news about serenity, wressle or other plans as other than cash accumulation there will be little to re start momentum.

I guess the share SP reaction was understandable and this is only my opinion but it will bounce. We have wressle still in its infancy, small additional daily production, Morocco, Ireland and now Serenity. On top of that we seem to have retained £2m of the £7m raised and will get a chunk of the remaining £5m back in tax savings. So serenity if it is developed could yet rise from the ashes. I guess the issue is will SO take a more careful and guarded approach - we do not need another risky project at least until the sp has recovered. With good leadership it will recover and more in my view

Yes I totally agree
Was clearly a leak that drilling had not been going well given sp pattern - we have wressle which has a lot more to give and two other significant assets. I just wish S O had allowed us loyal Otha to benefit from wressle and not taken this risk just as things were looking up
But still a significant asset in wressle -and still a good future here if managed well