Member Info for JD-Nau

So Simon, you once again refuse to address the question. You claim that the numbers on the requisition website are false. What do you think that the real numbers are?

Also, please ask them if it is their normal business behaviour not to keep any copies of accounting records but to let them all be held in one place giving a single point of failure. and, if so, would they consider this normal industry-wide practice.

I look forward to reading their response.

Don't forget to point them in the direction of the evidence Simon, it can be found here: directly from the CEO of Daybreak https://twitter.com/Heid_oil/status/1737910217189318887/photo/1

Obviously, S&S never respond to normal punters but since you seem to have a very close relationship with them, being their voice on these forums, then I am sure that they will respond to you.

It would definitely be very helpful to all investors for them to respond to these very serious allegations from the man who took ownership of Reabold California as opposed to doing what they normally do and just ignoring questions that they do not like to answer.

Simon, all the information on money spent on acquisitions is on page 6 of the business plan on the Reabold Requisition website: https://www.reaboldrequisition.com/wp-content/uploads/Reabold-Busness-Plan-V6-18-12-23.pdf

So why do you claim it is wrong?

So Simon, if you claim that those figures bear no resemblance to reality then how much do you think has been spent on Daybreak and Danube ?

You must know if you are saying that these figures are wrong, unless you are just obfuscating in order to hide just how bad S&S's investments have been.

The only way West Newton will not be drilled is by sticking with S&S who promised to drill it last year and lied. They have no facility to raise the money that is required now they have wasted millions on the failure that is Colle Santo.

It's good you are back Simon, perhaps you would care to answer the question that has been put to you and your pro-board crew repeatedly with no answer:

What has happened to the £15+ million that has been invested in Danbube and Daybreak, which are now labelled by the clowns as "non-core assets"? Also, why were the Reabold California accounts deliberately destroyed?

There are so many almost impossible things that would have to go right for Colle Santo to make any money that it simply does not make any sense as an investment, other than for S&S to try to win the requisition.

They have to complete the environmental approval process which took two years last time before being rejected.

They have to prove that their drilling and production will not damage the Bomba dam, which is almost impossible.

They have to get the full permission of the Italian ministry in the face of massive local opposition.

They have to successfully produce in the two year test period when it is very unclear how they would even distribute any gas for sale that they produce without a pipeline or an LNG plant.

If they get permission to produce long-term they have to raise $66 million to build an LNG plant.

Then they have to hope that LNEnergy either distribute dividends or list so they can cash out.

There are so many obstacles to RBD every being able to get any money out of Colle Santo that I cannot see how it will ever happen. Even if they get permission to produce which seems almost impossible then the $66 million that needs to be spent on the LNG plant will dilute the RBD shareholding into almost nothing without mentioning the amount of revenue that will go straight to LNE and it’s directors.

Simple answers.

a) They have paid themselves over £4 million over 5 years - since being appointed in 2017 and the last set of accounts from 2022.

b) Zero

c) About £18 million if you included Colle Santo.

d) Less than a year before the Shell money is gone by previous standards. Quicker if they invest more money in untradeable private entities.

e) Since they have not given any timelines for drilling West Newton I doubt it will happen this year. Some other new and shiny project will require money that can once again be put into a private company and will then disappear.

e) No idea. Masochism?

And two more questions.

Why would they invest £4.5 million in Colle Santo while knowing that it will almost certainly never produce?

Why were Reabold California's company accounts destroyed?

The requisition team have put up a response to the interviews that S&S did on Friday on the website:

https://www.reaboldrequisition.com/wp-content/uploads/Response-to-Interviews-23.12.2023.pdf

It's pretty damning.

Another question that I could do with input on is whether anyone here thinks that the disappearance of an entire year of Reabold California accounts does not raise very major concerns about S&S's stewardship of our money?

Mioniman, its noticeable that they don't ever want to answer questions like that which actually discuss progress or lack thereof and they just want to complain about heid and change the subject.

I'm sure that there are more but here are my five to start.

Number One – The lies

They have a track record of lying to shareholders – the return of the £4 million to shareholders, the share buyback program that has only been restarted after the second requisition was called and, of course, the promise that the Colle Santo production permit would happen this year when quite clearly it would not. since they only filed the Environmental Impact Assessment on the 20th December 2023.

Number Two – The terrible investments

They have basically written of £9 million at Daybreak and £5 million at Danube. If the requisitioners are right then it looks like they may well have wasted another £4 million at Colle Santo. Their only successful investment has been Victory and that has only just covered the wages they have taken since they have been in place.

Number Three – the remuneration

The two CEOs have taken remuneration of over £4 million between 2017 and 2022. In this time period the company’s revenue has only been £4.4 million.

Number Four – the obsfucation of the company accounts

They have a habit of investing in private companies that then deal through subsidiaries where it is impossible for shareholders to see what the money is actually spent on. Danube had a Romanian subsidiary; Gaelic was based in the Isle on Man and held the US subsidiary from there; LNEnergy will not doubt have an Italian subsidiary in time. We know nothing about what payments have been made through these companies and of course we now find out that an entire year’s worth of accounts for Reabold California have been “destroyed”. As Paul1Deano says we should really be told what payments Sachin and Stephen have taken from each of these.

Number Five

The failure to progress West Newton. They promised to drill this in 2023 and now it is 2024. What are the odds that this time next year it will be 2025? Whether it is because of an inability to raise funds or because they simply don’t want to drill it, I don’t know. But they have had every chance to get this progressed and they have consistently failed to deliver.

Yeah the warrants are terrible. They are already priced in and if they are converted will give Angus well over £1 million. We're doomed I tell you, doomed.

If Daybreak is not a core asset for S&S then why did they spend £9 million of our money on it.

Why no mention of Danube? Oh yeah, because that is worthless too. Another £5 million wasted.

Prince Andrew certainly looked more trustworthy in his interview.

So S&S seem to think that there was no point in paying Kamran Sattar $2.7 million in Reabold shares to acquire complete control of the Daybreak project that they have already spent £9 million on and that would give them control of a US listed company with producing assets.

But on the other hand it is absolutely fine to spend £4.3 million on getting a 26.1% in a private UK company than only has an option to acquire a project in Italy that nobody has been to get production approval for in the last 16 years. You couldn’t make this up.

Persimmon - who is he, and more importantly, how much does he hold and who is he going to vote for?

noveckingood, its a damned site more democratic to give shareholders a vote on who should run the company than it is to just accept a 0.2p bid. run properly and with a bit of luck with west newton then the share price should be worth a lot more than 0.2p and i would hope to see a minimum of 0.5p on west newton success. i certainly don't want to be forced to sell my shares for 0.2p,

as for the requisitioners using heid, the only conclusion i can come to on that is that kamran is so traumatised by her role in the last requisition that he thought it would be better to have her inside the tent ******* out than outside the tent ******* in.

but my actual questions were "is there anything you can see wrong with the business plan?" and "can anyone give me any reason to vote for s&s instead of the requisitioners?" neither of your comments give me any answer to either of those.

So, just to be clear:

Yesterday, the trolls line of attack was that Angus would not be able to get any financing and therefore would go bust by January.

Now Angus have got financing the new line of attack is that it is not enough financing and they will go bust at the end of next year anyway.

I expect that if they had got more financing then the line of attack would be that they had too much financing and that they would go bust in the middle of next year as they could not afford the repayments. Whatever Angus did it was always going to be : "Doom I tell you, DOOM!"

Of course, what they all ignore is the reality of the situation. Angus are making a revenue of approximately £20 million per year (see my post earlier today) and with cost of sales and administrative expenses taking up approximately £6 million then this leaves the company £14 million per year to service debt. This is plenty of money to both service the debt and to drill a new well if this is required.

Although the trolls would have us believe that this is Angus on life-support, the reality is that this is actually Angus on steroids. And let's face it, if Angus were breaking the world 100m record that the moment, these idiots would tell us that it was impossible because Angus is actually dead and has been for years. Everything they say is doom and everything they say is nonsense.

Onwards and upwards!

Poiu - but they have put up a detailed business plan here that includes drilling West Newton quicker than S&S. https://reaboldrequisition.com/wp-content/uploads/Reabold-Busness-Plan-V6-18-12-23.pdf

I'm still waiting for anybody to tell me what they can see that is wrong with this.

Hi Watts, you posted yesterday that you were very critical of the business plan from the requisitioners. What exactly were your criticisms as it seems pretty comprehensive to me. I fully intend to vote S&S out but I am still interested in any counter-arguments and nobody has been able to provide any so far. Can you?