Member Info for JD-Nau

I was a little bit on the fence for this for a long time, as I believed what they said that Colle Santo was a good investment and the production license would come in by the end of this year, allowing us to generate revenue in 2024. However, having read the details put up on the requisition website I no longer believe that there is any chance of this happening.

When I looked through the business plan that was put up today, it really brought home to me how much money has been wasted by S&S. They have lost £5 million on Danube, £9 million on Daybreak and, it would appear, £4 million on Colle Santo. That is £18 million simply flushed down the drain.

So can anyone think of any reason to vote for them? Truthfully, I can no longer think of a single one.

BP - all I ask is that you keep your statements consistent from one post to the next and stop posting nonsense like Angus' position is "almost impossible at this stage." You make some really helpful contributions to this board when it is about drilling, but your knowledge of financing and debt arrangements is clearly much more limited. Best of luck to you in all your investments though.

They say that they can raise the funds for West Newton so if the permission can't be extended then they'll just have to drill before the permission runs out. It's not ideal, but it could definitely be done if it had to be. WN is all about the money in my opinion. Get that sorted and everything falls into place.

The simple fact is that Angus have to refinance their loans by early next year. If they don't do this then the company is in dire trouble, but if they do then all looks rosy for the future. Luckily for Angus the financiers don't just look at today's gas price like some on here and the company have Saltfleetby running profitably enough to service debt.

I don't think that the situation here is anywhere as bleak as some here would have us believe and I am very comfortable with how things stand.

I agree itsawrap, but it looks like the caveated all their commitments on page 4 where they said that their first step will be to:

"Carry out an assessment of the financial status of the company as it stands today. We have serious concerns over the company’s financial situation and only once we become fully aware of how it is, will we be able to fully confirm our plans for the future."

Your recent post is a significant change to what you said earlier Bubblepoint.

Earlier you claimed that, to continue your walking analogy that the winds were so bad that the walk was "almost impossible at this stage." and now you are saying it is just a bit cold.

Like I say, I know who I trust and it is not a bunch of derampers on this website.

P1D - I hadn't thought of that before you mentioned it, but If S&S have been taking payments from Danube for being directors there in addition to their massive RBD wages then that is very dark. We have to hope that K&A win this requisition as that is our only chance of finding out what has really gone on here.

No wonder S&S are wo worried about losing this requisition. It doesn't look like it is just their jobs, but also their reputations on the line. There seem to be a lot of dark corners to this company in which we need some light to shine.

Every part of RBD seems like a disaster at the moment and it is all the fault of the same two people.

Drain the swamp.

I have only skim read it so far, but on the face of things the new business plan is great. They appear to have a clear plan of what to do with each and every one of the assets that RBD currently own and a realistic timescale of getting the work done.

I particularly like the commitment to getting West Newton drilled as their number one priority and the fact that they are going to do a deep dive into the Colle Santo purchase and look at getting our investment back if it is all as bad as it seems to be.

I have to hand it to Kamran and Andrea, they seem very organised and on the ball. This is a better business plan than S&S have ever put together and this lot do not even run the company yet!

I am also massively shocked to see that we have spent over £50 million on assets and that half of them seem to be worthless now. It just shows what a disaster the existing management actually are.

I know who is getting my vote now and it isn't S&S.

Ooofy, once again you take short-term issues such as the time of year and the gas price now and claim that this creates a long-term problem. No financiers would every look only at the gas or share price now, nor would they look at the production just now. They are looking at how bad things would have to get for the company to be unable to service debt over years.

Of course Angus are trying to refinance the debt and with a money-making production asset it will not be difficult to do. If they don't do it then the company are ruined, but conversely if they do do it then you have to agree that they will be in a very good position.

I know who I trust and it isn't a bunch of derampers on LSE.

That's impressive Heid. Let me know when the full plan is available to review.

Heid, I am very interested to see the business plan that the requisitioners have for the company. I noted in the circular that S&S accused them of having no plan but just criticism of what they had (not) achieved while at the helm. It will be very good to have a look at some positive plans for the future.

BP, the real issue is never going to be that gas prices have fallen. It is a myth that is constantly put out on this forum by the doom-mongers that anything less than at all time highs then it is a disaster for Angus.

Clearly it would be beneficial for Angus if the gas prices were higher but given that the average of gas prices today is still significantly higher than it has been over the last 10 years to pretend this is disaster is just silly. Of course it would be an advantage to Angus if the gas prices were higher than they are today but working off the highest possible price is not how finance works.

Anyone who thinks that Angus would have been loaned money by financiers based on gas prices at a ten year high is deluded. There is a reason why the company were asked by the lenders to make the hedge at 35p.

Bv - could you give me the link to that post?

I am busy most of early January, so I guess I am going to give them until the end of this week to deliver before voting them out. I can't imagine that the Italian oil and gas agency are going to issue any permits between Christmas and New Year anyway.

Let's face it, after what I read on the requisition site there is no chance of them getting any permits before Christmas. Colle Santo has been passed found different oil companies for decades now. It has cost every oil company millions and none of them have got anywhere and it always ends up back with Mark Frascogna anyway.

Do you know when we have to vote by? I am currently planning to vote them out, especially after what I read in the Colle Santo presentations on the requisition website over the weekend, but I do want to give them until the end of the month to see if they can, by some miracle, deliver the Colle Santo production approval that they promised.

Article on the requisition from this weekend's Sunday mail. Doesn't tell us anythign that we do not already know but it is interesting to see the action getting some press recognition: https://www.thisismoney.co.uk/money/markets/article-12871757/amp/Activists-oust-Reabold-Resources-bosses.html

Yes, despite the constant negativity from the usual suspects on thsi forum.

Thanks for that persimmon. That is a relief at least.

Does anyone else think that the reason that they have restarted the share buyback program is so that they can buy another £500k worth of shares between now and the vote and then use these shares to vote to keep themselves in place?

It doesn't seem as if it should be allowed but I wouldn't put anything past this pair.

I like the questions put to the board by the Sattar and Cattaneo too. It will be interesting to see if the board provide a response to them. As you say, they should be able to respond very easily to the questions if they have been thorough in their due diligence.

Unfortunately, I expect that they have not been thorough and this means that they will not respond at all and just hope it goes away.