Lansdowne AGM12 Sep 2017 11:30
Hi Y'all...
Here is a brief report of the LOGP AGM which I attended yesterday:
1/ Shareholder attendance was fairly light in line with the trend in recent years.
2/ All resoutions were passed on a show of hands. It is worth noting that 90% of the proxy voters also voted in favour, so I think we can take that as a signal that the institutional investors are still backing the management team and the Barryroe project up to the hilt
3/ There was a very favourable response to the request for quotations for supply of a drilling rig with very low prices being quoted coming forward into 2018 and 2019.
4/ There is a firm intention to drill Barryroe in 2018.
5/ The current plan is to drill one well which will be both an appraisal and a production well. I assume that the optional second well is probably there as a standard contingency or in the event that a farminee with deep pockets may wish to do further exploration drilling, though I did not press SB on this point.
6/ The planned well will target the existing discovered resource with a view to fast tracking production and getting some positive cash flow rather than further exploration of the deeper prospects at this time.
7/ All options are open with regards to project financing including:
A joint farmout with PVR
A separate farmout of part of LOGP 20% stake
An issue of further equity...possibly a rights issue to maintain the 20% stake.
8/ There is no progress to report at present on the MFDEVCO licencing deal re Helvick.
9/ While everyone regretted the lack of success which PVR incurred at Druid / Drombeg, the general feeling was that the silver lining was... an increased focus on getting Barryroe over the line by PVR management.
Finally, my general impression was that the board are by no means despondent about the company's future
prospects and remain very positive regarding Barryroe.
I believe this to be a fair and accurate report of the key poinst. If anybody else has any further comments that would also be most welcome. Obviously this is not at the present time a "get rich quick" share, given the timescales involved, however I was sufficiently satisfied to continue to hold my present shares and will probably add a little further down the line. Good luck all!