Member Info for K3VMC

asimpleinvestor

“ No, sorry matey but you either respect life equally or not at all.”

You said you didn’t know what the difference was between those wars. I explained the difference between them.

Do you really need me to explain the similarities for you!

Doh!

a simple investor

“ Personally, I can't see the difference between the war between Russia/Ukraine as the war between UK&US and Iraq/Afghanistan.”

Simple. The Ukraine war hurts Europe.

You’re welcome!

Not long until A2, then A1.

Christmas and New Year will fly in, then we will be getting A2, then A1.

Magic!

Wait, there’s more!!

The Shareholder Circular sets out the details of a proposal to carry out a reduction of the Company's capital involving the cancellation of the Company's share premium account (which currently stands at approximately US$822.5 million) in order to create distributable reserves (the "Reduction of Capital").

So $70m returned, just for starters?

“ As set out in the Company's announcement on 2 November 2022 of the launch of a Formal Sale Process ("FSP"), in the event that the FSP does not result in a transaction, the Board intends to commence a significant capital return programme with up to $70 million (equivalent to 3.1 pence per share, converted at an exchange rate of GBP 1.00:USD 1.15) to be returned to shareholders in Q1, 2023, upon completion of a capital reduction. ”

3.1p special dividend.

Anyone voting for that?

Well done, new management!

cashforquestions

“ Got a feeling a lot of the positive posts are from people who jumped on expecting a Serenity, share price jump, but didn't get it, going into spud or most obvisouly afterwards.”

Always difficult to guess peoples circumstances or motivation. I’m in a small group of investors who bought immediately AFTER serenity, because we thought the resultant drop in sp was an overreaction, as was today’s.

My average is 1.2p, which I consider very cheap for a profitable, cash flow positive producer with a potential 1.5tcf close to under-utilised infrastructure and a ready market.

I managed a few buys today, lowest at 1.0p, but I have another three tranches at 1.33p, 1.33p and 1.35p, so I think it’s a bargain down here. Walking away from Morocco with $300k has only improved the situation, imho.

Tacuma

“ This bad excuse for a CEO has had 3 years to decide to come to this conclusion . “

Obviously, you should be in charge. If you were trying to get a JV partner for a potential blockbuster, hold long would you have waited? Six months? A year? I’m always interested to hear from industry experts, but if you thought EOG was taking too long, why did you stay invested?

“Please get this SP up to 3p and let me go. and yes , I do have a bundle to dump.”

Read what Stas20 wrote. I have a Sunseeker to buy before we get to 3p.

Tacuma

“ Just how much has this cost the company , not only financially, but market credibility. This is why our SP has been so low, no faith in this present Board., that’s why.”

I’ve no idea how much it cost, but I’m happy for you to update us. As for market credibility, the whole idea of management is to react and change with circumstances. The world changed. EOG is now profit making and the value of gas has shot up, exposing Ireland, amongst other countries, to energy insecurity. NOT adapting to that and sticking to a previous strategy regardless of circumstances would be a FAILURE of management.

The MMs thought we would be disappointed to see the lost opportunity of a massive find in off-shore Morocco, but I’m actually relieved that EOG has removed the risk of an expensive failure in a geographical area I’m no that enthusiastic about.

What do we have to console ourselves, with our £11m mcap? Let’s look at the 2022 results.

· Revenue more than quadrupled to £6.6 million (2021: £1.4 million)

· Pre-tax profit of £1.4 million (2021: pre-tax loss £0.85 million)

· Net cash generated in operating activities £2.5 million (2021: used in operations £0.5 million)

· Cash balance (including restricted cash): £8.3 million (2021: £0.9 million)

That’s the bread and butter paid for, but what about some cake?

“Farm-out initiative is continuing on 100%-owned Licence FEL 4/19 which holds the flagship 1.5 tcf Inishkea prospect adjacent to existing infrastructure at the producing Corrib gas field”

There you go.

P/e 5.8
P/turnover 1.3
P/NAV 1.0
P/cash flow 10.6

PLUS, that tantalising prospect of 1.5tcf close to Corrib.

Loads of profit, loads of cash, loads of potential.

Excellent news.

Morocco was always hyper speculative. Ireland news can land any time now.

I’ve got my average down to 16.5p.

I need Art to do something, before I stuff a whole load more in.

Vascular

“ Do we trust our leaders at DVRG again , so quickly ?”

It was GB that got it wrong. GB has gone.

£900m energy waste in schools.

You would think someone in the Education Department of HMG would be switched on to that, however dim they may be as a body.

This has to take off when they eventually see the light. Meanwhile, I reduced my average to 7.74p. I’ll have to work on that.

HappyDays2U

“ GB's big mistake as trying to do to much, to soon which was all way too expensive. ”

Exactly right. Overtrading was a rookie mistake on his part. Now the have more cash to fund growth, but are obviously paying more attention to cash flow forecasting.

GB should have with the entrepreneur stuff and shipped in bean counters to regulate growth.

Obviously, the products are successful and profitable, so should be straightforward to monetise now.

Cammy123

“ Elizabeth Holmes jailed for deceiving investors and so should Gerard Brandon.”

She was jailed for lying about a product that didn’t work. How does that relate to GB?

I’m in!!

That’s a great RNS! Plus a substantial director buy at a 25% premium to the current price!

EUAjaygee

“ Hope You Like it,”

I can’t view it,

longtermthinker

“ With a market cap of 66m why would anyone pay Eco 50m and a couple of well carry’s when you could buy the whole company for 100m and get 3B/4B prospects AND Guyana AND Nambia acreage for free! ”

What do you think would happen to the mcap, if someone tried to buy the majority of the shares in the market?