Member Info for kign

Come on get off your high horse. I'm happy the Acorn project is not approved. Why dump good money in a money sink?

This company is seriously mismanaged and is only capable of releasing bad RNS. I can understand some of the bitter posters here who have sunk in millions in this hopeless share and I think I'm turning into one too!

But I just had to put this out:

1. Bad News Management: Could have spinned the bond/senior notes issue more positively but made it sound like they are worse than TLW! At least TLW still tracks upside oil movements but this one only seem to track downward movements of oil but no upside at all. Oil is $85/bbl now and share price is still the same when oil went negative! Don't even get me started on Sea Lion, they had time on their side to release the news and it was only booked on their 2C reserves (no impact on RBL financing at all). And that Neptune rumour, just shut it down already.

2. H1 2021 Numbers: Why were the total assets marked down in a rising oil price environment? (Combined PMO + Chrysoar numbers from last year were much better) Are the bean counters overly cautious and did the CEO/COO/CFO even realised/understood what they have approved?

3. Operational costs seem super-high as well. Are they firing Premier Oil guys (opex in 2020: $12.2/bbl) and over-hiring Big Oil rejects/outsourcing everything (combined opex now $16/bbl )? These are aging assets, there's a skill and mentality involved to squeeze every last barrel out with aging equipment. Don't hire people that are only used to nice shiny toys.