Member Info for LGO-fan

look at the facts. The SP dropped from 5 to 2p prior to covid. We are now at 2p.
The biggest drop was not caused by Covid, but by decision taken by the BOD

I wish people would stop reverting to these simple, IMHO stupid knee-jurk reactions.

Have you ever witnessed an investor meeting of, let’s say FTSE companies? You have no idea what a gruesome grilling the CEO and CFO get, even if we are talking about the most successful of companies. Are you saying these are all people who sold out??? No, they ask challenging, critical questions because they want the company to improve even more. And this is absolutely right.

Where is your head at?? What is good needs to be applauded what is not good needs to be fixed. It’s as simple as that!! Do you really want to encourage poor performance when the sp is tanking.

Quite frankly those who are happy with the current state of affairs are probably those who are hoping to get in at a lower price. Not me.

You post: "....after May assumed no need for further dilution of this sort"

and then you post this little word: "(...), EQUITY...

I hope you realise that means dilution is still on the table.

soon we will be at 1bn shares!!!! 1bn, just to repeat that. And we are in fact already virtually far above that horrendous target already, given all the shares the BOD has. LK has wiped out all progress with mega dilution on the sp.

LK started at 0.5bn shares. He had made progress with CERP, no doubt, but with this mega-dilution it does not get translated in gains in the SP. In fact, the SP is lower now than when he joined. So lots of noise, lots of work done, but zero progress on the SP front. So cold hearted investors will rightfully ask: “what’s the point? LK’s approach has so far not delivered”.

I like the guy, I don’t like his delivery. And I certainly don’t like the SP.

Key now IMHO is to get back to basics. No more vanity projects a la Schroders, and execute the original plan:

1. Goudron has to become a means to an end: this was meant to be the “motor” to the SWP project, but we are still - after 3 years - not making any money there. We know this as we have been paying in shares for so long now. The renegotiation of Goudron will be instrumental. Failing that, we need a new motor.

2. As a shareholder I would like to see a detailed presentation on what the acquisition of SD now has delivered, broken up in 2 parts: “base” (producing fields) and upsides (e.g. C02 project)

3. New fields need to be able to be self-funding. LK stated this in the past: can we have some proof here please?

LK needs to go back to his early presentations, and critically review his promises vs his delivery and come back to us with an honest analysis and realistic (not big grin - promised) corrective plans.

All IMHO, DYOR AND CRITICISM DOES NOT EQUAL DERAMPING

and BTW, fear of more dilution is causing the SP to decline today.

stop with the nonsense: Dilution and selling of shares (Schroders, contractors, Lind) all caused the SP to go from 5 to 2p.
Covid-19 dropped it further to 1p.

The recent SWP news stabilized back in the 2p zone.

I agree! They have one asset left, all well are shut in, so what general working capital purposes is there?!

Fishy...

If, or let’s be positive....”when” the IPSC gets successfully renegotiated we will have a massive boost to the share price as LK will finally be able to pursue the big ideas from the past re Goudron.

Persad, indeed!! Ritson did speak about that too. Someone has been doing his research ;-).

Out of interest Bamps, how long have you been in LGO/CERP?

True. Goudron re-negotiations will need to succeed. If there is one area where the BOD has succeeded consistently, it is with deals/contract negotiations (SWP, WNZ... are big successes from that POV). So feeling very confident they will add Goudron to that list.

will all depend on the comms in the RNS

CERP's coffer.

That's exactly what I mean: we need to have a much better contract for Goudron, in way it allows us to invest in a profitable manner. Increased profit here will be crucial to avoid having to keep paying in shares all the time.

"Chin up" won't move the sp; a better deal on Goudron will.

ATB :)) as you say

Too many bloody spelling mistakes!! Let me try again without autospelling

It's not going to be a quick fix. When I suggested that on here that Saffron2 would not generate income in the next 12 months, I got labelled a deramper. Turns out now it's going to be even longer.

Not sure many will have the patience to wait that long. We need something big in the interim that can fill the CERP coffers: I can only think of a successfully renegotiated Goudron contract and MC. Not sure what else there is?

It's not going to a quick fix. When I suggested that on Saffron2 would not generate income in the next 12 months, I got labelled a deramper. Turns out now it's going to be even longer.

Not sure many will have the patience too wait that long. We need something big in the interim that can fill the CERP coffers: I can only think of a successfully renegotiated Goudron contract.

No. And we don’t want it either!!!

Hi Bamps,
Thanks for that.

I am not sure what you are saying: the cost for the S2 is clearly mentioned: $3mn. There is no other mentioning of any scenario that would lead to a lower cost? Unless I missed it, in which case please point me out to the slide in the deck.

BtW, the RNS states $3m for S2

Hi Bamps,

“ Why the emphasis on 20m, well that's the size a major would normally move in on but not probably in this crisis and not before an independent CPR report.”

Wouldn’t want to see a successful deeper drill first before engaging in “strategic discussions” with a major?

We are likely to see oil go in (technical) negative territories again in May and June. A sign that we are clearly not out of the woods yet, and won't be for some time IMHO.

I was looking at the oil price charts, and it reminded me that Brent dropped to $28 in Jan 16, btw the share price of RDSB dropped to the £13-level in the same month. Whilst POO is not the only factor in the SP of this company, it's am almighty big one :-)...Brent was $18 on average, I believe in April so these levels of share £11 zone does not seem too crazy. Given the outlook is very poor to poor for the next 3-6 months, I could see this go even lower; or at least stay at these levels for a while. With a bit of patience, there is a lot of money to be made here IMHO.