Member Info for Manofnomeans

@Aligator,
Totally agree. The AIM market is a casino and the manipulation of SP's by market makers is outrageous at times. I have painful experience of their pump and dump tactics. It isn't unusual too see a share price drop by 5,10 15% to trigger stop losses so they can accumulate shares in the morning to sell on to II's in the afternoon resulting in quite ridiculous swings in a SP in a matter of hours. Such practices are dubious at best.

In any event let's hope today's increase sustains. A nice blue day was long overdue and another few like today would be both welcome and justified.

@Peak

Thanks again for your summary of the PI meeting, I'm sure it is appreciated by the vast majority and I am grateful for your efforts.

I'm equally convinced that the criticism isn't aimed at you so wouldn't take it personally if I were you.

To my mind there are many retail investors that are irritated by the board's lack of effort to protect the SP by simple things like better PR. Personally, I don't buy their 'nothing we can do' about LOG story . Surely they can prioritise the use of the revenue streams and, unless there are rules I am unaware of , I'm sure they could seek to negotiate a buyback scheme with the administrators and/or II's that actively selling? Removing the LOG overhang de-risks investment by new II's and I would have thought attracting fresh and enthusiastic investors would be high on any companies wish list.

As things stand I'm holding but looking for opportunities to average down. I don't see the SP moving towards the broker targets in the short term as that will take the emergence of a takeover bid or a structured buyback to eliminate the uncertainties relating to intent of the major shareholders.

Thanks Peak.

Whilst waiting on Peaks follow-up I suggest folks might find it interesting to have a look at the advfn board where there is some interesting feedback.

https://uk.advfn.com/stock-market/london/iog-IOG/share-chat

I would love to know what was said at the PI meeting about the LOG administrators sell down. The line that there is an agreement with them that they will not sell in a manner that detracts from the development of a 'normal' market is, in my opinion, utterly worthless. There cannot be a 'normal market' when 27% of the companies shares are in the hands of administrators. It is rare that a companies largest shareholder is obligated to sell such a large tranche of shares in the (relative) near term future. How they go about this will obviously distort 'normal' market conditions. The only way I can see for the impact to be moderated is if IOG reach a share buy back agreement with the LOG administrators. This would facilitate an orderly and predictable sell down and make the company a much more appealing investment prospect for institutional investors.

Many will not have gone due to the ridiculously late email notification of the venue and demand of a recent negative covid test.

Maybe the caterers put a limit on the sausage rolls.

Many thanks Peak. Look forward to your insights.

Should anyone attending read this please ask how the board plan to ensure retail investors see a short-term return on their investment given the continuos sell- off by institutional investors and/or LOG administrators.

Finally got an email from IOG about this yesterday. So less than 24 hours notice to make travel and or accommodation arrangements and to sort out a negative covid test which they just announced as a condition of attendance. What a farce!

Hopefully they will at least publish a transcript for those of us that cannot attend under these circumstances.

Great post Sailor.

I'm not surprised that some days of preparatory work are needed before they can get drilling and I'll read your link with interest.

Potentially an eventful week ahead with the Private Investors meeting as well as the possibility of Southwark starting drilling. Hopefully we can see a modest increase in share price in spite of the frequent selling by the LOG administrators.

Regardless of that, a significant increase of production (Southwark) will see a step change increase in revenue and profit which has potential to shorten the impact of LOG by attracting new institutional investors.

It's all about the timing of expectations. With gas flowing and current pricing IOG should, in the short to mid term, become a licence to.print money. Patience is key whilst the LOG shareholding is sold down but it should be rewarded. You could even make z case that the current SP is an interesting buying opportunity for retail.investors. I'm holding.

Do your own research and good luck all.

Hi Mole,

It makes perfect sense for the administrators to have a series of targets (volumes and prices) triggered by the
attainment of various production/commercial goals. This first sell.off seems to have coincided with the first gas announcement. Such a selling strategy can easily be managed digitally via an algorithm and it meets the objective of avoiding major disruption to the market. If this is what is happening I suspect we may have to wait for first gas from Southwark before we see a step change improvement in S.P.

I'm glad you plan to ask relevant questions at the PI meeting and hope you will feel willing and able to share feedback in here.

Personally I am not sure that a buyback scheme is as daft a notion as some (possibly correctly) suggest. I am concious of the fact that geopolitics allowed IOG to rip up the Gazprom contract and replace it with a shiny new alternative with BP. I assume this presented IOG with a bit of a windfall reflective of the much higher gas prices that have developed in the interim. If IOG revenues are indeed higher than originally anticipated I wonder if they could use some of the BP contract income to hasten the administrators sell-off?

Ultimately I guess it would be a question of financial priorities. Is it better to pay off debt and let the SP languish or is it better to attract new investment that avoids future borrowing in an inflationary market?

Even today our friendly 20/30/50 k seller is relentless and is preventing the SP from reaching significantly higher levels.

It will get there eventually but patience may be required (months).

Hopefully IOG will decide that it makes sense to start a buyback scheme to hoover up the 40 p shares someone is determined to sell. It may be the only way market capitalisation will increase in the near term and a rising share price will help attract new investors with a longer term outlook.

Perhaps another topic for the Private Investors meeting?

Yaaay ....and there it is!

Blythe back up and producing. Temporary modifications with new kit on order. No further downtime anticipated.

Southwark to commence drilling imminently (this week).

GLA.

Even nicer if they had something positive to tell us re Blythe!

As always thanks to Sailor.

GLA.

Thanks for another great Insight Sailor. It's encouraging that the rig is back on station. Just need a couple of positive RNS letting us know that Blythe and Southwark are, respectively back in production/drilling again.

Good luck all

If I recall correctly the RNS hinted at 'updates' on the timing of the remedial works and restart of operations. Since no such updates have been forthcoming I suspect they may either still be investigating the issue or there are lengthy delivery times on the 'materials that had to be ordered.

Very frustrating.

Thanks for the update Sailor. Much appreciated. Let's hope they get it done and that we finally get an update on Blythe restarting production. Be nice to have a good news week.

GLA.

Another naive response. The administrators will be delighted to set the expectation that the administration process could run for years. I'll let you consider why, but you may wish to reflect on the reality of corporate overheads and the possibility that an organisation owning 27% of IOG will have personel monitoring the progress of IOG on a dailly basis. Frankly it is risible to claim that the cost of administration is not linked to the duration of the administration process. Perhaps I should not be surprised, after all it is only a matter of days since you were proclaiming your 'certainty' that the administrators were not selling down their shareholding.

@dunder

You are most probably right that they will be too arrogant to admit mistakes have been made. The point is to make them aware that shareholders are unhappy with key aspects of their performance in the hope that they might just take heed. That may well be wishful thinking but better to ask the question than not?

Thanks once again Sailor, that's a very interesting insight into the cost of delays.
We can add these drilling delay costs to the costs of the curtailed production at Blythe. It seesms that both could potentially have been mitigated and/or avoided by better due diligence and contingency planning. I would like to hear the Chief Operating Officer's view on the lessons learned and what processes are being implemented to avoid repetitions in future. Maybe someone attending can ask at the forthcoming PI meeting.