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It took Mr Oddie 22 months from taking over as Chairman to act decisively to remove a non-performing CEO. We all hope, of course, that he can move more decisively now. All speculation about why HM left, was he pushed or did he jump, what about his shares etc, is futile - he was fired, resigned as a director the same day (hopefully that does not mean he is free to sell all his shares now and kick us in the nuts) and will be out by year-end. And of course, if one analyses his track record of a terrible erosion of value, failure to really get anything done in terms of adding reserves, presided over a steady decline in production revenue with nothing done to arrest that. It is lamentable and anyone who defends his record is wearing seriously rose tinted glasses. Let's hope the next CEO can do the job we all nee them to do.
This really has got to stop. I believe 1.85p is an all time low. I am assuming, Tac, that you are being sarcastic when you refer to the dynamic management, because they are overseeing a stagnant strategy. Relying on third parties to pull you out of the hole is not a strategy. Sitting on your hands and hoping for the best is not a strategy. It is failure. This company has real potential, but not in their hands IMHO
The thing is also, LTH's here are well under water. Only this time 2 years ago the share was trading around 3 times today's price. Longer term holders are looking at much worse numbers, unless they averaged down and of course averaging down is akin to gambler's ruin by buying more shares when nothing is fundamentally changing. There is no point me getting out now, I have stupidly lost a shedload on Hugh, so the only satisfaction I get is to try to get them to change things and step up to the plate. Perhaps if we are still in this parlous state at the end of the tax year I can sell and recover some tax losses. However, I do not rule out another placing before then just to twist the knife a little more!
VHB, to be honest, I don't think what people write on these BB's moves the dial at all on the share price. What does is activity-driven announcements. I leave you to guess where I stand on how to create that activity going forward. At 2p I feel as though I have very little to lose by going on the offensive against poor performance.
Dream on by name, dream on by nature! This is just another excuse to delay, nothing more. Does the whole country grind to a halt when an election is called - no of course not. It is just an excuse. Earliest production end 2020. No farmout in Ireland. Nothing realistic in the pipeline. Management taking the cash every month. Dopes, thats what we are. Completely written off this investment. 3p and sell the lot. Taken for a ride by the board.
Somebody pleeeease take this company over and bring in a team that can perform. Pleeeease!
This is a bit like PVR
What rns? I don't see one other than the results one 2 weeks ago...
Looks like I missed my chance to offload all those shares I bought at 6p on the 2.55p spike. On its way back to 2p - what a chump!
Sorry to see you go, bonum. Actually it should be Hugh Mackay who is apologising for his lack of performance and the chairman who should be apologising for his lack of action in getting the management to perform. GL in BPC
Anybody any insight into this trade at just after 5pm -hopefully a buy!
I feel like that Dutch family they just found waiting for the 'end of time' in their basement. Very similar to waiting for a breakthrough at EOG. But wait, movement I see - first time lifting off 2.00p since 24th September. Is it a sign, is the end of the world thankfully still a way off? Hugh, give us a sign. We need your guidance and unmatched wisdom (oh no, that's someone else).
Nor do thy prospects drill themselves
Typo - that should have read 24 Sept
Doctor, I have some bad news. The share has flat-lined since 4 September at 2p. The team think hey have done all they can to revive the patient - but are left clueless as to what to do next. Face facts though, this team need treatment for their malfunctioning business acumen.
If B O'C can't broker a deal with a company he is a non-exec director for, then what the hell is he bringing to the table for EOG here? Jack as far as I can see.
I don't think it is fair to use the phrase 'waste of space' or 'has-been'. What I do think is fair is to say that, compared to the peer group, he has woefully under-performed. There are of course other woeful under-performers out there for him to hide behind in the statistics, but there are a significant number of peers that have done much better than oversee a roughly seven-fold fall in shareholder value in their time at the helm. Generally it is those management teams that have gone out and drilled, rather than spent all their time running datarooms, that have created value. I believe the current business model is far from working and until that changes, specifically with a new CEO, then nothing will improve. All IMHO of course.
Treeman, it is wishful thinking I'm afraid - whilst there is still money in the bank and revenues coming in, the board will continue to smile and take their paychecks. Change will not come from within the organisation, because the clueless really don't get it that someone else could do this better.
UKOG almost ten times larger market cap than EOG. Can Mackay and co explain why???
LOL, Burton. the difference between UKOG who can drill, discover, test, produce, monetise and EOG is that EOG could do none of these on its Holmwood licence and sold it to someone who will - UKOG! At least EOG got UKOG shares which are more likely to succeed than their own!