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Sellers? Are they reading a different bulletin board? 🤷‍♂️

A good question too 👍

Sounds like a rig is already lined up 👍

Hello Crush,

Interesting point about WH not knowing more than us.

To be fair to WH, if he or one of his fixers was to be seen anywhere near a Chinese government building or sticking his nose in without Fuhai’s permission, I think there’d be trouble. He has to trust Fuhai to push this forward through their channels.

It looks like the Fuhai team have indeed kept WH up-to-date by saying, evidently quite confidently, that all the approvals have now been given and it’s just now paper processing. (I’m guessing that Fuhai rather than Antler has to liaise with the Chinese local government.) Fuhai would have sought a longer extension if required.

Once the approval of formal, then I’m sure EOG will start shouting from the rooftops, but it would have been a bit premature to start shouting based on the first of yesterday’s RNSs. Once the approval is definite, I think WH will be all over X and the investment YouTube channels. Once a rig is signed, he’ll really get motoring.

100% galling

When you listen to WH’s smooth-talking, his “I deserve this massive salary, bonus & options”, his oh-so-convenient timing with RNSs, his premature bonuses (worth mentioning twice), his flaky treatment of shareholders, it’s very easy to reach for the bargepole…. understandably.

But then you look at what - hopefully - will happen, ie, a farm in by a significant Chinese petrochemical company into a very large and very prospective gas field laying beneath spare-capacity infrastructure in a world where gulf gas is having problems, a field likely to be drilled sometime in H1/27 (with a year near enough) and then compare EOG’s current market cap with its potential market cap, I’m persuaded to “hold my nose” (albeit very firmly) regarding WH’s remuneration package. If he gets this right, his remuneration will pale into insignificance compared to the growth in market capitalisation. If he doesn’t, then more fool me.

It’s very easy to look backwards and just see WH’s antics. Looking forwards, there is a huge opportunity and so far WH seems to be getting us there.

@Wise I get what you’re saying but the NOMAD wouldn’t let yesterday’s first RNS be issued if it wasn’t true, surely?

Perhaps WH hasn’t said anything because he wasn’t able to say anything.

However, the timing of the RNS (ie, just before final votes are cast does) make WH look like Wizard of Oz yet again 😳

Market isn’t overly convinced either…

I had two accounts at the time of the last WRAP, one with A J Bell and the other with iWeb (part of Halifax). iWeb couldn’t let me participate in the WRAP but A J Bell could.

The allocation is based on the amount you pony up not on your existing shareholding, so you could open an account with A J Bell or similar, pop a bit of cash in there to buy some EOG shares as you have to be ab existing shareholder at the time of the WRAP.

WH’s buy early on yesterday dispels any rumours that Fuhai may be renegotiating the farm in deal. Fuhai appears to want the approvals as fast as EOG.

Equatorial Guinea is in a licensing round at the moment. WH wants to be able to raise capital quickly (and at a less knocked-back price) hence Resolution 6 in the upcoming AGM. Can EOG or Antler Global pick up another licence?

WH also offered a WRAP to the retail investors if EOG does do a quick fundraise (which is not much consolation to our Irish brethren) but it’s something.

Much as WH’s nose in the trough (premature bonuses etc) irks me, I’m not going to vote against R6 (through spite, jealousy or just being bloody annoyed with him).

Europa appears to have a clear runway to drilling. There are about 16 rigs in the basin near Barracuda and I’m pretty sure one has already been lined up to drill three wells on Barracuda and immediate nearby targets - all from the same spot.

Much like Gerry1939, I’ve used my & my wife’s ISA allowances completely on EOG (average about 1.55p), but hadn’t sold from our trading accounts as I had originally planned. I’ll just stay overweight in EOG for the time being.

I think the second half of 2026 is going to be quite something for EOG

Several people using this board each have over 1% of the company …

RNS 31/3/26 - Total Voting Rights (before warrants and directors’ option) was 1,316 million (not 1,230 million) …. 7% more than your figure 😳

Big seller has disappeared

Runway to drilling looks good

Buyers returning

Be ready for some sharp price jumps

Morning Dai,

Agreed. The management would have had a lot of heat and the price put under pressure had the 30th June date been widely known. I can’t remember it being made public.

Not sure how I would have felt last week thinking that the deal could come to an end in ten days or whatever. Hence my bliss comment…

I had added since the new ISA year started. I hold way too many of these shares now and I did get badly burnt on a West African O&G investment years ago so I should know better.

However, I do believe that Europa will get there with this. I am, at the same time, extremely irked by WH’s salary & bonus scheme. I am having to hold my nose very firmly.

Was that the first mention of an original long stop date of 30th June? Why yes, I do believe it was.

As the saying goes, ignorance is bliss…

What is interesting (read - extremely dubious) is WH saying in the run up to the fundraising that he expected both the EG and the Chinese approvals to be in by the end of Q1/26. Did he really expect that or was just saying that to help the fundraising?

He has know for years that EG ministries take an inordinate length of time to approve stuff, eg, licence extensions. If he’d done his research/taken advice/whatever, he’d have found out pretty quickly that the Chinese prefer to give their approval (hopefully!) after the local government has given its approval.

Why, then, did he lead us all up the garden path with (1) approvals are just a formality, and (2) they should be in by end of March 2026?

I will be taking what he says at the AGM with a bigger pinch of salt this time (to put it politely)

It was ‘just’ three weeks since EG green-lighted the farm out. The Chinese need a bit of time to crank things through.

@TopBeancounter - I get what you’re saying about EOG perhaps needing to restart with Plan B.

If there has to be a Plan B, then that implies Plan A hadn’t worked despite the huge cost of funding the CEO for years, buying into the licence, paying for seismic, etc.

Personally, I don’t think that WH deserves the privilege of a Plan B after frontloading bonuses, free shares and share options for failing to deliver Plan A.

Get Barracuda spudded then talk about “new opportunities”

It seems like WH is starting to leave a bad taste in many people’s mouths.

He pumped up the share price at the back end of 2025 with videos of him out in EG, “at pace” comments, “approvals should be a formality and in by end of Q1/2026”, and he managed to get the farmout news out before year end, and - whoosh - along comes a fat bonus and freebie shares on top of a handsome salary for such a small company.

In reality, he hasn’t delivered on the key milestones of signing a rig or spudding a well.

Now, after that poorly handled EGM, raise & WRAP, he’s now saying “more please”

I get what you say about nimbleness, but I suspect he will sign a new exploration licence and start the whole process off again - including further fundraising - in parallel to getting absolutely nowhere with Fuhai.

It really does look like WH is thinking, “Oh crap, EG08 hasn’t worked. Let’s get another show going and distract everyone from the (potential) EG08 failure.”

That spells out more salary for WH and more dilution for us.

It really beggars belief that shareholders are willing to leave yet another lettuce leaf with this rabbit and then expect him not to eat it. He can’t help himself. He’s greedy and not particularly good at his job.

Deliver on EG08 or leave. Don’t waste any more of our money on your enormous salary and undeserved bonuses.

Looks like WH is also starting to believe Antler Global won’t get the Chinese approval 😳

@Serif - thank you for the clarification. I appreciate you reading the fine print more diligently than me 🙏😊

EG08 licence will have to be extended again as I think it runs out in Q4/2026….

Hope he’s applied for that 😳